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1020 Shellfish Drive Willow Spring(s), NC 27592

3 Beds 2 Baths 1,597 sqft Built 2005

INVESTimate

$255,000

List Price

$1,460

$1,314 - $1,606

Rent Est.

$269,357  ( +5.63%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $159.67
  • 4 Days on Market
  • MLS # : 2338807
  • Updated Date : 08/26/2020 at 04:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,597 sqft
  • Baths : 2 full
Listing Agent

Trademark Residential

Listing Agent's Description

Great Home in Willow Springs, with lots of potential. This 3 bedroom ranch home has an open concept great for family gatherings. There is a screen porch off the dinning area overlooking a huge backyard with views of the pond.

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: Meadow Stream Hills

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $134k359k

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

Neighborhood: Meadow Stream Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500160017001800Rent in $7191873

* 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
Willow Springs Elementary School Primary Regular 1,017 61 8
Fuquay-varina Middle School Middle Regular 819 55 4
Fuquay-varina High School High Regular 2,117 114 7

Willow Springs Elementary School

  • Education Level: Primary
  • # of students: 1,017
  • # of teachers: 61
8
GreatSchools Rating

Fuquay-varina Middle School

  • Education Level: Middle
  • # of students: 819
  • # of teachers: 55
4
GreatSchools Rating

Fuquay-varina High School

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

$229,500$280,500$255,000

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$941
Property Tax -$150
Property Insurance -$58
HOA -$15
Property Management Fees -$131
CASH FLOW
$164

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.

$255,000

PROJECTED PRICE

$1,460

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.63%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$36,024

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,480

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4603$1,5004$1,795
$1,795
RENT COMPS ANALYSIS
  • 1020 Shellfish Drive Willow Spring(s), 2
    • 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.91
    •  
  • 7304 Chimara Court Willow Spring(s), 1
    • 3 beds 3 baths ∙ 1,761 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,761 Sqft ∙ Built 2006
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.78
    •  
  • 7309 Blannie Farms Lane Willow Spring(s), 3
    • 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2003
    property image
    LEASED 07/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.92
    •  
  • 6885 Mt Pleasant Road Willow Spring(s), 4
    • 3 beds 2 baths ∙ 1,661 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,661 Sqft ∙ Built 2005
    property image
    LEASED 04/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.08
    •  
PROPERTY LISTING DETAILS
Michael Potter
1.919.538.3030
Trademark Residential
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338807
Last Updated: 08/26/2020
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