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9 Slate Court Durham, NC 27703

3 Beds 3 Baths 1,402 sqft Built 2003

INVESTimate

$220,000

List Price

$1,280

$1,152 - $1,408

Rent Est.

$234,520  ( +6.60%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2003
  • Price/Sqft : $156.92
  • 6 Days on Market
  • MLS # : 2338495
  • Updated Date : 08/23/2020 at 13:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,402 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nest Realty

Listing Agent's Description

Great traditional, 2 story home in established neighborhood on cul-de-sac! 3 Bedrooms, 2.5 baths, vaulted ceilings in owner's suite, wood floors, covered porch and attached storage. Super convenient location to RTP, Brier Creek, and downtown Durham!

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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: Greysons Green

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $98k274k

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

Neighborhood: Greysons Green

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290095010001050110011501200125013001350140014501500Rent in $8591518

* 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
Oak Grove Elementary School Primary Regular 625 41 3
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Oak Grove Elementary School

  • Education Level: Primary
  • # of students: 625
  • # of teachers: 41
3
GreatSchools Rating

Neal Magnet Middle School

  • Education Level: Middle
  • # of students: 857
  • # of teachers: 60
1
GreatSchools Rating

Southern School Of Energy And Sustainability

  • Education Level: High
  • # of students: 1,292
  • # of teachers: 90
2
GreatSchools Rating
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,152$1,408$1,280

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 $1,280
EXPENSES Loan Payment -$812
Property Tax -$191
Property Insurance -$54
HOA -$13
Property Management Fees -$115
CASH FLOW
$96

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.

$220,000

PROJECTED PRICE

$1,280

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 6.60%
Maintenance Year (1-5) 8.00%
Vacancy 8.54%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$812

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

6.75

YEARS SAVED

$21,695

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,377

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,280
1$1,2802$1,3003$1,4954$1,4955$1,530
$1,530
RENT COMPS ANALYSIS
  • 9 Slate Court Durham, 1
    • 3 beds 3 baths ∙ 1,402 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,402 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $0.91
    •  
  • 5 Tarrywood Court Durham, 2
    • 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1999
    LEASED 10/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.96
    •  
  • 19 Windsor Glen Drive Durham, 3
    • 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1998
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
  • 3603 Thornwood Drive Durham, 4
    • 4 beds 2 baths ∙ 1,517 Sqft ∙ Built 2001 4 beds 2 baths ∙ 1,517 Sqft ∙ Built 2001
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.99
    •  
  • 509 Lodestone Drive Durham, 5
    • 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,520 Sqft ∙ Built 2002
    LEASED 12/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $1.01
    •  
PROPERTY LISTING DETAILS
Valerie Troupe
1.919.607.6118
Nest Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338495
Last Updated: 08/23/2020
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