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1616 Southcross Street Fuquay Varina, NC 27526

3 Beds 3 Baths 1,502 sqft Built 2002

$275,000

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $183.09
  • 2 Days on Market
  • MLS # : 2395166
  • Updated Date : 07/13/2021 at 18:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,502 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fathom Realty Nc, Llc

Listing Agent's Description

Superb location in Fuquay Varina near walking trails & park! New Carpet & New Paint! Covered front porch! Lots of light in this open flr pln! Great Living room w/FP & Kitchen w/ Island! 1st Flr. Owners' bedroom w/ soaking tub, Walk In Shower, Dual Sinks & WIC! 2 Additional bedrooms & Loft on 2nd flr! Located on cul-de-sac street! Huge screened porch & deck overlooks fenced yard. 2 car garage! New stove July 2021, Per seller-new Fridge & Microwave 2020, New Roof 2018. Multiple offers-submit by 9pm July 13.

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: Willow Creek South

NeighborhoodNIR Market*CityMarket2010Year20002019130k140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $130k265k

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

Neighborhood: Willow Creek South

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9271610

* 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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$955
Property Tax -$201
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
$38

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.

$275,000

PROJECTED PRICE

$1,370

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.1%
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$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$20,615

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,393

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3503$1,3704$1,4955$1,695
$1,695
RENT COMPS ANALYSIS
  • 1616 Southcross Street Fuquay Varina, NC 3
    • 3 beds 3 baths ∙ 1,502 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,502 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.91
    •  
  • 918 S Philwood Court Fuquay Varina, NC 1
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2004
    LEASED 02/20/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.93
    •  
  • 1748 E Ridge Heights Drive Fuquay Varina, NC 2
    • 3 beds 3 baths ∙ 1,444 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,444 Sqft ∙ Built 2001
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.93
    •  
  • 228 Honeywell Way Fuquay Varina, NC 4
    • 3 beds 3 baths ∙ 1,603 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,603 Sqft ∙ Built 1999
    LEASED 06/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
  • 1645 Lakestone Village Lane Fuquay Varina, NC 5
    • 3 beds 3 baths ∙ 1,851 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,851 Sqft ∙ Built 2007
    LEASED 03/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.92
    •  
PROPERTY LISTING DETAILS
Krista Abshure
1.919.753.6518
Fathom Realty Nc, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2395166
Last Updated: 07/13/2021
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