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1650 Southcross Street Fuquay Varina, NC 27526

4 Beds 3 Baths 1,858 sqft Built 2003

$295,000

List Price

$1,530

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $158.77
  • 3 Days on Market
  • MLS # : 2368997
  • Updated Date : 02/26/2021 at 18:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,858 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fathom Realty Nc, Llc

Listing Agent's Description

Craftsman Style home in Fuquay Varina! Ideally located near town park & walk way. Open 1st floor plan plus 4 bedrooms on the 2nd! Don't miss the Additional permitted 471 Sq.ft studio/flex space labeled "other area" that is easily accessed through living room or exterior private entry! Fenced yard & spacious deck w/ Pergola expand your entertaining space! Exterior shed will stay with the home! If you need lots of space and want to be inside the town of Fuquay you will not want to miss this one!

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
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$1,025
Property Tax -$221
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
$102

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.

$295,000

PROJECTED PRICE

$1,530

PROJECTED RENT

0.52%

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$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$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,025

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$27,753

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,514

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,530
1$1,5302$1,6503$1,6804$1,7505$1,750
$1,750
RENT COMPS ANALYSIS
  • 1650 Southcross Street Fuquay Varina, NC 1
    • 4 beds 3 baths ∙ 1,858 Sqft ∙ Built 2003 4 beds 3 baths ∙ 1,858 Sqft ∙ Built 2003
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.82
    •  
  • 210 Summer Ranch Drive Fuquay Varina, NC 2
    • 3 beds 3 baths ∙ 2,027 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,027 Sqft ∙ Built 2020
    property image
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.81
    •  
  • 3208 Lake Barkley Way Fuquay Varina, NC 3
    • 3 beds 3 baths ∙ 2,087 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,087 Sqft ∙ Built 2020
    property image
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.80
    •  
  • 3204 Lake Barkley Way Fuquay Varina, NC 4
    • 4 beds 3 baths ∙ 2,150 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,150 Sqft ∙ Built 2020
    property image
    LEASED 01/09/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.81
    •  
  • 341 Wilbur Lake Drive Fuquay Varina, NC 5
    • 3 beds 3 baths ∙ 2,092 Sqft ∙ Built 2021 3 beds 3 baths ∙ 2,092 Sqft ∙ Built 2021
    property image
    LEASED 03/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.84
    •  
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 #: 2368997
Last Updated: 02/26/2021
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