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2148 Gillwell Lane Fuquay Varina, NC 27526

3 Beds 3 Baths 2,102 sqft Built 2006

$265,000

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $126.07
  • 5 Days on Market
  • MLS # : 2351994
  • Updated Date : 11/08/2020 at 04:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,102 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max United

Listing Agent's Description

Flexible plan in wonderful Ballentine!! Flex room up front could be formal dining OR home office! Spacious great room w/ fireplace and wooded view. Huge kitchen island for great work space. Almost-new SS appliances inc smooth-top convection range. Updated hardware and light fixtures. Lovely wide-plank hardwood floors thru-out downstairs new in 2018. New roof and new carpet 2020! Large bonus-loft space upstairs. Nice deck w/ private wooded view. Walk to school and pool! Fridge & W/D stay!

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: Ballentine

NeighborhoodNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340kPrice in $153k359k

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

Neighborhood: Ballentine

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800Rent in $9841873

* 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
Ballentine Elementary School Primary Regular 462 36 5
Holly Grove Middle School Middle Regular 1,439 81 8
Fuquay-varina High School High Regular 2,117 114 7

Ballentine Elementary School

  • Education Level: Primary
  • # of students: 462
  • # of teachers: 36
5
GreatSchools Rating

Holly Grove Middle School

  • Education Level: Middle
  • # of students: 1,439
  • # of teachers: 81
8
GreatSchools Rating

Fuquay-varina High School

  • Education Level: High
  • # of students: 2,117
  • # of teachers: 114
7
GreatSchools Rating
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$978
Property Tax -$193
Property Insurance -$68
HOA -$55
Property Management Fees -$144
CASH FLOW
$162

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.

$265,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.4%
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$800k$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$978

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$34,874

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,787

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,6003$1,6504$1,7505$1,795
$1,795
RENT COMPS ANALYSIS
  • 2148 Gillwell Lane Fuquay Varina, NC 2
    • 3 beds 3 baths ∙ 2,102 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,102 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.76
    •  
  • 1413 Dairy Glen Drive Fuquay Varina, NC 1
    • 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,785 Sqft ∙ Built 2007
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.84
    •  
  • 115 Watauga Lake Drive Fuquay Varina, NC 3
    • 4 beds 3 baths ∙ 2,150 Sqft ∙ Built 2020 4 beds 3 baths ∙ 2,150 Sqft ∙ Built 2020
    LEASED 07/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.77
    •  
  • 1417 Sexton Ridge Drive Fuquay Varina, NC 4
    • 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 2007
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.90
    •  
  • 1429 Dairy Glen Drive Fuquay Varina, NC 5
    • 4 beds 3 baths ∙ 2,015 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,015 Sqft ∙ Built 2008
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.89
    •  
PROPERTY LISTING DETAILS
Becky Harper
1.919.604.1700
Re/max United
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351994
Last Updated: 11/08/2020
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