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4 Colindale Court Durham, NC 27704

3 Beds 3 Baths 2,077 sqft Built 1998

$295,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1998
  • Price/Sqft : $142.03
  • 12 Days on Market
  • MLS # : 2350292
  • Updated Date : 10/30/2020 at 17:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,077 sqft
  • Baths : 2 full , 1 half
Listing Agent

Mark Spain Real Estate

Listing Agent's Description

Drop, Drop, Drop it like it's hot. This home is the home you have been looking for. It has a large first floor owner's suite with a large walk-in closet and spa-like bathroom. The kitchen is a dream with gorgeous backsplash and stainless steel appliances. There is a large family room with a fireplace for all those cozy nights. It has a large landing area that could be used as a family room, office, or anything your heart desires. All the bedrooms upstairs are large with walk-in closets and plenty of room.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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

PRICE & RENT TRENDS

Zip Code: 27704

ZipNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $61k274k

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

Zip Code: 27704

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7261518

* 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
Holt Elementary Magnet School Primary Regular 627 49 5
Carrington Middle School Middle Regular 1,094 72 4
Riverside High School High Regular 1,811 106 4

Holt Elementary Magnet School

  • Education Level: Primary
  • # of students: 627
  • # of teachers: 49
5
GreatSchools Rating

Carrington Middle School

  • Education Level: Middle
  • # of students: 1,094
  • # of teachers: 72
4
GreatSchools Rating

Riverside High School

  • Education Level: High
  • # of students: 1,811
  • # of teachers: 106
4
GreatSchools Rating
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,088
Property Tax -$256
Property Insurance -$63
Property Management Fees -$142
CASH FLOW
$31

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.

$295,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 6.7%
Maintenance Year (1-5) 8.00%
Vacancy 8.55%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$20,709

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,711

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4953$1,5504$1,580
$1,580
RENT COMPS ANALYSIS
  • 4 Colindale Court Durham, NC 4
    • 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.85
    •  
  • 2210 Elk River Drive Durham, NC 1
    • 3 beds 3 baths ∙ 1,764 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,764 Sqft ∙ Built 2004
    property image
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.82
    •  
  • 511 Felicia Street Durham, NC 2
    • 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2007
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
  • 5610 Paces Ferry Drive Durham, NC 3
    • 3 beds 3 baths ∙ 1,591 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,591 Sqft ∙ Built 2001
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.97
    •  
PROPERTY LISTING DETAILS
Amy Hiott
1.919.395.0220
Mark Spain Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2350292
Last Updated: 10/30/2020
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