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604 Three Meadows Road Fuquay Varina, NC 27526

4 Beds 3 Baths 1,792 sqft Built 2000

$278,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $155.13
  • 3 Days on Market
  • MLS # : 2360698
  • Updated Date : 01/08/2021 at 18:20
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,792 sqft
  • Baths : 2 full , 1 half
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Fuquay Varina two-story cul-de-sac home offers a two-car garage. This home is vacant and cleaned regularly.

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: Sandy Springs

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $114k265k

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

Neighborhood: Sandy Springs

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8371610

* 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
Buckhorn Creek Elementary Primary Regular NA
Holly Grove Middle School Middle Regular 1,439 81 8
Fuquay-varina High School High Regular 2,117 114 7

Buckhorn Creek Elementary

  • Education Level: Primary
  • # of students:
  • # of teachers:
NA
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
 

$250,200$305,800$278,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$966
Property Tax -$214
Property Insurance -$62
HOA -$17
Property Management Fees -$119
CASH FLOW
$53

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.

$278,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.5%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,420

INVESTMENT

$79,420

Down Payment
$69,500
Rehab Estimate
$5,750
Closing Costs
$4,170

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$966

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $69,500
Loan Amount $208,500
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$21,645

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,501

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,430
1$1,4302$1,4503$1,5954$1,5955$1,800
$1,800
RENT COMPS ANALYSIS
  • 604 Three Meadows Road Fuquay Varina, NC 1
    • 4 beds 3 baths ∙ 1,792 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,792 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.80
    •  
  • 113 Avery Glenn Way Fuquay Varina, NC 2
    • 4 beds 3 baths ∙ 1,726 Sqft ∙ Built 2020 4 beds 3 baths ∙ 1,726 Sqft ∙ Built 2020
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.84
    •  
  • 1408 Forest Fern Lane Fuquay Varina, NC 3
    • 3 beds 3 baths ∙ 1,938 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,938 Sqft ∙ Built 2016
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.82
    •  
  • 2034 Woodwater Drive Fuquay Varina, NC 4
    • 3 beds 2 baths ∙ 1,930 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,930 Sqft ∙ Built 2006
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.83
    •  
  • 625 Stapleford Lane Fuquay Varina, NC 5
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2016
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.86
    •  
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 #: 2360698
Last Updated: 01/08/2021
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