4004 Volkswalk Pl · Raleigh, NC 27610

$250,000

3 bd · 2.5 ba · 1,320 sqft · Townhouse public records · 28 Days on market

Built 2006 1,307 sqft lot Est $269k · 7% under $105/mo HOA · 5% 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 +12.5/30.0
• ARV discount +10.7/15.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• DSCR +3.7/10.0
• 1% rule +3.4/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

* * * * * Mulitple Offers * * * * Submit Best Offer by 6:00pm on Saturday, 4/27 * * * * Run to see this affordable townhouse that has new carpet, paint and laminate floors. This one is so affordable with low HOA dues! Convenient to shopping and downtown Raleigh. Will not last long! Excellent investment opportunity or perfect for 1st time home buyers!

Key facts

• $105 HOA
• 2 parking spots
• Built 2006

Property features AI

Finance

• Other: Lot size approximately 0.03 acres; Zoning: R-6; County: Wake
• HOA & community: Homeowners association (monthly fee of $105); HOA covers grounds maintenance; Association managed by Associa HRW

Exterior

• Parking: 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Townhouse; Two levels; Facing information not provided
• Construction: Vinyl siding; Shingle roof; Slab foundation; Built as a townhouse
• Exterior features: Public maintained paved road

Interior

• Bedrooms: 3 bedrooms
• Flooring: Carpet; Laminate; Luxury vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Carpet, Laminate, Luxury Vinyl flooring

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $250k.

Deal economics

• At list price, monthly cash flow is $-38 ($-457/yr) — negative.
• To cash-flow at today's rent, offer at most $243k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (15.8% below list).
• Recommended offer: $210k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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: East Garner Elementary (math 22% / reading 25%, grade F, #1,160 of 1,410 statewide, top 83%, 478 students, 88% FRL); East Garner Middle (math 23% / reading 33%, grade F, #360 of 475 statewide, top 77%, 1,186 students, 73% FRL); South Garner High (math 45% / reading 50%, grade D, #331 of 535 statewide, top 62%, 1,824 students, 66% FRL) — zoned schools average 76% FRL vs 30% district-wide (45 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 33% at this address vs 56% district-wide (-23 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 flat; 594 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).
• This rent runs 37% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 28 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $148k; list at $250k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 59% 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 $210,377 (15.8% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.65%
• DSCR: 0.97
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $269,280
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2494 Tonoloway Dr Unit 330- Meredith A	0.45mi	2/2.5 (-1)	1,370 (+4%)	21mo	$279,990	$204	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -20.5%
• Equity multiple: 0.30×
• Total profit: $-48,689
• Equity at exit: $37,276

10-year hold

• IRR: -21.4%
• Equity multiple: 0.03×
• Total profit: $-67,833
• Equity at exit: $21,615

Cash invested: $70,000 (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 27610

• Rents YoY: 0.2%
• Active inventory: 594
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,104 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$180 /mo · $2,159/yr
• Insurance: −$104
• HOA: −$105
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $-38

Break-even live

Break-even rent $2,152

Max offer price $243,267

Occupancy floor 97%

Sensitivity live

Price	-10% $103	-5% $33	+0% $-38	+5% $-109	+10% $-180
Rent	-10% $-204	-5% $-121	+0% $-38	+5% $45	+10% $128
Rate	-1.0pp $88	-0.5pp $25	base $-38	+0.5pp $-103	+1.0pp $-169

