1040 Spawn Pl · Wendell, NC 27545

$269,900

3 bd · 2.0 ba · 1,026 sqft · SingleFamily public records · 82 Days on market

Built 1996 7,841 sqft lot Est $282k · at est. $10/mo HOA

---

Why this score? — see what drove the D 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 +12.6/30.0
• ARV discount +9.5/15.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice ranch style home complete with covered porch, patio, 2 car pad, and crawlspace. Three bedrooms, living rm, large kitchen, pantry, and WIC. Enjoy the great suburban feel but just minutes from downtown Raleigh. Convenient to the US 64 bypass and I-540(opening in 2007).

Key facts

• Updated toilets
• Hot water heater
• Updated vanities

Tags

• NEW ROOF
• HOT WATER HEATER
• GRANITE COUNTERTOPS
• NEW LVP FLOORING
• UPDATED VANITIES
• UPDATED TOILETS

Property features AI

Finance

• Other: Lot size approximately 0.18 acres; Zoned CU-R-
• HOA & community: Part of Amber Acres HOA; HOA fee $10 monthly; Not a senior community

Exterior

• Parking: Concrete driveway
• Utilities: Public water; Public sewer; Publicly maintained road
• Home design: One-story house; Site-built construction; Updated/remodeled condition; Facing information not provided
• Construction: Brick and vinyl siding exterior; Architectural shingle roof; No common walls
• Exterior features: Covered front porch; Patio/porch; Community pool (association); Association amenities include community pool

Interior

• Kitchen: Dishwasher; Disposal; Electric oven; Electric range; Free-standing refrigerator; Ice maker; Microwave; Oven; Refrigerator; Self-cleaning oven; Stainless steel appliances; ENERGY STAR qualified dishwasher; ENERGY STAR qualified freezer
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Luxury vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating with heat pump; Central air conditioning
• Interior features: Bathtub/shower combination; Ceiling fan(s); Eat-in kitchen; Granite counters; Pantry; Smooth ceilings; Storage; Blinds
• Laundry & utility: Main level laundry; ENERGY STAR qualified washer; Electric water heater; Water heater; Exhaust fan

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $-34 ($-412/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (2.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (23.8% below list).
• Recommended offer: $206k (23.8% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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 soft (-1.4%/yr); 406 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $2k of loan paydown is wiped out by about $8k 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 82 days — a 6% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago 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.
• Current owner paid $194k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 58% 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 $205,687 (23.8% 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. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.76% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.54%
• DSCR: 0.98
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $282,150
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5717 Woof Pl	0.13mi	3/2.0	1,032 (+1%)	14mo	$280,000	$271	82
2001 Ballston Pl	0.39mi	3/2.0	1,018 (-1%)	12mo	$280,000	$275	71

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -20.3%
• Equity multiple: 0.31×
• Total profit: $-52,043
• Equity at exit: $40,243

10-year hold

• IRR: -20.7%
• Equity multiple: 0.05×
• Total profit: $-71,815
• Equity at exit: $23,336

Cash invested: $75,572 (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 27545

• Home prices YoY: -33.1%
• Rents YoY: -1.4%
• Active inventory: 406
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,057 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$121 /mo · $1,457/yr
• Insurance: −$112
• HOA: −$10
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $-34

Break-even live

Break-even rent $2,100

Max offer price $263,841

Occupancy floor 97%

Sensitivity live

Price	-10% $118	-5% $42	+0% $-34	+5% $-111	+10% $-187
Rent	-10% $-197	-5% $-116	+0% $-34	+5% $47	+10% $128
Rate	-1.0pp $102	-0.5pp $34	base $-34	+0.5pp $-104	+1.0pp $-175

