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203 Meadow Lane Wendell, NC 27591

3 Beds 2 Baths 1,026 sqft Built 1977

$175,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $170.57
  • 6 Days on Market
  • MLS # : 2367170
  • Updated Date : 02/20/2021 at 18:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,026 sqft
  • Baths : 1 full , 1 half
Listing Agent

Deronja Real Estate

Listing Agent's Description

Charming 3 bedroom, 1 and a half bath RANCH in Wendell. Large corner lot, storage shed, no HOA, updated kitchen, 2018 HVAC, 2013 roof, 2018 gutters & 2018 vapor barrier in crawlspace. Large back deck and yard perfect for entertaining and summer barbecues. Stacked washer/dryer, refrigerator, kitchen island & propane fireplace in shed all convey with accepted offer. Enjoy the 5 minute walk to downtown Wendell to browse and grab a fresh cup of coffee. Kitchen island is mobile.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International

PRICE & RENT TRENDS

Neighborhood: Meadowbrook

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $86k265k

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

Neighborhood: Meadowbrook

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7721595

* 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
Wendell Elementary School Primary Magnet 459 34 2
Wendell Middle School Middle Regular 973 59 2
East Wake High School High Regular NA

Wendell Elementary School

  • Education Level: Primary
  • # of students: 459
  • # of teachers: 34
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
 

$157,500$192,500$175,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$608
Property Tax -$144
Property Insurance -$48
Property Management Fees -$119
CASH FLOW
$311

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.

$175,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.70%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 8.00%
Vacancy 7.47%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$52,125

INVESTMENT

$52,125

Down Payment
$43,750
Rehab Estimate
$5,750
Closing Costs
$2,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$608

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $43,750
Loan Amount $131,250
See What Happens When You Reinvest Cash Flow

13.75

YEARS SAVED

$38,988

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,230

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $1,119

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,2003$1,2304$1,300
$1,300
RENT COMPS ANALYSIS
  • 203 Meadow Lane Wendell, NC 3
    • 3 beds 2 baths ∙ 1,056 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,056 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $1,230
    • $1.16
    •  
  • 629 Raymond Drive Wendell, NC 1
    • 3 beds 2 baths ∙ 1,008 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,008 Sqft ∙ Built 1995
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $0.99
    •  
  • 1020 Holly Pointe Drive Wendell, NC 2
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1997
    LEASED 12/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.91
    •  
  • 400 Helleri Court Wendell, NC 4
    • 3 beds 2 baths ∙ 1,015 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,015 Sqft ∙ Built 1997
    LEASED 09/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.28
    •  
PROPERTY LISTING DETAILS
Sharon Pierce
1.919.696.2996
Deronja Real Estate
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2367170
Last Updated: 02/20/2021
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