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501 Corwood Drive 
Fuquay Varina, NC
27526
3 Beds 2 Baths 1,212 sqft
Built 1999
INVESTimate
$210,000
List Price
$61,400
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PROPERTY INFO
FACTS
- Built In 1999
- Price/Sqft : $173.27
- 3 Days on Market
- MLS # : 2338951
- Updated Date : 08/24/2020 at 21:46
CONSTRUCTION
- Beds : 3
- Floor Size : 1,212 sqft
- Baths : 2 full
Listing Agent
Exp Realty Llc
Listing Agent's Description
Coming Soon! Come on in to your new abode! This home features 3 spacious bedrooms, vaulted ceilings, living room with a fireplace, generous sized kitchen and nook! With the mature landscaping in the back you have the perfect place for s'mores and a relaxing night on the back porch with company. Make this home yours before it's gone!
SEE MORE
- 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: Phillips Pointe
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Phillips Pointe
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,120 |
| EXPENSES | Loan Payment | -$775 |
| Property Tax | -$159 | |
| Property Insurance | -$51 | |
| HOA | -$10 | |
| Property Management Fees | -$101 | |
|
CASH FLOW
$25
|
||
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.
$210,000
PROJECTED PRICE
$1,120
PROJECTED RENT
0.53%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.78% |
| Appreciation Year (1-5) | 7.43% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 7.49% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$61,400
LOAN DETAILS
$775
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $52,500 |
| Loan Amount | $157,500 |
5.33
YEARS SAVED
$14,194
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,120
LIST RENT -
$0.92
LIST RENT PER SQFT
-
$1,118
COMP ESTIMATED VALUE -
$0.92
COMP AVG. RENT PER SQFT
Comps Range
-
501 Corwood Drive Fuquay Varina, 1
- 3 beds 2 baths ∙ 1,212 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,212 Sqft ∙ Built 1999
- Rent
- Rent Per SQFT
- $1,120
- $0.92
-
808 Starfield Circle Fuquay Varina, 2
- 3 beds 2 baths ∙ 1,257 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,257 Sqft ∙ Built 1992
LEASED 10/10/19- Rent
- Rent Per SQFT
- $1,200
- $0.95
-
805 Durango Court Fuquay Varina, 3
- 3 beds 2 baths ∙ 1,349 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,349 Sqft ∙ Built 1994
LEASED 01/01/20- Rent
- Rent Per SQFT
- $1,200
- $0.89
-
704 Perry Howard Road Fuquay Varina, 4
- 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1994
LEASED 07/20/19- Rent
- Rent Per SQFT
- $1,350
- $0.90
-
408 Hunters Ridge Fuquay Varina, 5
- 3 beds 3 baths ∙ 1,423 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,423 Sqft ∙ Built 1992
LEASED 07/27/20- Rent
- Rent Per SQFT
- $1,350
- $0.95
PROPERTY LISTING DETAILS
1.919.625.0211
Exp Realty Llc
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
MLS #: 2338951
Last Updated: 08/24/2020
