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823 Prologue Road Durham, NC 27712

4 Beds 3 Baths 1,941 sqft Built 1978

$299,000

List Price

$1,570

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $154.04
  • 4 Days on Market
  • MLS # : 2354326
  • Updated Date : 11/20/2020 at 03:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,941 sqft
  • Baths : 3 full
Listing Agent

Red Collective

Listing Agent's Description

Your story begins here at 823 PROLOGUE. The setting: a welcoming split-level ranch on a huge private lot in North Durham close to the Eno River. The characters: 4 bedrooms, 3 updated full baths, 1 home office, a bright open kitchen and living space, a large den, plus a screened porch. The ending: HAPPILY EVER AFTER. The cliff notes: No need to read between the lines, this sweet property is chock-full of thoughtful and stylish updates with plenty of room for everyone. Your NEXT CHAPTER starts now!

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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Zip Code: 27712

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Zip Code: 27712

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
Little River Elementary School Primary Regular 371 23 4
Carrington Middle School Middle Regular 1,094 72 4
Northern High School High Regular 1,448 83 3

Little River Elementary School

  • Education Level: Primary
  • # of students: 371
  • # of teachers: 23
4
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
 

$269,100$328,900$299,000

PURCHASE PRICE

$1,413$1,727$1,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,570
EXPENSES Loan Payment -$1,103
Property Tax -$208
Property Insurance -$64
Property Management Fees -$141
CASH FLOW
$53

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.

$299,000

PROJECTED PRICE

$1,570

PROJECTED RENT

0.53%

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$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$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,103

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

5.17

YEARS SAVED

$19,442

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,621

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,525
1$1,5252$1,5703$1,700
$1,700
RENT COMPS ANALYSIS
  • 823 Prologue Road Durham, NC 2
    • 4 beds 3 baths ∙ 1,941 Sqft ∙ Built 1978 4 beds 3 baths ∙ 1,941 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $0.81
    •  
  • 304 Cheryl Avenue Durham, NC 1
    • 3 beds 3 baths ∙ 2,100 Sqft ∙ Built 1970 3 beds 3 baths ∙ 2,100 Sqft ∙ Built 1970
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.73
    •  
  • 5011 Autumn Drive Durham, NC 3
    • 3 beds 2 baths ∙ 1,805 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,805 Sqft ∙ Built 1964
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.94
    •  
PROPERTY LISTING DETAILS
Dara Shain
1.919.219.2383
Red Collective
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2354326
Last Updated: 11/20/2020
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