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1112 Amber Acres Ln Knightdale, NC	3.0	2.0	950	$2,000	$2.11	25d	1	0.19mi
5809 Taylor Rd Wendell, NC	1.0–3.0	1.0–2.0	1109	$2,134	$1.92	3d	12	0.61mi
1005 Henchman Ct Knightdale, NC	3.0	2.0	1295	$1,995	$1.54	3d	1	0.85mi
207 Meadow Run Knightdale, NC	3.0	1.5	1138	$1,800	$1.58	25d	1	1.21mi
3301 Renee Ct Knightdale, NC	3.0	2.0	1283	$1,920	$1.50	23d	1	1.35mi
1440 Yellow Desert Way Wendell, NC	3.0	1.0–2.5	1267	$2,368	$1.87	3d	49	1.42mi

HOA detail

• Monthly dues: $10 · $120/yr

Listing history 11 events

1. 2026-05-20
   status Pending
2. 2026-03-18
   price $269,900
3. 2026-02-27
   listed $279,900 Active
4. 2026-01-15
   soldstatus $193,500
5. 2025-12-13
   historical
6. 2025-11-14
   historical
7. 2007-04-11
   soldstatus $100,000
8. 2007-04-05
   soldstatus $100,000 272-char remark

   Show marketing remark (272 chars)

   Nice ranch style home complete with covered porch, patio, 2 car pad, and crawlspace. Three bedrooms, living rm, large kitchen, pantry, and WIC. Enjoy the great suburban feel but just minutes from downtown Raleigh. Convenient to the US 64 bypass and I-540(opening in 2007).

9. 2007-02-20
   historical 272-char remark

   Show marketing remark (272 chars)

   Nice ranch style home complete with covered porch, patio, 2 car pad, and crawlspace. Three bedrooms, living rm, large kitchen, pantry, and WIC. Enjoy the great suburban feel but just minutes from downtown Raleigh. Convenient to the US 64 bypass and I-540(opening in 2007).

10. 2006-12-20
    listed $98,500 272-char remark

    Show marketing remark (272 chars)

    Nice ranch style home complete with covered porch, patio, 2 car pad, and crawlspace. Three bedrooms, living rm, large kitchen, pantry, and WIC. Enjoy the great suburban feel but just minutes from downtown Raleigh. Convenient to the US 64 bypass and I-540(opening in 2007).

11. 1997-01-28
    soldstatus $86,000

ⓘ 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: $1,457 · $121/mo
• Projected year-2 tax: $2,213 · $184/mo
• Expected delta: +$757/yr (+$63/mo · 51.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% 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: $24,682
• − Mortgage interest: −$15,119
• − Property taxes: −$1,457
• − Insurance: −$1,350
• − Repairs & maintenance: −$1,975
• − Management: −$1,975
• − HOA: −$120
• − Depreciation: −$7,852
• Taxable loss: −$5,163
• Est. tax savings @ 24.0%: +$1,239
• After-tax cash flow: $828/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): 34,163
• Household income: $91,527
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 637.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 37% White 34% Hispanic / Latino 20% Two or more races 12% Asian 3%
• Hispanic origin (detail): Mexican 12% Dominican 2%
• Common ancestry: Lithuanian 1% Romanian 1% Italian 1%
• Foreign-born: 17% · Canada, Vietnam, Philippines
• Languages at home: 77% English-only · Spanish 18% Other Indo-European 1% Other Asian/Pacific 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: ▼ -112.68%
• Current HPI: 228.2131
• Rent YoY: ▼ -1.44%
• 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

+213.8% since first listed

11 events — show timeline

• 2026-05-20 Pending — TMLS
• 2026-03-18 Price Changed $269,900 TMLS
• 2026-02-27 Listed $279,900 TMLS
• 2026-01-15 Sold (Public Records) $193,500 Public Records
• 2025-12-13 Listing Removed — TMLS
• 2025-11-14 Coming Soon — TMLS
• 2007-04-11 Sold (Public Records) $100,000 Public Records
• 2007-04-05 Sold (MLS) $100,000 TMLS
• 2007-02-20 Listing Removed — TMLS
• 2006-12-20 Listed $98,500 TMLS
• 1997-01-28 Sold (Public Records) $86,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $1,457 · +3.0% YoY. Source: county tax records.