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401 Sparella Street Durham, NC 27703

3 Beds 1 Baths 960 sqft Built 1964

$119,000

List Price

$990

$891 - $1.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $123.96
  • 5 Days on Market
  • MLS # : 2359022
  • Updated Date : 12/23/2020 at 23:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 960 sqft
  • Baths : 1 full
Listing Agent

Fathom Realty Nc, Llc

Listing Agent's Description

Investor/Handyman alert!! Great Potential! 3BR/1BA.

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

$107,100$130,900$119,000

PURCHASE PRICE

$891$1,089$990

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $990
EXPENSES Loan Payment -$439
Property Tax -$103
Property Insurance -$46
Property Management Fees -$119
CASH FLOW
$283

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.

$119,000

PROJECTED PRICE

$990

PROJECTED RENT

0.83%

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$100k$200k$300k$400k$500k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$37,285

INVESTMENT

$37,285

Down Payment
$29,750
Rehab Estimate
$5,750
Closing Costs
$1,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$439

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $29,750
Loan Amount $89,250
See What Happens When You Reinvest Cash Flow

15.5

YEARS SAVED

$35,429

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $990

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $992

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$950
1$9502$9903$1,2004$1,295
$1,295
RENT COMPS ANALYSIS
  • 401 Sparella Street Durham, NC 2
    • 3 beds 1 baths ∙ 960 Sqft ∙ Built 1964 3 beds 1 baths ∙ 960 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $990
    • $1.03
    •  
  • 1505 Wabash Street Durham, NC 1
    • 3 beds 1 baths ∙ 900 Sqft ∙ Built 1971 3 beds 1 baths ∙ 900 Sqft ∙ Built 1971
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $1.06
    •  
  • 313 Raynor Street Durham, NC 3
    • 3 beds 1 baths ∙ 1,268 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,268 Sqft ∙ Built 1955
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.95
    •  
  • 1305 Bacon Street Durham, NC 4
    • 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1972
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.09
    •  
PROPERTY LISTING DETAILS
Yosef Froymovich
1.919.748.8808
Fathom Realty Nc, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2359022
Last Updated: 12/23/2020
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