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502 Anderson Street Wendell, NC 27591

4 Beds 2 Baths 1,674 sqft Built 1994

$255,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1994
  • Price/Sqft : $152.33
  • 2 Days on Market
  • MLS # : 2351744
  • Updated Date : 11/02/2020 at 22:11
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,674 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

Coming Soon!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • #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

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
 

$229,500$280,500$255,000

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$941
Property Tax -$214
Property Insurance -$60
Property Management Fees -$140
CASH FLOW
$196

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.

$255,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.61%

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$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$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$941

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$35,509

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,523

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,2953$1,3504$1,550
$1,550
RENT COMPS ANALYSIS
  • 502 Anderson Street Wendell, NC 4
    • 4 beds 2 baths ∙ 1,674 Sqft ∙ Built 1994 4 beds 2 baths ∙ 1,674 Sqft ∙ Built 1994
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.93
    •  
  • 901 Old Zebulon Road Wendell, NC 1
    • 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1986
    property image
    LEASED 07/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.96
    •  
  • 324 Caroline Drive Wendell, NC 2
    • 3 beds 3 baths ∙ 1,481 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,481 Sqft ∙ Built 2002
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.87
    •  
  • 402 Cedarmere Drive Wendell, NC 3
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1992
    property image
    LEASED 06/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
PROPERTY LISTING DETAILS
April Stephens
1.919.625.0211
Exp Realty
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2351744
Last Updated: 11/02/2020
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