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324 Santee Circle Fuquay Varina, NC 27526

3 Beds 3 Baths 1,330 sqft Built 2006

$219,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $164.66
  • 4 Days on Market
  • MLS # : 2352296
  • Updated Date : 11/06/2020 at 14:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,330 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Cozy 3 bedroom 2 and half bath home with NO HOA. Open floor plan w/ family room and breakfast nook overlooking private backyard. Spacious owner's suite with two more bedrooms upstairs. Freshly painted guest bathroom. Great natural sunlight and view of cul-de-sac. One car garage. Close proximity to Hwy 55 and 540. Minutes from downtown Fuquay Varina!

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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

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 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
 

$197,100$240,900$219,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$808
Property Tax -$160
Property Insurance -$53
Property Management Fees -$111
CASH FLOW
$98

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.

$219,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.56%

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

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$63,785

INVESTMENT

$63,785

Down Payment
$54,750
Rehab Estimate
$5,750
Closing Costs
$3,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$808

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,750
Loan Amount $164,250
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$22,714

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,220

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,230
1$1,2302$1,3503$1,3504$1,4905$1,500
$1,500
RENT COMPS ANALYSIS
  • 324 Santee Circle Fuquay Varina, NC 1
    • 3 beds 3 baths ∙ 1,330 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,330 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.92
    •  
  • 704 Perry Howard Road Fuquay Varina, NC 2
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1994
    LEASED 07/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
  • 408 Hunters Ridge Fuquay Varina, NC 3
    • 3 beds 3 baths ∙ 1,423 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,423 Sqft ∙ Built 1992
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.95
    •  
  • 509 Birchtree Valley Court Fuquay Varina, NC 4
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2003
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.93
    •  
  • 621 Hunters Ridge Drive Fuquay Varina, NC 5
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2013
    LEASED 03/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.89
    •  
PROPERTY LISTING DETAILS
Tina Caul
1.919.665.8210
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352296
Last Updated: 11/06/2020
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