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6403 Forest Ridge Drive Durham, NC 27713

3 Beds 2 Baths 1,214 sqft Built 1998

$225,000

List Price

$1,200

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

YES TENANTED
November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $185.34
  • 3 Days on Market
  • MLS # : 2351540
  • Updated Date : 11/01/2020 at 20:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,214 sqft
  • Baths : 2 full
Listing Agent

Allen Tate/pittsboro

Listing Agent's Description

Wonderful Durham ranch with 3 bedrooms and 2 full baths in Woodcreek! Property is part of an estate and being sold as-is. Super investment property or buy to Owner Occupy at a later date. This outstanding location offers a short commute to UNC, Duke, and the RTP. Near I-40 and Highway 54. Convenient shopping at Southpoint and other retail areas. You will love this location! Inviting open floorplan with kitchen island and great layout inside. Nice front porch and deck.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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

PRICE & RENT TRENDS

Zip Code: 27713

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Zip Code: 27713

ZipNIR 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
Parkwood Elementary School Primary Regular 585 38 5
Lowe's Grove Magnet Middle School Middle Regular 708 47 3
Hillside High School High Regular 1,318 91 4

Parkwood Elementary School

  • Education Level: Primary
  • # of students: 585
  • # of teachers: 38
5
GreatSchools Rating

Lowe's Grove Magnet Middle School

  • Education Level: Middle
  • # of students: 708
  • # of teachers: 47
3
GreatSchools Rating

Hillside High School

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

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

PURCHASE PRICE

$1,080$1,320$1,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,200
EXPENSES Loan Payment -$830
Property Tax -$198
Property Insurance -$51
HOA -$25
Property Management Fees -$108
CASH FLOW
-$12

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

$1,200

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 4.6%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$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 55% down payment or higher enables the proceeds from the asset to cover all costs.

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$8,805

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,200

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,214

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,3953$1,4004$1,4505$1,525
$1,525
RENT COMPS ANALYSIS
  • 6403 Forest Ridge Drive Durham, NC 1
    • 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.99
    •  
  • 1017 Red Hat Lane Durham, NC 2
    • 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 2002
    LEASED 05/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.06
    •  
  • 13 Forest Creek Drive Durham, NC 3
    • 3 beds 3 baths ∙ 1,508 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,508 Sqft ∙ Built 2001
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.93
    •  
  • 5 Leeward Court Durham, NC 4
    • 3 beds 2 baths ∙ 1,425 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,425 Sqft ∙ Built 1987
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.02
    •  
  • 6009 Coronado Lane Durham, NC 5
    • 4 beds 3 baths ∙ 1,544 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,544 Sqft ∙ Built 2000
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.99
    •  
PROPERTY LISTING DETAILS
Page Thomas
1.919.370.2022
Allen Tate/pittsboro
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351540
Last Updated: 11/01/2020
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