Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

302 Center Park Way Apex, NC 27502

3 Beds 2 Baths 1,132 sqft Built 1995

$250,000

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $220.85
  • 4 Days on Market
  • MLS # : 2367626
  • Updated Date : 02/19/2021 at 22:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,132 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

Great home in Downtown Apex. Bright kitchen with stainless steel appliances and granite counter tops. Fenced in back yard. Tall ceiling in living room with real wood burning fireplace. Master bedroom has access and view of fenced back yard with large patio. Quiet neighborhood on cul-de-sac but easy access to US-1 for your commute. Only 3 minutes to grocery shopping.

SEE MORE

MARKET HIGHLIGHTS

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

PRICE & RENT TRENDS

Neighborhood: Center Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $116k370k

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

Neighborhood: Center Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8471880

* 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
Apex Elementary School Primary Regular 681 44 5
Apex Middle School Middle Regular 1,201 63 7
Apex High School High Regular 2,549 132 6

Apex Elementary School

  • Education Level: Primary
  • # of students: 681
  • # of teachers: 44
5
GreatSchools Rating

Apex Middle School

  • Education Level: Middle
  • # of students: 1,201
  • # of teachers: 63
7
GreatSchools Rating

Apex High School

  • Education Level: High
  • # of students: 2,549
  • # of teachers: 132
6
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$868
Property Tax -$179
Property Insurance -$49
Property Management Fees -$119
CASH FLOW
$64

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.

$250,000

PROJECTED PRICE

$1,280

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.4%
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

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$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$24,147

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $1,081

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2803$1,400
$1,400
RENT COMPS ANALYSIS
  • 302 Center Park Way Apex, NC 2
    • 3 beds 2 baths ∙ 1,132 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,132 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $1.13
    •  
  • 319 Glaston Court Apex, NC 1
    • 3 beds 2 baths ∙ 1,332 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,332 Sqft ∙ Built 2001
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.94
    •  
  • 208 Lynch Street Apex, NC 3
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 2010 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 2010
    LEASED 03/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.97
    •  
PROPERTY LISTING DETAILS
Kyle Fetterolf
1.919.862.3323
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2367626
Last Updated: 02/19/2021
BESbswy