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1993 Big Falls Drive Wendell, NC 27591

3 Beds 3 Baths 1,628 sqft Built 2016

$282,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 31, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $173.22
  • 5 Days on Market
  • MLS # : 2359516
  • Updated Date : 01/02/2021 at 17:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,628 sqft
  • Baths : 2 full , 1 half
Listing Agent

Why Realty Group

Listing Agent's Description

Nothing else available like this! Adorable 3 bedroom home on an end lot with a fantastic wrap around porch! Great fenced in yard, complete with a storage building and a THREE car parking pad in the rear. Without a home behind you and amazing sunset views... this porch will be your happy place! The open floorplan features a fireplace and a gas stove/range in the spacious kitchen. In the heart of everything: just steps from Shindig Park (firepit/cornhole), Farmhouse Cafe, Pool, Dog Park, and the new PUBLIX.

SEE MORE

MARKET HIGHLIGHTS

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

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $112k315k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: The Farmhouse

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500160017001800Rent in $8571852

* 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
Lake Myra Elementary School Primary Regular 631 46 2
Wendell Middle School Middle Regular 973 59 2
East Wake High School High Regular NA

Lake Myra Elementary School

  • Education Level: Primary
  • # of students: 631
  • # of teachers: 46
2
GreatSchools Rating

Wendell Middle School

  • Education Level: Middle
  • # of students: 973
  • # of teachers: 59
2
GreatSchools Rating

East Wake High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$253,800$310,200$282,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$1,040
Property Tax -$253
Property Insurance -$59
HOA -$100
Property Management Fees -$119
CASH FLOW
-$32

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.

$282,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.78%
Appreciation Year (1-5) 6.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$80,480

INVESTMENT

$80,480

Down Payment
$70,500
Rehab Estimate
$5,750
Closing Costs
$4,230

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,040

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,500
Loan Amount $211,500
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$16,772

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,530

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,400
1$1,4002$1,5403$1,7004$1,7505$1,800
$1,800
RENT COMPS ANALYSIS
  • 1993 Big Falls Drive Wendell, NC 2
    • 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,628 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.95
    •  
  • 943 Troubadour Lane Knightdale, NC 1
    • 3 beds 3 baths ∙ 1,440 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,440 Sqft ∙ Built 2003
    property image
    LEASED 12/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.97
    •  
  • 1957 Big Falls Drive Wendell, NC 3
    • 3 beds 3 baths ∙ 1,841 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,841 Sqft ∙ Built 2017
    property image
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.92
    •  
  • 212 Big Barn Drive Wendell, NC 4
    • 3 beds 2 baths ∙ 1,839 Sqft ∙ Built 2020 3 beds 2 baths ∙ 1,839 Sqft ∙ Built 2020
    property image
    LEASED 12/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.95
    •  
  • 1956 Big Falls Drive Wendell, NC 5
    • 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,950 Sqft ∙ Built 2017
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.92
    •  
PROPERTY LISTING DETAILS
Valerie Deloach
1.252.916.5048
Why Realty Group
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2359516
Last Updated: 01/02/2021
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