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1056 S Willhaven Drive Fuquay Varina, NC 27526

3 Beds 2 Baths 1,490 sqft Built 2007

$225,000

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $151.01
  • 4 Days on Market
  • MLS # : 2353283
  • Updated Date : 11/15/2020 at 04:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,490 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

One story ranch home with 2 car garage in popular Phillips Pointe subdivision. Welcoming front porch and also a screened in porch out back! Great floor plan includes large open living room with fireplace with generous sized kitchen and nook!New roof installed in 2017. Home Sold in As-Is condition. Multiple offers received.

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: Phillips Pointe

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $108k265k

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

Neighborhood: Phillips Pointe

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8071610

* 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
Fuquay-varina Elementary School Primary Regular 797 51 5
Fuquay-varina Middle School Middle Regular 819 55 4
Fuquay-varina High School High Regular 2,117 114 7

Fuquay-varina Elementary School

  • Education Level: Primary
  • # of students: 797
  • # of teachers: 51
5
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
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$830
Property Tax -$207
Property Insurance -$56
HOA -$10
Property Management Fees -$113
CASH FLOW
$43

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.

$225,000

PROJECTED PRICE

$1,260

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.4%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$16,297

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,315

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,260
1$1,2602$1,2953$1,5004$1,5505$1,575
$1,575
RENT COMPS ANALYSIS
  • 1056 S Willhaven Drive Fuquay Varina, NC 1
    • 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 2007
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.85
    •  
  • 1068 S Philwood Court Fuquay Varina, NC 2
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 2013
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.86
    •  
  • 621 Hunters Ridge Drive Fuquay Varina, NC 3
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2013
    property image
    LEASED 03/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.89
    •  
  • 907 Bridlemine Drive Fuquay Varina, NC 4
    • 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 2011
    property image
    LEASED 08/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.92
    •  
  • 413 Timber Meadow Lake Drive Fuquay Varina, NC 5
    • 3 beds 3 baths ∙ 1,826 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,826 Sqft ∙ Built 2007
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.86
    •  
PROPERTY LISTING DETAILS
Jenifer Salter
1.919.760.3920
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353283
Last Updated: 11/15/2020
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