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2603 Pinewood Drive Durham, NC 27705

3 Beds 2 Baths 1,247 sqft Built 1954

$240,000

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $192.46
  • 4 Days on Market
  • MLS # : 2363830
  • Updated Date : 01/29/2021 at 01:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,247 sqft
  • Baths : 2 full
Listing Agent

Mallard Realty Group

Listing Agent's Description

One level living at its best! This 1247 square foot brick ranch-style home offers 3 bed, 2 full bath, covered porch, and hardwood floors throughout. Updated kitchen includes butcher-block countertops, SST appliances, and farmhouse sink. Walk out through laundry/mud room to screened porch and spacious deck overlooking 0.73 fenced yard w/ two storage sheds. Recently replaced vinyl windows. Super convenient to Downtown Durham and easy access to I-85!

SEE MORE

MARKET HIGHLIGHTS

  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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
  • 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

Neighborhood: Scarsdale Village

ZipNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280kPrice in $61k287k

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

Neighborhood: Scarsdale Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500Rent in $6141518

* 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
Holt Elementary Magnet School Primary Regular 627 49 5
Carrington Middle School Middle Regular 1,094 72 4
Riverside High School High Regular 1,811 106 4

Holt Elementary Magnet School

  • Education Level: Primary
  • # of students: 627
  • # of teachers: 49
5
GreatSchools Rating

Carrington Middle School

  • Education Level: Middle
  • # of students: 1,094
  • # of teachers: 72
4
GreatSchools Rating

Riverside High School

  • Education Level: High
  • # of students: 1,811
  • # of teachers: 106
4
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$834
Property Tax -$208
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$68

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.

$240,000

PROJECTED PRICE

$1,280

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 7.1%
Maintenance Year (1-5) 8.00%
Vacancy 8.55%
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$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$21,603

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,284

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,280
1$1,2802$1,3953$1,4004$1,4005$1,450
$1,450
RENT COMPS ANALYSIS
  • 2603 Pinewood Drive Durham, NC 1
    • 3 beds 2 baths ∙ 1,247 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,247 Sqft ∙ Built 1954
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $1.03
    •  
  • 4105 Casa Street Durham, NC 2
    • 3 beds 2 baths ∙ 1,238 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,238 Sqft ∙ Built 1971
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.13
    •  
  • 2703 Broad Street Durham, NC 3
    • 3 beds 1 baths ∙ 1,402 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,402 Sqft ∙ Built 1957
    LEASED 08/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.00
    •  
  • 3521 Duke Homestead Road Durham, NC 4
    • 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1954
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.93
    •  
  • 3821 Townsend Street Durham, NC 5
    • 3 beds 2 baths ∙ 1,371 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,371 Sqft ∙ Built 1973
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.06
    •  
PROPERTY LISTING DETAILS
Michael Newport
1.919.747.1950
Mallard Realty Group
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2363830
Last Updated: 01/29/2021
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