Townhomes near RTP - Advice?

[Chow Ahmed]

Hi All,

I have a couple general question about SFR / Townhomes near RTP area. So I want to buy something within 15-30 minutes of RTP e.g. Apple campus, for something new/close to new/turn-key as a buy/hold long-term investment property as an out-of-state investor. I hear it's really hard for investors to get in because a lot of communities are not allowing investors to purchase, can anyone verify that?

I am looking at new build townhomes in Cary particularly near the Route 55/Morrisville/Carpenter area that is about 10 minutes from RTP, 20 minutes from Raleigh downtown, and 15 minutes from Duke. For a 3 bed/3 bath, does a rental comp of $2.2k sound too much to expect or it's reasonable? Buying just over $400k, would I be paying way too much or it's about right for the current market? I know with these numbers I would be cash flow negative, but I am seriously considering making a bet on appreciation. I have a stable and well paid W2 so I can afford to eat the costs in the meantime.

Appreciate any insight anyone can offer or tips in general. I've started looking recently in the RTP area. I am also new to this, but eager to pull the trigger for a reasonable deal in the coming months, sooner than later.

Thanks!