2618 Addlet Dr

Raleigh, NC 27610

$283,990F

3 bd · 2.5 ba · 1,451 sqft · Built 2026 · Townhouse · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,821/mo
• Mortgage (P&I): −$1,489
• Tax + insurance: −$473
• HOA: −$120
• Vac / Maint / Mgmt: −$382
• Net cashflow: $-644/mo
• Annual: $-7,726/yr
• Cap rate: 3.57%
• Cash-on-cash: -9.72%
• DSCR: 0.57
• 1% rule: 0.64%
• Cash to close: $79,517

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $284k. Condition is rated excellent.
• At list price, monthly cash flow is $-644 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (32.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (35.9% below list).
• It's been on market 116 days — a 9% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (35.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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: West Lake Elementary (math 58% / reading 65%, grade B, #193 of 1,410 statewide, top 14%, 611 students, 31% FRL); West Lake Middle (math 47% / reading 56%, grade C, #103 of 475 statewide, top 22%, 877 students, 40% FRL); Wake Forest High School (math 61% / reading 71%, grade B, #154 of 535 statewide, top 29%, 2,101 students, 27% FRL) — zoned schools at 33% 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 83d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% 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, 57% chance of damaging wind over 30y; extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.6% vs local median 2.8% in Raleigh — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 32% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 116 days. Have you received any prior offers? Is the seller open to a 36% 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?