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2419 Summit Drive Hillsborough, NC 27278

3 Beds 3 Baths 1,683 sqft Built 2003

INVESTimate

$275,000

List Price

$1,650

$1,485 - $1,815

Rent Est.

$286,990  ( +4.36%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 2003
  • Price/Sqft : $163.40
  • 3 Days on Market
  • MLS # : 2338925
  • Updated Date : 08/26/2020 at 01:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,683 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Hpw

Listing Agent's Description

Move in ready! Come and enjoy this bright, well-maintained home in GranView. Living room boasts 20 foot ceilings, hardwood floors, and a gas fireplace. Eat-in kitchen with separate dining room. Master bedroom with trey ceilings, double vanity, garden tub and shower. Expansive deck and stone patio for entertaining. Thoughtful landscaping and mature gardens. Convenient to I-40 and I-85. 8 minutes to Historic Downtown Hillsborough and 15 minutes to Duke.

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: 27278

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $111k303k

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

Zip Code: 27278

ZipNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700Rent in $9011734

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

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
New Hope Elementary School Primary Regular 611 52 3
A.l. Stanback Middle School Middle Regular 618 49 5
Cedar Ridge High School High Regular 1,163 74 7

New Hope Elementary School

  • Education Level: Primary
  • # of students: 611
  • # of teachers: 52
3
GreatSchools Rating

A.l. Stanback Middle School

  • Education Level: Middle
  • # of students: 618
  • # of teachers: 49
5
GreatSchools Rating

Cedar Ridge High School

  • Education Level: High
  • # of students: 1,163
  • # of teachers: 74
7
GreatSchools Rating
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,015
Property Tax -$219
Property Insurance -$60
HOA -$25
Property Management Fees -$149
CASH FLOW
$183

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 17% of earned rent to cover both maintenance and periods of vacancy.

$275,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 4.36%
Maintenance Year (1-5) 8.00%
Vacancy 8.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,015

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$30,476

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,633

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7953$2,000
$2,000
RENT COMPS ANALYSIS
  • 2419 Summit Drive Hillsborough, 1
    • 3 beds 3 baths ∙ 1,683 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,683 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.98
    •  
  • 2405 Summit Drive Hillsborough, 2
    • 3 beds 3 baths ∙ 1,964 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,964 Sqft ∙ Built 2003
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.91
    •  
  • 2301 Summit Drive Hillsborough, 3
    • 3 beds 3 baths ∙ 1,940 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,940 Sqft ∙ Built 2004
    property image
    LEASED 06/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.03
    •  
PROPERTY LISTING DETAILS
Noah Chase
1.919.283.8581
Coldwell Banker Hpw
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338925
Last Updated: 08/26/2020
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