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2603 Tulip Poplar Circle Durham, NC 27704

3 Beds 3 Baths 1,724 sqft Built 2010

$259,900

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2010
  • Price/Sqft : $150.75
  • 6 Days on Market
  • MLS # : 2361193
  • Updated Date : 01/13/2021 at 19:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,724 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Gorgeous and pristinely maintained 3Bd/2.5Bth 1.5 story home in Durham! Amenities include 1st floor master suite with huge WIC and very large master bathroom with dbl vanities. Crown molding in master and dining room, chair rail in dining room, fireplace in family room. Enjoy the view from the sunroom of the beautifully landscaped backyard with privacy fence backing up to Panther Creek Pond with a walking trail. Sunroom has custom blinds and sliding windows that will open to let in the breeze.

SEE MORE

MARKET HIGHLIGHTS

  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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)
  • 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

PRICE & RENT TRENDS

Neighborhood: Gorman

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $61k274k

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

Neighborhood: Gorman

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7261518

* 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
Glenn Elementary School Primary Regular 644 46 1
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Glenn Elementary School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 46
1
GreatSchools Rating

Neal Magnet Middle School

  • Education Level: Middle
  • # of students: 857
  • # of teachers: 60
1
GreatSchools Rating

Southern School Of Energy And Sustainability

  • Education Level: High
  • # of students: 1,292
  • # of teachers: 90
2
GreatSchools Rating
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$903
Property Tax -$225
Property Insurance -$60
HOA -$18
Property Management Fees -$119
CASH FLOW
$255

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.

$259,900

PROJECTED PRICE

$1,580

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 2.7%
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$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

10.67

YEARS SAVED

$40,985

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,690

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,5003$1,5754$1,5805$1,650
$1,650
RENT COMPS ANALYSIS
  • 2603 Tulip Poplar Circle Durham, NC 4
    • 3 beds 3 baths ∙ 1,724 Sqft ∙ Built 2010 3 beds 3 baths ∙ 1,724 Sqft ∙ Built 2010
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.92
    •  
  • 2521 Dovetail Drive Durham, NC 1
    • 3 beds 3 baths ∙ 1,392 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,392 Sqft ∙ Built 2002
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.99
    •  
  • 20 Crescent Hill Court Durham, NC 2
    • 3 beds 3 baths ∙ 1,535 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,535 Sqft ∙ Built 2004
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.98
    •  
  • 5 Crescent Hill Court Durham, NC 3
    • 3 beds 3 baths ∙ 1,561 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,561 Sqft ∙ Built 2004
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.01
    •  
  • 806 Pebblestone Drive Durham, NC 5
    • 3 beds 3 baths ∙ 1,748 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,748 Sqft ∙ Built 2003
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.94
    •  
PROPERTY LISTING DETAILS
Amy Hiott
1.919.395.0220
Mark Spain Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361193
Last Updated: 01/13/2021
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