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5216 Ryegrass Court Raleigh, NC 27610

3 Beds 3 Baths 1,540 sqft Built 1992

$229,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $148.70
  • 2 Days on Market
  • MLS # : 2371989
  • Updated Date : 03/14/2021 at 01:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,540 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

3 bedroom, 2.5 bath home in Village Lakes! This beautiful 2-story home is in a prime Raleigh location. Updates include new roof (2019), HVAC, new carpet upstairs! Laminate floors throughout downstairs. Spacious corner lot with fenced in backyard. Walk to the community pool, tennis and lake!

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

PRICE & RENT TRENDS

Neighborhood: Village Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260k270kPrice in $132k277k

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

Neighborhood: Village Lakes

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q29001000110012001300140015001600Rent in $8561630

* 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
Rogers Lane Elementary School Primary Unknown NA
River Bend Middle School Middle Unknown NA
Southeast Raleigh High School High Magnet 1,538 110 4

Rogers Lane Elementary School

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

River Bend Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Southeast Raleigh High School

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

$206,100$251,900$229,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$795
Property Tax -$169
Property Insurance -$57
HOA -$45
Property Management Fees -$119
CASH FLOW
$45

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.

$229,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 7.0%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,435

INVESTMENT

$66,435

Down Payment
$57,250
Rehab Estimate
$5,750
Closing Costs
$3,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$795

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,250
Loan Amount $171,750
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$17,641

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,294

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,230
1$1,2302$1,3953$1,4004$1,4255$1,550
$1,550
RENT COMPS ANALYSIS
  • 5216 Ryegrass Court Raleigh, NC 1
    • 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,540 Sqft ∙ Built 1992
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $0.80
    •  
  • 5409 Pennfine Drive Raleigh, NC 2
    • 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 1993 3 beds 3 baths ∙ 1,750 Sqft ∙ Built 1993
    property image
    LEASED 11/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.80
    •  
  • 1016 Penselwood Drive Raleigh, NC 3
    • 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,680 Sqft ∙ Built 1987
    property image
    LEASED 01/16/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.83
    •  
  • 549 Mountain Lake Drive Raleigh, NC 4
    • 3 beds 3 baths ∙ 1,660 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,660 Sqft ∙ Built 1995
    property image
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.86
    •  
  • 1007 Willow Ridge Drive Knightdale, NC 5
    • 3 beds 3 baths ∙ 1,776 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,776 Sqft ∙ Built 1992
    property image
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.87
    •  
PROPERTY LISTING DETAILS
Alison Wojnarowski
1.919.389.4732
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2371989
Last Updated: 03/14/2021
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