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$389,000

For Sale - Active
48 Cherry Rd Unit 1, Southport, NC 28461
4 Beds
4 Baths
0 Square Feet
0.24 Acres Lot
Built in 2004
For Sale - Active
Units n/a
Checked: 16 hours ago
Updated: Jun 06, 2025 at 03:09AM

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$875
Cap Rate
3.0%
Cash-on-Cash Return
-11.7%
Debt Coverage Ratio
0.52
Internal Rate of Return (5 years)
-7.4%

Property Description


0.24 Acres Lot
Built in 2004
For Sale - Active
Units n/a

Duplex Investment Opportunity in Boiling Spring Lakes! Looking for a solid rental property in a great location? This 4-bedroom, 4-bathroom duplex offers strong rental history and income potential. Each 2-bedroom, 2-bathroom unit features laminate floors, ceramic tile, and open living spaces. The fenced backyard provides privacy with a divider between units, and separate driveways offer convenient parking. Located near the main road for easy access, this property is just minutes from the beach and downtown Southport. Plus, residents can enjoy community amenities like a boat ramp, tennis and basketball courts, a fitness center, scenic trails, a playground, and an 18-hole golf course. A prime investment in a growing area—don't miss this opportunity!

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Location


Property Details


Parking

  • Details: Off Street, On Site, Paved
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 4

Bathroom Information

  • # of Baths (Total): 4.0

Interior Features

  • # of Stories: 1

Exterior Features

  • Exterior Walls Materials: Siding (Alum/Vinyl)
  • Roof Type: Gable
  • Roof Material: Shingle

Land Information

  • Land Use: Residential Income
  • Land Use Subtype: Duplex

Lot Information

  • Parcel ID: 142JE022
  • Lot Size: 10500 sqft

Property Information

  • Property Type: Duplex
  • Year Built: 2004

Tax Information

  • Annual Tax: $0

Utilities

  • Water & Sewer: Public
  • Heating: Heat Pump, Electric
  • Cooling: Ceiling Fan(s), Central Air

Location

  • County: Brunswick

Listing Details


Listed by:
Hank Troscianiec & Associates
Keller Williams Innovate-OKI
(910) 262-7705

Source:
Hive MLS (North Carolina Regional)
MLS#: 100498422
Hive MLS (North Carolina Regional)

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$875
Cap Rate
3.0%
Cash-on-Cash Return
-11.7%
Debt Coverage Ratio
0.52
Internal Rate of Return (5 years)
-7.4%

Purchase Details

Find an Agent

Purchase price:
$389,000
Amount financed:
-$311,200
Down payment:
$77,800
Closing costs:
$11,670
Rehab costs:
$0
Initial cash invested:
$89,470
Square feet:
0
Cost per square foot:
n/a
Monthly rent per square foot:
n/a

Financing Details

Find a Lender

Loan amount:
$311,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$1,841
Property tax:
$0
Insurance:
$98
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,939

Operating Income

Find a Property Manager

% Rent Monthly Yearly
Gross rent:
$1,400 $16,800
Vacancy loss: (6%)
6% -$84 -$1,008
Operating income:
$1,316 $15,792

Operating Expenses


% Rent Monthly Yearly
Property taxes: (n/a)
n/an/an/a
Insurance: (7%)
7%-$98-$1,176
Property management: (8%)
8%-$112-$1,344
Repairs & maintenance: (5%)
5%-$70-$840
Capital expenditures: (5%)
5%-$70-$840
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (25%)
25%-$350-$4,200

Cash Flow


Monthly Yearly
Net operating income:
$966 $11,592
Mortgage payments:
-$1,841 -$22,092
Cash flow:
$875 $10,500