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211 Coley Farm Road Fuquay Varina, NC 27526

3 Beds 2 Baths 1,415 sqft Built 1970

$260,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
YES TENANTED
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $183.75
  • 3 Days on Market
  • MLS # : 2370600
  • Updated Date : 03/06/2021 at 20:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,415 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

Huge 1+ acre home only minutes to the downtown area. Detached 3 car workshop. 48x24 Garage/Workshop that is wired, plumbed, & has venting for wood stove & air compressor lines. Rezoning possible for commercial purposes. Potential for multifamily, office space, flex space, restaurant or storage. Please direct all questions to Fuquay Varina planning/zoning. Tenant in property. Do NOT disturb. Showings available two times a week. Please use Showingtime. T

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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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 27526

ZipNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Zip Code: 27526

ZipNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9461610

* 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
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$903
Property Tax -$190
Property Insurance -$55
Property Management Fees -$119
CASH FLOW
$33

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.

$260,000

PROJECTED PRICE

$1,300

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$19,237

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,266

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,3003$1,500
$1,500
RENT COMPS ANALYSIS
  • 211 Coley Farm Road Fuquay Varina, NC 2
    • 3 beds 2 baths ∙ 1,415 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,415 Sqft ∙ Built 1970
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.92
    •  
  • 122 East Street Fuquay Varina, NC 1
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1953
    property image
    LEASED 02/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.89
    •  
  • 657 Aiken Parkway Fuquay Varina, NC 3
    • 3 beds 2 baths ∙ 1,675 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,675 Sqft ∙ Built 1967
    property image
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.90
    •  
PROPERTY LISTING DETAILS
Eric Davis
1.919.624.4821
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2370600
Last Updated: 03/06/2021
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