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2813 Bombay Drive Durham, NC 27703

3 Beds 3 Baths 1,600 sqft Built 2002

$212,900

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Built In 2002
  • Price/Sqft : $133.06
  • 9 Days on Market
  • MLS # : 2350621
  • Updated Date : 10/29/2020 at 06:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,600 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max One Hundred

Listing Agent's Description

Fantastic location close to RTP, RDU & Brier Creek shopping & restaurants! This 3 bedroom 2 1/2 bath home is waiting for you to make it your own. Eat in kitchen with bay window & serving hatch to formal dining area. Elongated living room with gas burning fireplace. Main suite with natural light pouring in and functional 2nd and 3rd room. Home may need a little love to be move-in ready, but not much, and an almost unbelievable value in a highly sought after area.

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)
  • 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)
  • #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

PRICE & RENT TRENDS

Neighborhood: Stirrup Creek

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Neighborhood: Stirrup Creek

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8591734

* 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
Bethesda Elementary School Primary Regular 671 43 3
Lowe's Grove Magnet Middle School Middle Regular 708 47 3
Hillside High School High Regular 1,318 91 4

Bethesda Elementary School

  • Education Level: Primary
  • # of students: 671
  • # of teachers: 43
3
GreatSchools Rating

Lowe's Grove Magnet Middle School

  • Education Level: Middle
  • # of students: 708
  • # of teachers: 47
3
GreatSchools Rating

Hillside High School

  • Education Level: High
  • # of students: 1,318
  • # of teachers: 91
4
GreatSchools Rating
 

$191,610$234,190$212,900

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$786
Property Tax -$193
Property Insurance -$58
HOA -$23
Property Management Fees -$122
CASH FLOW
$178

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.

$212,900

PROJECTED PRICE

$1,360

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 5.0%
Maintenance Year (1-5) 8.00%
Vacancy 8.51%
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$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,169

INVESTMENT

$62,169

Down Payment
$53,225
Rehab Estimate
$5,750
Closing Costs
$3,194

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$786

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,225
Loan Amount $159,675
See What Happens When You Reinvest Cash Flow

7.92

YEARS SAVED

$26,484

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,428

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,360
1$1,3602$1,4753$1,4954$1,4955$1,550
$1,550
RENT COMPS ANALYSIS
  • 2813 Bombay Drive Durham, NC 1
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.85
    •  
  • 3013 Skybrook Lane Durham, NC 2
    • 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 2005
    property image
    LEASED 10/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.86
    •  
  • 3011 Skybrook Lane Durham, NC 3
    • 3 beds 3 baths ∙ 1,708 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,708 Sqft ∙ Built 2005
    property image
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.88
    •  
  • 1704 Shiva Court Durham, NC 4
    • 3 beds 3 baths ∙ 1,632 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,632 Sqft ∙ Built 2002
    property image
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.92
    •  
  • 1907 Raj Drive Durham, NC 5
    • 3 beds 3 baths ∙ 1,702 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,702 Sqft ∙ Built 2004
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.91
    •  
PROPERTY LISTING DETAILS
Monica Boswell
1.919.907.9906
Re/max One Hundred
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2350621
Last Updated: 10/29/2020
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