3305 Drake RdMidlandNC28107
Nearby investment properties with comparable rents
Nearby investment properties with comparable prices
Ziffy AI Summary
A quick, investor-focused snapshot highlighting income strength, yield potential.
| Key metrics | Value |
|---|---|
| Price | $399,900 |
| Est. Rent | $3,200/mo |
| ROI | 18% |
- Attractive rent-to-price ratio for income stability
- Good fit for DSCR financing with healthy coverage
Investment Highlights
Rental property for sale in Midland at 3305 Drake Rd, Midland, NC, 28107 priced at $129,000 converts $1,780/mo rent into $994/mo cash flow after a $631/mo obligation. Total monthly income equals $1,780/mo, and annual cash flow totals $11,930/yr on $42,764 invested. Return on cash invested prints 47.81% in year one, and rental yield reads 16.56% against a $129,000 entry. Equity gained on principal adds $832/yr, while 5% annual appreciation compiles into $35,640 by year five. Five-year ROI reaches 252.44% and total cumulative return in cash sums $107,953. For leverage, Ziffy Mortgage’s DSCR loan bases approval on $1,780/mo property income covering a $631/mo payment, not borrower’s personal income.
Lot
Built in N/A
2.72 Acres lot
$N/A/sqft
No HOA
Neighborhood Data
Neighborhood data shown for ZIP Code: 28107, Midland, NC area.
Housing Distribution
Housing Statistics
| Category | Value |
|---|---|
| Total HU (Housing Units) | 4,039 (100%) |
| Owner Occupied HU | 3,399 (84.2%) |
| Renter Occupied HU | 465 (11.5%) |
| Vacant Housing Units | 175 ( 4.3%) |
| Median Home Value | $419,281 |
| Average Home Value | $459,103 |
Housing Distribution
Address Breakdown
Residential
3,950
Single Family
3,950
Multi-Family
0
Businesses
223
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Nearby investment properties with comparable prices
Listed by: Lisa Phillips • United Real Estate-Queen City
Mls Name: Canopy MLS as distributed by MLS GRID
Mls Provider:
Mls ID: #3880856
Disclaimer: Based on information submitted to the MLS GRID as of 2024-01-24 10:55:15 PST. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website. [Click here for more information](/info/mls-disclaimers/#mls_87)