1340 Major Slade Rd · Wendell, NC 27591

$195,000

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 28 Days on market

Built 1977 0.48 ac lot

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +23.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +5.0/10.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Small ranch home about 15 minutes from midtown Raleigh on nearly a half acre of land. A gracious deck off of the kitchen area and a rear detached storage shed are a plus. Great starter home or investment property.

Key facts

• Half acre land
• 0.48 acre lot
• Built 1977

Tags

• DETACHED STORAGE SHED
• HALF ACRE LAND

Property features AI

Finance

• Other: Lot size approximately 0.48 acres
• Financial info: Details not provided
• HOA & community: No association

Exterior

• Parking: Details not provided
• Security: Details not provided
• Utilities: Well water; Septic tank; Electricity available and connected; Septic connected
• Home design: Single-story house; R-30 zoning
• Construction: Vinyl siding; Asphalt roof; Slab foundation; Built as a house
• Exterior features: Private yard; Deck; Outbuilding

Interior

• Kitchen: Dishwasher; Eat-in kitchen
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Carpet; Hardwood; Linoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Bathtub/shower combination; Eat-in kitchen
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $192k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.7% in Wendell — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 78/100 on livability (#25 in NC, #2,391 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities D.
• Wake County Schools (suburban): math 52% / reading 60% proficiency, ranked #35 of 178 in NC (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lake Myra Elementary (math 23% / reading 35%, grade F, #1,007 of 1,410 statewide, top 72%, 648 students, 55% FRL); Wendell Middle (math 21% / reading 39%, grade F, #335 of 475 statewide, top 72%, 719 students, 68% FRL); East Wake High (math 51% / reading 44%, grade D, #331 of 535 statewide, top 62%, 1,646 students, 62% FRL) — zoned schools average 62% FRL vs 30% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 56% district-wide (-20 pts) — the specific schools serving this property underperform the Wake County Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.4%/yr); 822 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Wake County population projected at +51% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $195k implies a 388% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,075 (1.5% below list)

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
5. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 8.45%
• Cash-on-cash: 7.71%
• DSCR: 1.34
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.4% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-8,536
• Equity at exit: $29,075

10-year hold

• IRR: 5.9%
• Equity multiple: 1.45×
• Total profit: $24,329
• Equity at exit: $16,860

Cash invested: $54,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 27591

• Home prices YoY: -28.3%
• Rents YoY: 3.4%
• Active inventory: 822
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,953 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$89 /mo · $1,064/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $351

Break-even live

Break-even rent $1,509

Max offer price $195,000

Occupancy floor 77%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5165 Julip Dr Knightdale, NC	3.0	2.0	1124	$1,660	$1.48	20d	1	1.11mi
5169 Parkerwood Dr Knightdale, NC	3.0	2.0	1186	$1,829	$1.54	4d	1	1.12mi
5112 Limewood St Knightdale, NC	3.0	2.0	1171	$1,749	$1.49	15d	1	1.33mi
5141 Limewood St Knightdale, NC	3.0	2.0	1230	$1,525	$1.24	24d	1	1.33mi

Listing history 16 events

1. 2026-06-18
   days on market $195,000 Active 28 DOM
2. 2026-06-17
   days on market $195,000 Active 27 DOM
3. 2026-06-16
   days on market $195,000 Active 26 DOM
4. 2026-06-15
   days on market $195,000 Active 25 DOM
5. 2026-06-13
   pricedays on market $195,000 Active 23 DOM
6. 2026-06-13
   days on market $215,000 Active 22 DOM
7. 2026-06-09
   days on market $215,000 Active 19 DOM
8. 2026-06-08
   days on market $215,000 Active 18 DOM
9. 2026-06-07
   days on market $215,000 Active 17 DOM
10. 2026-06-05
    days on market $215,000 Active 14 DOM
11. 2026-06-03
    days on market $215,000 Active 13 DOM
12. 2026-06-02
    days on market $215,000 Active 12 DOM
13. 2026-06-01
    days on market $215,000 Active 11 DOM
14. 2026-05-31
    days on market $215,000 Active 10 DOM
15. 2026-05-22
    listed $215,000 Active
16. 1997-07-24
    soldstatus $40,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $1,064 · $89/mo
• Projected year-2 tax: $1,599 · $133/mo
• Expected delta: +$535/yr (+$45/mo · 50.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,441
• − Mortgage interest: −$10,923
• − Property taxes: −$1,064
• − Insurance: −$975
• − Repairs & maintenance: −$1,875
• − Management: −$1,875
• − Depreciation: −$5,673
• Taxable income: $1,056
• Est. tax owed @ 24.0%: −$254
• After-tax cash flow: $3,955/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Wake County Schools
• NCES district ID: 3704720
• Math proficiency: 52% ▲ 2.00%
• Reading proficiency: 60% ▲ 4.00%
• Median HH income: $67,509
• Composite: 49.41/100
• National rank: #2010
• State rank: #35 of 178 in NC

Livability — Wendell

• Score: 78/100
• State rank: #25
• US rank: #2391

Category grades

Amenities D Commute C+ Cost of living A Crime A Employment B+ Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Wake County · 1,216,256 people
• City population: 29,838
• Metro: Raleigh-Cary, NC
• Population (ZIP): 29,838
• Household income: $85,224
• Rent vs Own: 20.0% rent · 80.0% own
• Severe rent burden: 369.0

Population outlook (Wake County) Hauer SSP2

• Today (2025): 1,293,152 people
• By 2030: 1,428,223 · +10.4%
• By 2040: 1,698,188 · +31.3%
• By 2050: 1,955,807 · +51.2%
• By 2075: 2,520,273 · +94.9%
• By 2100: 2,893,335 · +123.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 46% Hispanic / Latino 27% Black 22% Two or more races 11%
• Hispanic origin (detail): Mexican 14% Puerto Rican 4% Dominican 1%
• Common ancestry: Slovak 2% Serbian 2% Lithuanian 1%
• Foreign-born: 14% · Canada, Jamaica
• Languages at home: 79% English-only · Spanish 18% Tagalog/Filipino 1%

Political lean MEDSL · Wake

• 2024 margin: Strong D (+25.5) · D 61.9% · R 36.4% · Other 1.7%
• 2008→2024 swing: +11.1pp toward D · 2008: 14.4pp · 2024: 25.5pp
• All cycles: 2024: D+25.5 2020: D+26.4 2016: D+20.5 2012: D+10.2 2008: D+14.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.20%
• Current HPI: 233.2846
• Rent YoY: ▲ 3.40%
• Metro: Raleigh-Cary, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

+437.5% since first listed

2 events — show timeline

• 2026-05-22 Listed $215,000 TMLS
• 1997-07-24 Sold (Public Records) $40,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $1,064 · +2.9% YoY. Source: county tax records.