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2903 Shaftsbury Road Durham, NC 27704

3 Beds 2 Baths 1,036 sqft Built 1978

$179,900

List Price

$1,240

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $173.65
  • 3 Days on Market
  • MLS # : 2361810
  • Updated Date : 01/16/2021 at 13:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,036 sqft
  • Baths : 1 full , 1 half
Listing Agent

Fathom Realty Nc, Llc

Listing Agent's Description

If "COOL" were a house, this would be it! Awesome 1 level home in N. Durham that has that "it" factor, just a few minutes from downtown. Kitchen renovated w/ new cabinetry, granite countertops, & stainless steel island. Tile floors in the kitchen & laundry. Laminate flooring in the family room, baths, & bedrooms. Huge wrap around front porch with a 12.5 x 12.5 sitting area. HVAC replaced in 2015 w/ all new ductwork. Gutters. 4+ car paved parking pad. Refrigerator, stackable washer & dryer convey. No HOA!

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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Duke Homestead

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $70k274k

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

Neighborhood: Duke Homestead

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2600700800900100011001200130014001500Rent in $5701518

* 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
Holt Elementary Magnet School Primary Regular 627 49 5
Carrington Middle School Middle Regular 1,094 72 4
Riverside High School High Regular 1,811 106 4

Holt Elementary Magnet School

  • Education Level: Primary
  • # of students: 627
  • # of teachers: 49
5
GreatSchools Rating

Carrington Middle School

  • Education Level: Middle
  • # of students: 1,094
  • # of teachers: 72
4
GreatSchools Rating

Riverside High School

  • Education Level: High
  • # of students: 1,811
  • # of teachers: 106
4
GreatSchools Rating
 

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

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$625
Property Tax -$156
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
$293

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

$1,240

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 2.6%
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$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k

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 25% down payment or higher enables the proceeds from the asset to cover all costs.

$625

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $44,975
Loan Amount $134,925
See What Happens When You Reinvest Cash Flow

13.33

YEARS SAVED

$38,066

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,240

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $1,126

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,2403$1,2754$1,395
$1,395
RENT COMPS ANALYSIS
  • 2903 Shaftsbury Road Durham, NC 2
    • 3 beds 2 baths ∙ 1,036 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,036 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $1.20
    •  
  • 2503 N Duke Street Durham, NC 1
    • 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,144 Sqft ∙ Built 1961
    LEASED 10/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.04
    •  
  • 4022 Sudbury Road Durham, NC 3
    • 3 beds 2 baths ∙ 1,175 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,175 Sqft ∙ Built 1997
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $1.09
    •  
  • 4105 Casa Street Durham, NC 4
    • 3 beds 2 baths ∙ 1,238 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,238 Sqft ∙ Built 1971
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.13
    •  
PROPERTY LISTING DETAILS
Taurean Peaks
1.919.791.7446
Fathom Realty Nc, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361810
Last Updated: 01/16/2021
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