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402 Cottage Lane Durham, NC 27713

3 Beds 2 Baths 1,810 sqft Built 1986

$264,900

List Price

$1,660

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $146.35
  • 2 Days on Market
  • MLS # : 2366739
  • Updated Date : 02/14/2021 at 01:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,810 sqft
  • Baths : 2 full
Listing Agent

Northside Realty Inc.

Listing Agent's Description

Single Family Home w 2 car carport*1st Flr Master BR w private enclosed deck*HVAC/Water Heater/Carpet 3 yo*kit features refin cabinets/new hardware, 2 year old SS appl*Lots of light*Stoned Patio 3 yo*Close to Sts of Southpoint & American Tobacco Trail & restaurants*Gas logs*High Vaulted Ceilings*Two owner home*HOA takes care of landscaping*Roof 2007*Some new interior paint & other paint is 3 yo*New Elongated/High Toilets*New Mirror & Vanity in US Bath*Ceramic Tiled Tub/Shower*Some new Light Fixtures*

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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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: Whitney Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Neighborhood: Whitney Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8591734

* 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
 

$238,410$291,390$264,900

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$920
Property Tax -$229
Property Insurance -$62
HOA -$170
Property Management Fees -$119
CASH FLOW
$160

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.

$264,900

PROJECTED PRICE

$1,660

PROJECTED RENT

0.63%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 4.6%
Maintenance Year (1-5) 8.00%
Vacancy 8.51%
Length of Stay Years 2

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,949

INVESTMENT

$75,949

Down Payment
$66,225
Rehab Estimate
$5,750
Closing Costs
$3,974

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$920

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,225
Loan Amount $198,675
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$24,331

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,679

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,6603$1,7504$1,9005$1,950
$1,950
RENT COMPS ANALYSIS
  • 402 Cottage Lane Durham, NC 2
    • 3 beds 2 baths ∙ 1,810 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,810 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.92
    •  
  • 718 Sleepy Creek Drive Durham, NC 1
    • 3 beds 3 baths ∙ 1,550 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,550 Sqft ∙ Built 1987
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.94
    •  
  • 6 Watergarden Way Durham, NC 3
    • 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 2004
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.90
    •  
  • 8012 Morrell Lane Durham, NC 4
    • 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 2005
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.97
    •  
  • 8003 Crenshaw Lane Durham, NC 5
    • 3 beds 4 baths ∙ 2,160 Sqft ∙ Built 1999 3 beds 4 baths ∙ 2,160 Sqft ∙ Built 1999
    LEASED 05/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.90
    •  
PROPERTY LISTING DETAILS
Jeanna Reeves
1.919.264.6725
Northside Realty Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2366739
Last Updated: 02/14/2021
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