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3918 Kelly Drive Durham, NC 27707

3 Beds 2 Baths 1,468 sqft Built 1964

INVESTimate

$250,000

List Price

$1,450

$1,305 - $1,595

Rent Est.

$263,025  ( +5.21%)   1 YR EST. FORECAST

PROPERTY INFO

August 26, 2020 RECENTLY ADDED
FACTS
  • Built In 1964
  • Price/Sqft : $170.30
  • 2 Days on Market
  • MLS # : 2339179
  • Updated Date : 08/26/2020 at 03:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,468 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Preferred Realty

Listing Agent's Description

Wonderful, solid, mid-century brick ranch on large lot in sought after Woodberry Forest! Freshly painted, hardwoods refinished, carpet and vinyl replaced. This well-loved home is awaiting a new owner to continue the warm, positive vibe from years of happy homeownership! Excellent location, convenient to shopping, restaurants, and schools with an easy commute to Duke, RTP, downtown Durham, and Chapel Hill/UNCCH!

SEE MORE

MARKET HIGHLIGHTS

  • 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

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Neighborhood: Hope Valley

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8591762

* 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
Creekside Elementary School Primary Regular 892 57 4
Sherwood Githens Middle School Middle Regular 1,011 62 5
Charles E. Jordan High School High Regular 1,848 107 4

Creekside Elementary School

  • Education Level: Primary
  • # of students: 892
  • # of teachers: 57
4
GreatSchools Rating

Sherwood Githens Middle School

  • Education Level: Middle
  • # of students: 1,011
  • # of teachers: 62
5
GreatSchools Rating

Charles E. Jordan High School

  • Education Level: High
  • # of students: 1,848
  • # of teachers: 107
4
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$922
Property Tax -$281
Property Insurance -$55
Property Management Fees -$131
CASH FLOW
$61

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.

$250,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$15,628

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,512

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4503$1,4504$1,950
$1,950
RENT COMPS ANALYSIS
  • 3918 Kelly Drive Durham, 3
    • 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.99
    •  
  • 1119 Saxony Drive Durham, 1
    • 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 1975
    LEASED 08/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.97
    •  
  • 3632 Manford Drive Durham, 2
    • 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 1984
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.97
    •  
  • 4214 Trotter Ridge Road Durham, 4
    • 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1978
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.15
    •  
PROPERTY LISTING DETAILS
Laura Guffey
1.919.622.4770
Keller Williams Preferred Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2339179
Last Updated: 08/26/2020
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