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5904 Periwinkle Court Raleigh, NC 27609

3 Beds 2 Baths 1,576 sqft Built 1973

$295,000

List Price

$1,560

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $187.18
  • 4 Days on Market
  • MLS # : 2356069
  • Updated Date : 12/06/2020 at 00:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,576 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

Amazing Location! Hard to find Midtown ranch w/basement on .31 acre cul-de-sac lot right off North Hills Drive! Updated Roof (2017) & Updated A/C (2015). Over 700 sqft of unfinished space in the basement ideal for finishing! Windows have been updated. Enjoy a quick walk to Shelley Lake or go shopping at North Hills! You won't find another deal like this one! Instant sweat equity as home is priced aggressively so you can update the home as you'd like! Home is being sold AS IS!

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MARKET HIGHLIGHTS

  • 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)
  • #7 Best Big City for Jobs 2018 (Forbes, 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)

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
Lynn Road Elementary School Primary Regular 522 38 3
Carroll Middle School Middle Regular 902 63 2
Sanderson High School High Regular 2,002 111 4

Lynn Road Elementary School

  • Education Level: Primary
  • # of students: 522
  • # of teachers: 38
3
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
 

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

PURCHASE PRICE

$1,404$1,716$1,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,560
EXPENSES Loan Payment -$1,088
Property Tax -$217
Property Insurance -$58
Property Management Fees -$119
CASH FLOW
$77

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

$1,560

PROJECTED RENT

0.53%

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$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$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

7.33

YEARS SAVED

$30,677

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,560

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,580

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,560
1$1,5602$1,5763$1,6754$1,6955$1,750
$1,750
RENT COMPS ANALYSIS
  • 5904 Periwinkle Court Raleigh, NC 1
    • 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,560
    • $0.99
    •  
  • 5809 Wintergreen Drive Raleigh, NC 2
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1973
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,576
    • $1.02
    •  
  • 1008 Northclift Drive Raleigh, NC 3
    • 3 beds 2 baths ∙ 1,646 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,646 Sqft ∙ Built 1970
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.02
    •  
  • 1316 Lennox Place Raleigh, NC 4
    • 4 beds 2 baths ∙ 1,755 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,755 Sqft ∙ Built 1973
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.97
    •  
  • 1304 Lennox Place Raleigh, NC 5
    • 4 beds 2 baths ∙ 1,750 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,750 Sqft ∙ Built 1973
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.00
    •  
PROPERTY LISTING DETAILS
William Buffaloe
1.919.438.9739
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2356069
Last Updated: 12/06/2020
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