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6 Red Spring Court Durham, NC 27703

3 Beds 3 Baths 1,397 sqft Built 2005

$205,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $146.74
  • 2 Days on Market
  • MLS # : 2370639
  • Updated Date : 03/06/2021 at 20:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,397 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Elite Realty

Listing Agent's Description

LOOK NO FURTHER. YOU HAVE FOUND THE PERFECT HOME! This charming 3BR/ 2.5 BA home has a bright and open floorplan that is ideal for first time home buyers. It features new carpet, new dishwasher, new disposal, fireplace in the living room, walk-in closets, ceiling fans, second floor laundry, single car garage, and located in a cul-de-sac. Convenient to Hwy 70, RTP, RDU, I-40 and shopping. Hurry this one will not last!

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

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
 

$184,500$225,500$205,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$712
Property Tax -$178
Property Insurance -$54
HOA -$19
Property Management Fees -$119
CASH FLOW
$218

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.

$205,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.63%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$60,075

INVESTMENT

$60,075

Down Payment
$51,250
Rehab Estimate
$5,750
Closing Costs
$3,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$712

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $51,250
Loan Amount $153,750
See What Happens When You Reinvest Cash Flow

10.83

YEARS SAVED

$33,119

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,376

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3003$1,3004$1,5005$1,575
$1,575
RENT COMPS ANALYSIS
  • 6 Red Spring Court Durham, NC 3
    • 3 beds 3 baths ∙ 1,397 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,397 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.93
    •  
  • 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
    •  
  • 5 Tarrywood Court Durham, NC 2
    • 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1999
    LEASED 10/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.96
    •  
  • 20 Crescent Hill Court Durham, NC 4
    • 3 beds 3 baths ∙ 1,535 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,535 Sqft ∙ Built 2004
    LEASED 04/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.98
    •  
  • 5 Crescent Hill Court Durham, NC 5
    • 3 beds 3 baths ∙ 1,561 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,561 Sqft ∙ Built 2004
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $1.01
    •  
PROPERTY LISTING DETAILS
Alisa Thomas
1.919.740.1511
Keller Williams Elite Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370639
Last Updated: 03/06/2021
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