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54 S Engels Circle Durham, NC 27703

3 Beds 3 Baths 1,364 sqft Built 1991

$215,000

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

December 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $157.62
  • 4 Days on Market
  • MLS # : 2359079
  • Updated Date : 12/26/2020 at 22:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,364 sqft
  • Baths : 2 full , 1 half
Listing Agent

Real Estate By Design

Listing Agent's Description

Attractive renovated home with stunning character and modern features. Freshly painted throughout, new hardwoods on the main level, new carpet and vinyl on the second floor, granite installed in kitchen and baths, new lighting and ceiling fans to name a few updates. Stainless package in the kitchen with backsplash to accent. Spacious inside as well as outside with a nice size yard offered in a cul de sac. This is a must see before it goes.

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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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
Oak Grove Elementary School Primary Regular 625 41 3
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Oak Grove Elementary School

  • Education Level: Primary
  • # of students: 625
  • # of teachers: 41
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
 

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

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$793
Property Tax -$150
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$225

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

$1,340

PROJECTED RENT

0.62%

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

$793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

11.08

YEARS SAVED

$41,412

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,350

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3403$1,4954$1,4955$1,530
$1,530
RENT COMPS ANALYSIS
  • 54 S Engels Circle Durham, NC 2
    • 3 beds 3 baths ∙ 1,364 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,364 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $0.98
    •  
  • 313 Gladstone Drive Durham, NC 1
    • 3 beds 3 baths ∙ 1,268 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,268 Sqft ∙ Built 2001
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.99
    •  
  • 19 Windsor Glen Drive Durham, NC 3
    • 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1998
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
  • 3603 Thornwood Drive Durham, NC 4
    • 4 beds 2 baths ∙ 1,517 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,517 Sqft ∙ Built 2001
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.99
    •  
  • 509 Lodestone Drive Durham, NC 5
    • 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2002
    LEASED 12/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $1.01
    •  
PROPERTY LISTING DETAILS
Tiwana Adams
1.919.740.9894
Real Estate By Design
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2359079
Last Updated: 12/26/2020
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