534 Stream Walk Xing · Wendell, NC 27591

$251,400

3 bd · 2.5 ba · 1,418 sqft · Land · 106 Days on market

Built 2026 2,178 sqft lot $158/mo HOA · 8% of rent ↓ 5% since listing

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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).

• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +0.8/10.0
• Appreciation +0.0/10.0

Listing remarks

Located at 534 Stream Walk Crossing in The Townes at Belle Grove, this Pearson townhome offers a thoughtful layout designed around everyday living. The main level features an open-concept kitchen, dining area, and family room that create a comfortable gathering space. Quartz countertops, stainless steel appliances, and modern finishes add both style and functionality. Upstairs, the primary suite provides a walk-in closet, dual vanities, and a walk-in shower, while two additional bedrooms offer flexibility for guests, family, or a dedicated workspace. Enjoy access to Belle Grove's pickleball courts, dog park, playground, walking trail, and convenient Wendell location. * Photos are not of the

Key facts

• Quartz countertops
• Versatile rooms
• Elegant cabinetry

Tags

• OPEN-CONCEPT LAYOUT
• STAINLESS-STEEL APPLIANCES
• QUARTZ COUNTERTOPS
• ELEGANT CABINETRY
• LOVELY PATIO
• VERSATILE ROOMS

Property features AI

Finance

• HOA & community: Association managed by Charleston Management Corp.; Monthly association fee; Association amenities include playground, dog park, maintenance of grounds and structures, and sidewalks

Exterior

• Parking: Attached garage (1 car); Additional open parking (1 space); Garage with opener and garage faces front; Concrete driveway and parking lot access; Total parking for 2 vehicles
• Utilities: Public water; Public sewer; Electricity available; Cable available; Sewer available; Water available; Underground utilities
• Home design: Townhouse; Two levels; New construction; Site-built
• Construction: Vinyl siding; Batts and blown-in insulation; Radiant barrier; Architectural fiberglass shingle roof; Slab foundation; Built by D.R. Horton (Pearson model)
• Exterior features: Patio; Partial vinyl privacy fencing; Grassed yard

Interior

• Kitchen: Dishwasher; Electric range / free-standing electric range; Microwave; Plumbed for ice maker; Stainless steel appliances
• Bedrooms: 3 bedrooms (one or more bedrooms located on upper level)
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Open floorplan; Entrance foyer; Breakfast bar; Eat-in kitchen; Pantry; Quartz counters; Double vanity; Bathtub/shower combination; Walk-in shower; Walk-in closet(s); Smooth ceilings; Smart home features including smart thermostat; Wired for data; Low-emissivity windows with screens
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry closet on upper level

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath land listed at $251k.

Deal economics

• At list price, monthly cash flow is $-415 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (23.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (25.5% below list).
• Recommended offer: $187k (25.5% below list) — sets the bar for 1% rule.

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: 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 65% FRL vs 30% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 43% at this address vs 56% district-wide (-13 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; 1 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).

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 106 days — a 9% lower offer ($229k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 73% 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 $187,332 (25.5% 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 106 days. Have you received any prior offers? Is the seller open to a 25% 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: 0.75% ✗
• Cap rate: 4.31%
• Cash-on-cash: -7.08%
• DSCR: 0.68
• 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: -28.0%
• Equity multiple: 0.06×
• Total profit: $-66,315
• Equity at exit: $37,485

10-year hold

• IRR: -25.0%
• Equity multiple: -0.25×
• Total profit: $-88,177
• Equity at exit: $21,736

Cash invested: $70,392 (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: 11.2×

Monthly cashflow live

• Estimated rent: $1,873 medium
• Mortgage (P&I): −$1,318
• Tax est. 1.5%: −$314 /mo · $3,771/yr
• Insurance: −$105
• HOA: −$158
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $-415

Break-even live

Break-even rent $2,399

Max offer price $191,284

Occupancy floor —

Sensitivity live

Price	-10% $-242	-5% $-329	+0% $-415	+5% $-502	+10% $-589
Rent	-10% $-563	-5% $-489	+0% $-415	+5% $-341	+10% $-267
Rate	-1.0pp $-289	-0.5pp $-352	base $-415	+0.5pp $-481	+1.0pp $-547

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: $62,850
• Closing costs: $7,542
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Grange Dr Unit TW5 1 Wendell, NC	3.0	1.5	1008	$1,300	$1.29	24d	1	1.01mi

HOA detail

• Monthly dues: $158 · $1,896/yr

Listing history 16 events

1. 2026-06-18
   days on market $251,400 Active 106 DOM
2. 2026-06-17
   days on market $251,400 Active 105 DOM
3. 2026-06-16
   days on market $251,400 Active 104 DOM
4. 2026-06-15
   days on market $251,400 Active 103 DOM
5. 2026-06-13
   days on market $251,400 Active 101 DOM
6. 2026-06-13
   days on market $251,400 Active 100 DOM
7. 2026-06-09
   days on market $251,400 Active 97 DOM
8. 2026-06-08
   days on market $251,400 Active 96 DOM
9. 2026-06-07
   pricedays on market $251,400 Active 95 DOM
10. 2026-06-05
    days on market $274,400 Active 92 DOM
11. 2026-06-03
    days on market $274,400 Active 91 DOM
12. 2026-06-02
    days on market $274,400 Active 90 DOM
13. 2026-06-01
    days on market $274,400 Active 89 DOM
14. 2026-05-31
    days on market $274,400 Active 88 DOM
15. 2026-05-21
    price $274,400
16. 2026-03-04
    listed $289,900 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 73% 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: $22,480
• − Mortgage interest: −$14,082
• − Property taxes: −$3,771
• − Insurance: −$1,257
• − Repairs & maintenance: −$1,798
• − Management: −$1,798
• − HOA: −$1,896
• − Depreciation: −$7,313
• Taxable loss: −$9,437
• Est. tax savings @ 24.0%: +$2,265
• After-tax cash flow: $-2,721/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

• Census place: Wendell, NC
• 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

-5.3% since first listed

2 events — show timeline

• 2026-05-21 Price Changed $274,400 TMLS
• 2026-03-04 Listed $289,900 TMLS