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7 Stone Mill Place Durham, NC 27712

3 Beds 3 Baths 1,872 sqft Built 1999

$279,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $149.04
  • 2 Days on Market
  • MLS # : 2370657
  • Updated Date : 03/06/2021 at 22:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,872 sqft
  • Baths : 2 full , 1 half
Listing Agent

Era Pacesetters Realty

Listing Agent's Description

Charming, one owner home that sits in a cul-de-sac on almost a 1/2 acre lot. Convenient to Downtown Durham, Duke University & Medical center, and the popular Eno River State Park! This beauty boasts new carpet, a new brick wall in family room, a newly stained deck overlooking a spacious back yard & a new HVAC system. Dining, breakfast, living, family rooms, & a homey kitchen with Samsung appls await you on 1st floor. Large master bedroom with a cozy sitting area, & two additional bedrooms are upstairs.

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

Neighborhood: Vantage Pointe

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $98k274k

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

Neighborhood: Vantage Pointe

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290095010001050110011501200125013001350140014501500Rent in $8591536

* 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
Eno Valley Elementary School Primary Regular 592 43 2
Lucas Middle School Middle Regular 658 43 2
Northern High School High Regular 1,448 83 3

Eno Valley Elementary School

  • Education Level: Primary
  • # of students: 592
  • # of teachers: 43
2
GreatSchools Rating

Lucas Middle School

  • Education Level: Middle
  • # of students: 658
  • # of teachers: 43
2
GreatSchools Rating

Northern High School

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

$251,100$306,900$279,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$969
Property Tax -$242
Property Insurance -$63
HOA -$29
Property Management Fees -$119
CASH FLOW
$118

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.

$279,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 7.3%
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$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,685

INVESTMENT

$79,685

Down Payment
$69,750
Rehab Estimate
$5,750
Closing Costs
$4,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$969

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $69,750
Loan Amount $209,250
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$27,294

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,697

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5403$1,5504$1,695
$1,695
RENT COMPS ANALYSIS
  • 7 Stone Mill Place Durham, NC 2
    • 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.82
    •  
  • 511 Felicia Street Durham, NC 1
    • 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2007
    property image
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
  • 5610 Paces Ferry Drive Durham, NC 3
    • 3 beds 3 baths ∙ 1,591 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,591 Sqft ∙ Built 2001
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.97
    •  
  • 401 Birchrun Drive Durham, NC 4
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 2010
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.78
    •  
PROPERTY LISTING DETAILS
Theresa Bernier
1.919.397.5188
Era Pacesetters Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370657
Last Updated: 03/06/2021
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