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105 Bridge Street Fuquay Varina, NC 27526

4 Beds 3 Baths 2,592 sqft Built 2019

$299,975

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

Built 2019 NEW CONSTRUCTION
FACTS
  • Single Family
  • Built In 2019
  • Price/Sqft : $115.73
  • 26 Days on Market
  • MLS # : 2352261
  • Updated Date : 11/27/2020 at 10:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,592 sqft
  • Baths : 2 full , 1 half
Listing Agent

Gala Construction Llc

Listing Agent's Description

Black Friday Special! Enjoy Downtown living in this adorable home in the heart of Fuquay-Varina! Less than 1/2 mile from restaurants, shopping,bars & Fleming Loop Park!! Also less than 1/4 mile to Lincoln Heights Magnet Elem. Upgrades galore - granite, trim work, cabinets, window blinds, tile backsplash, amazing tree swing! 1st fl MBR, rear-entry 2 car garage. Upstairs are 3 more large BRs plus bonus Rm. HUGE walk in storage room! Amazing value for a home so close to everything! Bonus: Welcome Home!

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
  • 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)

PRICE & RENT TRENDS

Neighborhood: Summerdale

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k270k

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

Neighborhood: Summerdale

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9461625

* 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
 

$269,978$329,973$299,975

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,107
Property Tax -$219
Property Insurance -$78
Property Management Fees -$166
CASH FLOW
$271

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$299,975

PROJECTED PRICE

$1,840

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.1%
Maintenance Year (1-5) 3.00%
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$81,493

INVESTMENT

$81,493

Down Payment
$74,994
Rehab Estimate
$2,000
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,994
Loan Amount $224,981
See What Happens When You Reinvest Cash Flow

10

YEARS SAVED

$53,484

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,905

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7503$1,8404$1,8505$1,950
$1,950
RENT COMPS ANALYSIS
  • 105 Bridge Street Fuquay Varina, NC 3
    • 4 beds 3 baths ∙ 2,592 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,592 Sqft ∙ Built 2019
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $0.71
    •  
  • 1113 Noor Lane Fuquay Varina, NC 1
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2019
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.76
    •  
  • 1048 Kafka Drive Fuquay Varina, NC 2
    • 4 beds 3 baths ∙ 2,338 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,338 Sqft ∙ Built 2020
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.75
    •  
  • 512 Timber Meadow Lake Drive Fuquay Varina, NC 4
    • 4 beds 4 baths ∙ 2,612 Sqft ∙ Built 2004 4 beds 4 baths ∙ 2,612 Sqft ∙ Built 2004
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.71
    •  
  • 2228 Fairway Green Drive Fuquay Varina, NC 5
    • 5 beds 3 baths ∙ 2,700 Sqft ∙ Built 2020 5 beds 3 baths ∙ 2,700 Sqft ∙ Built 2020
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.72
    •  
PROPERTY LISTING DETAILS
Jason Galarneau
1.919.422.1890
Gala Construction Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352261
Last Updated: 11/27/2020
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