5156 Cardinal Ridge Way · Wendell, NC 27591

$382,075

5 bd · 3.0 ba · 2,433 sqft · Land · 30 Days on market

Built 2026 3,484 sqft lot $44/mo HOA · 2% of rent

---

Why this score? — see what drove the F 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 +7.7/30.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Brand new, energy-efficient home ready May 2026! Entertain with ease in the Lewiston's open-floorplan layout. Host guests comfortably in the downstairs guest bedroom. Watch TV in the loft or work from home in the work/study area. Surrounded by wooded landscapes, Marshburn Landing will offer residents a private community-feel without sacrificing access to everyday amenities. Shopping and dining is only minutes away in charming downtown Wendell, while I-87 provides an easy commute to Raleigh. Gourmet kitchens and built-in drop zones maximize living inside the homes, while the pool, playgrounds, and dog parks enhance your lifestyle within the community. Each of our homes is built with innovati

Key facts

• Built in drop zones
• Gourmet kitchens
• Work study area

Tags

• OPEN-FLOORPLAN LAYOUT
• DOWNSTAIRS GUEST BEDROOM
• WORK STUDY AREA
• GOURMET KITCHENS
• BUILT IN DROP ZONES
• ENERGY EFFICIENT FEATURES

Property features AI

Finance

• Other: Lot area approximately 0.08 acres; Living area approximately 2,433; Not a senior community
• HOA & community: Homeowners association managed by Charleston Management; Monthly association fee of $44.50

Exterior

• Parking: Attached garage; 2 garage spaces; 2 additional open parking spaces (4 total parking spaces)
• Utilities: Public water; Public sewer; Electric service (standard; specifics not listed)
• Home design: House; Two levels; Entry facing direction not specified
• Construction: Frame construction with HardiPlank type siding; Spray foam insulation; Shingle roof; Slab foundation; Built by Meritage Homes (Lewiston model)
• Exterior features: Public maintained road access

Interior

• Kitchen: Gas cooktop; Wall oven; Microwave; Refrigerator; Dishwasher; Stainless steel appliances; ENERGY STAR qualified appliances; Kitchen island; Pantry; Quartz counters
• Bedrooms: 5 bedrooms total; 1 bedroom on the main level
• Flooring: Carpet; Luxury vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Heat pump with zoned heating; Central air conditioning; ENERGY STAR qualified cooling equipment
• Interior features: Double vanity; Kitchen island; Kitchen/dining room combination; Living/dining room combination; Open floorplan; Pantry; Quartz counters; Smart home features including smart lights and smart thermostat; Walk-in closet(s); Walk-in shower
• Laundry & utility: Washer and dryer included; Laundry located on the upper level; Gas water heater; Tankless water heater

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath land listed at $382k.

Deal economics

• At list price, monthly cash flow is $-445 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $318k (16.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $284k (25.8% below list).
• Recommended offer: $284k (25.8% below list) — sets the bar for 1% rule.
• Cap rate 4.9% 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: Wakelon Elementary (math 15% / reading 32%, grade F, #1,160 of 1,410 statewide, top 83%, 578 students, 72% FRL); Zebulon Middle (math 34% / reading 43%, grade F, #244 of 475 statewide, top 53%, 708 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 67% FRL vs 30% district-wide (37 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); 827 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).
• This rent runs 40% of the median local income ($85k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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 30 days — a 2% lower offer ($376k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 65% 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 $283,529 (25.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.74% ✗
• Cap rate: 4.90%
• Cash-on-cash: -4.99%
• DSCR: 0.78
• GRM: 11.2

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: -24.3%
• Equity multiple: 0.17×
• Total profit: $-89,011
• Equity at exit: $56,969

10-year hold

• IRR: -18.5%
• Equity multiple: -0.02×
• Total profit: $-108,945
• Equity at exit: $33,035

Cash invested: $106,981 (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: 827
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,835 medium
• Mortgage (P&I): −$2,004
• Tax est. 1.5%: −$478 /mo · $5,731/yr
• Insurance: −$159
• HOA: −$44
• Vacancy / Maint / Mgmt: −$595
• Net cashflow: $-445

Break-even live

Break-even rent $3,398

Max offer price $317,747

Occupancy floor —

Sensitivity live

Price	-10% $-181	-5% $-313	+0% $-445	+5% $-577	+10% $-709
Rent	-10% $-669	-5% $-557	+0% $-445	+5% $-333	+10% $-221
Rate	-1.0pp $-252	-0.5pp $-347	base $-445	+0.5pp $-544	+1.0pp $-644

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: $95,519
• Closing costs: $11,462
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5144 Cardinal Ridge Way Wendell, NC	4.0	2.5	2143	$2,397	$1.12	5d	1	0.02mi
6132 Ivy Brook TRL Wendell, NC	4.0	2.5	1934	$2,150	$1.11	25d	1	0.06mi

HOA detail

• Monthly dues: $44 · $528/yr
• Likely covers: landscapingpool

Listing history 5 events

1. 2026-05-14
   status Pending
2. 2026-04-24
   status Active
3. 2026-03-26
   status Pending
4. 2026-03-26
   price $382,075
5. 2026-03-16
   listed $374,000 Active

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

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 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,023
• − Mortgage interest: −$21,402
• − Property taxes: −$5,731
• − Insurance: −$1,910
• − Repairs & maintenance: −$2,722
• − Management: −$2,722
• − HOA: −$528
• − Depreciation: −$11,115
• Taxable loss: −$12,107
• Est. tax savings @ 24.0%: +$2,906
• After-tax cash flow: $-2,429/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

+2.2% since first listed

5 events — show timeline

• 2026-05-14 Pending — TMLS
• 2026-04-24 Relisted — TMLS
• 2026-03-26 Pending — TMLS
• 2026-03-26 Price Changed $382,075 TMLS
• 2026-03-16 Listed $374,000 TMLS