Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

808 E Cardinal Drive Fuquay Varina, NC 27526

3 Beds 2 Baths 1,533 sqft Built 1986

INVESTimate

$229,500

List Price

$1,250

$1,125 - $1,375

Rent Est.

$241,204  ( +5.10%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1986
  • Price/Sqft : $149.71
  • 6 Days on Market
  • MLS # : 2338613
  • Updated Date : 08/22/2020 at 16:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,533 sqft
  • Baths : 2 full
Listing Agent

Seller's Resource Group

Listing Agent's Description

Spacious 3 bedroom, 2 bathroom home with large sunroom off the dining room. Located just 5 minutes from downtown Fuquay-Varina and shopping. Features hardwood flooring in main living areas with newly renovated shower. This home has a large crawl space that offers ample storage as a storage closet adjacent to the spacious deck located off the sunroom.

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: Cheek Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $97k265k

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

Neighborhood: Cheek Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7571610

* 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
Herbert Akins Road Elementary School Primary Regular 966 57 6
Fuquay-varina Middle School Middle Regular 819 55 4
Fuquay-varina High School High Regular 2,117 114 7

Herbert Akins Road Elementary School

  • Education Level: Primary
  • # of students: 966
  • # of teachers: 57
6
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
 

$206,550$252,450$229,500

PURCHASE PRICE

$1,125$1,375$1,250

RENT

DOWN PAYMENT
FINANCING

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-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,250
EXPENSES Loan Payment -$847
Property Tax -$183
Property Insurance -$57
Property Management Fees -$113
CASH FLOW
$51

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.

$229,500

PROJECTED PRICE

$1,250

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.10%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,568

INVESTMENT

$66,568

Down Payment
$57,375
Rehab Estimate
$5,750
Closing Costs
$3,443

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$847

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,375
Loan Amount $172,125
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$17,944

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,250

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,384

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2503$1,3504$1,4505$1,490
$1,490
RENT COMPS ANALYSIS
  • 808 E Cardinal Drive Fuquay Varina, 2
    • 3 beds 2 baths ∙ 1,533 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,533 Sqft ∙ Built 1986
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.82
    •  
  • 708 E Cardinal Drive Fuquay Varina, 1
    • 3 beds 3 baths ∙ 1,490 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,490 Sqft ∙ Built 1985
    property image
    LEASED 04/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.84
    •  
  • 704 Perry Howard Road Fuquay Varina, 3
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1994
    property image
    LEASED 07/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
  • 1509 Singletree Lane Fuquay Varina, 4
    • 3 beds 2 baths ∙ 1,537 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,537 Sqft ∙ Built 1976
    property image
    LEASED 04/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.94
    •  
  • 509 Birchtree Valley Court Fuquay Varina, 5
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2003
    property image
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,490
    • $0.93
    •  
PROPERTY LISTING DETAILS
Denice Niethammer
1.828.505.0960
Seller's Resource Group
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338613
Last Updated: 08/22/2020
BESbswy