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503 Melbourne Durham, NC 27703

3 Beds 2 Baths 1,776 sqft Built 1993

$195,000

List Price

$1,500

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

YES TENANTED
November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1993
  • Price/Sqft : $109.80
  • 3 Days on Market
  • MLS # : 2352638
  • Updated Date : 11/07/2020 at 21:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,776 sqft
  • Baths : 2 full
Listing Agent

Page Agency

Listing Agent's Description

Wonderful spacious Ranch Style home on just under a quarter acre lot. Conveniently located minutes from Brier Creek and downtown Durham. Very large 20 x 25 Family Room. The roof is only a year old. The home features a fenced-in front yard. Showings to begin on November 10, 2020.

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

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
Merrick-moore Elementary School Primary Regular 704 46 3
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Merrick-moore Elementary School

  • Education Level: Primary
  • # of students: 704
  • # of teachers: 46
3
GreatSchools Rating

Neal Magnet Middle School

  • Education Level: Middle
  • # of students: 857
  • # of teachers: 60
1
GreatSchools Rating

Southern School Of Energy And Sustainability

  • Education Level: High
  • # of students: 1,292
  • # of teachers: 90
2
GreatSchools Rating
 

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

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$719
Property Tax -$169
Property Insurance -$61
Property Management Fees -$135
CASH FLOW
$415

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

$1,500

PROJECTED RENT

0.77%

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$5.0k$10k$15k$20k

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$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 20% 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

14.25

YEARS SAVED

$53,265

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,590

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3953$1,4504$1,5005$1,600
$1,600
RENT COMPS ANALYSIS
  • 503 Melbourne Durham, NC 4
    • 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,776 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.84
    •  
  • 3504 Penn Drive Durham, NC 1
    • 3 beds 2 baths ∙ 1,430 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,430 Sqft ∙ Built 1991
    property image
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.94
    •  
  • 108 Citrine Court Durham, NC 2
    • 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 2007
    property image
    LEASED 10/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.85
    •  
  • 908 Reedy Way Durham, NC 3
    • 3 beds 3 baths ∙ 1,635 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,635 Sqft ∙ Built 2007
    property image
    LEASED 09/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.89
    •  
  • 716 Obsidian Way Durham, NC 5
    • 3 beds 3 baths ∙ 1,770 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,770 Sqft ∙ Built 2006
    property image
    LEASED 07/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.90
    •  
PROPERTY LISTING DETAILS
Robert Page
1.919.477.8463
Page Agency
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352638
Last Updated: 11/07/2020
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