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349 Apple Drupe Way Holly Springs, NC 27540

3 Beds 3 Baths 1,693 sqft Built 2006

$275,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $162.43
  • 3 Days on Market
  • MLS # : 2362889
  • Updated Date : 01/23/2021 at 17:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,693 sqft
  • Baths : 2 full , 1 half
Listing Agent

Juhua Morrison Realty

Listing Agent's Description

Location! Location! Location! A big pond is just behind this property, providing an amazing view of water from all rooms of the family room, dining room, kitchen, and two bedrooms. The fresh painting and new flooring are through-out the house. An open floor plan for the living spaces on the main level; The master bedroom has a big walking closet. New AC units in 2020; Transferable termite bond. The refrigerator, washer & dryer will convey. Virtual tour: https://app.cloudpano.com/tours/4IO48roRR?mls=1

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

PRICE & RENT TRENDS

Neighborhood: Windcrest

NeighborhoodNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340k360k380kPrice in $153k400k

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

Neighborhood: Windcrest

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q211001200130014001500160017001800Rent in $10271873

* 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
Holly Springs Elementary School Primary Regular 1,086 64 8
Holly Ridge Middle School Middle Regular 1,222 69 4
Apex Friendship High School High Regular NA

Holly Springs Elementary School

  • Education Level: Primary
  • # of students: 1,086
  • # of teachers: 64
8
GreatSchools Rating

Holly Ridge Middle School

  • Education Level: Middle
  • # of students: 1,222
  • # of teachers: 69
4
GreatSchools Rating

Apex Friendship High School

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

$247,500$302,500$275,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$955
Property Tax -$222
Property Insurance -$60
HOA -$36
Property Management Fees -$119
CASH FLOW
$147

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.

$275,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 5.1%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

9

YEARS SAVED

$33,361

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,536

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5403$1,5494$1,5955$1,650
$1,650
RENT COMPS ANALYSIS
  • 349 Apple Drupe Way Holly Springs, NC 2
    • 3 beds 3 baths ∙ 1,693 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,693 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.91
    •  
  • 233 Milpass Drive Holly Springs, NC 1
    • 3 beds 3 baths ∙ 1,676 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,676 Sqft ∙ Built 2005
    LEASED 11/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.87
    •  
  • 309 Palmdale Court Holly Springs, NC 3
    • 3 beds 3 baths ∙ 1,727 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,727 Sqft ∙ Built 2005
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,549
    • $0.90
    •  
  • 240 Milpass Drive Holly Springs, NC 4
    • 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,670 Sqft ∙ Built 2005
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.96
    •  
  • 217 Milpass Drive Holly Springs, NC 5
    • 3 beds 3 baths ∙ 1,833 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,833 Sqft ∙ Built 2005
    LEASED 01/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.90
    •  
PROPERTY LISTING DETAILS
Juhua Morrison
1.919.448.6065
Juhua Morrison Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2362889
Last Updated: 01/23/2021
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