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10617 Orchid Lane Raleigh, NC 27603

3 Beds 3 Baths 2,019 sqft Built 1990

$295,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1990
  • Price/Sqft : $146.11
  • 34 Days on Market
  • MLS # : 2345791
  • Updated Date : 10/30/2020 at 21:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,019 sqft
  • Baths : 2 full , 1 half
Listing Agent

Northside Realty Inc.

Listing Agent's Description

Charming well maintained 3 bedroom 2.5 bath conveniently located in Forty Two West. Home features a large eat in kitchen with stainless steel appliances, pantry and a separate dining room. Master suite features vaulted ceilings with an extra large walk in closet. Large and beautifully landscaped lot with a private backyard make this home the perfect retreat. Don't miss this one!

SEE MORE

MARKET HIGHLIGHTS

  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)
  • Raleigh-Durham combined metros' economy is worth over $137 billion in Gross Metro Product and projected to grow to $146 billion in 2019 (USMayors.org, 2018)
  • Raleigh-Durham combined metros has 65.3% labor force participation rate higher than the national rate of 62.8% (USMayors.org, 2018)
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • Raleigh-Durham combined metros contribute to 24.1% of North Carolina's state economy i.e. Gross State Product (USMayors.org, 2018)
  • University of North Carolina, Duke University and Davidson University systems drive rental demand

PRICE & RENT TRENDS

Neighborhood: West Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260k270kPrice in $132k277k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: West Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $8001654

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
West View Elementary School Primary Regular 943 57 4
Cleveland Middle School Middle Regular 1,163 64 7
West Johnston High School High Regular 1,359 83 5

West View Elementary School

  • Education Level: Primary
  • # of students: 943
  • # of teachers: 57
4
GreatSchools Rating

Cleveland Middle School

  • Education Level: Middle
  • # of students: 1,163
  • # of teachers: 64
7
GreatSchools Rating

West Johnston High School

  • Education Level: High
  • # of students: 1,359
  • # of teachers: 83
5
GreatSchools Rating
 

$265,500$324,500$295,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,088
Property Tax -$187
Property Insurance -$67
Property Management Fees -$142
CASH FLOW
$96

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$295,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 5.7%
Maintenance Year (1-5) 8.00%
Vacancy 7.49%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$83,925

INVESTMENT

$83,925

Down Payment
$73,750
Rehab Estimate
$5,750
Closing Costs
$4,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,088

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $73,750
Loan Amount $221,250
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$27,754

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,580

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,588

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$1,580
1$1,5802$1,6503$1,7004$1,800
$1,800
RENT COMPS ANALYSIS
  • 10617 Orchid Lane Raleigh, NC 1
    • 3 beds 3 baths ∙ 2,019 Sqft ∙ Built 1990 3 beds 3 baths ∙ 2,019 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.78
    •  
  • 218 Susan Drive Garner, NC 2
    • 4 beds 3 baths ∙ 2,079 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,079 Sqft ∙ Built 2000
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.79
    •  
  • 67 Hobby Court Raleigh, NC 3
    • 3 beds 2 baths ∙ 2,316 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,316 Sqft ∙ Built 2000
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.73
    •  
  • 30 Natalie Drive Raleigh, NC 4
    • 3 beds 3 baths ∙ 2,144 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,144 Sqft ∙ Built 2000
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.84
    •  
PROPERTY LISTING DETAILS
Tip Iuliucci
1.919.628.4663
Northside Realty Inc.
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2345791
Last Updated: 10/30/2020
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