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909 Collington Drive Mebane, NC 27302

4 Beds 3 Baths 2,092 sqft Built 2014

$245,000

List Price

$1,700

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $117.11
  • 4 Days on Market
  • MLS # : 2367702
  • Updated Date : 02/19/2021 at 15:50
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,092 sqft
  • Baths : 2 full , 1 half
Listing Agent

Aleaf, Llc

Listing Agent's Description

BEAUTIFUL HOME! New Flooring, New Paint, New Kitchen Appliances, New Granite Countertops in the Kitchen, and New Bathroom Cabinets! Home is minutes from Hwy 40/85, Tanger Outlets, and Downtown Mebane. Open Floor Concept Providing a Large Family Room on the First Floor. Kitchen with a Pantry. Large Loft on Second Floor. Fenced in Backyard, Great for Entertaining. Walking Distance To The Common Area. Come See This Home!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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

PRICE & RENT TRENDS

Zip Code: 27302

ZipNIR Market*CityMarket2010Year2000201990k100k110k120k130k140k150k160k170k180k190kPrice in $88k192k

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

Zip Code: 27302

ZipNIR Market*CityMarket2010Year2000 Q32019 Q28509009501000105011001150120012501300Rent in $8461332

* 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
Efland-cheeks Elementary School Primary Regular 435 37 5
Gravelly Hill Middle School Middle Regular 495 38 4
Cedar Ridge High School High Regular 1,163 74 7

Efland-cheeks Elementary School

  • Education Level: Primary
  • # of students: 435
  • # of teachers: 37
5
GreatSchools Rating

Gravelly Hill Middle School

  • Education Level: Middle
  • # of students: 495
  • # of teachers: 38
4
GreatSchools Rating

Cedar Ridge High School

  • Education Level: High
  • # of students: 1,163
  • # of teachers: 74
7
GreatSchools Rating
 

$220,500$269,500$245,000

PURCHASE PRICE

$1,530$1,870$1,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,700
EXPENSES Loan Payment -$851
Property Tax -$188
Property Insurance -$66
HOA -$24
Property Management Fees -$119
CASH FLOW
$451

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$245,000

PROJECTED PRICE

$1,700

PROJECTED RENT

0.69%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.65%
Appreciation Year (1-5) 4.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.80%
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$0.0$5.0k$10k$15k$20k

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$70,675

INVESTMENT

$70,675

Down Payment
$61,250
Rehab Estimate
$5,750
Closing Costs
$3,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$851

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $61,250
Loan Amount $183,750
See What Happens When You Reinvest Cash Flow

13.42

YEARS SAVED

$53,070

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,700

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,750

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,5953$1,6954$1,700
$1,700
RENT COMPS ANALYSIS
  • 909 Collington Drive Mebane, NC 4
    • 4 beds 3 baths ∙ 2,092 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,092 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.81
    •  
  • 1127 Fieldstone Drive Mebane, NC 1
    • 3 beds 3 baths ∙ 1,914 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,914 Sqft ∙ Built 1999
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.83
    •  
  • 629 Southwick Place Mebane, NC 2
    • 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 2020
    LEASED 12/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.86
    •  
  • 105 Luray Lane Mebane, NC 3
    • 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,070 Sqft ∙ Built 2020
    LEASED 11/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.82
    •  
PROPERTY LISTING DETAILS
Tina Faucette
1.919.667.3684
Aleaf, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2367702
Last Updated: 02/19/2021
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