5612 Falls Of Neuse Rd Unit H · Raleigh, NC 27609

$159,900

2 bd · 2.0 ba · 1,010 sqft · Condo public records · 86 Days on market

Built 1972 $246/mo HOA · 16% of rent

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Why this score? — see what drove the D 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 +11.3/30.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• 1% rule +4.7/10.0
• Livability +4.2/5.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent location and convenient to everything, this condo is in wonderful shape. Two bedrooms and two full baths. Second floor condo within walking distance to almost everything. Separate breakfast/dining area, laminate wood flooring. Large living area. Balcony off of the dining area, overlooking the community pool.

Key facts

• Updated lvp flooring
• Fresh interior paint
• $246 HOA

Tags

• FRESH INTERIOR PAINT
• UPDATED LVP FLOORING
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING
• EASY ACCESS TO MAJOR ROADWAYS
• MOVE-IN-READY OPPORTUNITY

Property features AI

Finance

• Other: Not in a senior community
• HOA & community: Community association (CAS) with clubhouse and pool; Association fee $246 monthly

Exterior

• Parking: Assigned on-site parking in a parking lot (1 open space)
• Utilities: Public water; Public sewer
• Home design: House; One-level; Unit #H
• Construction: Brick construction; Low VOC paint/sealant/varnish; Asphalt roof; Brick/mortar foundation; Built/maintained as a single-story structure
• Exterior features: Balcony; Public sewer; Public water

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: 2 bedrooms (both on main level)
• Flooring: Luxury vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Ceiling fans; Eat-in kitchen; Entrance foyer; Kitchen island; Laminate counters; Open floorplan; Pantry; Soaking tub; Walk-in shower; Sliding doors; Living room fireplace
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $-58 ($-692/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $155k (3.2% below list).
• Recommended offer: $150k (6.4% below list) — sets the bar for cash-flow.
• Cap rate 5.9% vs local median 2.7% in Raleigh — 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 83/100 on livability (#10 in NC, #1,028 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• 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.
• Zoned schools: Millbrook Elementary (math 32% / reading 32%, grade F, #908 of 1,410 statewide, top 67%, 529 students, 80% FRL); East Millbrook Middle (math 17% / reading 27%, grade F, #416 of 475 statewide, top 89%, 769 students, 73% FRL); Millbrook High (math 56% / reading 68%, grade B-, #184 of 535 statewide, top 37%, 2,421 students, 36% FRL) — zoned schools average 63% FRL vs 30% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 39% at this address vs 56% district-wide (-17 pts) — the specific schools serving this property underperform the Wake County Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents soft (-1.6%/yr); 258 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $5k 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

• It's been on market 86 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $101k; list at $160k implies a 58% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 58% 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 $149,709 (6.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 5.86%
• Cash-on-cash: -1.55%
• DSCR: 0.93
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -22.8%
• Equity multiple: 0.24×
• Total profit: $-33,989
• Equity at exit: $23,842

10-year hold

• IRR: -30.0%
• Equity multiple: -0.15×
• Total profit: $-51,322
• Equity at exit: $13,825

Cash invested: $44,772 (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 27609

• Rents YoY: -1.6%
• Active inventory: 258
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,548 high
• Mortgage (P&I): −$839
• Tax from tax record: −$129 /mo · $1,549/yr
• Insurance: −$67
• HOA: −$246
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $-58

Break-even live

Break-even rent $1,621

Max offer price $149,709

Occupancy floor 99%

Sensitivity live

Price	-10% $33	-5% $-12	+0% $-58	+5% $-103	+10% $-148
Rent	-10% $-180	-5% $-119	+0% $-58	+5% $3	+10% $65
Rate	-1.0pp $23	-0.5pp $-17	base $-58	+0.5pp $-99	+1.0pp $-141

