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511 Hunter Street Durham, NC 27712

3 Beds 1 Baths 1,500 sqft Built 1962

$249,900

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $166.60
  • 3 Days on Market
  • MLS # : 2360678
  • Updated Date : 01/08/2021 at 18:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,500 sqft
  • Baths : 1 full
Listing Agent

Exp Realty

Listing Agent's Description

Hard to find brick veneer ranch in Durham with 3 bedrooms 2 full baths 1 car garage sitting on almost 1 acre of land. Fenced in the backyard. No HOA's. Must see.

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: Latta Road

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $95k280k

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

Neighborhood: Latta Road

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290095010001050110011501200125013001350140014501500Rent in $8591548

* 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
Easley Year-round Magnet Elementary School Primary Regular 572 36 5
Carrington Middle School Middle Regular 1,094 72 4
Northern High School High Regular 1,448 83 3

Easley Year-round Magnet Elementary School

  • Education Level: Primary
  • # of students: 572
  • # of teachers: 36
5
GreatSchools Rating

Carrington Middle School

  • Education Level: Middle
  • # of students: 1,094
  • # of teachers: 72
4
GreatSchools Rating

Northern High School

  • Education Level: High
  • # of students: 1,448
  • # of teachers: 83
3
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$868
Property Tax -$216
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$201

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.

$249,900

PROJECTED PRICE

$1,460

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 7.9%
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$200k$400k$600k$800k$1.0M

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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$34,282

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,475

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3953$1,4604$1,700
$1,700
RENT COMPS ANALYSIS
  • 511 Hunter Street Durham, NC 3
    • 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1962 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1962
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.97
    •  
  • 301 Cheryl Avenue Durham, NC 1
    • 3 beds 2 baths ∙ 1,534 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,534 Sqft ∙ Built 1964
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.88
    •  
  • 4105 Casa Street Durham, NC 2
    • 3 beds 2 baths ∙ 1,238 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,238 Sqft ∙ Built 1971
    property image
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.13
    •  
  • 5011 Autumn Drive Durham, NC 4
    • 3 beds 2 baths ∙ 1,805 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,805 Sqft ∙ Built 1964
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.94
    •  
PROPERTY LISTING DETAILS
Marti Hampton
1.888.548.9431
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2360678
Last Updated: 01/08/2021
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