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209 Gray Street Cary, NC 27513

3 Beds 1 Baths 1,628 sqft Built 1956

INVESTimate

$297,500

List Price

$1,420

$1,278 - $1,562

Rent Est.

$317,552  ( +6.74%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1956
  • Price/Sqft : $182.74
  • 7 Days on Market
  • MLS # : 2338256
  • Updated Date : 08/25/2020 at 20:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,628 sqft
  • Baths : 1 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

INVESTOR or End-User Opportunity! Cary Downtown Town Center Medium-Density Residential zoning district RANCH home with WIDE/FLAT LOT ready for your custom project, flip or new home development parcel! WALK to downtown from this quiet dead-end street with amazing access to all parts of the Triangle. These opportunities for an amazing footprint on .30 ACRE lot are rare and far between! Amazing transition area and quick & easy to sidewalks, trails, schools, parks. Contact us for site plan & plans to fit...

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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: East Cary

ZipNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340k360k380kPrice in $153k385k

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

Neighborhood: East Cary

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2100012001400160018002000220024002600Rent in $9392795

* 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
Northwoods Elementary School Primary Regular 515 39 7
West Cary Middle School Middle Regular 871 48 5
Cary High School High Regular 2,396 135 7

Northwoods Elementary School

  • Education Level: Primary
  • # of students: 515
  • # of teachers: 39
7
GreatSchools Rating

West Cary Middle School

  • Education Level: Middle
  • # of students: 871
  • # of teachers: 48
5
GreatSchools Rating

Cary High School

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

$267,750$327,250$297,500

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$1,098
Property Tax -$201
Property Insurance -$56
Property Management Fees -$128
CASH FLOW
-$63

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.

$297,500

PROJECTED PRICE

$1,420

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 6.74%
Maintenance Year (1-5) 8.00%
Vacancy 7.51%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,588

INVESTMENT

$84,588

Down Payment
$74,375
Rehab Estimate
$5,750
Closing Costs
$4,463

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,098

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,375
Loan Amount $223,125
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$14,967

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,430

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,2953$1,3004$1,3955$1,420
$1,420
RENT COMPS ANALYSIS
  • 209 Gray Street Cary, 5
    • 3 beds 1 baths ∙ 1,501 Sqft ∙ Built 1956 3 beds 1 baths ∙ 1,501 Sqft ∙ Built 1956
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.95
    •  
  • 407 Hickory Street Cary, 1
    • 3 beds 1 baths ∙ 1,180 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,180 Sqft ∙ Built 1955
    property image
    LEASED 08/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.93
    •  
  • 422 S Harrison Avenue Cary, 2
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1960
    property image
    LEASED 05/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.93
    •  
  • 216 Gray Street Cary, 3
    • 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1959
    property image
    LEASED 03/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.00
    •  
  • 109 E Boundary Street Cary, 4
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1959
    property image
    LEASED 03/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.96
    •  
PROPERTY LISTING DETAILS
Keith Bliss
1.919.467.0707
Exp Realty Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2338256
Last Updated: 08/25/2020
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