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308 Evening Star Drive Apex, NC 27502

3 Beds 3 Baths 1,379 sqft Built 1998

INVESTimate

$279,999

List Price

$1,360

$1,224 - $1,496

Rent Est.

$303,939  ( +8.55%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1998
  • Price/Sqft : $203.04
  • 9 Days on Market
  • MLS # : 2337970
  • Updated Date : 08/25/2020 at 18:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,379 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Advantage

Listing Agent's Description

Excellent home in Apex with private and good size landscaped & fenced yard. Oversized covered deck perfect for outdoor entertaining. Open concent - family room is open to kitchen, fresh paint, new carpet, Stainless Steel appliances - Close to everything - Homestead Park is close to shopping, major highways and much more! Seller has replaced the following: Hot water heater- 2018, HVAC - 2018, Dishwasher - 2019, Refrigerator - 2018, Stove 2020

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: Homestead Park

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $125k370k

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

Neighborhood: Homestead Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8541880

* 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
Olive Chapel Elementary School Primary Regular 1,023 58 9
Lufkin Road Middle School Middle Regular 1,000 57 8
Apex Friendship High School High Regular NA

Olive Chapel Elementary School

  • Education Level: Primary
  • # of students: 1,023
  • # of teachers: 58
9
GreatSchools Rating

Lufkin Road Middle School

  • Education Level: Middle
  • # of students: 1,000
  • # of teachers: 57
8
GreatSchools Rating

Apex Friendship High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$251,999$307,999$279,999

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$1,033
Property Tax -$229
Property Insurance -$55
HOA -$13
Property Management Fees -$122
CASH FLOW
-$92

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.

$279,999

PROJECTED PRICE

$1,360

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 8.55%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,000
Loan Amount $209,999
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$10,630

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,359

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,360
1$1,3602$1,4503$1,5954$1,6505$1,680
$1,680
RENT COMPS ANALYSIS
  • 308 Evening Star Drive Apex, 1
    • 3 beds 3 baths ∙ 1,408 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,408 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.97
    •  
  • 205 Evening Star Drive Apex, 2
    • 3 beds 2 baths ∙ 1,472 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,472 Sqft ∙ Built 1998
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.99
    •  
  • 212 Windy Creek Lane Apex, 3
    • 3 beds 3 baths ∙ 1,715 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,715 Sqft ∙ Built 2008
    property image
    LEASED 06/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.93
    •  
  • 412 Evening Star Drive Apex, 4
    • 3 beds 3 baths ∙ 1,724 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,724 Sqft ∙ Built 2009
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.96
    •  
  • 210 Windy Creek Drive Apex, 5
    • 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 2008
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.98
    •  
PROPERTY LISTING DETAILS
Ellen Dershowitz
1.919.931.3400
Coldwell Banker Advantage
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2337970
Last Updated: 08/25/2020
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