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313 Cheryl Avenue Durham, NC 27712

4 Beds 2 Baths 1,977 sqft Built 1967

INVESTimate

$269,000

List Price

$1,410

$1,269 - $1,551

Rent Est.

$283,311  ( +5.32%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1967
  • Price/Sqft : $136.06
  • 8 Days on Market
  • MLS # : 2337905
  • Updated Date : 08/24/2020 at 21:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,977 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

Adorable quiet "Country Cottage" in Old North Durham minutes to Duke. Surrounded by Majestic Trees and private fenced in backyard with storage shed. Minutes to DT Durham and Duke. Coveted hardwood floors on second floor and hardwoods under the main floor carpet (to be verified). Tiled baths, new windows and paint. and a coveted main floor bedroom. Luscious landscaped yard w/lots of blooming plants & a small water garden. Well built and in great condition. This is a special home and property. Hurry!

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
  • #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)

PRICE & RENT TRENDS

Zip Code: 27712

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Zip Code: 27712

ZipNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8591734

* 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
Eno Valley Elementary School Primary Regular 592 43 2
Carrington Middle School Middle Regular 1,094 72 4
Northern High School High Regular 1,448 83 3

Eno Valley Elementary School

  • Education Level: Primary
  • # of students: 592
  • # of teachers: 43
2
GreatSchools Rating

Carrington Middle School

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

Northern High School

  • Education Level: High
  • # of students: 1,448
  • # of teachers: 83
3
GreatSchools Rating
 

$242,100$295,900$269,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$992
Property Tax -$242
Property Insurance -$65
Property Management Fees -$127
CASH FLOW
-$16

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.

$269,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 5.32%
Maintenance Year (1-5) 8.00%
Vacancy 8.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,035

INVESTMENT

$77,035

Down Payment
$67,250
Rehab Estimate
$5,750
Closing Costs
$4,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$992

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,250
Loan Amount $201,750
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$10,828

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,470

    COMP ESTIMATED VALUE
  • $0.74

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3953$1,4104$1,525
$1,525
RENT COMPS ANALYSIS
  • 313 Cheryl Avenue Durham, 3
    • 4 beds 2 baths ∙ 1,977 Sqft ∙ Built 1967 4 beds 2 baths ∙ 1,977 Sqft ∙ Built 1967
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.71
    •  
  • 5210 Partridge Street Durham, 1
    • 4 beds 3 baths ∙ 1,872 Sqft ∙ Built 1968 4 beds 3 baths ∙ 1,872 Sqft ∙ Built 1968
    property image
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.72
    •  
  • 4607 Stillview Drive Durham, 2
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1963
    property image
    LEASED 04/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.78
    •  
  • 304 Cheryl Avenue Durham, 4
    • 3 beds 3 baths ∙ 2,100 Sqft ∙ Built 1970 3 beds 3 baths ∙ 2,100 Sqft ∙ Built 1970
    property image
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.73
    •  
PROPERTY LISTING DETAILS
Rene Hendrickson
1.919.923.1377
Berkshire Hathaway Homeservice
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2337905
Last Updated: 08/24/2020
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