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702 Latta Circle Durham, NC 27712

3 Beds 3 Baths 1,792 sqft Built 2000

$279,900

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 08, 2020 RECENTLY ADDED
FACTS
  • Built In 2000
  • Price/Sqft : $156.19
  • 2 Days on Market
  • MLS # : 2352744
  • Updated Date : 11/08/2020 at 06:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,792 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

3BR/2.5BA w/loft in gated, maintenance free community (includes landscaping, siding and roof). New Roof &Hot Water Heater 2019. Gas log FP in LR, spacious eat in kitchen. Owner's suite w/dual vanity & Jacuzzi tub. Large Loft w/Skylight, sep. laundry room & screened deck out back! Spacious 2 car garage is heated & cooled. Community Pond w/Gazebo for your enjoyment. Minutes to shopping,downtown Durham, I85 and 15/501, RTP & More! 1 year AHS warranty! Active, friendly community. Welcome to your new home!

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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

PRICE & RENT TRENDS

Neighborhood: Lattamoor

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Neighborhood: Lattamoor

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
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
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,033
Property Tax -$253
Property Insurance -$62
HOA -$250
Property Management Fees -$161
CASH FLOW
$32

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.

$279,900

PROJECTED PRICE

$1,790

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 5.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$79,924

INVESTMENT

$79,924

Down Payment
$69,975
Rehab Estimate
$5,750
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$11,299

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,786

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5503$1,5954$1,790
$1,790
RENT COMPS ANALYSIS
  • 702 Latta Circle Durham, NC 4
    • 3 beds 3 baths ∙ 1,792 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,792 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $1.00
    •  
  • 821 Woodside Park Lane Durham, NC 1
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2009
    property image
    LEASED 08/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.00
    •  
  • 5610 Paces Ferry Drive Durham, NC 2
    • 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
    •  
  • 20 Garden Hills Court Durham, NC 3
    • 3 beds 3 baths ∙ 1,566 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,566 Sqft ∙ Built 2002
    property image
    LEASED 08/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.02
    •  
PROPERTY LISTING DETAILS
Tim O'brien
1.919.676.0600
Keller Williams Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352744
Last Updated: 11/08/2020
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