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310 W Cornwall Road Cary, NC 27511

3 Beds 2 Baths 1,320 sqft Built 1981

$240,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $181.82
  • 6 Days on Market
  • MLS # : 2368384
  • Updated Date : 02/24/2021 at 21:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,320 sqft
  • Baths : 2 full
Listing Agent

Continental Real Estate Group, Inc.

Listing Agent's Description

This is a diamond in the rough property. This cozy home is conveniently close to all of the amenities of life. It has been lovingly maintained and cared for over the years. This lovely home is upscale at its best. But it needs work! Imagine yourself as the next caretaker of this charming cottage, evoking the style and quality of a bygone era. You are buying a lifestyle, not just a home!

SEE MORE

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: Russell Hills

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $131k385k

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

Neighborhood: Russell Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000110012001300140015001600170018001900Rent in $9171978

* 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
Cary Elementary School Primary Regular 582 42 6
Reedy Creek Middle School Middle Regular 829 52 3
Cary High School High Regular 2,396 135 7

Cary Elementary School

  • Education Level: Primary
  • # of students: 582
  • # of teachers: 42
6
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
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$834
Property Tax -$200
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$94

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.

$240,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.5%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$23,382

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,389

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,4253$1,4754$1,5255$1,700
$1,700
RENT COMPS ANALYSIS
  • 310 W Cornwall Road Cary, NC 1
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.98
    •  
  • 902 Medlin Road Cary, NC 2
    • 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1977
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $1.06
    •  
  • 901 Medlin Drive Cary, NC 3
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1977
    LEASED 12/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.98
    •  
  • 121 Sterlingdaire Drive Cary, NC 4
    • 3 beds 2 baths ∙ 1,446 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,446 Sqft ∙ Built 1991
    LEASED 12/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $1.05
    •  
  • 1023 Pamlico Drive Cary, NC 5
    • 3 beds 2 baths ∙ 1,518 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,518 Sqft ∙ Built 1966
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.12
    •  
PROPERTY LISTING DETAILS
Christine Eisenberg
1.877.996.5728
Continental Real Estate Group, Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2368384
Last Updated: 02/24/2021
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