Score
0Wake Forest, NC
638 Canvas Dr
480K
3 beds
3 baths
2,827 sqft
3 bd • 3 ba • 2,827 sf
This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$480,200
Price/Sq.Ft
$170
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
The property at 638 Canvas Dr, Wake Forest, NC 27587 offers exceptional value at $169.86/sqft, which is 31% below the median price of $245/sqft for Wake Forest. With 2,827 sqft, it's 41% larger than the average home size in the area (2,000 sqft). The 3 bed/3 bath configuration is ideal for families or those needing extra space. Its location near a golf course (visible in the aerial image) adds significant value, potentially increasing property appreciation. The median income of $107,114 in the area suggests a strong local economy, supporting property values. The home's size and bedroom count align well with the highest rental rates in the area ($1,750 for 3-bedroom), indicating good potential for rental income if desired.
The Bad
The unknown build year raises concerns about potential maintenance issues and outdated systems. No specific features or descriptions are provided, which could indicate a lack of recent upgrades or unique selling points. The rapid growth in Wake Forest (mentioned in the local context) may lead to increased traffic and strain on local infrastructure, potentially affecting quality of life. The property's price point of $480,200 is above the median income affordability threshold (assuming a 28% front-end ratio), which could limit the buyer pool.
The Ugly
The lack of information on utilities and systems is concerning, especially given the mention of well and septic systems being common in the area. If present, these could represent significant maintenance costs and potential health risks if not properly maintained. The area's high property taxes (mentioned as a concern for Wake County) could add substantially to the total cost of ownership. The rapid development in Wake Forest poses a risk of changing neighborhood character and potential redistricting of schools, which could impact long-term property value and desirability.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for upper-middle-income families or professionals with household incomes of $150,000+ annually, allowing for comfortable affordability. It's ideal for golf enthusiasts or those valuing green spaces, given the proximity to a golf course. The spacious layout makes it suitable for growing families or those who frequently host guests or work from home. Investors looking for properties with good rental potential in a growing market would also find this attractive, given the strong rental rates for 3-bedroom homes in the area.
Not For
This property is not suitable for first-time homebuyers or those with incomes below $125,000, given the high purchase price and potential additional costs. It's also not ideal for those seeking a low-maintenance lifestyle, as the unknown age and potential for well/septic systems suggest possible high upkeep requirements. Buyers looking for a quiet, unchanging neighborhood might be put off by Wake Forest's rapid growth and development.
Demographics
Area Median Income
$107,114
Property History
Price History
Ownership Timeline
$356,000Cash Purchase
Dec 11, 2020Patricia M Livingston, David R LivingstonStephen D Grissom, Cheryl A Grissom
Warranty Deed
Non-Residential Arm's Length Transactions
$333,000Financed
Aug 29, 2016Bruce E Ferrero, Rosemarie T FerreroPatrica Marie Livingston, David Robrlt Livingston
Warranty Deed
Standard Sale (Purchase/Resales)
$334,000Cash Purchase
Jun 21, 2007Legacy Custom Homes IncBruce E Ferrero, Rosemarie T Ferrero
Warranty Deed
Standard Sale (Purchase/Resales)
Sunlight Analysis
Visualize how sunlight affects this property throughout the day and year.
Sunlight Analysis
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Schools
Nearby school quality by education level
Elementary
5.0/10
AverageMiddle
6.3/10
GoodHigh
5.3/10
AverageFinancials
Monthly Costs
Market Rent (3 bed)
Get a detailed estimate on Zillow$1,220
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$480,200
Price/sqft
$170
Layout
3 bd•3 ba
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$565,000
15.0%
Your price is 15.0% below average
Median Price
$510,000
5.8%
Based on 6 recent sales
Price per Sq.Ft
$219
22.4%
Your price is 22.4% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 1413 Marshall Farm Street, Wake Forest, NC 27587 | $720,000 | 2,617 | 4 | 3 | $27562.0% | 9/28/2024 |
| 1413 Marshall Farm Street, Wake Forest, NC 27587 | $720,000 | 2,617 | 4 | 3 | $27562.0% | 9/28/2024 |
| 604 Canvas Drive, Wake Forest, NC 27587 | $465,000 | 2,697 | 3 | 3 | $1721.5% | 8/23/2024 |
| 604 Canvas Drive, Wake Forest, NC 27587 | $465,000 | 2,697 | 3 | 3 | $1721.5% | 8/23/2024 |
| 200 Aubey Lane, Wake Forest, NC 27587 | $510,000 | 2,420 | 4 | 3 | $21124.1% | 9/12/2024 |
| 200 Aubey Lane, Wake Forest, NC 27587 | $510,000 | 2,420 | 4 | 3 | $21124.1% | 9/12/2024 |
1413 Marshall Farm Street, Wake Forest, NC 27587
Price: $720,000
Sq.Ft: 2,617
Beds/Baths: 4/3
$/Sq.Ft:
$27562.0%
Sale Date: 9/28/2024
1413 Marshall Farm Street, Wake Forest, NC 27587
Price: $720,000
Sq.Ft: 2,617
Beds/Baths: 4/3
$/Sq.Ft:
$27562.0%
Sale Date: 9/28/2024
604 Canvas Drive, Wake Forest, NC 27587
Price: $465,000
Sq.Ft: 2,697
Beds/Baths: 3/3
$/Sq.Ft:
$1721.5%
Sale Date: 8/23/2024
604 Canvas Drive, Wake Forest, NC 27587
Price: $465,000
Sq.Ft: 2,697
Beds/Baths: 3/3
$/Sq.Ft:
$1721.5%
Sale Date: 8/23/2024
200 Aubey Lane, Wake Forest, NC 27587
Price: $510,000
Sq.Ft: 2,420
Beds/Baths: 4/3
$/Sq.Ft:
$21124.1%
Sale Date: 9/12/2024
200 Aubey Lane, Wake Forest, NC 27587
Price: $510,000
Sq.Ft: 2,420
Beds/Baths: 4/3
$/Sq.Ft:
$21124.1%
Sale Date: 9/12/2024
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