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$1,475,000

For Sale - Active
280 Phillips Rd, Selma, NC 27576
4 Beds
5 Baths
3,802 Square Feet
15.81 Acres Lot
Built in 1998
For Sale - Active
Units n/a
Checked: 11 hours ago
Updated: Jul 25, 2025 at 06:51AM

Investment Summary


Monthly Cash Flow
-$4,709
Cap Rate
1.8%
Cash-on-Cash Return
-16.7%
Debt Coverage Ratio
0.33
Internal Rate of Return (5 years)
-12.1%

Property Description


15.81 Acres Lot
Built in 1998
For Sale - Active
Units n/a

Private Brick Estate on 15.8 Acres in Selma, NC - Over 3,800 Sq. Ft. + Finished Barn & Fruit Trees Welcome to 280 Phillips Road, Selma, NC — a rare opportunity to own a private, all-brick estate on 15.8 beautifully maintained acres in Johnston County. A long, tree-lined driveway leads to this spacious 4-bedroom, 4-bathroom home featuring over 3,800 sq. ft. of living space, over 1800 sq. ft. unfinished basement, and a blend of open, grassy areas and wooded privacy at the back of the property. Inside, enjoy a bright, open-concept layout where the living room, kitchen, dining room, and flex space are all within view—ideal for both daily living and entertaining. Large windows fill the space with natural light. There's a fireplace in the living room and another in the basement, offering future finishing potential. The main-level primary suite includes a walk-in closet with custom built-ins and a tiled shower in the en-suite bath. Upstairs, you'll find three bedrooms, two full baths, a bonus room, a flex room, and over 600 sq. ft. of unfinished storage space beside the bonus room. Updates and extras include two HVAC units, a roof replaced in 2018, and a Carolina Alarms security system. The home is equipped with a central vacuum system, a separate utility room, and a washer and dryer (2019), refrigerator (2018), microwave (2023), and stovetop (2021) — all of which convey. From the attached two-car garage, step into a sunroom filled with light and views of the backyard. A deck connects the sunroom and living room for effortless indoor-outdoor flow. Out back, a finished barn (1,100+ sq. ft.) offers a full bathroom, tankless water heater, gas line access, enclosed garage, and an open shed. Behind the barn is a four-bay shed, perfect for trucks, tractors, or equipment. You'll also enjoy grapevines, blueberry bushes, and pear, fig, and pecan trees scattered throughout the grounds. This unique Selma property offers country charm, modern updates, and plenty of space — all just a short drive to Smithfield, Clayton, and Raleigh.

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Location


Property Details


Parking

  • Description: Garage
  • Details: Attached
  • Garage Spaces: 2
  • Spaces Total: 5

Bedroom Information

  • # of Bedrooms: 4

Bathroom Information

  • # of Baths (Full): 5
  • # of Baths (Total): 5.0

Interior Features

  • # of Rooms: 1
  • # of Stories: 2
  • Attic: Yes
  • Basement: Yes
  • Basement Description: Storage Space, Unfinished, Walk-Out Access
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Brick Veneer
  • Foundation: Block
  • Roof Type: Gable or Hip
  • Roof Material: Shingle

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 11L06199B
  • Lot Size: 688683 sqft

Property Information

  • Property Type: Single Family Residence
  • Style: Traditional
  • Year Built: 1998

Tax Information

  • Annual Tax: $5,042

Utilities

  • Water & Sewer: Private, Public, Well
  • Heating: Central
  • Cooling: Central Air, Window Unit(s)

Location

  • County: Johnston

Listing Details


Listed by:
Matthew Albert Wayne Coates
Fathom Realty NC
(919) 414-6836

Source:
Triangle MLS (Doorify MLS)
MLS#: 10103548
Triangle MLS (Doorify MLS)

Investment Summary


Monthly Cash Flow
-$4,709
Cap Rate
1.8%
Cash-on-Cash Return
-16.7%
Debt Coverage Ratio
0.33
Internal Rate of Return (5 years)
-12.1%

Purchase Details

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Purchase price:
$1,475,000
Amount financed:
-$1,180,000
Down payment:
$295,000
Closing costs:
$44,250
Rehab costs:
$0
Initial cash invested:
$339,250
Square feet:
3,802
Cost per square foot:
$388
Monthly rent per square foot:
$1.03

Financing Details

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Loan amount:
$1,180,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$6,980
Property tax:
$420
Insurance:
$273
Private mortgage insurance (PMI):
$0
Monthly payment:
$7,673

Operating Income

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% Rent Monthly Yearly
Gross rent:
$3,900 $46,800
Vacancy loss: (6%)
6% -$234 -$2,808
Operating income:
$3,666 $43,992

Operating Expenses


% Rent Monthly Yearly
Property taxes: (11%)
11%-$420-$5,043
Insurance: (7%)
7%-$273-$3,276
Property management: (8%)
8%-$312-$3,744
Repairs & maintenance: (5%)
5%-$195-$2,340
Capital expenditures: (5%)
5%-$195-$2,340
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (36%)
36%-$1,395-$16,743

Cash Flow


Monthly Yearly
Net operating income:
$2,271 $27,252
Mortgage payments:
-$6,980 -$83,760
Cash flow:
$4,709 $56,508