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38 Tucson Court Fuquay Varina, NC 27526

3 Beds 2 Baths 1,203 sqft Built 2006

$225,000

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $187.03
  • 2 Days on Market
  • MLS # : 2371970
  • Updated Date : 03/13/2021 at 22:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,203 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

Showings begin Monday, March 15th at 9:00am.

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: Victoria Hills

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $133k359k

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

Neighborhood: Victoria Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8941873

* 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
Lafayette Elementary School Primary Regular 712 41 7
Harnett Central Middle School Middle Regular 1,197 77 3
Harnett Central High School High Regular 1,541 88 3

Lafayette Elementary School

  • Education Level: Primary
  • # of students: 712
  • # of teachers: 41
7
GreatSchools Rating

Harnett Central Middle School

  • Education Level: Middle
  • # of students: 1,197
  • # of teachers: 77
3
GreatSchools Rating

Harnett Central High School

  • Education Level: High
  • # of students: 1,541
  • # of teachers: 88
3
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$782
Property Tax -$145
Property Insurance -$51
HOA -$5
Property Management Fees -$119
CASH FLOW
$159

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.

$225,000

PROJECTED PRICE

$1,260

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 6.6%
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$16k

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$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

9.92

YEARS SAVED

$31,700

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,245

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,260
1$1,2602$1,3503$1,450
$1,450
RENT COMPS ANALYSIS
  • 38 Tucson Court Fuquay Varina, NC 1
    • 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $1.05
    •  
  • 510 Mineral Spring Lane Fuquay Varina, NC 2
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2019 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2019
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.00
    •  
  • 60 Blairwood Drive Fuquay Varina, NC 3
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2001
    property image
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.07
    •  
PROPERTY LISTING DETAILS
Keith Gunter
1.919.859.3300
Berkshire Hathaway Homeservice
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2371970
Last Updated: 03/13/2021
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