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606 Elmira Avenue Durham, NC 27707

3 Beds 1 Baths 994 sqft Built 1960

$179,900

List Price

$1,070

$963 - $1.2K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $180.99
  • 3 Days on Market
  • MLS # : 2358578
  • Updated Date : 12/19/2020 at 15:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 994 sqft
  • Baths : 1 full
Listing Agent

Northside Realty Inc.

Listing Agent's Description

GORGEOUS One story home with Rocking Chair porch and upgrades galore! Features a custom designer kitchen with new shaker cabinets, granite countertops, tile back splash and Stainless Steel appliances. BEAUTIFUL refinished hardwood floors throughout entire home; designer interior paint and fixtures. Backs to Elmira Park and walking trails. Convenient to RTP and Duke. No HOA dues. Move in and enjoy!

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: 27707

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $98k274k

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

Zip Code: 27707

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2900950100010501100115012001250130013501400145015001550Rent in $8591564

* 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
Fayetteville Street Elementary School Primary Regular 264 21 2
Sherwood Githens Middle School Middle Regular 1,011 62 5
Hillside High School High Regular 1,318 91 4

Fayetteville Street Elementary School

  • Education Level: Primary
  • # of students: 264
  • # of teachers: 21
2
GreatSchools Rating

Sherwood Githens Middle School

  • Education Level: Middle
  • # of students: 1,011
  • # of teachers: 62
5
GreatSchools Rating

Hillside High School

  • Education Level: High
  • # of students: 1,318
  • # of teachers: 91
4
GreatSchools Rating
 

$161,910$197,890$179,900

PURCHASE PRICE

$963$1,177$1,070

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,070
EXPENSES Loan Payment -$664
Property Tax -$156
Property Insurance -$46
Property Management Fees -$119
CASH FLOW
$85

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.

$179,900

PROJECTED PRICE

$1,070

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 3.6%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$53,424

INVESTMENT

$53,424

Down Payment
$44,975
Rehab Estimate
$5,750
Closing Costs
$2,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $44,975
Loan Amount $134,925
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$22,363

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,070

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,077

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$950
1$9502$1,0703$1,0954$1,295
$1,295
RENT COMPS ANALYSIS
  • 606 Elmira Avenue Durham, NC 2
    • 3 beds 1 baths ∙ 994 Sqft ∙ Built 1960 3 beds 1 baths ∙ 994 Sqft ∙ Built 1960
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,070
    • $1.08
    •  
  • 1505 Wabash Street Durham, NC 1
    • 3 beds 1 baths ∙ 900 Sqft ∙ Built 1971 3 beds 1 baths ∙ 900 Sqft ∙ Built 1971
    property image
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $950
    • $1.06
    •  
  • 907 Massey Avenue Durham, NC 3
    • 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1952
    property image
    LEASED 11/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,095
    • $1.10
    •  
  • 1305 Bacon Street Durham, NC 4
    • 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1972
    property image
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.09
    •  
PROPERTY LISTING DETAILS
Stephanie Anson
1.919.335.3048
Northside Realty Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2358578
Last Updated: 12/19/2020
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