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1928 Cartier Ruby Lane Raleigh, NC 27610

4 Beds 3 Baths 2,059 sqft Built 2003

$255,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $123.85
  • 4 Days on Market
  • MLS # : 2361640
  • Updated Date : 01/16/2021 at 16:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,059 sqft
  • Baths : 2 full , 1 half
Listing Agent

Protrust Realty, Llc

Listing Agent's Description

Just renovated 4 BDR/2.5 BA home in popular Granite Ridge, just 3 miles to downtown Raleigh. New Roof. New laminate & carpet flooring, new kitchen countertops, new stove & dishwasher, several bathroom improvements. Lg. family rm w/gas FP. 1st floor office w/French doors. Lg. owners suite w/2 lg walk-in closets. Owner’s bath, Soaking tub/shower & dual vanity. New water heater. Front porch. Private backyard. Patio. Freshly painted interior. Move in condition. New YMCA - 1 mile away. This will go fast.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Granite Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $107k277k

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

Neighborhood: Granite Ridge

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8231630

* 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
Walnut Creek Elementary School Primary Regular 818 49 NA
West Lake Middle School Middle Regular 1,344 77 6
Southeast Raleigh High School High Magnet 1,538 110 4

Walnut Creek Elementary School

  • Education Level: Primary
  • # of students: 818
  • # of teachers: 49
NA
GreatSchools Rating

West Lake Middle School

  • Education Level: Middle
  • # of students: 1,344
  • # of teachers: 77
6
GreatSchools Rating

Southeast Raleigh High School

  • Education Level: High
  • # of students: 1,538
  • # of teachers: 110
4
GreatSchools Rating
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$886
Property Tax -$199
Property Insurance -$67
HOA -$17
Property Management Fees -$119
CASH FLOW
$362

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.

$255,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 7.0%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
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$20k

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$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

12.5

YEARS SAVED

$50,368

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,658

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,4953$1,6004$1,6505$1,825
$1,825
RENT COMPS ANALYSIS
  • 1928 Cartier Ruby Lane Raleigh, NC 4
    • 4 beds 3 baths ∙ 2,059 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,059 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.80
    •  
  • 2720 Cabochon Diamond Court Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,756 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,756 Sqft ∙ Built 2002
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.80
    •  
  • 1310 Southgate Drive Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,781 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,781 Sqft ∙ Built 2004
    LEASED 01/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.84
    •  
  • 3247 Sunbright Lane Raleigh, NC 3
    • 4 beds 3 baths ∙ 2,131 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,131 Sqft ∙ Built 2006
    LEASED 12/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.75
    •  
  • 3562 Sunbright Lane Raleigh, NC 5
    • 4 beds 3 baths ∙ 2,203 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,203 Sqft ∙ Built 2005
    LEASED 01/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,825
    • $0.83
    •  
PROPERTY LISTING DETAILS
John Mccabe
1.919.219.0003
Protrust Realty, Llc
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2361640
Last Updated: 01/16/2021
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