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600 Timber Meadow Lake Drive Fuquay Varina, NC 27526

3 Beds 3 Baths 2,693 sqft Built 2007

$300,000

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $111.40
  • 4 Days on Market
  • MLS # : 2356497
  • Updated Date : 12/04/2020 at 23:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,693 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fathom Realty Nc, Llc

Listing Agent's Description

Excellent walkable location close to downtown! Large foyer welcomes you into this almost 2700 sq.ft,home! So many ways to live here! 1st Liv. Fam. Rm could also be Game Rm or home Office. Spacious Fam. Rm w/ Fireplace overlooks huge Patio & Privacy Fenced yard. Kitchen has SS appliances, Tiled Backsplash & Granite Counters! Nicely sized Owners' Suite w/ Tray Ceiling & 2 closets! MBath- priv toilet, Dual Sinks, Granite Counters, WI Shower & Garden tub. Bonus Rm w/ 2 closets! Large Shed too! Roof in 2017

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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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: Southern Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Neighborhood: Southern Oaks

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29501000105011001150120012501300135014001450150015501600Rent in $9461610

* 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
Fuquay-varina Elementary School Primary Regular 797 51 5
Fuquay-varina Middle School Middle Regular 819 55 4
Fuquay-varina High School High Regular 2,117 114 7

Fuquay-varina Elementary School

  • Education Level: Primary
  • # of students: 797
  • # of teachers: 51
5
GreatSchools Rating

Fuquay-varina Middle School

  • Education Level: Middle
  • # of students: 819
  • # of teachers: 55
4
GreatSchools Rating

Fuquay-varina High School

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

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

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,107
Property Tax -$228
Property Insurance -$80
HOA -$16
Property Management Fees -$119
CASH FLOW
$130

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.

$300,000

PROJECTED PRICE

$1,680

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.3%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

7.92

YEARS SAVED

$36,102

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.62

    LIST RENT PER SQFT
  • $1,858

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,680
1$1,6802$1,7503$1,7954$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 600 Timber Meadow Lake Drive Fuquay Varina, NC 1
    • 3 beds 3 baths ∙ 2,693 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,693 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.62
    •  
  • 662 Stapleford Lane Fuquay Varina, NC 2
    • 4 beds 3 baths ∙ 2,550 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,550 Sqft ∙ Built 2017
    LEASED 11/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.69
    •  
  • 458 Lone Pine Loop Fuquay Varina, NC 3
    • 4 beds 3 baths ∙ 2,800 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,800 Sqft ∙ Built 2012
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.64
    •  
  • 1128 Valley Dale Drive Fuquay Varina, NC 4
    • 3 beds 3 baths ∙ 2,493 Sqft ∙ Built 2019 3 beds 3 baths ∙ 2,493 Sqft ∙ Built 2019
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.72
    •  
  • 512 Timber Meadow Lake Drive Fuquay Varina, NC 5
    • 4 beds 4 baths ∙ 2,612 Sqft ∙ Built 2004 4 beds 4 baths ∙ 2,612 Sqft ∙ Built 2004
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.71
    •  
PROPERTY LISTING DETAILS
Krista Abshure
1.919.753.6518
Fathom Realty Nc, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2356497
Last Updated: 12/04/2020
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