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$249,000

For Sale - Active
711 N Spence Ave, Goldsboro, NC 27534
3 Beds
3 Baths
1,745 Square Feet
0.05 Acres Lot
Built in 1984
For Sale - Active
Units n/a
Checked: 13 hours ago
Updated: Jul 17, 2025 at 12:22AM

Investment Summary


Monthly Cash Flow
-$349
Cap Rate
4.0%
Cash-on-Cash Return
-7.3%
Debt Coverage Ratio
0.70
Internal Rate of Return (5 years)
-3.1%

Property Description


0.05 Acres Lot
Built in 1984
For Sale - Active
Units n/a

Conveniently located in the heart of the city, this spacious townhouse offers the perfect blend of comfort and accessibility—just minutes from restaurants, shopping, and SJAFB. Featuring 3 bedrooms and 2.5 baths, this well-maintained home includes a large bonus room with a wet bar, perfect for entertaining or relaxing. The cozy living room is centered around a charming fireplace, while the back patio provides a great outdoor retreat. Additional perks include a detached storage room for extra space. This home is a must-see for anyone seeking city living with added amenities! Ask ChatGPT

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Location


Property Details


Parking

  • Description: On Site, Parking Lot
  • Details: Parking Lot, On Site
  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Partial): 1
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 6
  • # of Stories: 2
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Masonry
  • Roof Type: Gable or Hip
  • Roof Material: Composition

HOA

  • Has HOA: Yes
  • Association: Spence place homeowners Association Inc
  • HOA Fee: $2,640/annually

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 3519348809
  • Lot Size: 2178 sqft

Property Information

  • Property Type: Townhouse
  • Year Built: 1984

Tax Information

  • Annual Tax: $2,315

Utilities

  • Heating: Electric, Heat Pump
  • Cooling: Ceiling Fan(s), Central Air

Location

  • County: Wayne

Listing Details


Listed by:
Robert Phillips
The Firm NC
(919) 920-2609

Source:
Hive MLS (North Carolina Regional)
MLS#: 100519387
Hive MLS (North Carolina Regional)

Investment Summary


Monthly Cash Flow
-$349
Cap Rate
4.0%
Cash-on-Cash Return
-7.3%
Debt Coverage Ratio
0.70
Internal Rate of Return (5 years)
-3.1%

Purchase Details

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Purchase price:
$249,000
Amount financed:
-$199,200
Down payment:
$49,800
Closing costs:
$7,470
Rehab costs:
$0
Initial cash invested:
$57,270
Square feet:
1,745
Cost per square foot:
$143
Monthly rent per square foot:
$1.03

Financing Details

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Loan amount:
$199,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
5.875%
Principal & interest:
$1,178
Property tax:
$193
Insurance:
$126
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,497

Operating Income

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% Rent Monthly Yearly
Gross rent:
$1,800 $21,600
Vacancy loss: (6%)
6% -$108 -$1,296
Operating income:
$1,692 $20,304

Operating Expenses


% Rent Monthly Yearly
Property taxes: (11%)
11%-$193-$2,315
Insurance: (7%)
7%-$126-$1,512
Property management: (8%)
8%-$144-$1,728
Repairs & maintenance: (5%)
5%-$90-$1,080
Capital expenditures: (5%)
5%-$90-$1,080
HOA fees: (12%)
12%-$220-$2,640
Total operating expenses: (48%)
48%-$863-$10,355

Cash Flow


Monthly Yearly
Net operating income:
$829 $9,948
Mortgage payments:
-$1,178 -$14,136
Cash flow:
$349 $4,188