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4310 Cottendale Drive Durham, NC 27703

3 Beds 3 Baths 1,658 sqft Built 1997

$215,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $129.67
  • 2 Days on Market
  • MLS # : 2373226
  • Updated Date : 03/21/2021 at 01:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,658 sqft
  • Baths : 2 full , 1 half
Listing Agent

Azberrie Group, Llc

Listing Agent's Description

Colonial style home in an established Durham neighborhood. Great location! Near Hwy-70 and Hwy 147. Convenient to RTP and Brier Creek. Features 3 spacious bedrooms, large family room with fireplace, separate dining room, large wooded lot. Repairs and updates needed, sold as-is but a nice opportunity for buyers not afraid of sweat equity or a potential rental property. Priced accordingly and well below its market value. Don't wait to check out this home.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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

Neighborhood: Triangle Development

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $98k310k

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

Neighborhood: Triangle Development

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900950100010501100115012001250130013501400145015001550Rent in $8591592

* 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
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$747
Property Tax -$210
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$295

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.

$215,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.67%

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$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$747

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

12.17

YEARS SAVED

$40,942

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,467

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,430
1$1,4302$1,4753$1,4954$1,5955$1,675
$1,675
RENT COMPS ANALYSIS
  • 4310 Cottendale Drive Durham, NC 1
    • 3 beds 3 baths ∙ 1,658 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,658 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.86
    •  
  • 3013 Skybrook Lane Durham, NC 2
    • 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,725 Sqft ∙ Built 2005
    property image
    LEASED 12/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.86
    •  
  • 3011 Skybrook Lane Durham, NC 3
    • 3 beds 3 baths ∙ 1,708 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,708 Sqft ∙ Built 2005
    property image
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.88
    •  
  • 4806 Rockport Drive Durham, NC 4
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2005
    property image
    LEASED 01/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.89
    •  
  • 1811 Cedar Grove Drive Durham, NC 5
    • 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,850 Sqft ∙ Built 2005
    property image
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.91
    •  
PROPERTY LISTING DETAILS
Melanie Asbury
1.919.588.3108
Azberrie Group, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2373226
Last Updated: 03/21/2021
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