1321-302 Park Glen Dr Bldg 8j

Raleigh, NC 27610

$145,000D+

2 bd · 2.0 ba · 985 sqft · Built 1986 · Townhouse · Active · 224 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,506/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$242
• HOA: −$286
• Vac / Maint / Mgmt: −$316
• Net cashflow: $-98/mo
• Annual: $-1,180/yr
• Cap rate: 5.48%
• Cash-on-cash: -2.91%
• DSCR: 0.87
• 1% rule: 1.04%
• Cash to close: $40,600

Investor read

• This is a 2-bed/2.0-bath townhouse listed at $145k. Condition is rated good.
• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (9.8% below list).
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 224 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• 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: Underwood Elementary (math 67% / reading 67%, grade B+, #120 of 1,410 statewide, top 9%, 381 students, 28% FRL); Martin Middle (math 53% / reading 66%, grade B, #48 of 475 statewide, top 11%, 958 students, 28% FRL); Enloe High (math 64% / reading 75%, grade B, #121 of 535 statewide, top 24%, 2,502 students, 27% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: Rents flat; 922 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 74d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 52% of comp listings sitting > 30 days — soft ceiling on asking rent; 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).
• Wake County population projected at +51% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.5% vs local median 2.8% 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.

Questions for listing agent

• 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?
• It's been on market 224 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?