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2704 Hinson Drive Durham, NC 27704

3 Beds 2 Baths 998 sqft Built 1969

$179,900

List Price

$1,130

$1K - $1.2K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $180.26
  • 3 Days on Market
  • MLS # : 2356533
  • Updated Date : 12/05/2020 at 14:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 998 sqft
  • Baths : 1 full , 1 half
Listing Agent

Northside Realty Inc.

Listing Agent's Description

GORGEOUS One Level Living with a bright open floor plan and upgrades galore! Home features a custom designer kitchen with new shaker cabinets, granite, glass tile back splash & Stainless Steel appliances. New EXOTIC 5 inch Bamboo hand scraped flooring throughout main living areas; NEW plush carpet & designer interior/exterior paint. New windows and water heater 2020. Convenient to RTP, Downtown Durham and Duke. Move in and enjoy!

SEE MORE

MARKET HIGHLIGHTS

  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • #7 Best Big City for Jobs 2018 (Forbes, 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

Zip Code: 27704

ZipNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $61k274k

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

Zip Code: 27704

ZipNIR 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
Eno Valley Elementary School Primary Regular 592 43 2
Lucas Middle School Middle Regular 658 43 2
Northern High School High Regular 1,448 83 3

Eno Valley Elementary School

  • Education Level: Primary
  • # of students: 592
  • # of teachers: 43
2
GreatSchools Rating

Lucas Middle School

  • Education Level: Middle
  • # of students: 658
  • # of teachers: 43
2
GreatSchools Rating

Northern High School

  • Education Level: High
  • # of students: 1,448
  • # of teachers: 83
3
GreatSchools Rating
 

$161,910$197,890$179,900

PURCHASE PRICE

$1,017$1,243$1,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,130
EXPENSES Loan Payment -$664
Property Tax -$156
Property Insurance -$46
Property Management Fees -$119
CASH FLOW
$145

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.

$179,900

PROJECTED PRICE

$1,130

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 6.7%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,424

INVESTMENT

$53,424

Down Payment
$44,975
Rehab Estimate
$5,750
Closing Costs
$2,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $44,975
Loan Amount $134,925
See What Happens When You Reinvest Cash Flow

9.92

YEARS SAVED

$29,663

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,130

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $978

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,0753$1,130
$1,130
RENT COMPS ANALYSIS
  • 2704 Hinson Drive Durham, NC 3
    • 3 beds 2 baths ∙ 998 Sqft ∙ Built 1969 3 beds 2 baths ∙ 998 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $1,130
    • $1.13
    •  
  • 2631 Glenbrook Drive Durham, NC 1
    • 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1979
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $1.00
    •  
  • 2415 Dearborn Drive Durham, NC 2
    • 3 beds 1 baths ∙ 1,120 Sqft ∙ Built 1966 3 beds 1 baths ∙ 1,120 Sqft ∙ Built 1966
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,075
    • $0.96
    •  
PROPERTY LISTING DETAILS
Stephanie Anson
1.919.335.3048
Northside Realty Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2356533
Last Updated: 12/05/2020
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