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410 Mourning Dove Court Mebane, NC 27302

3 Beds 3 Baths 1,520 sqft Built 2013

$205,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2013
  • Price/Sqft : $134.87
  • 2 Days on Market
  • MLS # : 2366736
  • Updated Date : 02/13/2021 at 16:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,520 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

3bd/2.5 bath home in desirable Ashbury! On cul-de-sac street, flat and fenced in back yard! Open floor plan is ideal for entertaining. Master bedroom w/ tray ceiling and great size bathroom & walk-in closet. Walking trails nearby and community clubhouse with pool and fitness center. Prefect starter home AND at this price point, likely LESS than what you are paying for rent!

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

Zip Code: 27302

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190kPrice in $88k192k

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

Zip Code: 27302

ZipNIR Market*CityMarket2010Year2000 Q32019 Q28509009501000105011001150120012501300Rent in $8461332

* 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
Efland-cheeks Elementary School Primary Regular 435 37 5
Gravelly Hill Middle School Middle Regular 495 38 4
Orange High School High Regular 1,305 79 7

Efland-cheeks Elementary School

  • Education Level: Primary
  • # of students: 435
  • # of teachers: 37
5
GreatSchools Rating

Gravelly Hill Middle School

  • Education Level: Middle
  • # of students: 495
  • # of teachers: 38
4
GreatSchools Rating

Orange High School

  • Education Level: High
  • # of students: 1,305
  • # of teachers: 79
7
GreatSchools Rating
 

$184,500$225,500$205,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$712
Property Tax -$217
Property Insurance -$55
HOA -$32
Property Management Fees -$119
CASH FLOW
$255

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$205,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.68%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.65%
Appreciation Year (1-5) 4.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.80%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$60,075

INVESTMENT

$60,075

Down Payment
$51,250
Rehab Estimate
$5,750
Closing Costs
$3,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$712

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $51,250
Loan Amount $153,750
See What Happens When You Reinvest Cash Flow

10.58

YEARS SAVED

$32,621

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,231

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,390
$1,390
RENT COMPS ANALYSIS
  • 410 Mourning Dove Court Mebane, NC 2
    • 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2013 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2013
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.91
    •  
  • 510 E Webb Mebane, NC 1
    • 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 2000
    LEASED 12/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.81
    •  
PROPERTY LISTING DETAILS
Flemania Mannino
1.336.500.7156
Keller Williams Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2366736
Last Updated: 02/13/2021
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