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3616 Manford Drive 
Durham, NC
27707
3 Beds 2 Baths 1,490 sqft
Built 1983
INVESTimate
$259,000
List Price
$74,385
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PROPERTY INFO
FACTS
- Built In 1983
- Price/Sqft : $173.83
- 3 Days on Market
- MLS # : 2338858
- Updated Date : 08/24/2020 at 17:01
CONSTRUCTION
- Beds : 3
- Floor Size : 1,490 sqft
- Baths : 2 full
Listing Agent
Triangle Real Estate Services
Listing Agent's Description
Wonderful home on large lot in quiet neighborhood. Dead end street so light traffic. Newer roof, carpet and vinyl flooring. Master bedroom is upstairs and loft could be nice office area. Huge wraparound deck with sliding glass doors off of dining/family room. Storage shed. Solid wood exterior with huge windows and great natural light in the home. Open floor plan and home has a surprising amount of storage. New roof in 2016.
SEE MORE
- 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)
- 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: Hope Valley
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Hope Valley
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,430 |
| EXPENSES | Loan Payment | -$956 |
| Property Tax | -$251 | |
| Property Insurance | -$56 | |
| Property Management Fees | -$129 | |
|
CASH FLOW
$39
|
||
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.
$259,000
PROJECTED PRICE
$1,430
PROJECTED RENT
0.55%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.42% |
| Appreciation Year (1-5) | 5.21% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 8.51% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$74,385
LOAN DETAILS
$956
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $64,750 |
| Loan Amount | $194,250 |
4.67
YEARS SAVED
$14,767
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,430
LIST RENT -
$0.96
LIST RENT PER SQFT
-
$1,471
COMP ESTIMATED VALUE -
$0.99
COMP AVG. RENT PER SQFT
Comps Range
-
3616 Manford Drive Durham, 1
- 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1983
![property image]()
- Rent
- Rent Per SQFT
- $1,430
- $0.96
-
4407 Nightfall Court Durham, 2
- 4 beds 3 baths ∙ 1,500 Sqft ∙ Built 1999 4 beds 3 baths ∙ 1,500 Sqft ∙ Built 1999
![property image]()
LEASED 10/05/19- Rent
- Rent Per SQFT
- $1,450
- $0.97
-
3632 Manford Drive Durham, 3
- 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 1984
![property image]()
LEASED 07/25/20- Rent
- Rent Per SQFT
- $1,450
- $0.97
-
4518 Dolwick Drive Durham, 4
- 4 beds 2 baths ∙ 1,492 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,492 Sqft ∙ Built 1999
![property image]()
LEASED 09/27/19- Rent
- Rent Per SQFT
- $1,495
- $1.00
-
4503 Nightfall Court Durham, 5
- 4 beds 2 baths ∙ 1,492 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,492 Sqft ∙ Built 1999
![property image]()
LEASED 08/31/19- Rent
- Rent Per SQFT
- $1,500
- $1.01
PROPERTY LISTING DETAILS
1.919.923.3295
Triangle Real Estate Services
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
MLS #: 2338858
Last Updated: 08/24/2020
