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GREAT · 22.1% MARGIN $1M–$5M project
#2 · 107 Edenburgh Rd, Raleigh NC 27608
0.26-acre cleared lot across from Carolina Country Club, Budleigh, Raleigh | MLS 10172565
List price$499,000 — JUST LISTED (3 days on market as of Oct 3, 2026)
Acreage0.26 acres — cleared, level, basement potential confirmed
MLS10172565 (Compass – Raleigh)
ZoningR-6 residential
UtilitiesPublic water + public sewer; electricity available
LocationDirectly across from Carolina Country Club in Budleigh; Glenwood Village 0.1 mi; downtown Raleigh 2–3 mi
Days on market3 — fresh listing; no price history
StrategyBuild 3,801 SF luxury single-family at premium finishes ($140/SF builder cost)
Out-of-pocket cash$377,757 (equity + closings + carry)
Financed$968,607 construction loan (75% of project)
Modeled3,801 SF premium finishes $140/SF builder cost; ARV $1,900,000 ($500/SF)
Pro Forma
| Line | Amount |
|---|
| Gross revenue — 3,801 SF at $500/SF (109 Edenburgh comp, built 2025) | $1,900,000 |
| Land acquisition + closing (~2%) | ($508,980) |
| Construction — builder cost (3,801 SF × $140/SF premium grade) | ($532,140) |
| Home On builder margin (20% intro rate; standard 30%) | ($133,035) |
| Site development — public sewer hookup + grading (incl. 20% margin) | ($37,500) |
| Soft costs — design, permits, survey (5% of construction, at cost) | ($26,607) |
| Contingency (10% of construction, AT COST — typically returned if unused) | ($53,214) |
| Construction loan closing + carry (1.5% + 10% APR, 10-month draw, avg half-drawn) | ($54,888) |
| Selling costs (~7%) — paid at sale closing, not out-of-pocket | ($133,000) |
| NET PROFIT TO INVESTOR | ~$420,636 · 22.1% margin · 111.4% cash-on-cash |
ARV support: 109 Edenburgh Rd (same block, same developer Copper Builders) — 5BR/6BA, 3,801 SF built 2025, listed $1,900,990 = $500/SF. 105 Edenburgh Rd — 5BR, 6,965 SF built 2026, $2,600,000–$2,700,000 = $374–$388/SF (larger home, lower $/SF). Modeled at $500/SF on 3,801 SF = $1,900,000. MAO $537,000 — current ask $499K is $38K below MAO.
Diligence Gates
GO: Just listed in one of Raleigh's premier submarkets; real-world $500/SF comp next door (same builder, same year); cleared lot with basement potential; public sewer confirmed; R-6 allows single-family.
VERIFY: Confirm lot is free and clear (not optioned or under contract to Copper Builders or another builder); pull Wake County CAMA parcel for any deed restrictions or access easements; confirm no Carolina Country Club architectural covenants; verify lot dimensions allow 3,800+ SF footprint under Raleigh setbacks (R-6: 7.5-ft sides, 20-ft rear, 20-ft front on 0.26 ac = ~11,325 SF lot → buildable envelope ~5,000+ SF — workable).
STOP: If Copper Builders holds an option or right-of-first-refusal on the lot; if deed covenants restrict builder selection or require CCC approval.
Verdict
A cleared Budleigh lot directly across from Carolina Country Club just hit the market. Next-door 109 Edenburgh was built by Copper Builders in 2025 and listed at $1,900,990 ($500/SF). At $499K land + premium build, the investor nets ~$420,636 (22.1% margin, 111% cash-on-cash on $378K out-of-pocket). MAO is $537K — the ask at $499K is $38K below MAO. Urgency is high: this block is active, the comparable is sitting at $1.9M, and fresh lots here are rare. Call the listing agent (Compass–Raleigh) Monday. Also works as a build-own for a buyer building a forever home.