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1209 Manassas Ct Unit C Raleigh, NC	2.0	2.5	1262	$1,400	$1.11	5d	1	0.04mi
5805 Nottoway Ct Raleigh, NC	2.0	2.5	1368	$1,525	$1.11	0d	1	0.06mi
1208 Manassas Ct Unit A Raleigh, NC	2.0	2.0	1010	$1,450	$1.44	25d	1	0.11mi
5712 Finsbury Ct Raleigh, NC	3.0	2.5	1224	$1,800	$1.47	25d	1	0.28mi
800 Green Ridge Dr Raleigh, NC	3.0	2.0	1438	$1,695	$1.18	25d	1	0.46mi
5315 Covey Ct Raleigh, NC	2.0	1.0	1299	$2,025	$1.56	23d	1	0.51mi
6416 Meadow View Dr Raleigh, NC	2.0	2.5	1432	$1,695	$1.18	16d	1	0.52mi
700 Spring Falls Dr Raleigh, NC	2.0	2.0	1088	$1,731	$1.59	25d	1	0.63mi
700 Spring Falls Dr Raleigh, NC	1.0	1.0	868	$1,486	$1.71	0d	17	0.63mi
6435 New Market Way Raleigh, NC	3.0	2.5	1389	$2,000	$1.44	25d	1	0.71mi
5825 Pointer Dr Raleigh, NC	1.0–2.0	1.0–2.0	885	$1,649	$1.86	0d	22	0.72mi
1401 E Millbrook Rd Raleigh, NC	1.0–3.0	1.0–2.0	870	$1,298	$1.49	19d	13	0.73mi
7040 Sandy Forks Rd Raleigh, NC	2.0	2.0	1184	$1,600	$1.35	25d	1	0.76mi
7010 Sandy Forks Rd Raleigh, NC	2.0	2.0	1122	$1,500	$1.34	25d	1	0.79mi
5606 Split Oak Way Raleigh, NC	2.0	2.5	1290	$1,600	$1.24	0d	1	0.79mi
5606 Split Oak Way Raleigh, NC	2.0	2.5	1290	$1,600	$1.24	14d	1	0.79mi
2038 Quail Forest Dr Raleigh, NC	1.0–3.0	1.0–2.0	1000	$1,358	$1.36	0d	14	0.80mi
5837 Shady Grove Cir Raleigh, NC	2.0	1.5	1056	$1,500	$1.42	6d	1	0.81mi
6625 Lake Hill Dr Raleigh, NC	2.0	1.0–2.0	767	$1,387	$1.81	0d	36	0.82mi
6317 Shanda Dr Raleigh, NC	1.0–3.0	1.0–2.0	917	$1,346	$1.47	0d	48	0.92mi
6301 Lakecrest Dr Raleigh, NC	1.0–3.0	1.0–2.0	1155	$2,044	$1.77	0d	39	0.93mi
1729 Grace Brook Rd Raleigh, NC	2.0	3.0	1200	$1,650	$1.38	14d	1	1.08mi
5540 Atlantic Crossing Dr Brentwood, NC	1.0–2.0	1.0–2.0	930	$1,951	$2.10	0d	24	1.10mi
1500 Sunbow Falls Ln Raleigh, NC	1.0–3.0	1.0–2.0	934	$1,526	$1.63	0d	21	1.11mi
5341 Arrival Dr Raleigh, NC	3.0	1.0–2.0	804	$1,627	$2.02	0d	120	1.18mi
6320 Dowd Forest Dr Raleigh, NC	1.0–3.0	1.0–2.0	1020	$1,471	$1.44	0d	40	1.18mi
1019 Fox Hunt Ln Raleigh, NC	1.0–2.0	1.0–1.5	945	$1,359	$1.44	6d	6	1.18mi
4717 Radcliff Rd Raleigh, NC	3.0	2.0	1121	$1,850	$1.65	14d	1	1.20mi
5581 Burnlee Pl Raleigh, NC	2.0	1.5	1079	$1,489	$1.38	6d	3	1.28mi
5499 Tralee Pl Raleigh, NC	2.0	1.5	1100	$1,299	$1.18	4d	3	1.30mi
2525 Pavilion Pl Raleigh, NC	1.0–3.0	1.0–2.0	1012	$1,528	$1.51	0d	24	1.35mi
6350 Terra Verde Dr Raleigh, NC	1.0–3.0	1.0–2.0	1117	$1,590	$1.42	0d	25	1.37mi
2611 Torquay Xing Raleigh, NC	1.0–3.0	1.0–2.0	949	$1,262	$1.33	4d	7	1.40mi
120 Ridgewood Dr Raleigh, NC	1.0–2.0	1.0	673	$1,280	$1.90	0d	10	1.42mi
317 Lynn Rd Raleigh, NC	3.0	2.0	1128	$1,704	$1.51	25d	1	1.42mi
317 Lynn Rd Raleigh, NC	2.0	2.0	908	$1,304	$1.44	5d	1	1.42mi
3102 Berkeley Springs Pl Raleigh, NC	2.0	2.5	1384	$1,600	$1.16	25d	1	1.45mi
214 Loft Ln Raleigh, NC	1.0–3.0	1.0–2.0	1067	$1,533	$1.44	0d	18	1.49mi
1328 Steinbeck Dr Raleigh, NC	2.0	1.0–1.5	825	$1,429	$1.73	0d	19	1.50mi

HOA detail condo

• Monthly dues: $246 · $2,952/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-05-21
   price $159,900
2. 2026-05-16
   price $165,000
3. 2026-05-06
   price $169,900
4. 2026-04-27
   status Active
5. 2026-03-29
   status Pending
6. 2026-01-30
   listed $175,000 Active
7. 2025-12-12
   soldstatus $101,000
8. 2014-05-01
   soldstatus $68,500 Closed 319-char remark

   Show marketing remark (319 chars)

   Excellent location and convenient to everything, this condo is in wonderful shape. Two bedrooms and two full baths. Second floor condo within walking distance to almost everything. Separate breakfast/dining area, laminate wood flooring. Large living area. Balcony off of the dining area, overlooking the community pool.

