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642 Apalachia Lake Drive Fuquay Varina, NC 27526

4 Beds 3 Baths 1,701 sqft Built 2010

INVESTimate

$289,900

List Price

$1,500

$1,350 - $1,650

Rent Est.

$303,641  ( +4.74%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2010
  • Price/Sqft : $170.43
  • 7 Days on Market
  • MLS # : 2338232
  • Updated Date : 08/24/2020 at 18:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,701 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Beautiful two story traditional home in South Lakes with screened in patio that overlooks lake. Large family room with corner fireplace, eat-in kitchen with 42" cabinets, island and 2-car garage. 4 bedrooms or 3 & big bonus room, walking distance to pool, high school, and new elementary school. 25k in solar panels & energy smart built. Priced UNDER appraised value!!

SEE MORE

MARKET HIGHLIGHTS

  • 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: South Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320kPrice in $132k326k

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

Neighborhood: South Lakes

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100011001200130014001500160017001800Rent in $9461846

* 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
Willow Springs Elementary School Primary Regular 1,017 61 8
Fuquay-varina Middle School Middle Regular 819 55 4
Fuquay-varina High School High Regular 2,117 114 7

Willow Springs Elementary School

  • Education Level: Primary
  • # of students: 1,017
  • # of teachers: 61
8
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
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,350$1,650$1,500

RENT

DOWN PAYMENT
FINANCING

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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,500
EXPENSES Loan Payment -$1,070
Property Tax -$237
Property Insurance -$60
HOA -$40
Property Management Fees -$135
CASH FLOW
-$42

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.

$289,900

PROJECTED PRICE

$1,500

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 4.74%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,070

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$12,773

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,500

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,548

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,4503$1,4954$1,4955$1,500
$1,500
RENT COMPS ANALYSIS
  • 642 Apalachia Lake Drive Fuquay Varina, 5
    • 4 beds 3 baths ∙ 1,701 Sqft ∙ Built 2010 4 beds 3 baths ∙ 1,701 Sqft ∙ Built 2010
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.88
    •  
  • 204 N Honey Springs Avenue Fuquay Varina, 1
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2001
    property image
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.88
    •  
  • 205 Willow Grove Lane Fuquay Varina, 2
    • 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 2018 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 2018
    property image
    LEASED 03/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.91
    •  
  • 100 N Lintel Drive Fuquay Varina, 3
    • 3 beds 3 baths ∙ 1,630 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,630 Sqft ∙ Built 2003
    property image
    LEASED 03/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.92
    •  
  • 228 Honeywell Way Fuquay Varina, 4
    • 3 beds 3 baths ∙ 1,603 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,603 Sqft ∙ Built 1999
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
PROPERTY LISTING DETAILS
Marti Hampton
1.888.584.9431
Exp Realty Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338232
Last Updated: 08/24/2020
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