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109 Leisure Court Cary, NC 27511

3 Beds 2 Baths 1,525 sqft Built 1981

$255,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1981
  • Price/Sqft : $167.21
  • 3 Days on Market
  • MLS # : 2352615
  • Updated Date : 11/07/2020 at 14:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,525 sqft
  • Baths : 2 full
Listing Agent

Nest Realty Of The Triangle

Listing Agent's Description

A VERY RARE FIND for a PRIME CARY location! 3 bedroom 2 bath ranch home on a LARGE culdesac LOT for only $255,000! HVAC replaced in 2019! This home would be PERFECT for a first time home buyer or someone looking for some BIG TIME sweat equity! Cosmetic updates are needed and this certainly reflects in the price. Hardwood floors and solid wood cabinets! Updated appliances in the kitchen. Newly stained deck. HUGE fenced in back yard! This one won't last long!

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MARKET HIGHLIGHTS

  • #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)
  • 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

Neighborhood: Maynard Woods

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $132k385k

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

Neighborhood: Maynard Woods

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600170018001900Rent in $8701978

* 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
Briarcliff Elementary School Primary Regular 626 44 7
Reedy Creek Middle School Middle Regular 829 52 3
Cary High School High Regular 2,396 135 7

Briarcliff Elementary School

  • Education Level: Primary
  • # of students: 626
  • # of teachers: 44
7
GreatSchools Rating

Reedy Creek Middle School

  • Education Level: Middle
  • # of students: 829
  • # of teachers: 52
3
GreatSchools Rating

Cary High School

  • Education Level: High
  • # of students: 2,396
  • # of teachers: 135
7
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$941
Property Tax -$227
Property Insurance -$57
Property Management Fees -$124
CASH FLOW
$31

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.

$255,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.0%
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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$17,319

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,445

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3803$1,4504$1,5505$1,595
$1,595
RENT COMPS ANALYSIS
  • 109 Leisure Court Cary, NC 2
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.90
    •  
  • 297 High Meadow Drive Cary, NC 1
    • 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,498 Sqft ∙ Built 1978
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $0.88
    •  
  • 901 Medlin Road Cary, NC 3
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1977
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.97
    •  
  • 100 Westwind Court Cary, NC 4
    • 3 beds 3 baths ∙ 1,530 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,530 Sqft ∙ Built 1994
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.01
    •  
  • 111 Kylie Savannah Court Cary, NC 5
    • 3 beds 2 baths ∙ 1,717 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,717 Sqft ∙ Built 2000
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.93
    •  
PROPERTY LISTING DETAILS
Jordan Lee
1.919.475.2944
Nest Realty Of The Triangle
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2352615
Last Updated: 11/07/2020
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