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3152 Eric Street Willow Spring(s), NC 27592

3 Beds 2 Baths 1,388 sqft Built 1999

$229,000

List Price

$1,250

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $164.99
  • 3 Days on Market
  • MLS # : 2354726
  • Updated Date : 11/20/2020 at 21:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,388 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Wonderful one story home is a great neighborhood!! Home has been totally redone. Everything has been painted, new countertops, new stove and refrigerator, new kitchen flooring, hardwoods in dining room have been redone, all new light fixtures, new countertops and faucets in bathrooms. Deck has been cleaned and stained, gazebo has new roof, and garage door has been replaced.

SEE MORE

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)
  • 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
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Willow Bluffs

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $123k359k

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

Neighborhood: Willow Bluffs

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2700800900100011001200130014001500160017001800Rent in $6811873

* 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
Banks Road Elementary School Primary Regular 699 48 6
Fuquay-varina Middle School Middle Regular 819 55 4
Fuquay-varina High School High Regular 2,117 114 7

Banks Road Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 48
6
GreatSchools Rating

Fuquay-varina Middle School

  • Education Level: Middle
  • # of students: 819
  • # of teachers: 55
4
GreatSchools Rating

Fuquay-varina High School

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

$206,100$251,900$229,000

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$845
Property Tax -$120
Property Insurance -$54
HOA -$7
Property Management Fees -$113
CASH FLOW
$112

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.

$229,000

PROJECTED PRICE

$1,250

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 7.3%
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

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$66,435

INVESTMENT

$66,435

Down Payment
$57,250
Rehab Estimate
$5,750
Closing Costs
$3,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$845

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,250
Loan Amount $171,750
See What Happens When You Reinvest Cash Flow

8

YEARS SAVED

$28,425

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,250

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,246

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$925
1$9252$1,2503$1,2954$1,4505$1,500
$1,500
RENT COMPS ANALYSIS
  • 3152 Eric Street Willow Spring(s), NC 2
    • 3 beds 2 baths ∙ 1,388 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,388 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.90
    •  
  • 1521 Bricklanding Circle Willow Spring(s), NC 1
    • 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,080 Sqft ∙ Built 2001
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $0.86
    •  
  • 5520 Moorhaven Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1997
    property image
    LEASED 06/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.89
    •  
  • 2809 Buckboard Lane Raleigh, NC 4
    • 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,575 Sqft ∙ Built 1995
    property image
    LEASED 07/18/22
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.92
    •  
  • 7309 Blannie Farms Lane Willow Spring(s), NC 5
    • 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,630 Sqft ∙ Built 2003
    property image
    LEASED 07/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.92
    •  
PROPERTY LISTING DETAILS
Eric Jackson
1.919.210.5059
Keller Williams Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2354726
Last Updated: 11/20/2020
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