9. 2014-04-30
   soldstatus $68,500
10. 2014-03-10
    historical Contingent 319-char remark

    Show marketing remark (319 chars)

    Excellent location and convenient to everything, this condo is in wonderful shape. Two bedrooms and two full baths. Second floor condo within walking distance to almost everything. Separate breakfast/dining area, laminate wood flooring. Large living area. Balcony off of the dining area, overlooking the community pool.

11. 2014-02-05
    price $69,900 319-char remark

    Show marketing remark (319 chars)

    Excellent location and convenient to everything, this condo is in wonderful shape. Two bedrooms and two full baths. Second floor condo within walking distance to almost everything. Separate breakfast/dining area, laminate wood flooring. Large living area. Balcony off of the dining area, overlooking the community pool.

12. 2014-01-09
    listed $73,500 Active 319-char remark

    Show marketing remark (319 chars)

    Excellent location and convenient to everything, this condo is in wonderful shape. Two bedrooms and two full baths. Second floor condo within walking distance to almost everything. Separate breakfast/dining area, laminate wood flooring. Large living area. Balcony off of the dining area, overlooking the community pool.

13. 2008-09-19
    soldstatus $73,500 315-char remark

    Show marketing remark (315 chars)

    Price Reduced. .. Motivated Seller!! Looks great!! New carpet, paint, kitchen countertops, new bathroom vanities, sinks, & faucets. Ref. w/ ice maker included. Wonderful N. Raleigh location-2 BR's & 2 Baths. This unit backs up to the pool & shaded yard. Great for a 1st time home buyer or investor.

14. 2008-09-19
    soldstatus $73,500

    Show marketing remark (315 chars)

    Price Reduced. .. Motivated Seller!! Looks great!! New carpet, paint, kitchen countertops, new bathroom vanities, sinks, & faucets. Ref. w/ ice maker included. Wonderful N. Raleigh location-2 BR's & 2 Baths. This unit backs up to the pool & shaded yard. Great for a 1st time home buyer or investor.

15. 2008-08-07
    historical 315-char remark

    Show marketing remark (315 chars)

    Price Reduced. .. Motivated Seller!! Looks great!! New carpet, paint, kitchen countertops, new bathroom vanities, sinks, & faucets. Ref. w/ ice maker included. Wonderful N. Raleigh location-2 BR's & 2 Baths. This unit backs up to the pool & shaded yard. Great for a 1st time home buyer or investor.

16. 2008-06-16
    listed $73,500 315-char remark

    Show marketing remark (315 chars)

    Price Reduced. .. Motivated Seller!! Looks great!! New carpet, paint, kitchen countertops, new bathroom vanities, sinks, & faucets. Ref. w/ ice maker included. Wonderful N. Raleigh location-2 BR's & 2 Baths. This unit backs up to the pool & shaded yard. Great for a 1st time home buyer or investor.

17. 1981-12-01
    soldstatus $35,500

ⓘ 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: $1,549 · $129/mo
• Projected year-2 tax: $1,549 · $129/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 58% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,570
• − Mortgage interest: −$8,957
• − Property taxes: −$1,549
• − Insurance: −$800
• − Repairs & maintenance: −$1,486
• − Management: −$1,486
• − HOA: −$2,952
• − Depreciation: −$4,652
• Taxable loss: −$3,310
• Est. tax savings @ 24.0%: +$794
• After-tax cash flow: $102/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 — Raleigh

• Score: 83/100
• State rank: #10
• US rank: #1028

Category grades

Amenities A+ Commute A+ Cost of living C+ Crime F Employment B Housing A+ Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Raleigh, NC
• County: Wake County · 1,216,256 people
• City population: 569,344
• Metro: Raleigh-Cary, NC
• Population (ZIP): 35,573
• Household income: $83,065
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1774.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Black 13% Hispanic / Latino 13% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 3% Serbian 3% Iranian 2%
• Foreign-born: 12% · Canada
• Languages at home: 82% English-only · Spanish 12% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -503.19%
• Current HPI: 317.0251
• Rent YoY: ▼ -1.57%
• 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

+350.4% since first listed

17 events — show timeline

• 2026-05-21 Price Changed $159,900 TMLS
• 2026-05-16 Price Changed $165,000 TMLS
• 2026-05-06 Price Changed $169,900 TMLS
• 2026-04-27 Relisted — TMLS
• 2026-03-29 Pending — TMLS
• 2026-01-30 Listed $175,000 TMLS
• 2025-12-12 Sold (Public Records) $101,000 Public Records
• 2014-05-01 Sold (MLS) $68,500 TMLS
• 2014-04-30 Sold (Public Records) $68,500 Public Records
• 2014-03-10 Contingent — TMLS
• 2014-02-05 Price Changed $69,900 TMLS
• 2014-01-09 Listed $73,500 TMLS
• 2008-09-19 Sold (Public Records) $73,500 Public Records
• 2008-09-19 Sold (MLS) $73,500 TMLS
• 2008-08-07 Listing Removed — TMLS
• 2008-06-16 Listed $73,500 TMLS
• 1981-12-01 Sold (Public Records) $35,500 Public Records

Property tax history

+6.6%/yr

Latest (2025): $1,549 · +0.4% YoY. Source: county tax records.