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915 Horton Road Durham, NC 27704

3 Beds 3 Baths 1,494 sqft Built 1986

INVESTimate

$195,000

List Price

$1,300

$1,170 - $1,430

Rent Est.

$208,826  ( +7.09%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1986
  • Price/Sqft : $130.52
  • 6 Days on Market
  • MLS # : 2338543
  • Updated Date : 08/21/2020 at 20:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,494 sqft
  • Baths : 2 full , 1 half
Listing Agent

Trelora Realty Inc.

Listing Agent's Description

Don't miss your opportunity to purchase this charming, 3 bedroom, 3 bathroom traditional home! Spacious living room with a wood burning fireplace. Great patio/deck and a huge back yard!. This home is conveniently located being close to shopping, 10 minutes from Duke University, minutes from the 85.

SEE MORE

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: Scarsdale Village

ZipNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $61k274k

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

Neighborhood: Scarsdale Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500Rent in $6141518

* 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
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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 $1,300
EXPENSES Loan Payment -$719
Property Tax -$169
Property Insurance -$56
Property Management Fees -$117
CASH FLOW
$239

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.

$195,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.67%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.28%
Appreciation Year (1-5) 7.09%
Maintenance Year (1-5) 8.00%
Vacancy 8.55%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$719

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

11

YEARS SAVED

$37,733

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,404

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3003$1,4504$1,5505$1,595
$1,595
RENT COMPS ANALYSIS
  • 915 Horton Road Durham, 2
    • 3 beds 3 baths ∙ 1,494 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,494 Sqft ∙ Built 1986
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.87
    •  
  • 14 Mcbenson Place Durham, 1
    • 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 1984
    property image
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.88
    •  
  • 2803 Warren Street Durham, 3
    • 3 beds 3 baths ∙ 1,656 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,656 Sqft ∙ Built 2001
    property image
    LEASED 02/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.88
    •  
  • 3006 Omah Street Durham, 4
    • 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, 5
    • 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
    •  
PROPERTY LISTING DETAILS
Christina Parker
1.919.356.1037
Trelora Realty Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338543
Last Updated: 08/21/2020
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