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618 E Third Street Wendell, NC 27591

3 Beds 1 Baths 966 sqft Built 1959

$179,900

List Price

$1,140

$1K - $1.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 16, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $186.23
  • 7 Days on Market
  • MLS # : 2353837
  • Updated Date : 11/20/2020 at 20:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 966 sqft
  • Baths : 1 full
Listing Agent

Fonville Morisey/brier Creek Sales Office

Listing Agent's Description

CHARMING, CUTE & LOADED w/UPGRADES! Adorable All Brick Ranch is ready for its new life! This happy home includes: Site Finished Hardwoods & LVP Flooring, White Shaker Cabinets w/Quartz countertops, New Bathroom w/Tile Shower Surround! New Fixtures, New Interior & Exterior Paint, New Landscaping & More! Side-walked lined street just .5 mile to downtown Wendell where shops, restaurants & events await! Incredible value under 180K in one of the most appreciating areas of The Triangle.Great home for any buyer!

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • Major employers in Raleigh area: IBM, Cisco systems, Fidelity Investments, GlaxoSmithKline, RTI International
  • #7 Best Big City for Jobs 2018 (Forbes, 2018)
  • One of Top 10 cities for Small Business Friendliness (Thumbtack, 2018)

PRICE & RENT TRENDS

Neighborhood: Lakewood Acres

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $81k265k

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

Neighborhood: Lakewood Acres

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2800900100011001200130014001500Rent in $7121595

* 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
Zebulon Elementary School Primary Magnet 539 42 3
Zebulon Middle School Middle Magnet 556 42 3
East Wake High School High Regular NA

Zebulon Elementary School

  • Education Level: Primary
  • # of students: 539
  • # of teachers: 42
3
GreatSchools Rating

Zebulon Middle School

  • Education Level: Middle
  • # of students: 556
  • # of teachers: 42
3
GreatSchools Rating

East Wake High School

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

$161,910$197,890$179,900

PURCHASE PRICE

$1,026$1,254$1,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,140
EXPENSES Loan Payment -$664
Property Tax -$149
Property Insurance -$46
Property Management Fees -$103
CASH FLOW
$179

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.

$179,900

PROJECTED PRICE

$1,140

PROJECTED RENT

0.63%

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

PROJECTED ANNUAL CASH FLOW

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

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$53,424

INVESTMENT

$53,424

Down Payment
$44,975
Rehab Estimate
$5,750
Closing Costs
$2,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$664

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $44,975
Loan Amount $134,925
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$29,480

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,140

    LIST RENT
  • $1.19

    LIST RENT PER SQFT
  • $1,000

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,140
1$1,1402$1,195
$1,195
RENT COMPS ANALYSIS
  • 618 E Third Street Wendell, NC 1
    • 3 beds 1 baths ∙ 962 Sqft ∙ Built 1959 3 beds 1 baths ∙ 962 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $1,140
    • $1.19
    •  
  • 301 E Second Street Wendell, NC 2
    • 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
Emilee Carraway
1.919.781.4452
Fonville Morisey/brier Creek Sales Office
Tamara Artist
1.866.250.5610
Homeunion NC, LLC
NCREC #C26317
Triangle Multiple Listing Service ( TMLS)
MLS #: 2353837
Last Updated: 11/20/2020
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