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2833 Thurrock Drive Apex, NC 27539

3 Beds 2 Baths 1,328 sqft Built 1988

INVESTimate

$239,900

List Price

$1,310

$1,179 - $1,441

Rent Est.

$250,432  ( +4.39%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $180.65
  • 5 Days on Market
  • MLS # : 2338693
  • Updated Date : 08/22/2020 at 16:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,328 sqft
  • Baths : 2 full
Listing Agent

Offerpad Brokerage Llc

Listing Agent's Description

VACANT! Cozy 3 bedroom 2 bath home nestled in serene Amherst neighborhood in Apex! Enjoy your choice of first floor or second floor master suite. Fresh paint, new flooring throughout and immaculate main floor bathroom. Relax on your deck and wooded backyard. Close to Cary, Holly Springs and Fuquay Varina. This home is a must see!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Amherst

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $125k370k

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

Neighborhood: Amherst

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8371880

* 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 Lake Elementary School Primary Regular 893 58 6
West Lake Middle School Middle Regular 1,344 77 6
Middle Creek High School High Regular 2,249 120 7

West Lake Elementary School

  • Education Level: Primary
  • # of students: 893
  • # of teachers: 58
6
GreatSchools Rating

West Lake Middle School

  • Education Level: Middle
  • # of students: 1,344
  • # of teachers: 77
6
GreatSchools Rating

Middle Creek High School

  • Education Level: High
  • # of students: 2,249
  • # of teachers: 120
7
GreatSchools Rating
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,179$1,441$1,310

RENT

DOWN PAYMENT
FINANCING

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$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,310
EXPENSES Loan Payment -$885
Property Tax -$129
Property Insurance -$53
HOA -$9
Property Management Fees -$118
CASH FLOW
$117

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.

$239,900

PROJECTED PRICE

$1,310

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.39%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$885

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

8

YEARS SAVED

$29,728

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,310

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,301

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,310
1$1,3102$1,5853$1,595
$1,595
RENT COMPS ANALYSIS
  • 2833 Thurrock Drive Apex, 1
    • 3 beds 2 baths ∙ 1,328 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,328 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,310
    • $0.99
    •  
  • 4801 Morecambe Way Apex, 2
    • 3 beds 3 baths ∙ 1,625 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,625 Sqft ∙ Built 1997
    LEASED 05/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,585
    • $0.98
    •  
  • 3028 Sawyers Mill Drive Apex, 3
    • 3 beds 3 baths ∙ 1,634 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,634 Sqft ∙ Built 2001
    LEASED 04/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.98
    •  
PROPERTY LISTING DETAILS
Derek Dickson
1.480.470.2210
Offerpad Brokerage Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338693
Last Updated: 08/22/2020
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