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PROPERTY INFO
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
- 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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Zip Code: 27703
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$85,250
LOAN DETAILS
$1,107
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $75,000 |
| Loan Amount | $225,000 |
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
-
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
1.919.493.4434
Fonville Morisey/durham Sales Office
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
MLS #: 2353573
Last Updated: 11/14/2020
