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113 Smith Rock Drive Holly Springs, NC 27540

4 Beds 3 Baths 1,975 sqft Built 2005

$280,000

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $141.77
  • 2 Days on Market
  • MLS # : 2373182
  • Updated Date : 03/20/2021 at 18:19
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,975 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Preferred Realty

Listing Agent's Description

Professional Measurements and Photography coming soon. Showings expected to begin 3/25/2021.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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: Autumn Park

NeighborhoodNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340k360k380kPrice in $144k400k

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

Neighborhood: Autumn Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q211001200130014001500160017001800Rent in $10271873

* 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
Holly Grove Elementary School Primary Regular 1,128 66 7
Holly Grove Middle School Middle Regular 1,439 81 8
Holly Springs High School High Regular 2,418 122 7

Holly Grove Elementary School

  • Education Level: Primary
  • # of students: 1,128
  • # of teachers: 66
7
GreatSchools Rating

Holly Grove Middle School

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

Holly Springs High School

  • Education Level: High
  • # of students: 2,418
  • # of teachers: 122
7
GreatSchools Rating
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$973
Property Tax -$234
Property Insurance -$66
HOA -$29
Property Management Fees -$119
CASH FLOW
$140

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.

$280,000

PROJECTED PRICE

$1,560

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.7%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$973

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$32,898

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,600

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5603$1,5654$1,5955$1,600
$1,600
RENT COMPS ANALYSIS
  • 113 Smith Rock Drive Holly Springs, NC 2
    • 4 beds 3 baths ∙ 1,975 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,975 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.79
    •  
  • 112 Otter Crest Way Holly Springs, NC 1
    • 3 beds 3 baths ∙ 1,864 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,864 Sqft ∙ Built 2005
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.80
    •  
  • 101 Otter Crest Way Holly Springs, NC 3
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 2005
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,565
    • $0.78
    •  
  • 160 Chandler Springs Drive Holly Springs, NC 4
    • 3 beds 3 baths ∙ 2,081 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,081 Sqft ∙ Built 2006
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
  • 505 Cline Falls Drive Holly Springs, NC 5
    • 3 beds 3 baths ∙ 1,801 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,801 Sqft ∙ Built 2006
    LEASED 02/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.89
    •  
PROPERTY LISTING DETAILS
Ashley Wilson Deweese
1.919.539.2238
Keller Williams Preferred Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2373182
Last Updated: 03/20/2021
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