Hello Everyone - I am trying to make an offer for a SFH in Zebulon NC. Close to Hwy 64. Its a 2 year old home with ~2500sft and asking price is mid 300's.
What is your opinion on the location and the price for the home. How about the rental market in the area. Even though it has easy access to Raleigh, some how I feel the area is still not fully developed. I am wondering how the tenants will be around the area and how much rent can it fetch.
Your inputs are highly appreciated.
People are being priced out of Raleigh and moving to Wendell and Zebulon. This area is definitely a little more "country" feeling, but only 30 minutes to downtown Raleigh (without traffic). Homes in Zebulon recently rented between $1575 to $1825, with higher rent being for a 2900 sq ft home with 5 bedrooms. I plugged 2018 and up homes. I hope it give you an idea on what to charge.
@Nadia - Thank you very much for your reply.
Do you think $135-140 per sft is too much for this area? It's a very basic home.. not too many upgrades, gas heating and cooking.
I am mostly banking on appreciation. Do you see a decent chance of appreciation in this area.
Again thanks a lot for your inputs
As I mentioned, lots of first time buyers being priced out of Wake county are moving to Wendell and Zebulon. If you are buying a newer home with low to no CapEx in the foreseeable future, I would say it's a good price to pay. Any new construction right now will run higher than this even in Wendell/Zebulon. I ran the comps for the homes like the one you are buying and since June, 5 homes sold in the $135-139 per sq ft range. They are building lots of new infrastructure (shopping etc) in Wendell right now. As more of shopping and restaurants is being built, the more desirable the area becomes.
When I'm evaluating the rental potential for a property, use several sources to arrive at a price:
1) rentometer.com they let you look up rents for a few different addresses before they ask you to pay.
2) redfin.com (type in the address and scroll far down the listing...sometimes they predict rental rate for the house)
3) zillow.com and look at rents in the same zip code and same # or bed and bath rooms and/or sq footage
4) craigslist.com for houses for rent with the same # of beds/baths.
Average these numbers to come up with a rental estimate.
@Jake - I would love to connect. I will send you a PM with my contact info
@Mike - great inputs. Thank you for sharing your experience.
@Nadia - Again I am so greatful for your insight in the area. This gave me tons of confidence on my choice. I had to make a choice between Fuquay vs Zebulon... properties in FV are so expensive and most of the new properties doesn't even have town water or sewer. So, fell back to Zebulon.
Thank you so much
@Preddy Skotha , glad I could be of help. I work with investors all the time and know the areas somewhat well:) FV is nice, but Zebulon is still more house for the money.
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