NOT LISTED FOR SALE

613 Wait Ave Wake Forest, NC 27587

Estimated Value: $481,186 - $530,000

-- Bed
3 Baths
2,520 Sq Ft
$199/Sq Ft Est. Value

Last Sold September 25, 2023

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

Est. 11% increase in value since last sale

Current estimated payment $3,028/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 Mls Id: 3162
  • 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
  • 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
$501,547

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
$51,547
Avg. Annual Appreciation
5.54%
Original Mortgage
$337,500
Outstanding Balance
$330,660
Interest Rate
6.96%
Mortgage Type
Construction
Estimated Equity
$170,887

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:

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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 Change Sq Ft Price
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 Compared to Growth

Source: Public Records

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
2023 $2,632 $223,038 $30,000 $193,038
2022 $2,526 $223,038 $30,000 $193,038
2021 $2,482 $223,038 $30,000 $193,038
2020 $2,482 $223,038 $30,000 $193,038
2019 $2,057 $162,593 $30,000 $132,593
2018 $1,949 $162,593 $30,000 $132,593
2017 $1,885 $162,593 $30,000 $132,593
2016 $1,862 $162,593 $30,000 $132,593
2015 $1,946 $167,987 $30,000 $137,987
2014 $1,884 $167,987 $30,000 $137,987
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

    7 in this area

    75 Total Sales

    Thomas Furlow
    Section Image
  • May Saoutari

    Buyer's Agent in 2023

    May Saoutari

    Hodge & Kittrell Sotheby's Int

    (919) 629-0011

    31 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

This home is located at 613 Wait Ave, Wake Forest, NC 27587 since 18 August 2023 and is currently estimated at $501,547, approximately $199 per square foot. This property was built in 1985. 613 Wait Ave is a home located in Wake County with nearby schools including Heritage Elementary School, Heritage Middle School, and Wake Forest High School.

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