Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3 Lakemont Circle Durham, NC 27703

3 Beds 3 Baths 1,927 sqft Built 1998

$275,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $142.71
  • 5 Days on Market
  • MLS # : 2361400
  • Updated Date : 01/15/2021 at 17:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,927 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservices Ysu

Listing Agent's Description

Great corner lot location in Grove Park subdivision (Lakeside).Newer roof & HVAC (2015). This beautiful home has a large family room with fireplace that flows nicely into the formal dining room. Kitchen has tile floor, pantry & lots of storage. Second floor master has vaulted ceilings. Large bonus room on the 2nd floor could be used as a 4th bedroom or school/work area. Large deck overlooks large back yard. Home in ideally located to RDU, major highways, shopping & dining. Hurry, this home won't last!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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

Neighborhood: Grove Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $98k274k

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

Neighborhood: Grove Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8591636

* 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
Oak Grove Elementary School Primary Regular 625 41 3
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Oak Grove Elementary School

  • Education Level: Primary
  • # of students: 625
  • # of teachers: 41
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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$955
Property Tax -$238
Property Insurance -$64
HOA -$52
Property Management Fees -$119
CASH FLOW
$171

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.

$275,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 7.3%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$32,002

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,609

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,6003$1,6504$1,6955$1,695
$1,695
RENT COMPS ANALYSIS
  • 3 Lakemont Circle Durham, NC 2
    • 3 beds 3 baths ∙ 1,927 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,927 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.83
    •  
  • 108 Citrine Court Durham, NC 1
    • 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2007
    property image
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.85
    •  
  • 704 Bellmeade Bay Drive Durham, NC 3
    • 3 beds 3 baths ∙ 1,874 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,874 Sqft ∙ Built 1998
    property image
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.88
    •  
  • 905 Reedy Way Durham, NC 4
    • 4 beds 3 baths ∙ 2,080 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,080 Sqft ∙ Built 2006
    property image
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.81
    •  
  • 117 Lodestone Drive Durham, NC 5
    • 3 beds 3 baths ∙ 2,120 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,120 Sqft ∙ Built 2007
    property image
    LEASED 11/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.80
    •  
PROPERTY LISTING DETAILS
Susan Napolitano
1.919.782.6641
Berkshire Hathaway Homeservices Ysu
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361400
Last Updated: 01/15/2021
BESbswy