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320 Wax Myrtle Court Cary, NC 27513

3 Beds 2 Baths 1,501 sqft Built 1988

$225,000

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

December 30, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $149.90
  • 6 Days on Market
  • MLS # : 2359394
  • Updated Date : 01/02/2021 at 17:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,501 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

Great investment home! House is being sold AS IS and is reflected in the listing price. House needs some repairs. All Offers To Be AS IS! OWNER WILL NOT MAKE REPAIRS. Perfect property for flipping! Misc. personal property abandoned by previous tenant with permission to dispose. Seller will not remove. Buyer to be responsible for any personal property removal. We have Multiple Offers In Hand. Offer Deadline is Sunday 1/3/21 @ 4 PM. Due Diligence Check payable to Adams, Howell, & Sizemore.

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MARKET HIGHLIGHTS

  • #7 Best Big City for Jobs 2018 (Forbes, 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
  • 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: Evergeen

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $114k385k

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

Neighborhood: Evergeen

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600170018001900Rent in $8161978

* 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
Laurel Park Elementary School Primary Regular 988 59 7
Salem Middle School Middle Regular 1,238 76 7
Cary High School High Regular 2,396 135 7

Laurel Park Elementary School

  • Education Level: Primary
  • # of students: 988
  • # of teachers: 59
7
GreatSchools Rating

Salem Middle School

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

Cary High School

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

$202,500$247,500$225,000

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$830
Property Tax -$214
Property Insurance -$56
HOA -$12
Property Management Fees -$119
CASH FLOW
$169

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.

$225,000

PROJECTED PRICE

$1,400

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 9.5%
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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

10

YEARS SAVED

$37,364

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
  • $0.93

    LIST RENT PER SQFT
  • $1,400

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,4003$1,4954$1,5505$1,595
$1,595
RENT COMPS ANALYSIS
  • 320 Wax Myrtle Court Cary, NC 2
    • 3 beds 2 baths ∙ 1,501 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,501 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.93
    •  
  • 107 Mcdole Circle Cary, NC 1
    • 3 beds 2 baths ∙ 1,407 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,407 Sqft ∙ Built 1979
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.92
    •  
  • 1401 Tarbert Drive Cary, NC 3
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1978
    LEASED 04/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
  • 1505 Highland Trail Cary, NC 4
    • 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1980
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.92
    •  
  • 110 Laurel Branch Drive Cary, NC 5
    • 3 beds 3 baths ∙ 1,655 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,655 Sqft ∙ Built 1994
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.96
    •  
PROPERTY LISTING DETAILS
David Anderson
1.919.622.4785
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2359394
Last Updated: 01/02/2021
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