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11328 Old Stage Road Willow Spring(s), NC 27592

3 Beds 2 Baths 2,061 sqft Built 1984

$287,000

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $139.25
  • 3 Days on Market
  • MLS # : 2360722
  • Updated Date : 01/08/2021 at 19:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,061 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Willow Spring two-story home offers granite countertops, and a two-car garage. This home is vacant and cleaned regularly.

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)
  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Springhaven

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $113k359k

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

Neighborhood: Springhaven

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500160017001800Rent in $6191873

* 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
Banks Road Elementary School Primary Regular 699 48 6
Fuquay-varina Middle School Middle Regular 819 55 4
Fuquay-varina High School High Regular 2,117 114 7

Banks Road Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 48
6
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
 

$258,300$315,700$287,000

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$997
Property Tax -$146
Property Insurance -$67
Property Management Fees -$119
CASH FLOW
$111

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.

$287,000

PROJECTED PRICE

$1,440

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.6%
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$81,805

INVESTMENT

$81,805

Down Payment
$71,750
Rehab Estimate
$5,750
Closing Costs
$4,305

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$997

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $71,750
Loan Amount $215,250
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$32,070

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,340

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,440
$1,440
RENT COMPS ANALYSIS
  • 11328 Old Stage Road Willow Spring(s), NC 2
    • 3 beds 2 baths ∙ 2,061 Sqft ∙ Built 1984 3 beds 2 baths ∙ 2,061 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $0.70
    •  
  • 3445 Air Park Road Fuquay Varina, NC 1
    • 3 beds 2 baths ∙ 2,159 Sqft ∙ Built 1985 3 beds 2 baths ∙ 2,159 Sqft ∙ Built 1985
    property image
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.65
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.919.679.9883
Opendoor Brokerage Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2360722
Last Updated: 01/08/2021
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