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202 Iron Hill Drive Cary, NC 27519

3 Beds 3 Baths 1,363 sqft Built 1997

$300,000

List Price

$1,510

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $220.10
  • 3 Days on Market
  • MLS # : 2361803
  • Updated Date : 01/16/2021 at 22:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,363 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Legacy

Listing Agent's Description

UPDATE: BEST & FINAL OFFERS DUE SUNDAY 1/17 BY 5PM! Beautifully maintained home nestled in coveted Park Village! Bright & open floorpan w/ beautiful luxury vinyl plank floors throughout the first floor. First floor offers a large family room w/ direct vent fireplace & vaulted ceiling, separate dining area & open kitchen w/ granite countertops & SS appliances. Second floor has 3 bedrooms. The master suite has a vaulted ceiling, walk in closet & tons of light. Roof 2019!

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Park Village

NeighborhoodNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340k360k380kPrice in $153k385k

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

Neighborhood: Park Village

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000110012001300140015001600170018001900Rent in $9681978

* 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
Salem Elementary School Primary Regular 722 46 4
Salem Middle School Middle Regular 1,238 76 7
Apex High School High Regular 2,549 132 6

Salem Elementary School

  • Education Level: Primary
  • # of students: 722
  • # of teachers: 46
4
GreatSchools Rating

Salem Middle School

  • Education Level: Middle
  • # of students: 1,238
  • # of teachers: 76
7
GreatSchools Rating

Apex High School

  • Education Level: High
  • # of students: 2,549
  • # of teachers: 132
6
GreatSchools Rating
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$1,042
Property Tax -$241
Property Insurance -$54
HOA -$47
Property Management Fees -$119
CASH FLOW
$8

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

$1,510

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$21,441

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,510

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,308

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5103$1,5354$1,6005$1,649
$1,649
RENT COMPS ANALYSIS
  • 202 Iron Hill Drive Cary, NC 2
    • 3 beds 3 baths ∙ 1,363 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,363 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $1.11
    •  
  • 103 Newton Grove Road Cary, NC 1
    • 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1996
    property image
    LEASED 08/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.96
    •  
  • 106 Mint Hill Drive Cary, NC 3
    • 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 1998
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,535
    • $0.96
    •  
  • 301 Woodstar Drive Cary, NC 4
    • 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 1993
    property image
    LEASED 08/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.94
    •  
  • 119 Love Valley Drive Cary, NC 5
    • 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 1997
    property image
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,649
    • $0.98
    •  
PROPERTY LISTING DETAILS
Michael Wolgin
1.919.757.1241
Keller Williams Legacy
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361803
Last Updated: 01/16/2021
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