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5801 Rangeley Drive Raleigh, NC 27609

3 Beds 2 Baths 1,657 sqft Built 1969

$279,900

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $168.92
  • 3 Days on Market
  • MLS # : 2373104
  • Updated Date : 03/20/2021 at 22:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,657 sqft
  • Baths : 1 full , 1 half
Listing Agent

Fonville Morisey/midtown Sales Office

Listing Agent's Description

OFFER DEADLINE Sunday 3/21 at 6PM. Bring your creative juices to update this fabulous 3-BR ranch home in Midtown's established, highly desirable Northclift neighborhood. Full of potential, the home features two spacious living spaces + bonus area. Hardwoods in main areas and tiled bathrooms. Large, private flat lot fenced on 3 sides with newer storage building/workshop and extended driveway. Unpermitted converted garage. Close to 440/Midtown, 540, Shopping. No HOA.

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • 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

PRICE & RENT TRENDS

Neighborhood: Northclift

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280kPrice in $132k283k

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

Neighborhood: Northclift

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q28009001000110012001300140015001600Rent in $7781630

* 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
Green Leadship And World Languages Magnet Elementary School Primary Regular 563 44 2
Carroll Middle School Middle Regular 902 63 2
Sanderson High School High Regular 2,002 111 4

Green Leadship And World Languages Magnet Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 44
2
GreatSchools Rating

Carroll Middle School

  • Education Level: Middle
  • # of students: 902
  • # of teachers: 63
2
GreatSchools Rating

Sanderson High School

  • Education Level: High
  • # of students: 2,002
  • # of teachers: 111
4
GreatSchools Rating
 

$251,910$307,890$279,900

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$972
Property Tax -$233
Property Insurance -$60
Property Management Fees -$119
CASH FLOW
$7

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.

$279,900

PROJECTED PRICE

$1,390

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 8.0%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,924

INVESTMENT

$79,924

Down Payment
$69,975
Rehab Estimate
$5,750
Closing Costs
$4,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$972

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $69,975
Loan Amount $209,925
See What Happens When You Reinvest Cash Flow

5.67

YEARS SAVED

$17,722

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $1,674

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,390
1$1,3902$1,5763$1,6954$1,7505$1,795
$1,795
RENT COMPS ANALYSIS
  • 5801 Rangeley Drive Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,657 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,657 Sqft ∙ Built 1969
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.84
    •  
  • 5809 Wintergreen Drive Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1973
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,576
    • $1.02
    •  
  • 1316 Lennox Place Raleigh, NC 3
    • 4 beds 2 baths ∙ 1,755 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,755 Sqft ∙ Built 1973
    property image
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.97
    •  
  • 1304 Lennox Place Raleigh, NC 4
    • 4 beds 2 baths ∙ 1,750 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,750 Sqft ∙ Built 1973
    property image
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.00
    •  
  • 429 Rosehaven Drive Raleigh, NC 5
    • 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 1972
    property image
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.05
    •  
PROPERTY LISTING DETAILS
Debbie Holoman
1.919.274.5110
Fonville Morisey/midtown Sales Office
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2373104
Last Updated: 03/20/2021
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