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9 Spruce Knob Court Durham, NC 27705

3 Beds 2 Baths 1,387 sqft Built 1988

$269,000

List Price

$1,320

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $193.94
  • 3 Days on Market
  • MLS # : 2364112
  • Updated Date : 01/31/2021 at 00:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,387 sqft
  • Baths : 2 full
Listing Agent

Shiper Realty, Llc

Listing Agent's Description

Beautifully updated home in quiet cul-de-sac minutes from Duke University and University of North Carolina. Perfect location can't be beat. Minutes to Costco, Whole Foods, shopping and highway access. Luxury finishes include shaker cabinets, granite counters, SS appliances and LVP flooring! Stylish master bath with walk-in tile shower. Take advantage of minimal yard maintenance and relax on the jumbo size rear deck.

SEE MORE

MARKET HIGHLIGHTS

  • #7 Best Big City for Jobs 2018 (Forbes, 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
  • 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: Duke Homestead

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $70k274k

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

Neighborhood: Duke Homestead

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2600700800900100011001200130014001500Rent in $5701518

* 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
Holt Elementary Magnet School Primary Regular 627 49 5
Carrington Middle School Middle Regular 1,094 72 4
Riverside High School High Regular 1,811 106 4

Holt Elementary Magnet School

  • Education Level: Primary
  • # of students: 627
  • # of teachers: 49
5
GreatSchools Rating

Carrington Middle School

  • Education Level: Middle
  • # of students: 1,094
  • # of teachers: 72
4
GreatSchools Rating

Riverside High School

  • Education Level: High
  • # of students: 1,811
  • # of teachers: 106
4
GreatSchools Rating
 

$242,100$295,900$269,000

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$934
Property Tax -$254
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
-$41

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.

$269,000

PROJECTED PRICE

$1,320

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 2.6%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,035

INVESTMENT

$77,035

Down Payment
$67,250
Rehab Estimate
$5,750
Closing Costs
$4,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$934

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $67,250
Loan Amount $201,750
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$12,913

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,373

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,320
1$1,3202$1,5503$1,5954$1,600
$1,600
RENT COMPS ANALYSIS
  • 9 Spruce Knob Court Durham, NC 1
    • 3 beds 2 baths ∙ 1,387 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,387 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.95
    •  
  • 3006 Omah Street Durham, NC 2
    • 4 beds 2 baths ∙ 1,626 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,626 Sqft ∙ Built 1976
    property image
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.95
    •  
  • 1705 Glasgow Street Durham, NC 3
    • 3 beds 2 baths ∙ 1,523 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,523 Sqft ∙ Built 1984
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.05
    •  
  • 3025 Alabama Avenue Durham, NC 4
    • 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,644 Sqft ∙ Built 1974
    property image
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.97
    •  
PROPERTY LISTING DETAILS
Igor Shiper
1.919.274.3200
Shiper Realty, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2364112
Last Updated: 01/31/2021
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