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830 Homestead Park Drive Apex, NC 27502

3 Beds 3 Baths 1,400 sqft Built 1999

INVESTimate

$269,900

List Price

$1,350

$1,215 - $1,485

Rent Est.

$292,976  ( +8.55%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1999
  • Price/Sqft : $192.79
  • 7 Days on Market
  • MLS # : 2338247
  • Updated Date : 08/20/2020 at 20:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,400 sqft
  • Baths : 2 full , 1 half
Listing Agent

Fathom Realty Nc, Llc

Listing Agent's Description

COMING SOON*** Wonderful opportunity for a nice sized home with many wants! Convenient Apex location w access to top rated schools,540,restaurants & shops! This pretty 3 bdrm/ 2.5 bath features low maintenance vinyl siding, new roof, 2016 gutters + nice updates inside. White kitchen has SS appliances & the fridge CONVEYS! Private fenced in backyard backs to wooded buffer - offers extended entertainment with a covered stamped patio & shed. ** PRO PICS/VIDEO/MEASURING COMING SOON**

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: Homestead Park

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $125k370k

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

Neighborhood: Homestead Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8541880

* 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
Olive Chapel Elementary School Primary Regular 1,023 58 9
Lufkin Road Middle School Middle Regular 1,000 57 8
Apex Friendship High School High Regular NA

Olive Chapel Elementary School

  • Education Level: Primary
  • # of students: 1,023
  • # of teachers: 58
9
GreatSchools Rating

Lufkin Road Middle School

  • Education Level: Middle
  • # of students: 1,000
  • # of teachers: 57
8
GreatSchools Rating

Apex Friendship High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

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$700k$800k$900k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$996
Property Tax -$225
Property Insurance -$55
HOA -$13
Property Management Fees -$122
CASH FLOW
-$60

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 16% of earned rent to cover both maintenance and periods of vacancy.

$269,900

PROJECTED PRICE

$1,350

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 8.55%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$12,523

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,358

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4503$1,5504$1,6005$1,650
$1,650
RENT COMPS ANALYSIS
  • 830 Homestead Park Drive Apex, 1
    • 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.96
    •  
  • 205 Evening Star Drive Apex, 2
    • 3 beds 2 baths ∙ 1,472 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,472 Sqft ∙ Built 1998
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.99
    •  
  • 109 Summer Days Court Apex, 3
    • 4 beds 2 baths ∙ 1,550 Sqft ∙ Built 1999 4 beds 2 baths ∙ 1,550 Sqft ∙ Built 1999
    property image
    LEASED 05/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.00
    •  
  • 100 Windy Creek Lane Apex, 4
    • 3 beds 3 baths ∙ 1,713 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,713 Sqft ∙ Built 2009
    property image
    LEASED 08/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.93
    •  
  • 412 Evening Star Drive Apex, 5
    • 3 beds 3 baths ∙ 1,724 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,724 Sqft ∙ Built 2009
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.96
    •  
PROPERTY LISTING DETAILS
Trish Hill
1.919.604.0035
Fathom Realty Nc, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338247
Last Updated: 08/20/2020
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