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3608 Appling Way Durham, NC 27703

4 Beds 3 Baths 1,900 sqft Built 2001

$300,000

List Price

$1,610

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $157.89
  • 2 Days on Market
  • MLS # : 2370668
  • Updated Date : 03/06/2021 at 23:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,900 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

CONVENIENT & CLOSE TO RTP! Ready to move, this is it. This 4 BR / 2.5 bath home features separate Living and Dining rooms and a spacious Family Room w/fireplace. It has an Eat-in Kitchen with island and a deck off of the main floor. The second floor's Master Bedroom is spacious, has a cathedral ceiling and WIC. The Master Bath has dual vanity, separate tub and shower, and water closet. Just minutes to Southpoint, Brier Creek and RDU airport.

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

$1,449$1,771$1,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,610
EXPENSES Loan Payment -$1,042
Property Tax -$260
Property Insurance -$64
HOA -$26
Property Management Fees -$119
CASH FLOW
$100

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

$1,610

PROJECTED RENT

0.54%

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$1.0M

PROJECTED ANNUAL CASH FLOW

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

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 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$26,905

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,610

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,648

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,6103$1,6504$1,6755$1,700
$1,700
RENT COMPS ANALYSIS
  • 3608 Appling Way Durham, NC 2
    • 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,900 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,610
    • $0.85
    •  
  • 1907 Raj Drive Durham, NC 1
    • 3 beds 3 baths ∙ 1,702 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,702 Sqft ∙ Built 2004
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.91
    •  
  • 13 Beaver Creek Lane Durham, NC 3
    • 3 beds 3 baths ∙ 2,024 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,024 Sqft ∙ Built 2005
    LEASED 12/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.82
    •  
  • 1811 Cedar Grove Drive Durham, NC 4
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2005
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.91
    •  
  • 3414 Skybrook Lane Durham, NC 5
    • 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 2000
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.83
    •  
PROPERTY LISTING DETAILS
Teresa Brooks
1.919.638.1038
Keller Williams Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370668
Last Updated: 03/06/2021
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