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316 Santee Circle Fuquay Varina, NC 27526

4 Beds 3 Baths 1,600 sqft Built 2002

$235,000

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
YES TENANTED
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $146.88
  • 3 Days on Market
  • MLS # : 2371941
  • Updated Date : 03/13/2021 at 21:50
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,600 sqft
  • Baths : 3 full
Listing Agent

Trademark Residential

Listing Agent's Description

Don't miss out on this great oppertunity!! Very well maintained invesment property. 3 bedroom with attic converted into 4th bedroom with a full bathroom. Home is occupied and lease is up 07/31/2021

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
  • #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)

PRICE & RENT TRENDS

Neighborhood: Wake Chapel Manor

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k265k

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

Neighborhood: Wake Chapel Manor

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8331610

* 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
Buckhorn Creek Elementary Primary Unknown NA
Fuquay-varina Middle School Middle Regular 819 55 4
Fuquay-varina High School High Regular 2,117 114 7

Buckhorn Creek Elementary

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
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
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$816
Property Tax -$172
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$175

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.

$235,000

PROJECTED PRICE

$1,340

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.1%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$816

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$31,275

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,368

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,340
1$1,3402$1,5003$1,5754$1,5955$1,650
$1,650
RENT COMPS ANALYSIS
  • 316 Santee Circle Fuquay Varina, NC 1
    • 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 2002 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $0.84
    •  
  • 621 Hunters Ridge Drive Fuquay Varina, NC 2
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2013
    property image
    LEASED 03/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.89
    •  
  • 413 Timber Meadow Lake Drive Fuquay Varina, NC 3
    • 3 beds 3 baths ∙ 1,826 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,826 Sqft ∙ Built 2007
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.86
    •  
  • 1408 Forest Fern Lane Fuquay Varina, NC 4
    • 3 beds 3 baths ∙ 1,938 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,938 Sqft ∙ Built 2016
    property image
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.82
    •  
  • 1121 Matisse Drive Fuquay Varina, NC 5
    • 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 2019
    property image
    LEASED 12/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.85
    •  
PROPERTY LISTING DETAILS
Debra Thomas
1.910.751.8327
Trademark Residential
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2371941
Last Updated: 03/13/2021
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