Updated Modern Ranch in Raleigh near Rex Hospital
adjust possible shares to see calculations for more or less people
$795,000
target home price
$198,750
cost per share
$1,872 / mo
monthly cost
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$39,750
|
|
Closing Cost
$11,925
|
|
Reserve Fund Deposit
$5,963
|
|
Total Cash at Closing
$57,638
|
Details
4 bedrooms
| 3 bath
| 1,975
sqft
This lovely 4BR/3BA updated ranch home is a rare Raleigh find in the Meredith Woods neighborhood. Tucked away on a quiet, low-traffic streetlined with trees. Shopping, dining and the NC Museum of Art are just a short drive away. The proximity to Rex Hospital makes for a very low-travelcommute. The interior welcomes you with an open layout boasting a cathedral ceiling in family room, natural light, modern fixtures and a gas fireplace. Brightstylish kitchen w/ Kitchen Aid stainless steel appliances, quartz counterstops and oversized island make it ideal for entertaining with french doors opening tothe deck and newly fenced and sodded backyard. Cortek LVP waterproof flooring throughout home. 2 car garage added 2021 with epoxy floor and electriccar outlet. 2021 additional en suite bedroom added with mini split system. Encapsulated crawlspace. Recessed lighting. Nest thermo, smart entry. Roof2019. Would be ideal furnished corporate housing/short term rental or AirBNB with location so close to hospital. Also convenient to Fairgrounds, downtownRaleigh, PNC Arena, Lake Boone Shopping Center, the Beltline and I-40. Most of furniture will convey with acceptable offer.
House Usage
- 4 shares total
- 13 weeks a year per share
Amenities
- Fire place
About the Agent
Tonya Hunt,
Coldwell Banker Howard Perry Walston
Tonya Hunt,
Coldwell Banker Howard Perry Walston
Driven by a passion to serve, I take an inquisitive and thorough approach to the real estate buying and selling process. I started my real estate career with HPW in 2010 after 10 years as an international flight attendant. My philosophy is a total hands-on approach through the entire process of buying or selling… from start to finish. My real estate experience is not limited just to the home resale market, I have worked in new construction communities representing high-end custom home builders. Learning about the process that goes with new construction I was able to help numerous clients work with high-end custom builders to bring their dreams to reality straight out of the ground.
Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$39,750
|
|
Closing Cost
$11,925
|
|
Reserve Fund Deposit
$5,963
|
|
Total Cash at Closing
$57,638
|
This is an estimate of the amount of cash needed when closing on the purchase of a property financed with a 30 year Mortgage at 8.0% interest rate.
Plum’s estimate includes 20% of the value of the house as a down payment, 6% of the value of the house for closing costs (including Plum’s Group Success Fee) and 3% of the value of the house for the initial reserve fund.
|
ESTIMATED MONTHLY EXPENSES PER SHARE
|
|
Mortgage Payment
$1,167
|
|
Insurance/Taxes
$215
|
|
Repairs
$166
|
|
Maintenance
$166
|
|
Utilities
$103
|
|
Cleaning
$56
|
|
Total Expenses
$1,872
|
|
ESTIMATED MONTHLY INCOME PER SHARE
|
|
Monthly Income
$1,988
|
|
Total Monthly Income
$1,988
|
A good threshold for rental property investment is the 1% Rule (source). It states that you should only invest in rental property if you are reasonably confident that the property can rent for 1% of the sale price per month.
We’ve included that assumption here. It is critical that the group validate pricing, rental history, and future rental projections of any specific property before proceeding with a purchase. You can explore rental incomes of any property with this free estimation tool at Rabbu.com.