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2407 N Oak Ridge Boulevard Durham, NC 27707

3 Beds 3 Baths 1,224 sqft Built 2020

$249,995

List Price

$1,250

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $204.24
  • 3 Days on Market
  • MLS # : 2357603
  • Updated Date : 12/12/2020 at 13:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,224 sqft
  • Baths : 2 full , 1 half
Listing Agent

Better Homes & Gardens Real Estate Paracle

Listing Agent's Description

AWESOME NEW CONSTRUCTION! This 3-bed, 2.5 bath 2-story home is cozy and packed with features like 10' ceilings, separate pantry, mudroom, large master suite, a beautiful loft and more. The property is close downtown and just a few minutes from Southpoint. The home is still under construction and expected to be complete by January 15,2020. It's a perfect opportunity for the buyer to customize finishes. Home includes builder warranty.

SEE MORE

MARKET HIGHLIGHTS

  • Raleigh-Durham combined metros contribute to 24.1% of North Carolina's state economy i.e. Gross State Product (USMayors.org, 2018)
  • University of North Carolina, Duke University and Davidson University systems drive rental demand
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • Raleigh-Durham combined metros' economy is worth over $137 billion in Gross Metro Product and projected to grow to $146 billion in 2019 (USMayors.org, 2018)
  • Raleigh-Durham combined metros has 65.3% labor force participation rate higher than the national rate of 62.8% (USMayors.org, 2018)

PRICE & RENT TRENDS

Zip Code: 27707

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $98k274k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 27707

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2900950100010501100115012001250130013501400145015001550Rent in $8591564

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$224,996$274,995$249,995

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$922
Property Tax -$236
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
-$78

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$249,995

PROJECTED PRICE

$1,250

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 3.6%
Maintenance Year (1-5) 3.00%
Vacancy 8.54%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,249

INVESTMENT

$68,249

Down Payment
$62,499
Rehab Estimate
$2,000
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,499
Loan Amount $187,496
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$11,730

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,250

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,257

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3003$1,4504$1,550
$1,550
RENT COMPS ANALYSIS
  • 2407 N Oak Ridge Boulevard Durham, NC 1
    • 3 beds 3 baths ∙ 1,224 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,224 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.02
    •  
  • 2906 Wadsworth Avenue Durham, NC 2
    • 4 beds 2 baths ∙ 1,250 Sqft ∙ Built 2006 4 beds 2 baths ∙ 1,250 Sqft ∙ Built 2006
    property image
    LEASED 06/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.04
    •  
  • 1014 Gaston Avenue Durham, NC 3
    • 3 beds 3 baths ∙ 1,519 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,519 Sqft ∙ Built 2001
    property image
    LEASED 09/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.95
    •  
  • 7 Grosbeak Lane Durham, NC 4
    • 3 beds 3 baths ∙ 1,422 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,422 Sqft ∙ Built 2002
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.09
    •  
PROPERTY LISTING DETAILS
Gregory David
1.704.651.7366
Better Homes & Gardens Real Estate Paracle
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2357603
Last Updated: 12/12/2020
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