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159 Elmbrook Court Fuquay Varina, NC 27526

3 Beds 3 Baths 1,760 sqft Built 2001

INVESTimate

$249,000

List Price

$1,380

$1,242 - $1,518

Rent Est.

$265,459  ( +6.61%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Built In 2001
  • Price/Sqft : $141.48
  • 9 Days on Market
  • MLS # : 2337810
  • Updated Date : 08/19/2020 at 00:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,760 sqft
  • Baths : 2 full , 1 half
Listing Agent

Sewell Realty Group

Listing Agent's Description

Social distance your way to this newly renovated, 3.68 acre lot, home. New paint, carpet, fixtures, roof, too many updates to include. The sale includes the subject lot (.86 acres) AND an additional 2.82 acre lot behind it for a total of 3.68 acres.

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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
  • #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)

PRICE & RENT TRENDS

Neighborhood: Victoria Hills

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $133k359k

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

Neighborhood: Victoria Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8941873

* 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
Lafayette Elementary School Primary Regular 712 41 7
Harnett Central Middle School Middle Regular 1,197 77 3
Harnett Central High School High Regular 1,541 88 3

Lafayette Elementary School

  • Education Level: Primary
  • # of students: 712
  • # of teachers: 41
7
GreatSchools Rating

Harnett Central Middle School

  • Education Level: Middle
  • # of students: 1,197
  • # of teachers: 77
3
GreatSchools Rating

Harnett Central High School

  • Education Level: High
  • # of students: 1,541
  • # of teachers: 88
3
GreatSchools Rating
 

$224,100$273,900$249,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$919
Property Tax -$160
Property Insurance -$62
Property Management Fees -$124
CASH FLOW
$115

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.

$249,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 6.61%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,735

INVESTMENT

$71,735

Down Payment
$62,250
Rehab Estimate
$5,750
Closing Costs
$3,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$919

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,250
Loan Amount $186,750
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$29,793

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,443

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,380
1$1,3802$1,4953$1,5454$1,600
$1,600
RENT COMPS ANALYSIS
  • 159 Elmbrook Court Fuquay Varina, 1
    • 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,760 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.78
    •  
  • 176 Smithwood Drive Fuquay Varina, 2
    • 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 2004
    property image
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.82
    •  
  • 16 Tralee Court Fuquay Varina, 3
    • 3 beds 3 baths ∙ 1,939 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,939 Sqft ∙ Built 2019
    property image
    LEASED 07/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.80
    •  
  • 465 Mineral Springs Lane Fuquay Varina, 4
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2019
    property image
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.84
    •  
PROPERTY LISTING DETAILS
Christian Jacobsen
1.919.794.1051
Sewell Realty Group
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2337810
Last Updated: 08/19/2020
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