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802 Colonial Heights Drive Durham, NC 27704

3 Beds 2 Baths 1,391 sqft Built 1973

INVESTimate

$209,900

List Price

$1,200

$1,080 - $1,320

Rent Est.

$222,410  ( +5.96%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1973
  • Price/Sqft : $150.90
  • 11 Days on Market
  • MLS # : 2337634
  • Updated Date : 08/24/2020 at 11:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,391 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Elite Realty

Listing Agent's Description

COMING SOON! Brick ranch on a .685 acre lot. This home offers granite countertops, stainless steel appliances, New Carpet, New Roof, New Well Pump, New Fence.

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: Northeast Durham

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $61k274k

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

Neighborhood: Northeast Durham

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7261518

* 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
Glenn Elementary School Primary Regular 644 46 1
Lucas Middle School Middle Regular 658 43 2
Northern High School High Regular 1,448 83 3

Glenn Elementary School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 46
1
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
 

$188,910$230,890$209,900

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,200
EXPENSES Loan Payment -$774
Property Tax -$146
Property Insurance -$54
Property Management Fees -$108
CASH FLOW
$117

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.

$209,900

PROJECTED PRICE

$1,200

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 5.96%
Maintenance Year (1-5) 8.00%
Vacancy 8.55%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$61,374

INVESTMENT

$61,374

Down Payment
$52,475
Rehab Estimate
$5,750
Closing Costs
$3,149

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$774

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $52,475
Loan Amount $157,425
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$25,150

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
  • $0.86

    LIST RENT PER SQFT
  • $1,280

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,075
1$1,0752$1,1003$1,2004$1,2505$1,325
$1,325
RENT COMPS ANALYSIS
  • 802 Colonial Heights Drive Durham, 3
    • 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,391 Sqft ∙ Built 1973
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.86
    •  
  • 2415 Dearborn Drive Durham, 1
    • 3 beds 1 baths ∙ 1,120 Sqft ∙ Built 1966 3 beds 1 baths ∙ 1,120 Sqft ∙ Built 1966
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,075
    • $0.96
    •  
  • 22 Rhyn Court Durham, 2
    • 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 1991
    property image
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.90
    •  
  • 2503 Mahala Drive Durham, 4
    • 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1992
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.92
    •  
  • 2504 Kingdom Way Durham, 5
    • 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 1988
    property image
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.90
    •  
PROPERTY LISTING DETAILS
Stephanie Gaither-harris
1.919.291.5126
Keller Williams Elite Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2337634
Last Updated: 08/24/2020
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