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3990 Volkswalk Pl Raleigh, NC	4.0	3.0	1600	$1,895	$1.18	6d	1	0.02mi
3911 Volkswalk Pl Raleigh, NC	3.0	2.5	1330	$2,750	$2.07	25d	1	0.10mi
3944 Volkswalk Pl Raleigh, NC	4.0	3.0	1592	$1,950	$1.22	25d	1	0.10mi
3944 Volkswalk Pl Raleigh, NC	4.0	3.0	1592	$1,895	$1.19	6d	1	0.10mi
3944 Volkswalk Pl Raleigh, NC	4.0	3.0	1592	$1,950	$1.22	22d	1	0.10mi
5829 Wynmore Rd Raleigh, NC	3.0	2.5	1788	$1,905	$1.07	16d	1	0.28mi
4705 Pearl Rd Raleigh, NC	3.0	2.0	1700	$1,800	$1.06	25d	1	0.32mi
2471 Tonoloway Dr Raleigh, NC	3.0	2.5	1685	$1,995	$1.18	6d	1	0.47mi
2495 Tonoloway Dr Raleigh, NC	3.0	2.0	1397	$1,795	$1.28	6d	1	0.48mi
5405 Advantis Dr Raleigh, NC	3.0	2.0	1136	$1,669	$1.47	25d	1	0.49mi
2636 Chert Ln Raleigh, NC	3.0	3.0	1744	$1,950	$1.12	25d	1	0.54mi
2431 Kasota Ln Raleigh, NC	3.0	3.5	1804	$1,995	$1.11	25d	1	0.68mi
2431 Kasota Ln Raleigh, NC	3.0	3.0	1804	$1,950	$1.08	6d	1	0.68mi
2431 Kasota Ln Raleigh, NC	3.0	4.0	1804	$1,995	$1.11	16d	1	0.68mi
2427 Kasota Ln Raleigh, NC	3.0	4.0	1733	$1,900	$1.10	6d	1	0.69mi
5383 Arkose Dr Raleigh, NC	3.0	2.5	1685	$1,750	$1.04	23d	1	0.70mi
5364 Arkose Dr Raleigh, NC	3.0	2.5	1685	$1,975	$1.17	25d	1	0.74mi
2301 Ostracod Ln Raleigh, NC	3.0	1.0–2.0	991	$2,088	$2.11	4d	32	0.75mi
5028 Arkose Dr Raleigh, NC	3.0	2.5	1770	$1,950	$1.10	25d	1	0.90mi
4935 Arkose Dr Raleigh, NC	3.0	2.5	1796	$1,895	$1.06	25d	1	0.97mi
3540 Aldie Ct Unit 1 Raleigh, NC	3.0	2.5	1310	$1,695	$1.29	25d	1	1.04mi
3400 Futura Ln Raleigh, NC	3.0	2.5	1836	$2,099	$1.14	16d	1	1.05mi
3558 Aldie Ct Raleigh, NC	3.0	3.0	1310	$1,695	$1.29	25d	1	1.06mi
3564 Aldie Ct Raleigh, NC	3.0	3.0	1310	$1,695	$1.29	25d	1	1.07mi
2210 Caen St Raleigh, NC	3.0	2.5	1811	$2,000	$1.10	25d	1	1.11mi
3000 Grand Look Ct Raleigh, NC	3.0	2.0	1360	$1,799	$1.32	6d	1	1.15mi
2143 Caen St Raleigh, NC	3.0	2.5	1785	$1,995	$1.12	19d	1	1.18mi
5038 Kota St Raleigh, NC	3.0	2.5	1805	$1,995	$1.11	14d	1	1.23mi
3128 La Costa Way Raleigh, NC	3.0	2.5	1855	$1,975	$1.06	18d	1	1.27mi
4917 Oolite St Raleigh, NC	3.0	2.5	1687	$1,945	$1.15	19d	1	1.30mi
4906 Oolite St Raleigh, NC	3.0	3.0	1687	$1,945	$1.15	23d	1	1.30mi
5021 Pufa St Raleigh, NC	3.0	2.5	1789	$1,995	$1.12	6d	1	1.30mi
3124 Mackinac Island Ln Raleigh, NC	3.0	2.5	1645	$1,845	$1.12	25d	1	1.37mi

HOA detail

• Monthly dues: $105 · $1,260/yr

Listing history 31 events

1. 2026-06-21
   days on market $250,000 Active 28 DOM
2. 2026-06-18
   days on market $250,000 Active 25 DOM
3. 2026-06-17
   days on market $250,000 Active 24 DOM
4. 2026-06-16
   days on market $250,000 Active 23 DOM
5. 2026-06-15
   days on market $250,000 Active 22 DOM
6. 2026-06-13
   days on market $250,000 Active 20 DOM
7. 2026-06-13
   days on market $250,000 Active 19 DOM
8. 2026-06-09
   days on market $250,000 Active 16 DOM
9. 2026-06-08
   days on market $250,000 Active 15 DOM
10. 2026-06-07
    days on market $250,000 Active 14 DOM
11. 2026-06-05
    days on market $250,000 Active 11 DOM
12. 2026-06-03
    days on market $250,000 Active 10 DOM
13. 2026-06-02
    days on market $250,000 Active 9 DOM
14. 2026-06-01
    days on market $250,000 Active 8 DOM
15. 2026-05-31
    days on market $250,000 Active 7 DOM
16. 2026-05-24
    listed $250,000 Active
17. 2024-07-18
    historical $1,550
18. 2024-06-21
    price $1,550
19. 2024-05-16
    price $1,650
20. 2024-04-12
    price $1,700
21. 2024-03-30
    listed $1,750
22. 2019-05-10
    soldstatus $148,500 Closed 364-char remark

    Show marketing remark (364 chars)

    * * * * * Mulitple Offers * * * * Submit Best Offer by 6:00pm on Saturday, 4/27 * * * * Run to see this affordable townhouse that has new carpet, paint and laminate floors. This one is so affordable with low HOA dues! Convenient to shopping and downtown Raleigh. Will not last long! Excellent investment opportunity or perfect for 1st time home buyers!

