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5629 Pelham Road Durham, NC 27713

3 Beds 2 Baths 1,768 sqft Built 1971

$295,000

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1971
  • Price/Sqft : $166.86
  • 2 Days on Market
  • MLS # : 2370670
  • Updated Date : 03/06/2021 at 23:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,768 sqft
  • Baths : 2 full
Listing Agent

Raleigh Cary Realty Inc.

Listing Agent's Description

Charming Ranch with fenced backyard and 2 car detached garage! Tons of storage space throughout. Roof 2020. New carpet, updated paint colors, updated kitchen with subway tile, SS appliances and granite countertops. Original owners!

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • #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)

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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$1,025
Property Tax -$256
Property Insurance -$61
HOA -$21
Property Management Fees -$119
CASH FLOW
$79

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.

$295,000

PROJECTED PRICE

$1,560

PROJECTED RENT

0.53%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

6.92

YEARS SAVED

$24,721

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,604

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,560
1$1,5602$1,5953$1,6004$1,7955$2,000
$2,000
RENT COMPS ANALYSIS
  • 5629 Pelham Road Durham, NC 1
    • 3 beds 2 baths ∙ 1,768 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,768 Sqft ∙ Built 1971
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.88
    •  
  • 5902 Newhall Road Durham, NC 2
    • 3 beds 2 baths ∙ 1,656 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,656 Sqft ∙ Built 1972
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.96
    •  
  • 128 Wicklow Drive Durham, NC 3
    • 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1968 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1968
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.86
    •  
  • 5515 Pelham Road Durham, NC 4
    • 4 beds 3 baths ∙ 2,112 Sqft ∙ Built 1970 4 beds 3 baths ∙ 2,112 Sqft ∙ Built 1970
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.85
    •  
  • 5300 Newhall Road Durham, NC 5
    • 3 beds 2 baths ∙ 2,076 Sqft ∙ Built 1965 3 beds 2 baths ∙ 2,076 Sqft ∙ Built 1965
    LEASED 09/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.96
    •  
PROPERTY LISTING DETAILS
Sandi Brooks
1.919.827.2574
Raleigh Cary Realty Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370670
Last Updated: 03/06/2021
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