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102 Oak Lake Court Fuquay Varina, NC 27526

3 Beds 2 Baths 1,475 sqft Built 1983

$274,900

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 22, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $186.37
  • 7 Days on Market
  • MLS # : 2358830
  • Updated Date : 12/25/2020 at 20:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,475 sqft
  • Baths : 2 full
Listing Agent

Century 21 Triangle Group

Listing Agent's Description

Cute ranch home with 1 car garage. 1475 sq ft. 3 bedrooms 2 baths. Family room with fireplace and vaulted ceiling. Large eat in kitchen which has been updated with Quartz counter tops,laminate floors.cabinets and pantry. Home also has 1 year old carpet except utility room New windows in 2020,new leaf filter gutter guards,New roof 12/20 Water filter system. Enjoy eating on your screen porch and grilling on your trex floored deck. Read sellers disclosure about hooking to city water in the future.

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: North Gate

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $128k359k

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

Neighborhood: North Gate

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8291873

* 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
Herbert Akins Road Elementary School Primary Regular 966 57 6
Holly Grove Middle School Middle Regular 1,439 81 8
Fuquay-varina High School High Regular 2,117 114 7

Herbert Akins Road Elementary School

  • Education Level: Primary
  • # of students: 966
  • # of teachers: 57
6
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
 

$247,410$302,390$274,900

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$1,014
Property Tax -$201
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$30

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$274,900

PROJECTED PRICE

$1,420

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.1%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
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-$2.0k$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,599

INVESTMENT

$78,599

Down Payment
$68,725
Rehab Estimate
$5,750
Closing Costs
$4,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,014

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $68,725
Loan Amount $206,175
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$27,357

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,342

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4203$1,4904$1,500
$1,500
RENT COMPS ANALYSIS
  • 102 Oak Lake Court Fuquay Varina, NC 2
    • 3 beds 2 baths ∙ 1,475 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,475 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.96
    •  
  • 704 Perry Howard Road Fuquay Varina, NC 1
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1994
    LEASED 07/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
  • 509 Birchtree Valley Court Fuquay Varina, NC 3
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2003
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.93
    •  
  • 657 Aiken Parkway Fuquay Varina, NC 4
    • 3 beds 2 baths ∙ 1,675 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,675 Sqft ∙ Built 1967
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.90
    •  
PROPERTY LISTING DETAILS
Tim Matthews
1.919.291.1991
Century 21 Triangle Group
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2358830
Last Updated: 12/25/2020
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