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179 Fox Pen Drive Raleigh, NC 27603

3 Beds 3 Baths 2,109 sqft Built 2004

$295,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $139.88
  • 4 Days on Market
  • MLS # : 2374110
  • Updated Date : 03/25/2021 at 18:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,109 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Southland Realty Ii

Listing Agent's Description

Coming Soon! Waverly Point beauty on over half an acre with no HOA! Huge screened porch, patio and private back yard.

SEE MORE

MARKET HIGHLIGHTS

  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • 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: Waverly Point

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $107k281k

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

Neighborhood: Waverly Point

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8231685

* 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
West View Elementary School Primary Regular 943 57 4
Cleveland Middle School Middle Regular 1,163 64 7
West Johnston High School High Regular 1,359 83 5

West View Elementary School

  • Education Level: Primary
  • # of students: 943
  • # of teachers: 57
4
GreatSchools Rating

Cleveland Middle School

  • Education Level: Middle
  • # of students: 1,163
  • # of teachers: 64
7
GreatSchools Rating

West Johnston High School

  • Education Level: High
  • # of students: 1,359
  • # of teachers: 83
5
GreatSchools Rating
 

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

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,025
Property Tax -$187
Property Insurance -$68
Property Management Fees -$119
CASH FLOW
$181

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

$1,580

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 4.3%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
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$20k

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 40% 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

9

YEARS SAVED

$36,003

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,680

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,580
1$1,5802$1,6503$1,8004$1,800
$1,800
RENT COMPS ANALYSIS
  • 179 Fox Pen Drive Raleigh, NC 1
    • 3 beds 3 baths ∙ 2,109 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,109 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.75
    •  
  • 218 Susan Drive Garner, NC 2
    • 4 beds 3 baths ∙ 2,079 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,079 Sqft ∙ Built 2000
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.79
    •  
  • 30 Natalie Drive Raleigh, NC 3
    • 3 beds 3 baths ∙ 2,144 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,144 Sqft ∙ Built 2000
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.84
    •  
  • 139 Winfred Drive Raleigh, NC 4
    • 3 beds 2 baths ∙ 2,383 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,383 Sqft ∙ Built 2002
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.76
    •  
PROPERTY LISTING DETAILS
Gina Hesse
1.919.616.6546
Re/max Southland Realty Ii
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2374110
Last Updated: 03/25/2021
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