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5720 Keowee Way Raleigh, NC 27616

4 Beds 3 Baths 2,394 sqft Built 2002

$299,900

List Price

$1,830

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 18, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $125.27
  • 7 Days on Market
  • MLS # : 2362224
  • Updated Date : 01/21/2021 at 12:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,394 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty

Listing Agent's Description

Great floorplan in popular Riverside neighborhood with community pool and tennis. 4 BR +BONUS+ formal living and dining and 2 car garage! All situated on a corner cul de sac lot with a fenced yard! Laminate floors downstairs. Vaulted ceiling in the living room, crown molding in the family room. Maple cabinets, stainless appliances and granite in the kitchen. Gas fireplace in the family room. Fiber cement siding. NEW 50 warranty architectural roof and radiant barrier roof decking. Won't last long!

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)
  • #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
  • 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: Riverside

NeighborhoodNIR Market*CityMarket2010Year20002019140k150k160k170k180k190k200k210k220k230k240k250k260k270kPrice in $132k277k

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

Neighborhood: Riverside

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001100120013001400150016001700Rent in $9461743

* 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
Wildwood Forest Elementary School Primary Regular 831 56 4
Wake Forest Middle School Middle Regular 1,021 60 4
Wakefield High School High Regular 2,387 132 5

Wildwood Forest Elementary School

  • Education Level: Primary
  • # of students: 831
  • # of teachers: 56
4
GreatSchools Rating

Wake Forest Middle School

  • Education Level: Middle
  • # of students: 1,021
  • # of teachers: 60
4
GreatSchools Rating

Wakefield High School

  • Education Level: High
  • # of students: 2,387
  • # of teachers: 132
5
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,647$2,013$1,830

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,830
EXPENSES Loan Payment -$1,042
Property Tax -$254
Property Insurance -$74
HOA -$38
Property Management Fees -$119
CASH FLOW
$304

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.

$299,900

PROJECTED PRICE

$1,830

PROJECTED RENT

0.61%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 3.8%
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$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$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

10.58

YEARS SAVED

$47,597

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,830

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,796

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,5503$1,6954$1,7955$1,830
$1,830
RENT COMPS ANALYSIS
  • 5720 Keowee Way Raleigh, NC 5
    • 4 beds 3 baths ∙ 2,394 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,394 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,830
    • $0.76
    •  
  • 6004 Brambleberry Way Raleigh, NC 1
    • 3 beds 3 baths ∙ 2,054 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,054 Sqft ∙ Built 2005
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.73
    •  
  • 5517 Keowee Way Raleigh, NC 2
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 2001
    property image
    LEASED 08/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.74
    •  
  • 8905 Elizabeth Bennet Place Raleigh, NC 3
    • 3 beds 3 baths ∙ 2,279 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,279 Sqft ∙ Built 2005
    property image
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.74
    •  
  • 5508 Cahaba Way Raleigh, NC 4
    • 4 beds 3 baths ∙ 2,270 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,270 Sqft ∙ Built 2000
    property image
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.79
    •  
PROPERTY LISTING DETAILS
Linda Nuxoll
1.919.696.5854
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2362224
Last Updated: 01/21/2021
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