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405 Hyannis Drive Holly Springs, NC 27540

3 Beds 3 Baths 1,389 sqft Built 1998

INVESTimate

$252,000

List Price

$1,220

$1,098 - $1,342

Rent Est.

$269,489  ( +6.94%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $181.43
  • 3 Days on Market
  • MLS # : 2338905
  • Updated Date : 08/25/2020 at 17:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,389 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Holly Springs two-story home offers a two-car garage. This home is vacant and cleaned regularly.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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: Arbor Creek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $139k400k

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

Neighborhood: Arbor Creek

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800Rent in $9311873

* 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
 

$226,800$277,200$252,000

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$930
Property Tax -$189
Property Insurance -$54
HOA -$35
Property Management Fees -$110
CASH FLOW
-$98

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.

$252,000

PROJECTED PRICE

$1,220

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 6.94%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,530

INVESTMENT

$72,530

Down Payment
$63,000
Rehab Estimate
$5,750
Closing Costs
$3,780

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$930

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,000
Loan Amount $189,000
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$8,144

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,309

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,220
1$1,2202$1,2503$1,4004$1,4255$1,495
$1,495
RENT COMPS ANALYSIS
  • 405 Hyannis Drive Holly Springs, 1
    • 3 beds 3 baths ∙ 1,389 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,389 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.88
    •  
  • 300 Fountain Springs Road Holly Springs, 2
    • 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 2000
    LEASED 07/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.92
    •  
  • 132 Fountain Springs Road Holly Springs, 3
    • 3 beds 3 baths ∙ 1,468 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,468 Sqft ∙ Built 2000
    LEASED 12/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.95
    •  
  • 217 Hazelmere Drive Holly Springs, 4
    • 3 beds 3 baths ∙ 1,455 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,455 Sqft ∙ Built 2000
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.98
    •  
  • 121 Danesway Drive Holly Springs, 5
    • 3 beds 3 baths ∙ 1,621 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,621 Sqft ∙ Built 1998
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.92
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.919.679.9883
Opendoor Brokerage Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338905
Last Updated: 08/25/2020
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