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3508 Appling Way Durham, NC 27703

4 Beds 3 Baths 2,120 sqft Built 2002

$300,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $141.51
  • 3 Days on Market
  • MLS # : 2353573
  • Updated Date : 11/14/2020 at 16:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,120 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fonville Morisey/durham Sales Office

Listing Agent's Description

Beautiful Magnolia Place home on .475 acre wood lot w/ privacy! Formal living & dining rooms, family room w/ fireplace & gas logs, great kitchen w/ granite countertops/center island/breakfast area. Master bedroom w/ vaulted ceiling, master bath w/ whirlpool tub/separate shower, and bonus room or 4th bedroom. Covered front porch, rear deck, and 2-car garage. Maintenance free/partial brick exterior. Community pool & playground. Conv to Duke, UNC, RTP, I-40, & downtown Durham! Home is a shiny penny!!

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: 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
Bethesda Elementary School Primary Regular 671 43 3
Lowe's Grove Magnet Middle School Middle Regular 708 47 3
Hillside High School High Regular 1,318 91 4

Bethesda Elementary School

  • Education Level: Primary
  • # of students: 671
  • # of teachers: 43
3
GreatSchools Rating

Lowe's Grove Magnet Middle School

  • Education Level: Middle
  • # of students: 708
  • # of teachers: 47
3
GreatSchools Rating

Hillside High School

  • Education Level: High
  • # of students: 1,318
  • # of teachers: 91
4
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,107
Property Tax -$284
Property Insurance -$68
HOA -$40
Property Management Fees -$151
CASH FLOW
$29

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.

$300,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.56%

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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$18,883

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,744

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,680
1$1,6802$1,7003$1,7004$1,8005$1,800
$1,800
RENT COMPS ANALYSIS
  • 3508 Appling Way Durham, NC 1
    • 4 beds 3 baths ∙ 2,120 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,120 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.79
    •  
  • 3414 Skybrook Lane Durham, NC 2
    • 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 2000
    property image
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.83
    •  
  • 10 Gandhi Drive Durham, NC 3
    • 4 beds 3 baths ∙ 2,064 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,064 Sqft ∙ Built 2004
    property image
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.82
    •  
  • 6204 Lakefront Street Durham, NC 4
    • 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,250 Sqft ∙ Built 2019
    property image
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.80
    •  
  • 3 Stirrup Lane Durham, NC 5
    • 3 beds 3 baths ∙ 2,149 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,149 Sqft ∙ Built 2004
    property image
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.84
    •  
PROPERTY LISTING DETAILS
Dusty Butler
1.919.493.4434
Fonville Morisey/durham Sales Office
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353573
Last Updated: 11/14/2020
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