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528 Lennie Smith Road Fuquay Varina, NC 27526

3 Beds 2 Baths 1,564 sqft Built 1995

$235,000

List Price

$1,320

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $150.26
  • 5 Days on Market
  • MLS # : 2351373
  • Updated Date : 10/30/2020 at 20:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,564 sqft
  • Baths : 2 full
Listing Agent

Front Porch Realty

Listing Agent's Description

Such a nice package! One story living with lots of room to spread out, all large rooms. Family room ready for wood-stove insert if desired. Kitchen has SS appliances, breakfast bar, white cabinets and nice mudroom area. Tile floors throughout except bedrooms. Rocking chair front porch, large deck and 2nd covered deck area. Fenced yard complete with separate fenced dog run. Large shed and firepit too. HVAC BRAND NEW! All this on almost and acre beautiful country setting!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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

PRICE & RENT TRENDS

Neighborhood: Spring Meadow

ZipNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Neighborhood: Spring Meadow

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29009501000105011001150120012501300135014001450150015501600Rent in $8891610

* 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
 

$211,500$258,500$235,000

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$867
Property Tax -$155
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$121

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.

$235,000

PROJECTED PRICE

$1,320

PROJECTED RENT

0.56%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$26,504

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,282

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,320
1$1,3202$1,495
$1,495
RENT COMPS ANALYSIS
  • 528 Lennie Smith Road Fuquay Varina, NC 1
    • 3 beds 2 baths ∙ 1,564 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,564 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.84
    •  
  • 176 Smithwood Drive Fuquay Varina, NC 2
    • 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,820 Sqft ∙ Built 2004
    property image
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.82
    •  
PROPERTY LISTING DETAILS
Laura Moody
1.919.422.4542
Front Porch Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351373
Last Updated: 10/30/2020
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