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1704 Twin Lake Drive Holly Springs, NC 27540

3 Beds 2 Baths 1,040 sqft Built 1987

$224,900

List Price

$1,020

$918 - $1.1K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $216.25
  • 5 Days on Market
  • MLS # : 2363082
  • Updated Date : 01/23/2021 at 06:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,040 sqft
  • Baths : 2 full
Listing Agent

Fonville Morisey/wake Forest Sales Office

Listing Agent's Description

Cute and quaint Cape Cod on large corner lot with lake front view. Vacant and ready to move in with updated interior featuring smooth ceilings, new tile and laminate floors in kitchen and family area, tile countertops, new carpeting in bedrooms along with updated fixtures and features in bathrooms. Enjoy the exterior with the large deck and open space of the back yard. It's a must see for sure!

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Twin Lake Farm

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $125k400k

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

Neighborhood: Twin Lake Farm

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
Lincoln Heights Elementary School Primary Magnet 517 40 3
Fuquay-varina Middle School Middle Regular 819 55 4
Fuquay-varina High School High Regular 2,117 114 7

Lincoln Heights Elementary School

  • Education Level: Primary
  • # of students: 517
  • # of teachers: 40
3
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
 

$202,410$247,390$224,900

PURCHASE PRICE

$918$1,122$1,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,020
EXPENSES Loan Payment -$781
Property Tax -$164
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
-$92

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.

$224,900

PROJECTED PRICE

$1,020

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.3%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,349

INVESTMENT

$65,349

Down Payment
$56,225
Rehab Estimate
$5,750
Closing Costs
$3,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$781

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,225
Loan Amount $168,675
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$8,931

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,020

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,026

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,020
1$1,0202$1,2253$1,2504$1,350
$1,350
RENT COMPS ANALYSIS
  • 1704 Twin Lake Drive Holly Springs, NC 1
    • 3 beds 2 baths ∙ 1,040 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,040 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $1,020
    • $0.98
    •  
  • 610 Oak Street Fuquay Varina, NC 2
    • 3 beds 2 baths ∙ 1,225 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,225 Sqft ∙ Built 1970
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $1.00
    •  
  • 1721 N Cedar Court Fuquay Varina, NC 3
    • 4 beds 2 baths ∙ 1,300 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,300 Sqft ∙ Built 1998
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.96
    •  
  • 306 Church Street Fuquay Varina, NC 4
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1970
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.00
    •  
PROPERTY LISTING DETAILS
Todd Lewis
1.919.902.8207
Fonville Morisey/wake Forest Sales Office
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2363082
Last Updated: 01/23/2021
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