23. 2019-05-10
    soldstatus $148,500

    Show marketing remark (364 chars)

    * * * * * Mulitple Offers * * * * Submit Best Offer by 6:00pm on Saturday, 4/27 * * * * Run to see this affordable townhouse that has new carpet, paint and laminate floors. This one is so affordable with low HOA dues! Convenient to shopping and downtown Raleigh. Will not last long! Excellent investment opportunity or perfect for 1st time home buyers!

24. 2019-04-29
    status Pending 364-char remark

    Show marketing remark (364 chars)

    * * * * * Mulitple Offers * * * * Submit Best Offer by 6:00pm on Saturday, 4/27 * * * * Run to see this affordable townhouse that has new carpet, paint and laminate floors. This one is so affordable with low HOA dues! Convenient to shopping and downtown Raleigh. Will not last long! Excellent investment opportunity or perfect for 1st time home buyers!

25. 2019-04-24
    listed $145,900 Active 364-char remark

    Show marketing remark (364 chars)

    * * * * * Mulitple Offers * * * * Submit Best Offer by 6:00pm on Saturday, 4/27 * * * * Run to see this affordable townhouse that has new carpet, paint and laminate floors. This one is so affordable with low HOA dues! Convenient to shopping and downtown Raleigh. Will not last long! Excellent investment opportunity or perfect for 1st time home buyers!

26. 2009-02-06
    soldstatus $91,000 211-char remark

    Show marketing remark (211 chars)

    Very cute townhome, priced well below tax value. Convenient to downtown Raleigh, Garner, Knightdale, Wendell. NC Disclosure not required, survey not available, seller required addenda located on kitchen counter.

27. 2008-12-23
    historical 211-char remark

    Show marketing remark (211 chars)

    Very cute townhome, priced well below tax value. Convenient to downtown Raleigh, Garner, Knightdale, Wendell. NC Disclosure not required, survey not available, seller required addenda located on kitchen counter.

28. 2008-11-04
    listed $89,900 211-char remark

    Show marketing remark (211 chars)

    Very cute townhome, priced well below tax value. Convenient to downtown Raleigh, Garner, Knightdale, Wendell. NC Disclosure not required, survey not available, seller required addenda located on kitchen counter.

29. 2007-02-07
    soldstatus $108,356
30. 2006-12-13
    historical
31. 2006-01-04
    listed $108,356

ⓘ 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: $2,159 · $180/mo
• Projected year-2 tax: $2,159 · $180/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 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,245
• − Mortgage interest: −$14,004
• − Property taxes: −$2,159
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,020
• − Management: −$2,020
• − HOA: −$1,260
• − Depreciation: −$7,273
• Taxable loss: −$4,739
• Est. tax savings @ 24.0%: +$1,137
• After-tax cash flow: $680/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): 81,419
• Household income: $67,932
• Rent vs Own: 40.0% rent · 60.0% own
• Severe rent burden: 3499.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 59% Hispanic / Latino 20% White 15% Two or more races 8% Asian 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1% Dominican 1%
• Common ancestry: Lithuanian 1% Slovak 1% Serbian 1%
• Foreign-born: 14% · Canada
• Languages at home: 77% English-only · Spanish 18% Arabic 1% French/Haitian/Cajun 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: ▼ -131.88%
• Current HPI: 237.704
• Rent YoY: ▲ 0.20%
• 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

+130.7% since first listed

16 events — show timeline

• 2026-05-24 Listed $250,000 TMLS
• 2024-07-18 Rental Removed $1,550 TMLS
• 2024-06-21 Price Changed $1,550 TMLS
• 2024-05-16 Price Changed $1,650 TMLS
• 2024-04-12 Price Changed $1,700 TMLS
• 2024-03-30 Listed for Rent $1,750 TMLS
• 2019-05-10 Sold (Public Records) $148,500 Public Records
• 2019-05-10 Sold (MLS) $148,500 TMLS
• 2019-04-29 Pending — TMLS
• 2019-04-24 Listed $145,900 TMLS
• 2009-02-06 Sold (MLS) $91,000 TMLS
• 2008-12-23 Listing Removed — TMLS
• 2008-11-04 Listed $89,900 TMLS
• 2007-02-07 Sold (MLS) $108,356 TMLS
• 2006-12-13 Listing Removed — TMLS
• 2006-01-04 Listed $108,356 TMLS

Property tax history

+5.0%/yr

Latest (2025): $2,159 · +0.4% YoY. Source: county tax records.