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258 Stobhill Lane Holly Springs, NC 27540

3 Beds 3 Baths 2,170 sqft Built 2005

$300,000

List Price

$1,510

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $138.25
  • 3 Days on Market
  • MLS # : 2363044
  • Updated Date : 01/22/2021 at 22:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,170 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Holly Springs two-story home offers a two-car garage. This home is vacant and cleaned regularly.

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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)
  • #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: Springhill

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $132k400k

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

Neighborhood: Springhill

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700Rent in $9461793

* 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
Herbert Akins Road Elementary School Primary Regular 966 57 6
Holly Grove Middle School Middle Regular 1,439 81 8
Fuquay-varina High School High Regular 2,117 114 7

Herbert Akins Road Elementary School

  • Education Level: Primary
  • # of students: 966
  • # of teachers: 57
6
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
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$1,042
Property Tax -$219
Property Insurance -$69
HOA -$27
Property Management Fees -$119
CASH FLOW
$34

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.

$300,000

PROJECTED PRICE

$1,510

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.3%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$21,253

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,510

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,541

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,510
1$1,5102$1,5953$1,5954$1,7005$1,700
$1,700
RENT COMPS ANALYSIS
  • 258 Stobhill Lane Holly Springs, NC 1
    • 3 beds 3 baths ∙ 2,170 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,170 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $0.70
    •  
  • 2424 Averon Drive Fuquay Varina, NC 2
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 2015
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.69
    •  
  • 327 Larktree Lane Fuquay Varina, NC 3
    • 3 beds 3 baths ∙ 2,320 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,320 Sqft ∙ Built 2007
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.69
    •  
  • 2408 Averon Drive Fuquay Varina, NC 4
    • 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,350 Sqft ∙ Built 2016
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.72
    •  
  • 217 Larktree Lane Fuquay Varina, NC 5
    • 4 beds 3 baths ∙ 2,306 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,306 Sqft ∙ Built 2006
    LEASED 01/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.74
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.919.679.9883
Opendoor Brokerage Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2363044
Last Updated: 01/22/2021
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