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7124 S Nc 55 Highway Fuquay Varina, NC 27526

3 Beds 1 Baths 1,332 sqft Built 1975

$219,000

List Price

$1,180

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

February 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $164.41
  • 6 Days on Market
  • MLS # : 2364567
  • Updated Date : 02/02/2021 at 16:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,332 sqft
  • Baths : 1 full
Listing Agent

Casa Morgan Real Estate

Listing Agent's Description

Beautiful updated ranch style home in country setting but close to everything. Almost an acre lot. Large rooms. Laminate flooring. Updated kitchen has open shelving, cast iron sink, subway tile, and butcher block counters. Custom made barn doors to closet and laundry room. Bathroom has tile and granite. Large oversized bonus room can be used as office with own entrance. Covered porch in rear of home. Backyard features 2 sheds and playground.

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

Zip Code: 27526

ZipNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260kPrice in $132k265k

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

Zip Code: 27526

ZipNIR 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
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
 

$197,100$240,900$219,000

PURCHASE PRICE

$1,062$1,298$1,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,180
EXPENSES Loan Payment -$761
Property Tax -$160
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$87

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.

$219,000

PROJECTED PRICE

$1,180

PROJECTED RENT

0.54%

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

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$63,785

INVESTMENT

$63,785

Down Payment
$54,750
Rehab Estimate
$5,750
Closing Costs
$3,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$761

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $54,750
Loan Amount $164,250
See What Happens When You Reinvest Cash Flow

7.67

YEARS SAVED

$21,715

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,180

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,106

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,175
1$1,1752$1,180
$1,180
RENT COMPS ANALYSIS
  • 7124 S Nc 55 Highway Fuquay Varina, NC 2
    • 3 beds 1 baths ∙ 1,332 Sqft ∙ Built 1975 3 beds 1 baths ∙ 1,332 Sqft ∙ Built 1975
    • Rent
    • Rent Per SQFT
    •  
    • $1,180
    • $0.89
    •  
  • 7360 S Nc 55 Highway Fuquay Varina, NC 1
    • 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 1958
    LEASED 12/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,175
    • $0.83
    •  
PROPERTY LISTING DETAILS
Erica Morgan
1.910.987.0211
Casa Morgan Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2364567
Last Updated: 02/02/2021
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