Rental Investment Properties in Raleigh area

Asked by Ad, San Francisco, CA Fri Jul 12, 2013

Hello, I am looking to get some perspective on rental investments in Raleigh mkt. What are the avg home prices as well as rates - could be a Condo/Townhome/SFH. What are the avg rents / vacancy rates / good areas to buy in. Any other details you can share to calculate the ROI highly appreciated. Thanks in advance.

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Vivian Olkin, Agent, Carrboro, NC
Fri Jul 12, 2013
I forgot to add that I generally leave the ROI decisions to the investor. What I do well is pick out areas and units that will rent easily. I have a contractor and a property manager I recommend, and frequently check with the property mgr regarding the rent income range for particular properties before an investor buys. Hope this helps.

Vivian, aka CrazyViv
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Vivian Olkin, Agent, Carrboro, NC
Fri Jul 12, 2013
I work in the Durham market and sometimes in Chapel Hill and own in both. Duke Univ is in Durham, UNC in Chapel Hill. Some of my rentals are to students, others to families. SFH in transitional area near Duke, grad students love the house, totally renovated it for $225k, rented for $1400/mo. Condo in Carrboro, $140k put into it, rented for $1100/mo.

There are 2 areas of Durham that I like because they are the next areas for renovation and for the city and Self Help to put in money. It is near NCCU and east of downtown. I bought a REO and am renovating it, under contract for $150k. Also 2 duplexes together, under contract for $150k.

My rentals are long term holds that I fix up nicely and they rent easily.

If you'd like to talk, give me a call or email. By the way, I'm from the Stanford area, know Mountain View pretty well. In fact, I'm visiting my parents at Stanford now.
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Jose Rubio, Agent, Raleigh, NC
Fri Jul 12, 2013
Depends alot on location. I am in the process of closing on a $165K TH with HOA dues of $130/mo that will rent for about $1250/mo. Taxes are about $1700/yr and HO Ins is about $400/yr. You have to assume it will be vacant for at least one month a year, I usually go with 1.5 months for estimate purposes.
I'm also selling a duplex for $130K (both sides) and each side will rent for $900/mo section 8. No HOA, so good cash flow... but the place will be trashed by the time the tenants leave.
I also will be putting a SFH on the market (once it's been fixed up) for about $90K that was renting for $825/mo with no HOA dues. Ditto on the turn over. Probably $1-$2K to fix up for the new tenant and deposits don't do much.
Hope that gives you an idea.
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