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612 Old Barn Avenue Durham, NC 27704

3 Beds 2 Baths 1,573 sqft Built 1971

$225,000

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1971
  • Price/Sqft : $143.04
  • 4 Days on Market
  • MLS # : 2364146
  • Updated Date : 01/30/2021 at 06:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,573 sqft
  • Baths : 2 full
Listing Agent

Southern Belle Realty & Assoc.

Listing Agent's Description

Priced to $ell! A cute rare gem located in a popular neighborhood within minutes of major highways, downtown Durham, shopping and much more! Brick ranch home features 3 spacious bedrooms, 2 baths, formal dining room, cozy living room with a wood buring fireplace, huge den, spacious kitchen with tons of cabinets and counter space, breakfast nook, sizeable utility room, fenced back yard, and no HOA fees!

SEE MORE

MARKET HIGHLIGHTS

  • #7 Best Big City for Jobs 2018 (Forbes, 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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Old Farm

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $63k279k

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

Neighborhood: Old Farm

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q285090095010001050110011501200125013001350140014501500Rent in $8131518

* 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
Easley Year-round Magnet Elementary School Primary Regular 572 36 5
Carrington Middle School Middle Regular 1,094 72 4
Northern High School High Regular 1,448 83 3

Easley Year-round Magnet Elementary School

  • Education Level: Primary
  • # of students: 572
  • # of teachers: 36
5
GreatSchools Rating

Carrington Middle School

  • Education Level: Middle
  • # of students: 1,094
  • # of teachers: 72
4
GreatSchools Rating

Northern High School

  • Education Level: High
  • # of students: 1,448
  • # of teachers: 83
3
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$782
Property Tax -$195
Property Insurance -$57
Property Management Fees -$119
CASH FLOW
$287

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.

$225,000

PROJECTED PRICE

$1,440

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 9.4%
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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

11.83

YEARS SAVED

$41,341

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,557

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4003$1,4404$1,4505$1,600
$1,600
RENT COMPS ANALYSIS
  • 612 Old Barn Avenue Durham, NC 3
    • 3 beds 2 baths ∙ 1,573 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,573 Sqft ∙ Built 1971
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $0.92
    •  
  • 301 Cheryl Avenue Durham, NC 1
    • 3 beds 2 baths ∙ 1,534 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,534 Sqft ∙ Built 1964
    property image
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.88
    •  
  • 3521 Duke Homestead Road Durham, NC 2
    • 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1954
    property image
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.93
    •  
  • 3821 Townsend Street Durham, NC 4
    • 3 beds 2 baths ∙ 1,371 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,371 Sqft ∙ Built 1973
    property image
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.06
    •  
  • 4112 Lazyriver Lane Durham, NC 5
    • 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 1988
    property image
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.09
    •  
PROPERTY LISTING DETAILS
Ramona Grady
1.919.345.2451
Southern Belle Realty & Assoc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2364146
Last Updated: 01/30/2021
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