302 N Gaylee Lake Dr · Wendell, NC 27591

$215,250

3 bd · 1.5 ba · 1,107 sqft · SingleFamily public records · 6 Days on market

Built 1978 0.46 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 +21.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• Schools +4.9/10.0
• 1% rule +4.3/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3 Bedrooms 1full bath and a half bath. Large rear deck, Great location! Large rear yard with storage bldgs. Property is being sold pursuant to a court ordered sale. Any accepted offer to purchase must be reported to the Clerk of Superior Court. The report of sale is subject to a 10 day upset bid period and cannot be completed until after the upset bid period has expired and the sale has been confirmed by court.

Key facts

• 0.46 acre lot
• Built 1978
• Listed 6 days

Property features AI

Finance

• HOA & community: No association; No community amenities listed; Not a senior community

Exterior

• Parking: Concrete driveway
• Utilities: Community water; Septic tank
• Home design: Single-story house; Property zoned R-20; Property listed as fixer condition
• Construction: Vinyl siding; Shingle roof; House structure
• Exterior features: Deck; Porch; Storage (shed)

Interior

• Kitchen: Dishwasher; Electric range
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Carpet; Vinyl; Wood
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air (listed); Heat pump; Central air; No separate heating system listed
• Interior features: Bathtub/shower combination; Kitchen and dining room combined; Storage shed on property
• Laundry & utility: Laundry located in the kitchen

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (6.7% below list).
• Recommended offer: $201k (6.7% below list) — sets the bar for 1% rule.
• Cap rate 8.0% 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, schools 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.
• Market conditions: Rents rising (+3.4%/yr); 822 active listings in the ZIP; 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $54k; list at $215k implies a 295% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 64% 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 $200,849 (6.7% below list)

Questions for the listing agent

1. Built in 1978 — 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: 0.93% ✗
• Cap rate: 8.02%
• Cash-on-cash: 6.16%
• DSCR: 1.27
• GRM: 8.9

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: -6.5%
• Equity multiple: 0.76×
• Total profit: $-14,474
• Equity at exit: $32,094

10-year hold

• IRR: 3.5%
• Equity multiple: 1.26×
• Total profit: $15,710
• Equity at exit: $18,611

Cash invested: $60,270 (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: 8.9×

Monthly cashflow live

• Estimated rent: $2,008 medium
• Mortgage (P&I): −$1,129
• Tax from tax record: −$59 /mo · $708/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $309

Break-even live

Break-even rent $1,617

Max offer price $215,250

Occupancy floor 80%

Sensitivity live

Price	-10% $431	-5% $370	+0% $309	+5% $248	+10% $187
Rent	-10% $151	-5% $230	+0% $309	+5% $389	+10% $468
Rate	-1.0pp $418	-0.5pp $364	base $309	+0.5pp $253	+1.0pp $197

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: $53,812
• Closing costs: $6,458
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $215,250 Active 6 DOM
2. 2026-06-17
   days on market $215,250 Active 5 DOM
3. 2026-06-16
   days on market $215,250 Active 4 DOM
4. 2026-06-15
   days on market $215,250 Active 3 DOM
5. 2026-06-13
   remarks 414-char remark
6. 2026-06-13
   listed $215,250 Active 1 DOM

ⓘ 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: $708 · $59/mo
• Projected year-2 tax: $1,765 · $147/mo
• Expected delta: +$1,057/yr (+$88/mo · 149.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $24,102
• − Mortgage interest: −$12,057
• − Property taxes: −$708
• − Insurance: −$1,076
• − Repairs & maintenance: −$1,928
• − Management: −$1,928
• − Depreciation: −$6,262
• Taxable income: $142
• Est. tax owed @ 24.0%: −$34
• After-tax cash flow: $3,676/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

+796.9% since first listed

4 events — show timeline

• 2026-06-12 Listed $215,250 TMLS
• 1990-08-17 Sold (Public Records) $54,500 Public Records
• 1987-06-26 Sold (Public Records) $54,500 Public Records
• 1986-04-14 Sold (Public Records) $24,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $708 · +2.9% YoY. Source: county tax records.