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902 Spring Meadow Drive Durham, NC 27713

4 Beds 3 Baths 1,785 sqft Built 2000

$299,900

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

December 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $168.01
  • 2 Days on Market
  • MLS # : 2359101
  • Updated Date : 12/26/2020 at 16:57
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,785 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Elite Realty

Listing Agent's Description

Welcome home! Fantastic home in well desired Hope Valley Farms! Updated kitchen with Stainless Steel Appliances! Enjoy the screened in porch on your 1/2 acre private lot! Fireplace in the living room for those cool cozy nights. Minutes to Duke, UNC and Southpoint Mall. Easy to show and ready to move in!

SEE MORE

MARKET HIGHLIGHTS

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

PRICE & RENT TRENDS

Neighborhood: Hope Valley Farms North

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $106k303k

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

Neighborhood: Hope Valley Farms North

NeighborhoodNIR 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
Southwest Elementary School Primary Regular 666 44 4
Sherwood Githens Middle School Middle Regular 1,011 62 5
Charles E. Jordan High School High Regular 1,848 107 4

Southwest Elementary School

  • Education Level: Primary
  • # of students: 666
  • # of teachers: 44
4
GreatSchools Rating

Sherwood Githens Middle School

  • Education Level: Middle
  • # of students: 1,011
  • # of teachers: 62
5
GreatSchools Rating

Charles E. Jordan High School

  • Education Level: High
  • # of students: 1,848
  • # of teachers: 107
4
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,107
Property Tax -$274
Property Insurance -$61
HOA -$27
Property Management Fees -$119
CASH FLOW
$42

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.

$299,900

PROJECTED PRICE

$1,630

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.42%
Appreciation Year (1-5) 6.4%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$21,700

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,598

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,630
1$1,6302$1,6503$1,6504$1,6755$1,675
$1,675
RENT COMPS ANALYSIS
  • 902 Spring Meadow Drive Durham, NC 1
    • 4 beds 3 baths ∙ 1,785 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,785 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.91
    •  
  • 10 Sugar Creek Drive Durham, NC 2
    • 4 beds 3 baths ∙ 1,720 Sqft ∙ Built 1994 4 beds 3 baths ∙ 1,720 Sqft ∙ Built 1994
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.96
    •  
  • 916 Spring Meadow Drive Durham, NC 3
    • 3 beds 3 baths ∙ 1,926 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,926 Sqft ∙ Built 2007
    LEASED 11/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.86
    •  
  • 713 Spring Meadow Drive Durham, NC 4
    • 3 beds 3 baths ∙ 1,935 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,935 Sqft ∙ Built 1998
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.87
    •  
  • 6 Kilbreth Avenue Durham, NC 5
    • 3 beds 3 baths ∙ 1,884 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,884 Sqft ∙ Built 1997
    LEASED 11/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.89
    •  
PROPERTY LISTING DETAILS
Warren Adamson
1.919.260.2260
Keller Williams Elite Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2359101
Last Updated: 12/26/2020
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