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4608 Revere Road Durham, NC 27713

3 Beds 1 Baths 1,019 sqft Built 1960

$195,000

List Price

$1,190

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1960
  • Price/Sqft : $191.36
  • 5 Days on Market
  • MLS # : 2351278
  • Updated Date : 10/31/2020 at 18:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,019 sqft
  • Baths : 1 full
Listing Agent

Urban Durham Realty

Listing Agent's Description

This cute little brick ranch on Revere, is located on Lot #1 of the desirable Parkwood, one of the first planned communities in NC, convenient to I-40 and shopping! All hardwood floors, fenced-in backyard with a shed, plus and attached storage room and large screened-in porch, a laundry room, and more - you'd be surprised at the amount of storage. 50yr roof 2019, Heating/Air 2017, sump pump 2020, fridge 2017, Nest thermostat 2018. Check it out!

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

Neighborhood: Parkwood

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $98k274k

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

Neighborhood: Parkwood

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q280085090095010001050110011501200125013001350140014501500Rent in $7971518

* 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
Parkwood Elementary School Primary Regular 585 38 5
Lowe's Grove Magnet Middle School Middle Regular 708 47 3
Hillside High School High Regular 1,318 91 4

Parkwood Elementary School

  • Education Level: Primary
  • # of students: 585
  • # of teachers: 38
5
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
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,071$1,309$1,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,190
EXPENSES Loan Payment -$719
Property Tax -$188
Property Insurance -$47
HOA -$21
Property Management Fees -$107
CASH FLOW
$108

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.

$195,000

PROJECTED PRICE

$1,190

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 7.3%
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

PROJECTED ANNUAL CASH FLOW

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

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$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$719

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

7.25

YEARS SAVED

$21,018

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,190

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $1,187

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$1,190
1$1,1902$1,4003$1,495
$1,495
RENT COMPS ANALYSIS
  • 4608 Revere Road Durham, NC 1
    • 3 beds 1 baths ∙ 1,019 Sqft ∙ Built 1960 3 beds 1 baths ∙ 1,019 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $1,190
    • $1.17
    •  
  • 5407 Revere Road Durham, NC 2
    • 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1972
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.12
    •  
  • 5512 Pelham Road Durham, NC 3
    • 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,232 Sqft ∙ Built 1971
    LEASED 06/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.21
    •  
PROPERTY LISTING DETAILS
Eila Voloshen
1.917.855.3009
Urban Durham Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351278
Last Updated: 10/31/2020
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