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116 Holly Mountain Road Holly Springs, NC 27540

3 Beds 2 Baths 1,301 sqft Built 1996

$258,000

List Price

$1,240

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $198.31
  • 4 Days on Market
  • MLS # : 2368863
  • Updated Date : 02/26/2021 at 20:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,301 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Holly Springs cul-de-sac home has one story.

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: Westview

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $100k400k

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

Neighborhood: Westview

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q290010001100120013001400150016001700Rent in $8251793

* 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 Ridge Elementary School Primary Regular 803 50 6
Holly Ridge Middle School Middle Regular 1,222 69 4
Holly Springs High School High Regular 2,418 122 7

Holly Ridge Elementary School

  • Education Level: Primary
  • # of students: 803
  • # of teachers: 50
6
GreatSchools Rating

Holly Ridge Middle School

  • Education Level: Middle
  • # of students: 1,222
  • # of teachers: 69
4
GreatSchools Rating

Holly Springs High School

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

$232,200$283,800$258,000

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$896
Property Tax -$189
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
-$16

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.

$258,000

PROJECTED PRICE

$1,240

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.3%
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$74,120

INVESTMENT

$74,120

Down Payment
$64,500
Rehab Estimate
$5,750
Closing Costs
$3,870

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$896

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,500
Loan Amount $193,500
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$14,893

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,240

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,311

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,2403$1,3954$1,4005$1,495
$1,495
RENT COMPS ANALYSIS
  • 116 Holly Mountain Road Holly Springs, NC 2
    • 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,301 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $0.95
    •  
  • 317 Brooks Street Holly Springs, NC 1
    • 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1977 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1977
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $1.00
    •  
  • 100 Steeple Road Holly Springs, NC 3
    • 3 beds 2 baths ∙ 1,379 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,379 Sqft ∙ Built 1993
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.01
    •  
  • 953 Stinson Avenue Holly Springs, NC 4
    • 3 beds 3 baths ∙ 1,386 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,386 Sqft ∙ Built 2001
    LEASED 02/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.01
    •  
  • 513 E Maple Avenue Holly Springs, NC 5
    • 3 beds 3 baths ∙ 1,480 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,480 Sqft ∙ Built 2001
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.01
    •  
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 #: 2368863
Last Updated: 02/26/2021
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