NOT LISTED FOR SALE

613 Wait Ave Wake Forest, NC 27587

Estimated Value: $430,000 - $483,000

Studio
3 Baths
2,520 Sq Ft
$180/Sq Ft Est. Value

Last Sold September 25, 2023

Last sale price $450,000 $179 Per Sq Ft

Est. 1% increase in value since last sale

Current estimated payment $2,718/month

7 Days on Market

Highlights

  • Tile Flooring
  • Heritage Elementary School Rated A
  • Forced Air Heating and Cooling System

About This Home

As of September 2023

This duplex at 613/615 Wait Ave, is located in close proximity to downtown Wake Forest and the campus of Southeastern Baptist Theological Seminary. Built in 1985, the two-story design features two identical townhome-style floorplans. Each unit has two-bedrooms, two-and-a-half-bathrooms, and its own garage. Both units at the property are currently occupied and are on month-to-month leases. Current rents are well below market but could be increased significantly with light value-add improvements as the units have been well-maintained. Current ownership has made recent improvements to the property that include the following: new roof (2019), new water heaters (2019), new windows (2019), and new rear decks (2021). The property has polybutylene plumbing. This offering presents an opportunity for an investor to acquire a well maintained duplex with significant income upside in a highly-sought after location.

Last Agent to Sell the Property

Daniel Pouge

Deaton Investment Real Estate License #339670 Listed on: 08/18/2023

Co-Listed By

Thomas Furlow

Deaton Investment Real Estate License #222598

Last Buyer's Agent

May Saoutari

Hodge & Kittrell Sotheby's Int License #311355

Hodge & Kittrell Sotheby's Int

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $2,632

Year Built

  • Built in 1985

Parking

  • Off-Street Parking

Home Design

  • Vinyl Siding

Flooring

  • Carpet
  • Tile

Basement

  • Crawl Space

Schools

  • Wake County Schools Elementary And Middle School
  • Wake County Schools High School

Utilities

  • Forced Air Heating and Cooling System
  • Heating System Uses Natural Gas

Community Details

  • 2 Units

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$2,632

Year Built

Built in 1985

Lot Details

0

Listing Details

  • Year Built: 1985
  • Prop. Type: Residential Income
  • Co List Office Phone: 919-847-1117
  • Subdivision Name: Not in a Subdivision
  • Carport Y N: No
  • Garage Yn: No
  • New Construction: No
  • Cooling Central Air: Yes
  • Flooring Tile: Yes
  • Sewer:Public Sewer: Yes
  • Water Source Public: Yes
  • Flooring Carpet: Yes
  • Remarks and Miscellaneous Syndication Remarks2: 613/615 Wait Ave, is located in close proximity to downtown Wake Forest and the campus of Southeastern Baptist Theological Seminary. Built in 1985, this duplex features identical 2BD/2.5BA townhome-style floorplans. Recent improvements include the following: new roof (2019), new water heaters (2019), new windows (2019), new decks (2021). The property has polybutylene plumbing. This is a rare opportunity to acquire a well maintained duplex with significant income upside in a highly-sought after location.
  • Contract Information Lease Term: 30 Days
  • General Property Information Carport YN: No
  • General Property Information Number Of Units Total3: 2.0
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Carpet, Tile
  • Basement: Crawl Space
  • Basement:Crawl Space: Yes

Exterior Features

  • Construction Type: Vinyl Siding
  • Construction Materials:Vinyl Siding: Yes

Garage/Parking

  • Attached Garage: No
  • Parking Features: Off Street
  • Parking Features:Off Street: Yes

Utilities

  • Heating: Forced Air, Natural Gas
  • Cooling: Central Air
  • Cooling Y N: Yes
  • HeatingYN: Yes
  • Water Source: Public
  • Heating:Forced Air: Yes
  • Heating:Natural Gas: Yes

Schools

  • Ninth Grade High School: Wake County Schools
  • Middle Or Junior School: Wake County Schools

Rental Info

  • Lease Term: 30 Days
  • Owner Pays: None

Tax Info

  • Tax Annual Amount: 2632.0
  • Tax Year: 2023

Multi Family

  • Number Of Units Total: 2

MLS Schools

  • Elementary School: Wake County Schools

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Aug 18, 2023
Closed on
Sep 22, 2023
Sold by
Trout Kevin W and Trout Theresa A
Bought by
Russ Ingrid Lucila
Seller's Agent
Daniel Pouge
Deaton Investment Real Estate
Buyer's Agent
May Saoutari
Hodge & Kittrell Sotheby's Int
List Price
$425,000
Sold Price
$450,000
Premium/Discount to List
$25,000
5.88%
Views
77
Current Estimated Value
$452,732

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$2,732
Avg. Annual Appreciation
0.25%
Original Mortgage
$337,500
Outstanding Balance
$330,342
Interest Rate
6.96%
Mortgage Type
Construction
Estimated Equity
$122,390

Purchase Details

Closed on
Feb 1, 1999
Sold by
Parrish Tyrone W
Bought by
Snead Barbara E

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$106,400
Interest Rate
6.72%
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Russ Ingrid Lucila $450,000 None Listed On Document
Snead Barbara E $133,000 --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Russ Ingrid Lucila $337,500
Previous Owner Snead Barbara E $106,400
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
09/25/2023 09/25/23 Sold $450,000 +5.9% $179 / Sq Ft
09/01/2023 09/01/23 Pending -- -- --
08/25/2023 08/25/23 For Sale $425,000 -- $169 / Sq Ft
Source: Doorify MLS

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $4,410 $453,461 $65,000 $388,461
2024 $4,394 $453,461 $65,000 $388,461
Source: Public Records

Agents Affiliated with this Home

  • D

    Seller's Agent in 2023

    Daniel Pouge

    Deaton Investment Real Estate

    Section Image
  • Thomas Furlow

    Seller Co-Listing Agent in 2023

    Thomas Furlow

    Deaton Investment Real Estate

    (919) 847-1117

    6 in this area

    63 Total Sales

    Thomas Furlow
    Section Image
  • May Saoutari

    Buyer's Agent in 2023

    May Saoutari

    Hodge & Kittrell Sotheby's Int

    (919) 629-0011

    29 in this area

    104 Total Sales

    May Saoutari
    Section Image
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Map

Source: Doorify MLS

MLS Number: 2527762

Doorify MLS

APN: 1841.19-70-1960-000

North Carolina Wake County Wake Forest 27587

613 Wait Ave, Wake Forest, NC

Not Listed for Sale

MultiFamily

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