Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

602 Blue Lake Drive Mebane, NC 27302

3 Beds 2 Baths 1,720 sqft Built 2007

$235,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $136.63
  • 3 Days on Market
  • MLS # : 2361761
  • Updated Date : 01/15/2021 at 15:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,720 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Meticulously maintained one level 3 BR home. New roof, great sunroom, newly updated kitchen, new dishwasher, Corian counters, SunSetter awning, oversized patio, cedar fenced patio area, beautifully landscaped and low maintenance terraced backyard with great views overlooking the pond, gas fireplace, large master suite. Terrific storage throughout. Convenient to the pool and clubhouse. This home is perfection.

SEE MORE

MARKET HIGHLIGHTS

  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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

Zip Code: 27302

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190kPrice in $88k192k

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

Zip Code: 27302

ZipNIR Market*CityMarket2010Year2000 Q32019 Q28509009501000105011001150120012501300Rent in $8461332

* 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
Efland-cheeks Elementary School Primary Regular 435 37 5
Gravelly Hill Middle School Middle Regular 495 38 4
Orange High School High Regular 1,305 79 7

Efland-cheeks Elementary School

  • Education Level: Primary
  • # of students: 435
  • # of teachers: 37
5
GreatSchools Rating

Gravelly Hill Middle School

  • Education Level: Middle
  • # of students: 495
  • # of teachers: 38
4
GreatSchools Rating

Orange High School

  • Education Level: High
  • # of students: 1,305
  • # of teachers: 79
7
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$816
Property Tax -$248
Property Insurance -$59
HOA -$32
Property Management Fees -$119
CASH FLOW
$156

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$235,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.65%
Appreciation Year (1-5) 4.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.80%
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

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$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$22,857

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,445

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3003$1,4304$1,695
$1,695
RENT COMPS ANALYSIS
  • 602 Blue Lake Drive Mebane, NC 3
    • 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 2007
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.83
    •  
  • 607 Widgeon Way Mebane, NC 1
    • 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 2015 3 beds 2 baths ∙ 1,410 Sqft ∙ Built 2015
    property image
    LEASED 07/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.89
    •  
  • 510 E Webb Mebane, NC 2
    • 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,596 Sqft ∙ Built 2000
    property image
    LEASED 12/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.81
    •  
  • 105 Luray Lane Mebane, NC 4
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2020
    property image
    LEASED 11/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.82
    •  
PROPERTY LISTING DETAILS
Rachel Zamorski
1.919.323.6068
Keller Williams Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361761
Last Updated: 01/15/2021
BESbswy