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3243 Duke Homestead Road Durham, NC 27705

3 Beds 2 Baths 1,979 sqft Built 1968

$260,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $131.38
  • 5 Days on Market
  • MLS # : 2353286
  • Updated Date : 11/14/2020 at 19:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,979 sqft
  • Baths : 2 full
Listing Agent

Allen Tate/pittsboro

Listing Agent's Description

Lovely ranch home in the heart of Durham. Desirable open concept floor plan with an updated kitchen that has plenty of space and storage for any chef. The flat, fenced in backyard is the perfect spot for all your cookout and entertaining needs. There is even a flex room that could be the perfect home office because 2020, am I right??

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
  • #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)

PRICE & RENT TRENDS

Zip Code: 27705

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $98k287k

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

Zip Code: 27705

ZipNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7481651

* 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
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$959
Property Tax -$236
Property Insurance -$65
Property Management Fees -$158
CASH FLOW
$332

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.

$260,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 5.0%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

11.17

YEARS SAVED

$51,396

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,801

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,7503$1,7954$1,800
$1,800
RENT COMPS ANALYSIS
  • 3243 Duke Homestead Road Durham, NC 2
    • 3 beds 2 baths ∙ 1,979 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,979 Sqft ∙ Built 1968
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.88
    •  
  • 3025 Alabama Avenue Durham, NC 1
    • 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1974
    property image
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
  • 1606 Rowemont Drive Durham, NC 3
    • 4 beds 3 baths ∙ 2,261 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,261 Sqft ∙ Built 1984
    property image
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.79
    •  
  • 1434 Kirkwood Drive Durham, NC 4
    • 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1960 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1960
    property image
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.97
    •  
PROPERTY LISTING DETAILS
Amanda Baker
1.919.475.4514
Allen Tate/pittsboro
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353286
Last Updated: 11/14/2020
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