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2611 Mortise Court Durham, NC 27704

4 Beds 3 Baths 2,259 sqft Built 2004

$229,000

List Price

$1,675

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $101.37
  • 5 Days on Market
  • MLS # : 2353108
  • Updated Date : 11/13/2020 at 19:19
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,259 sqft
  • Baths : 2 full , 1 half
Listing Agent

Daymark Realty

Listing Agent's Description

MODERN/FARMHOUSE gorgeous home! Screened porch overlooking private backyard w/privacy fence & grilling deck + lower level deck. 2 BARN DOORS!!!! Kitchen features granite counter, subway backsplash, NEW dishwasher & ceramic floors. Breathtaking Hickory Wood floors on 2nd floor. Master Suite features updated bathroom! HVAC-2017. Hot Water Heater-2020. Modern lighting. FINISHED BASEMENT. Office & family room in lower level. Yard goes 20' beyond fence w/fire pit. Garage w/100 amp sub panel wired for shop.

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • #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)

PRICE & RENT TRENDS

Neighborhood: Northeast Durham

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $61k274k

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

Neighborhood: Northeast Durham

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
Merrick-moore Elementary School Primary Regular 704 46 3
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Merrick-moore Elementary School

  • Education Level: Primary
  • # of students: 704
  • # of teachers: 46
3
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
 

$206,100$251,900$229,000

PURCHASE PRICE

$1,508$1,843$1,675

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,675
EXPENSES Loan Payment -$845
Property Tax -$210
Property Insurance -$71
HOA -$27
Property Management Fees -$151
CASH FLOW
$372

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.

$229,000

PROJECTED PRICE

$1,675

PROJECTED RENT

0.73%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 6.0%
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$200k$400k$600k$800k

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$66,435

INVESTMENT

$66,435

Down Payment
$57,250
Rehab Estimate
$5,750
Closing Costs
$3,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,250
Loan Amount $171,750
See What Happens When You Reinvest Cash Flow

12.58

YEARS SAVED

$53,155

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,675

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $1,751

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,645
1$1,6452$1,6753$1,795
$1,795
RENT COMPS ANALYSIS
  • 2611 Mortise Court Durham, NC 2
    • 4 beds 3 baths ∙ 2,259 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,259 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.74
    •  
  • 13 Fielding Court Durham, NC 1
    • 3 beds 3 baths ∙ 2,305 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,305 Sqft ∙ Built 2005
    property image
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.71
    •  
  • 1139 Sweet Cream Court Durham, NC 3
    • 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,134 Sqft ∙ Built 2020
    property image
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.84
    •  
PROPERTY LISTING DETAILS
Anita Oxford
1.919.473.9006
Daymark Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353108
Last Updated: 11/13/2020
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