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908 Belhaven Road Cary, NC 27513

3 Beds 2 Baths 1,488 sqft Built 1977

$270,000

List Price

$1,380

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $181.45
  • 3 Days on Market
  • MLS # : 2358532
  • Updated Date : 12/18/2020 at 22:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,488 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices Ysu

Listing Agent's Description

This charming home is nestled in a prime Cary locale & sure to please. Its oversized carport offers both covered parking & direct access into a delightful interior boasting gorgeous luxury plank flooring throughout. The kitchen offers a great view of the wooded backyard & is adjacent to a perfectly proportioned dining area. Family room includes a masonry fireplace & built-in cabinetry while a separate living room provides valuable extra space w/ multiple use options. Master bedroom includes en-suite bath!

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
  • #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)

PRICE & RENT TRENDS

Neighborhood: Plantations of Northwood

NeighborhoodNIR Market*CityMarket2010Year20002019160k180k200k220k240k260k280k300k320k340k360k380kPrice in $146k385k

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

Neighborhood: Plantations of Northwood

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21000110012001300140015001600170018001900Rent in $9591978

* 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
Kingswood Elementary School Primary Regular 415 33 NA
Reedy Creek Middle School Middle Regular 829 52 3
Cary High School High Regular 2,396 135 7

Kingswood Elementary School

  • Education Level: Primary
  • # of students: 415
  • # of teachers: 33
NA
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
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,242$1,518$1,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,380
EXPENSES Loan Payment -$996
Property Tax -$218
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
-$9

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.

$270,000

PROJECTED PRICE

$1,380

PROJECTED RENT

0.51%

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$16k

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$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$22,457

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,380

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,391

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3803$1,4954$1,4955$1,495
$1,495
RENT COMPS ANALYSIS
  • 908 Belhaven Road Cary, NC 2
    • 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,488 Sqft ∙ Built 1977
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,380
    • $0.93
    •  
  • 701 Middleton Avenue Cary, NC 1
    • 4 beds 2 baths ∙ 1,352 Sqft ∙ Built 1984 4 beds 2 baths ∙ 1,352 Sqft ∙ Built 1984
    property image
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.96
    •  
  • 109 Trailing Fig Court Cary, NC 3
    • 3 beds 3 baths ∙ 1,660 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,660 Sqft ∙ Built 1997
    property image
    LEASED 08/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.90
    •  
  • 307 Melanie Lane Cary, NC 4
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1979
    property image
    LEASED 10/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.95
    •  
  • 116 Willoughby Lane Cary, NC 5
    • 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 1986
    property image
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.93
    •  
PROPERTY LISTING DETAILS
Melissa Schambs
1.919.796.9408
Berkshire Hathaway Homeservices Ysu
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2358532
Last Updated: 12/18/2020
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