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2902 Lutz Lane Durham, NC 27703

3 Beds 2 Baths 1,278 sqft Built 2008

$185,000

List Price

$1,190

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 2008
  • Price/Sqft : $144.76
  • 3 Days on Market
  • MLS # : 2352445
  • Updated Date : 11/06/2020 at 16:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,278 sqft
  • Baths : 1 full , 1 half
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Great 3 bedroom home with a lot facing the woods, great privacy. New laminate flooring and new interior paint. Convenient to Duke, UNC, Hwy 70, I-85, Brier Creek

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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: 27703

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $97k274k

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

Zip Code: 27703

ZipNIR Market*CityMarket2010Year2000 Q22019 Q290095010001050110011501200125013001350140014501500Rent in $8591518

* 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
 

$166,500$203,500$185,000

PURCHASE PRICE

$1,071$1,309$1,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,190
EXPENSES Loan Payment -$683
Property Tax -$160
Property Insurance -$52
HOA -$35
Property Management Fees -$107
CASH FLOW
$153

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.

$185,000

PROJECTED PRICE

$1,190

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 4.8%
Maintenance Year (1-5) 8.00%
Vacancy 8.54%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k

PROJECTED ANNUAL CASH FLOW

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

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$54,775

INVESTMENT

$54,775

Down Payment
$46,250
Rehab Estimate
$5,750
Closing Costs
$2,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$683

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $46,250
Loan Amount $138,750
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$25,579

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,190

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,211

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,190
1$1,1902$1,1953$1,2504$1,3505$1,495
$1,495
RENT COMPS ANALYSIS
  • 2902 Lutz Lane Durham, NC 1
    • 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,190
    • $0.93
    •  
  • 701 Grandview Drive Durham, NC 2
    • 3 beds 3 baths ∙ 1,361 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,361 Sqft ∙ Built 1990
    LEASED 09/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.88
    •  
  • 1139 N Miami Boulevard Durham, NC 3
    • 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 2004
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.98
    •  
  • 3504 Penn Drive Durham, NC 4
    • 3 beds 2 baths ∙ 1,430 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,430 Sqft ∙ Built 1991
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.94
    •  
  • 3603 Thornwood Drive Durham, NC 5
    • 4 beds 2 baths ∙ 1,517 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,517 Sqft ∙ Built 2001
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.99
    •  
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 #: 2352445
Last Updated: 11/06/2020
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