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1004 Sunset Drive Fuquay Varina, NC 27526

3 Beds 3 Baths 1,924 sqft Built 1997

$259,977

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $135.12
  • 4 Days on Market
  • MLS # : 2358520
  • Updated Date : 12/18/2020 at 20:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,924 sqft
  • Baths : 2 full , 1 half
Listing Agent

Century 21 Triangle Group

Listing Agent's Description

Downtown Fuquay local within walking distance to Parks, Restaurants, and Shopping. Sits on Large Wooded, Private cul-de-sac Lot. Open Floorplan with soaring ceilings in Foyer and Family, Updated features including solid surface counters in Kitchen, Stainless Steel appliances, and tile backsplash, Laminate floors throughout first floor living areas, tile floors in all wet areas, First Floor Owner's Suite with dual vanity, jet tub, walk-in tile shower, and WIC. Large secondary beds and Bonus on 2ndFlr.

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Woodland Point

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Neighborhood: Woodland Point

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8761610

* 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
Lincoln Heights Elementary School Primary Magnet 517 40 3
Holly Grove Middle School Middle Regular 1,439 81 8
Fuquay-varina High School High Regular 2,117 114 7

Lincoln Heights Elementary School

  • Education Level: Primary
  • # of students: 517
  • # of teachers: 40
3
GreatSchools Rating

Holly Grove Middle School

  • Education Level: Middle
  • # of students: 1,439
  • # of teachers: 81
8
GreatSchools Rating

Fuquay-varina High School

  • Education Level: High
  • # of students: 2,117
  • # of teachers: 114
7
GreatSchools Rating
 

$233,979$285,975$259,977

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$959
Property Tax -$227
Property Insurance -$65
Property Management Fees -$119
CASH FLOW
$231

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.

$259,977

PROJECTED PRICE

$1,600

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
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$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,644

INVESTMENT

$74,644

Down Payment
$64,994
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,994
Loan Amount $194,983
See What Happens When You Reinvest Cash Flow

10.25

YEARS SAVED

$44,646

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,635

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,575
1$1,5752$1,6003$1,6454$1,6955$1,800
$1,800
RENT COMPS ANALYSIS
  • 1004 Sunset Drive Fuquay Varina, NC 2
    • 3 beds 3 baths ∙ 1,924 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,924 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.83
    •  
  • 413 Timber Meadow Lake Drive Fuquay Varina, NC 1
    • 3 beds 3 baths ∙ 1,826 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,826 Sqft ∙ Built 2007
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.86
    •  
  • 833 Willow Bay Drive Fuquay Varina, NC 3
    • 4 beds 3 baths ∙ 1,911 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,911 Sqft ∙ Built 2006
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.86
    •  
  • 855 Bridlemine Drive Fuquay Varina, NC 4
    • 4 beds 3 baths ∙ 2,075 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,075 Sqft ∙ Built 2011
    LEASED 09/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.82
    •  
  • 625 Stapleford Lane Fuquay Varina, NC 5
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2016
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.86
    •  
PROPERTY LISTING DETAILS
Phillip George
1.919.841.7673
Century 21 Triangle Group
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2358520
Last Updated: 12/18/2020
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