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308 Melbourne Street Durham, NC 27703

3 Beds 2 Baths 1,248 sqft Built 1988

$200,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $160.26
  • 2 Days on Market
  • MLS # : 2366760
  • Updated Date : 02/13/2021 at 19:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,248 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Durham home has one story. This home is vacant and cleaned regularly.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$695
Property Tax -$173
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$262

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.

$200,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.65%

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$700k

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$500k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$695

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

12

YEARS SAVED

$37,262

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $1,165

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2503$1,3004$1,350
$1,350
RENT COMPS ANALYSIS
  • 308 Melbourne Street Durham, NC 3
    • 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,248 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.04
    •  
  • 607 Sybil Drive Durham, NC 1
    • 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1998
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.88
    •  
  • 1139 N Miami Boulevard Durham, NC 2
    • 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
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.919.679.9883
Opendoor Brokerage Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2366760
Last Updated: 02/13/2021
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