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220 Wendell Falls Parkway Wendell, NC 27591

3 Beds 1 Baths 1,386 sqft Built 1950

$189,900

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $137.01
  • 3 Days on Market
  • MLS # : 2367783
  • Updated Date : 02/20/2021 at 15:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,386 sqft
  • Baths : 1 full
Listing Agent

Dallas Pearce Realty

Listing Agent's Description

Do you love an old house but you don't want the work? There's no work to do! This home is beautifully maintained!! 50 year roof; 2016 HVAC; refinished hardwood floors. 0.67 acres & walk to downtown Wendell. The yard is partly cleared for entertaining & established trees to provide shade on your huge deck!. Side porch is ready to screen. The fenced yard keeps animals & kids in sight. 2 undesignated rooms could be office/dining/school rooms--make it your own! HOME WARRANTY.

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

Zip Code: 27591

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $112k265k

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

Zip Code: 27591

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2900100011001200130014001500Rent in $8571595

* 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
 

$170,910$208,890$189,900

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$660
Property Tax -$159
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$348

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.

$189,900

PROJECTED PRICE

$1,340

PROJECTED RENT

0.71%

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$56,074

INVESTMENT

$56,074

Down Payment
$47,475
Rehab Estimate
$5,750
Closing Costs
$2,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$660

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,475
Loan Amount $142,425
See What Happens When You Reinvest Cash Flow

14

YEARS SAVED

$43,098

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,340

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,441

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,195
1$1,1952$1,340
$1,340
RENT COMPS ANALYSIS
  • 220 Wendell Falls Parkway Wendell, NC 2
    • 3 beds 1 baths ∙ 1,386 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,386 Sqft ∙ Built 1950
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $0.97
    •  
  • 301 E Second Street Wendell, NC 1
    • 3 beds 1 baths ∙ 1,150 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,150 Sqft ∙ Built 1950
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.04
    •  
PROPERTY LISTING DETAILS
Lisa Sanderson
1.919.614.4441
Dallas Pearce Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2367783
Last Updated: 02/20/2021
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