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2612 Holloway Street Durham, NC 27703

4 Beds 2 Baths 1,248 sqft Built 2020

INVESTimate

$241,900

List Price

$1,220

$1,098 - $1,342

Rent Est.

$66,104

Investment Est.

$253,487  ( +4.79%)   1 YR EST. FORECAST

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $193.83
  • 2 Days on Market
  • MLS # : 2339063
  • Updated Date : 08/25/2020 at 18:56
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,248 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Elite Realty

Listing Agent's Description

New Construction: Ready September 2020 Charming 4 Bedroom 2 Bath bungalow style home is located in Durham. This home will have Luxury Vinyl plank floor, carpet, and vinyl flooring. Granite counter tops, Stainless Steel Appliances. Whether you are entertaining or relaxing on the rocking chair covered porch. You will find this home cozy. Make this your forever home today. This property is a must see!

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MARKET HIGHLIGHTS

Raleigh Market Report
  • 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

Zip Code: 27703

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $97k274k

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

Zip Code: 27703

ZipNIR 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
Merrick-moore Elementary School Primary Regular 704 46 3
Neal Magnet Middle School Middle Regular 857 60 1
Southern School Of Energy And Sustainability High Regular 1,292 90 2

Merrick-moore Elementary School

  • Education Level: Primary
  • # of students: 704
  • # of teachers: 46
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
 

FINANCIALS

Learn how to read this

$217,710$266,090$241,900

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING
Learn how to read this

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

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 $1,220
EXPENSES Loan Payment -$893
Property Tax -$210
Property Insurance -$51
Property Management Fees -$110
CASH FLOW
-$43

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$241,900

PROJECTED PRICE

$1,220

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.11%
Appreciation Year (1-5) 4.79%
Maintenance Year (1-5) 3.00%
Vacancy 8.54%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,104

INVESTMENT

$66,104

Down Payment		 $60,475
Rehab Estimate		 $2,000
Closing Costs		 $3,629

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$893

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $60,475
Loan Amount $181,425
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$10,009

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT

  • $0.98

    LIST RENT PER SQFT

  • $1,186

    COMP ESTIMATED VALUE

  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,220
1$1,2202$1,2503$1,3754$1,3955$1,450
$1,450
RENT COMPS ANALYSIS
  • 2612 Holloway Street Durham, 1
    • 4 beds 2 baths ∙ 1,248 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,248 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.98
    •  
  • 1139 N Miami Boulevard Durham, 2
    • 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,280 Sqft ∙ Built 2004
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.98
    •  
  • 3147 Ivey Wood Lane Durham, 3
    • 3 beds 3 baths ∙ 1,410 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,410 Sqft ∙ Built 2007
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.98
    •  
  • 511 Felicia Street Durham, 4
    • 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 2007
    LEASED 03/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.91
    •  
  • 204 Lodestone Drive Durham, 5
    • 3 beds 3 baths ∙ 1,557 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,557 Sqft ∙ Built 2007
    LEASED 05/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.93
    •  
PROPERTY LISTING DETAILS
LISTING AGENT
Michelle Edwards Mitchell
1.984.244.5830
Keller Williams Elite Realty
BUYER AGENT
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
SOURCE
Triangle Multiple Listing Service ( TMLS)
MLS #: 2339063
Last Updated: 08/25/2020

All returns, cash flow, and appreciation estimates are projections. Please review our Disclaimer for more information.

All values are rounded to the nearest dollar.
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