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8 Addison Court Durham, NC 27712

3 Beds 2 Baths 1,391 sqft Built 1996

$274,900

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

December 10, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $197.63
  • 4 Days on Market
  • MLS # : 2357220
  • Updated Date : 12/10/2020 at 19:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,391 sqft
  • Baths : 2 full
Listing Agent

Grand Slam Realty

Listing Agent's Description

BEAUTIFUL. Open Floor plan. 2 car garage. 8 Addison Ct. is a must see!!! The home is located in Vantage Point which includes pool house amenities. This home has been painted inside and out, new flooring throughout, 2020 Roof with architectural shingles, new fixtures and new appliances. Very cozy fireplace is the centerpiece of the living room. Very quiet place at the end of the culdesac. You don't want to miss out on the newly remodeled home in Vantage Point. Minutes away from anything you would need!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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: 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
 

$247,410$302,390$274,900

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$1,014
Property Tax -$238
Property Insurance -$54
HOA -$30
Property Management Fees -$119
CASH FLOW
-$55

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.

$274,900

PROJECTED PRICE

$1,400

PROJECTED RENT

0.51%

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$78,599

INVESTMENT

$78,599

Down Payment
$68,725
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,014

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,725
Loan Amount $206,175
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$15,208

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,400

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,408

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4953$1,5504$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 8 Addison Court Durham, NC 1
    • 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.01
    •  
  • 511 Felicia Street Durham, NC 2
    • 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2007
    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
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.97
    •  
  • 20 Garden Hills Court Durham, NC 4
    • 3 beds 3 baths ∙ 1,566 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,566 Sqft ∙ Built 2002
    LEASED 08/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.02
    •  
  • 4112 Lazyriver Lane Durham, NC 5
    • 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 1988
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.09
    •  
PROPERTY LISTING DETAILS
Julie Mcfalls
1.919.695.1038
Grand Slam Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2357220
Last Updated: 12/10/2020
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