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608 Stapleford Lane Fuquay Varina, NC 27526

4 Beds 3 Baths 2,375 sqft Built 2015

$290,000

List Price

$1,660

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $122.11
  • 4 Days on Market
  • MLS # : 2367445
  • Updated Date : 02/19/2021 at 23:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,375 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Walk in & be greeted by LVP flrs &crown molding thru. Tons of natural light boast open flr plan. Host a dinner party in separate dining & enjoy a glass of wine in the formal living room. Cook up a storm in the kitchen featuring SS appliances, granite, & beautiful white cabinets. Kitchen open to cozy family room w/ fireplace perfect for entertaining. 2nd flr offers 3 spacious bdrms + Loft. Large master w/ deluxe garden tub & separate shower. Retreat outside to the patio overlooking 0.15 acre fenced yard.

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International

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
 

$261,000$319,000$290,000

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$1,007
Property Tax -$246
Property Insurance -$73
HOA -$21
Property Management Fees -$119
CASH FLOW
$193

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.

$290,000

PROJECTED PRICE

$1,660

PROJECTED RENT

0.57%

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$200k$400k$600k$800k$1.0M

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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,600

INVESTMENT

$82,600

Down Payment
$72,500
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

9.08

YEARS SAVED

$35,621

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,710

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6453$1,6604$1,6805$1,750
$1,750
RENT COMPS ANALYSIS
  • 608 Stapleford Lane Fuquay Varina, NC 3
    • 4 beds 3 baths ∙ 2,375 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,375 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.70
    •  
  • 671 Lavenham Lane Fuquay Varina, NC 1
    • 3 beds 3 baths ∙ 2,213 Sqft ∙ Built 2017 3 beds 3 baths ∙ 2,213 Sqft ∙ Built 2017
    LEASED 12/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.72
    •  
  • 668 Stapleford Lane Fuquay Varina, NC 2
    • 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,200 Sqft ∙ Built 2017
    LEASED 02/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $0.75
    •  
  • 517 Stapleford Lane Fuquay Varina, NC 4
    • 3 beds 3 baths ∙ 2,328 Sqft ∙ Built 2015 3 beds 3 baths ∙ 2,328 Sqft ∙ Built 2015
    LEASED 11/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.72
    •  
  • 662 Stapleford Lane Fuquay Varina, NC 5
    • 4 beds 3 baths ∙ 2,550 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,550 Sqft ∙ Built 2017
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.69
    •  
PROPERTY LISTING DETAILS
Leonna Weiss
1.888.584.9431
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2367445
Last Updated: 02/19/2021
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