Location: Raleigh-Cary, NC | Metro: Raleigh-Cary, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,600 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,170 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
The ZIP code 27661, located near Raleigh, NC, offers a mix of yield and stability for landlords and small-portfolio investors. The Fair Market Rent (FMR) for FY 2024 is set at $1700, which provides a benchmark for rental income. However, the median home value and market price data are not available, making it challenging to assess the potential for flipping properties.
The rental market appears stable, with several properties listed for sale that could be converted into rental units. For example, a townhouse for sale at $309,900 with 3 bedrooms and 4 bathrooms, and a house listed at $324,900 with 3 bedrooms and 2 bathrooms. These figures suggest a moderate entry cost, which could lead to reasonable rental yields if the properties are rented close to the FMR.
Despite the lack of specific data on renter percentage, days on market (DOM), and income levels, the presence of multiple listings indicates an active market. The range of property types and prices suggests that there is a diverse demand, which can be beneficial for maintaining a steady cash flow.
Given the available information, ZIP 27661 leans towards being a steady-cashflow zone rather than a high-yield/low-stability flip-style market. The moderate property prices and the FMR of $1700 provide a solid foundation for generating consistent rental income without the risks associated with rapidly fluctuating markets.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.