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5543 Spindlewood Court Durham, NC 27703

3 Beds 3 Baths 1,428 sqft Built 2003

$274,900

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $192.51
  • 3 Days on Market
  • MLS # : 2373095
  • Updated Date : 03/20/2021 at 20:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,428 sqft
  • Baths : 2 full , 1 half
Listing Agent

Angela Drum Team Realtors

Listing Agent's Description

BEAUTIFULLY UPDATED 3BR, 2.5 BA, 1 CAR GARAGE IN SOUGHT AFTER HARRINGTON PINES NEAR BRIER CREEK! NEW ROOF & GAS HOT WATER HEATER 2019, NEW FLOORING THROUGHOUT, FRESHLY PAINTED INTERIOR & CABINETS, SMOOTH CEILINGS, NEW FENCE, NEW SILENT GARAGE DOOR, & NEW SHUTTERS. ADDITIONAL FEATURES INCLUDE UPDATED FIXTURES, GAS FIREPLACE & SLIDING GLASS DOORS THAT OPEN TO PATIO OVERLOOKING FABULOUS LEVEL BACK YARD. STAINLESS APPLIANCES & BREAKFAST BAR. MINUTES TO I540, RTP & RDU.

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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: Northwest Raleigh

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $97k303k

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

Neighborhood: Northwest Raleigh

ZipNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8591734

* 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
Spring Valley Elementary School Primary Regular 606 37 4
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Spring Valley Elementary School

  • Education Level: Primary
  • # of students: 606
  • # of teachers: 37
4
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
 

$247,410$302,390$274,900

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$955
Property Tax -$220
Property Insurance -$55
HOA -$36
Property Management Fees -$119
CASH FLOW
-$24

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.

$274,900

PROJECTED PRICE

$1,360

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 3.5%
Maintenance Year (1-5) 8.00%
Vacancy 8.51%
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-$2.0k$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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,599

INVESTMENT

$78,599

Down Payment
$68,725
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,725
Loan Amount $206,175
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$11,939

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,464

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,360
1$1,3602$1,4003$1,4004$1,4505$1,590
$1,590
RENT COMPS ANALYSIS
  • 5543 Spindlewood Court Durham, NC 1
    • 3 beds 3 baths ∙ 1,428 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,428 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.95
    •  
  • 12400 N Exeter Way Durham, NC 2
    • 3 beds 3 baths ∙ 1,420 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,420 Sqft ∙ Built 2002
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.99
    •  
  • 5517 Stewartby Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2003
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.04
    •  
  • 4800 Morning Edge Drive Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 2001
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.04
    •  
  • 12529 Harcourt Drive Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1995
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,590
    • $1.03
    •  
PROPERTY LISTING DETAILS
Angela Drum
1.919.819.3852
Angela Drum Team Realtors
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2373095
Last Updated: 03/20/2021
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