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402 Averroe Drive Apex, NC 27502

3 Beds 2 Baths 1,431 sqft Built 1998

$300,000

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $209.64
  • 5 Days on Market
  • MLS # : 2363665
  • Updated Date : 01/29/2021 at 13:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,431 sqft
  • Baths : 2 full
Listing Agent

Re/max Performance

Listing Agent's Description

ONE STORY LIVING IN APEX! Upon entering the bright living space, you're welcomed by a large great room w/ a grand fireplace & vaulted ceiling. From there you'll enter a large kitchen with tons of cabinet space that opens to a large dining area w/ custom wainscoting. 3 beds including a large owners suite, 2 full baths, a large laundry room, 2 car garage, and a landscaped yard with a great patio perfect for entertaining round out this one of a kind home! Close to shopping, trails, and easy commute to RTP!

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Greenbrier

NeighborhoodNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340k360kPrice in $153k370k

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

Neighborhood: Greenbrier

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800Rent in $9931880

* 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
Olive Chapel Elementary School Primary Regular 1,023 58 9
Lufkin Road Middle School Middle Regular 1,000 57 8
Apex Friendship High School High Unknown NA

Olive Chapel Elementary School

  • Education Level: Primary
  • # of students: 1,023
  • # of teachers: 58
9
GreatSchools Rating

Lufkin Road Middle School

  • Education Level: Middle
  • # of students: 1,000
  • # of teachers: 57
8
GreatSchools Rating

Apex Friendship High School

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

$270,000$330,000$300,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$1,042
Property Tax -$243
Property Insurance -$55
HOA -$32
Property Management Fees -$119
CASH FLOW
-$81

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.

$300,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 7.3%
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$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$13,996

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,420

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,4103$1,4504$1,5505$1,600
$1,600
RENT COMPS ANALYSIS
  • 402 Averroe Drive Apex, NC 2
    • 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.99
    •  
  • 402 Kinship Lane Apex, NC 1
    • 3 beds 3 baths ∙ 1,300 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,300 Sqft ∙ Built 1998
    LEASED 02/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.00
    •  
  • 205 Evening Star Drive Apex, NC 3
    • 3 beds 2 baths ∙ 1,472 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,472 Sqft ∙ Built 1998
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.99
    •  
  • 307 Green Grass Court Apex, NC 4
    • 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1998
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.99
    •  
  • 4001 Winecott Drive Apex, NC 5
    • 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 1996
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.99
    •  
PROPERTY LISTING DETAILS
Susan Tirgrath
1.919.414.7773
Re/max Performance
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2363665
Last Updated: 01/29/2021
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