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408 Stapleford Lane Fuquay Varina, NC 27526

3 Beds 3 Baths 1,858 sqft Built 2014

$250,000

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 2014
  • Price/Sqft : $134.55
  • 6 Days on Market
  • MLS # : 2351778
  • Updated Date : 11/05/2020 at 12:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,858 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fonville Morisey/premier Agents Network

Listing Agent's Description

Wow! Bright and Sunny 3 bedroom 2.5 bath home, offers a well laid out floor plan. Large kitchen with huge walk-in pantry, lots of counter work space, big eat-in area. Spacious family room is great for hanging out. Owner bedroom offers large walk-in closets, vaulted ceiling, private bath with 2 sinks, large soaking tub. Secondary bedrooms size generous. Walkable to downtown Fuquay! Come see it before it's gone!

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: Summerdale

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k270k

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

Neighborhood: Summerdale

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9461625

* 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
Lincoln Heights Elementary School Primary Magnet 517 40 3
Holly Grove Middle School Middle Regular 1,439 81 8
Fuquay-varina High School High Regular 2,117 114 7

Lincoln Heights Elementary School

  • Education Level: Primary
  • # of students: 517
  • # of teachers: 40
3
GreatSchools Rating

Holly Grove Middle School

  • Education Level: Middle
  • # of students: 1,439
  • # of teachers: 81
8
GreatSchools Rating

Fuquay-varina High School

  • Education Level: High
  • # of students: 2,117
  • # of teachers: 114
7
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$922
Property Tax -$218
Property Insurance -$63
HOA -$21
Property Management Fees -$131
CASH FLOW
$95

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.

$250,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.58%

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$800k

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$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$23,140

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,607

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,5003$1,5754$1,6455$1,650
$1,650
RENT COMPS ANALYSIS
  • 408 Stapleford Lane Fuquay Varina, NC 1
    • 3 beds 3 baths ∙ 1,858 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,858 Sqft ∙ Built 2014
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.78
    •  
  • 621 Hunters Ridge Drive Fuquay Varina, NC 2
    • 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2013 3 beds 2 baths ∙ 1,680 Sqft ∙ Built 2013
    property image
    LEASED 03/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.89
    •  
  • 413 Timber Meadow Lake Drive Fuquay Varina, NC 3
    • 3 beds 3 baths ∙ 1,826 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,826 Sqft ∙ Built 2007
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.86
    •  
  • 833 Willow Bay Drive Fuquay Varina, NC 4
    • 4 beds 3 baths ∙ 1,911 Sqft ∙ Built 2006 4 beds 3 baths ∙ 1,911 Sqft ∙ Built 2006
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.86
    •  
  • 1121 Matisse Drive Fuquay Varina, NC 5
    • 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 2019 4 beds 3 baths ∙ 1,950 Sqft ∙ Built 2019
    property image
    LEASED 12/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.85
    •  
PROPERTY LISTING DETAILS
Justin Burleson
1.919.609.5161
Fonville Morisey/premier Agents Network
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351778
Last Updated: 11/05/2020
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