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323 W Jones Street Fuquay Varina, NC 27526

3 Beds 3 Baths 1,601 sqft Built 2018

$215,000

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $134.29
  • 3 Days on Market
  • MLS # : 2353575
  • Updated Date : 11/14/2020 at 14:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,601 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Multiple offers! Highest and best due Monday at 10am. Fuquay beauty built by Gala Construction is 2 years new w/wide open floorplan, gorgeous granite, white cabinetry, barn door in primary BR, lots of storage, natural gas FP, & LVP floors. Plenty of privacy in the fenced, easy-maintenance yard with new oversized deck. Restaurants & entertainment just steps from your front door. Close to James A. Campbell Park, W. Academy, and more. Be sure to visit the interactive virtual tour. This one will be gone fast!

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

Zip Code: 27526

ZipNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Zip Code: 27526

ZipNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9461610

* 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 Regular 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
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$793
Property Tax -$187
Property Insurance -$58
Property Management Fees -$123
CASH FLOW
$208

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.

$215,000

PROJECTED PRICE

$1,370

PROJECTED RENT

0.64%

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

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$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

9.58

YEARS SAVED

$34,537

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,377

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,370
1$1,3702$1,5003$1,5754$1,5995$1,650
$1,650
RENT COMPS ANALYSIS
  • 323 W Jones Street Fuquay Varina, NC 1
    • 3 beds 3 baths ∙ 1,601 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,601 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.86
    •  
  • 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
    •  
  • 465 Mineral Springs Lane Fuquay Varina, NC 4
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2019
    property image
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $0.84
    •  
  • 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
Stacey Delgado
1.919.239.0364
Redfin Corporation
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353575
Last Updated: 11/14/2020
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