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2906 Nellowood Street Durham, NC 27704

3 Beds 1 Baths 936 sqft Built 1967

$155,000

List Price

$1,090

$981 - $1.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Built In 1967
  • Price/Sqft : $165.60
  • 11 Days on Market
  • MLS # : 2350364
  • Updated Date : 10/26/2020 at 09:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 936 sqft
  • Baths : 1 full
Listing Agent

Excelsior Real Estate, Llc

Listing Agent's Description

Nice opportunity to purchase this super cute 3 bedroom, 1 Bath Ranch that is in move-in condition located near shops, restaurants and more! The home is situated on a large lot and the shed is included! Awesome deal for an investor looking for a buy and hold or first-time home buyer. Home is being sold AS-IS.

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

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
Glenn Elementary School Primary Regular 644 46 1
Lucas Middle School Middle Regular 658 43 2
Northern High School High Regular 1,448 83 3

Glenn Elementary School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 46
1
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
 

$139,500$170,500$155,000

PURCHASE PRICE

$981$1,199$1,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,090
EXPENSES Loan Payment -$572
Property Tax -$108
Property Insurance -$45
Property Management Fees -$98
CASH FLOW
$267

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.

$155,000

PROJECTED PRICE

$1,090

PROJECTED RENT

0.70%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$46,825

INVESTMENT

$46,825

Down Payment
$38,750
Rehab Estimate
$5,750
Closing Costs
$2,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$572

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $38,750
Loan Amount $116,250
See What Happens When You Reinvest Cash Flow

13.17

YEARS SAVED

$38,005

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,090

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $917

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,0753$1,090
$1,090
RENT COMPS ANALYSIS
  • 2906 Nellowood Street Durham, NC 3
    • 3 beds 1 baths ∙ 936 Sqft ∙ Built 1967 3 beds 1 baths ∙ 936 Sqft ∙ Built 1967
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,090
    • $1.16
    •  
  • 2631 Glenbrook Drive Durham, NC 1
    • 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1979
    property image
    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
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,075
    • $0.96
    •  
PROPERTY LISTING DETAILS
Teresa Isler-fortson
1.919.670.6979
Excelsior Real Estate, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2350364
Last Updated: 10/26/2020
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