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405 Electra Drive Cary, NC 27513

3 Beds 3 Baths 1,657 sqft Built 1985

$275,000

List Price

$1,320

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $165.96
  • 3 Days on Market
  • MLS # : 2368969
  • Updated Date : 02/27/2021 at 21:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,657 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Amazing opportunity in Cary! A 3 bed 2.5 bath with a large flat lot and excellent schools. 1 car garage. No HOA! Fresh paint and carpet throughout. Brick hearth and fireplace in living room. Eat in kitchen with plenty of counter space and cabinets. Separate dining. Laundry and storage on first floor. Large deck and Shed in backyard. Tons of storage! Take action today!

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: Hearthstone

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $137k385k

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

Neighborhood: Hearthstone

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600170018001900Rent in $8911978

* 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
Reedy Creek Elementary School Primary Regular 651 47 6
Reedy Creek Middle School Middle Regular 829 52 3
Cary High School High Regular 2,396 135 7

Reedy Creek Elementary School

  • Education Level: Primary
  • # of students: 651
  • # of teachers: 47
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
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$955
Property Tax -$233
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
-$47

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.

$275,000

PROJECTED PRICE

$1,320

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.33%
Appreciation Year (1-5) 4.9%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$15,267

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,367

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3003$1,3204$1,3955$1,500
$1,500
RENT COMPS ANALYSIS
  • 405 Electra Drive Cary, NC 3
    • 3 beds 3 baths ∙ 1,657 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,657 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $0.80
    •  
  • 103 Carriole Court Cary, NC 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1985
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.83
    •  
  • 203 Dark Oak Drive Cary, NC 2
    • 3 beds 3 baths ∙ 1,644 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,644 Sqft ∙ Built 1984
    LEASED 01/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.79
    •  
  • 105 Tarlow Court Cary, NC 4
    • 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,641 Sqft ∙ Built 1998
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.85
    •  
  • 303 Wyatts Pond Lane Raleigh, NC 5
    • 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,800 Sqft ∙ Built 1986
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.83
    •  
PROPERTY LISTING DETAILS
Todd Harrison
1.919.694.3222
Keller Williams Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2368969
Last Updated: 02/27/2021
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