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618 Edenberry Drive Durham, NC 27713

3 Beds 2 Baths 1,302 sqft Built 1999

$269,900

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $207.30
  • 3 Days on Market
  • MLS # : 2363054
  • Updated Date : 01/24/2021 at 00:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,302 sqft
  • Baths : 2 full
Listing Agent

Success Realty, Inc.

Listing Agent's Description

LOCATION, LOCATION, LOCATION!!! This Hope Valley Farms gem offers a two-story great room with a wood burning fireplace, laminate flooring, ceramic tile in the kitchen and a first floor master bedroom and a private, partially fence backyard! The home is just minutes from shopping, schools and highways. Schedule this one ASAP!

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)
  • #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)

PRICE & RENT TRENDS

Neighborhood: Hope Valley Farms North

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Neighborhood: Hope Valley Farms North

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8591734

* 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
Southwest Elementary School Primary Regular 666 44 4
Sherwood Githens Middle School Middle Regular 1,011 62 5
Charles E. Jordan High School High Regular 1,848 107 4

Southwest Elementary School

  • Education Level: Primary
  • # of students: 666
  • # of teachers: 44
4
GreatSchools Rating

Sherwood Githens Middle School

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

Charles E. Jordan High School

  • Education Level: High
  • # of students: 1,848
  • # of teachers: 107
4
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$937
Property Tax -$234
Property Insurance -$52
HOA -$27
Property Management Fees -$119
CASH FLOW
-$9

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.

$269,900

PROJECTED PRICE

$1,360

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 6.4%
Maintenance Year (1-5) 8.00%
Vacancy 8.51%
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$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$937

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$12,657

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $1,289

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,360
1$1,3602$1,4503$1,4504$1,4505$1,500
$1,500
RENT COMPS ANALYSIS
  • 618 Edenberry Drive Durham, NC 1
    • 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $1.04
    •  
  • 4407 Nightfall Court Durham, NC 2
    • 4 beds 3 baths ∙ 1,500 Sqft ∙ Built 1999 4 beds 3 baths ∙ 1,500 Sqft ∙ Built 1999
    property image
    LEASED 10/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.97
    •  
  • 5 Leeward Court Durham, NC 3
    • 3 beds 2 baths ∙ 1,425 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,425 Sqft ∙ Built 1987
    property image
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.02
    •  
  • 3632 Manford Drive Durham, NC 4
    • 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 1984
    property image
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.97
    •  
  • 4503 Nightfall Court Durham, NC 5
    • 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1999
    property image
    LEASED 12/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.00
    •  
PROPERTY LISTING DETAILS
Whitney Rich
1.919.544.5100
Success Realty, Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2363054
Last Updated: 01/24/2021
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