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3323 Redgate Drive Durham, NC 27703

3 Beds 2 Baths 1,485 sqft Built 1992

$224,900

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $151.45
  • 2 Days on Market
  • MLS # : 2364208
  • Updated Date : 01/30/2021 at 21:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,485 sqft
  • Baths : 2 full
Listing Agent

America's Best Realty

Listing Agent's Description

Coming Soon

SEE MORE

MARKET HIGHLIGHTS

  • #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
  • 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

Neighborhood: Hidden Hollow

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $61k274k

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

Neighborhood: Hidden Hollow

NeighborhoodNIR 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
Spring Valley Elementary School Primary Regular 606 37 4
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Spring Valley Elementary School

  • Education Level: Primary
  • # of students: 606
  • # of teachers: 37
4
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
 

$202,410$247,390$224,900

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$781
Property Tax -$195
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$139

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.

$224,900

PROJECTED PRICE

$1,290

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 4.8%
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$700k$800k

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$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,349

INVESTMENT

$65,349

Down Payment
$56,225
Rehab Estimate
$5,750
Closing Costs
$3,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$781

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,225
Loan Amount $168,675
See What Happens When You Reinvest Cash Flow

9

YEARS SAVED

$27,477

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,370

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,2903$1,3504$1,3755$1,450
$1,450
RENT COMPS ANALYSIS
  • 3323 Redgate Drive Durham, NC 2
    • 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $0.87
    •  
  • 701 Grandview Drive Durham, NC 1
    • 3 beds 3 baths ∙ 1,361 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,361 Sqft ∙ Built 1990
    LEASED 09/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.88
    •  
  • 3504 Penn Drive Durham, NC 3
    • 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
    •  
  • 3147 Ivey Wood Lane Durham, NC 4
    • 3 beds 3 baths ∙ 1,410 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,410 Sqft ∙ Built 2007
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.98
    •  
  • 908 Reedy Way Durham, NC 5
    • 3 beds 3 baths ∙ 1,635 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,635 Sqft ∙ Built 2007
    LEASED 09/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.89
    •  
PROPERTY LISTING DETAILS
Kirk Keyes
1.919.395.9678
America's Best Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2364208
Last Updated: 01/30/2021
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