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PROPERTY INFO
FACTS
- Single Family
- Built In 1977
- Price/Sqft : $228.83
- 3 Days on Market
- MLS # : 2367831
- Updated Date : 02/19/2021 at 23:15
CONSTRUCTION
- Beds : 3
- Floor Size : 1,311 sqft
- Baths : 2 full
Listing Agent
Hometowne Realty
Listing Agent's Description
Updated Ranch home in the heart of Cary on cul de sac street. Updates include: Sealed crawl space, new vinyl flooring in family room, dining area, & kitchen, updated bathrooms with tile, new SS appliances, and freshly painted interior. Open floorplan featuring large family room with vaulted ceilings opening into kitchen and dining area. Hardwood floors in master bedroom and secondary bedrooms. Large screen porch, deck, and wired building in fenced backyard.
SEE MORE
- 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
- #7 Best Big City for Jobs 2018 (Forbes, 2018)
- Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
PRICE & RENT TRENDS
Neighborhood: The Highlands
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: The Highlands
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,400 |
| EXPENSES | Loan Payment | -$1,042 |
| Property Tax | -$202 | |
| Property Insurance | -$53 | |
| Property Management Fees | -$119 | |
|
CASH FLOW
-$16
|
||
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.
$300,000
PROJECTED PRICE
$1,400
PROJECTED RENT
0.47%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.33% |
| Appreciation Year (1-5) | 8.2% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 7.51% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$85,250
LOAN DETAILS
$1,042
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $75,000 |
| Loan Amount | $225,000 |
6
YEARS SAVED
$20,239
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,400
LIST RENT -
$1.07
LIST RENT PER SQFT
-
$1,442
COMP ESTIMATED VALUE -
$1.1
COMP AVG. RENT PER SQFT
Comps Range
-
1106 Broadford Drive Cary, NC 3
- 3 beds 2 baths ∙ 1,311 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,311 Sqft ∙ Built 1977
- Rent
- Rent Per SQFT
- $1,400
- $1.07
-
104 Colen Court Cary, NC 1
- 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1984
LEASED 08/06/20- Rent
- Rent Per SQFT
- $1,400
- $1.12
-
1605 Burnley Drive Cary, NC 2
- 3 beds 3 baths ∙ 1,364 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,364 Sqft ∙ Built 1978
LEASED 09/05/20- Rent
- Rent Per SQFT
- $1,400
- $1.03
-
1422 Suterland Drive Cary, NC 4
- 3 beds 2 baths ∙ 1,293 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,293 Sqft ∙ Built 1979
LEASED 11/20/20- Rent
- Rent Per SQFT
- $1,500
- $1.16
-
112 Buena Vista Drive Cary, NC 5
- 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1990
LEASED 07/01/20- Rent
- Rent Per SQFT
- $1,550
- $1.09
PROPERTY LISTING DETAILS
1.919.422.4162
Hometowne Realty
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
MLS #: 2367831
Last Updated: 02/19/2021
