2934 Hickory Field Dr #2934 · Raleigh, NC 27616

$2,100

3 bd · 2.5 ba · 1,805 sqft · Townhouse · 21 Days on market

Built 2026 1,805 sqft lot $205/mo HOA · 10% 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This new two-story townhome has an inviting contemporary design. The main-level Great Room flows seamlessly into the dining room and chef-caliber kitchen, while the patio is perfect for outdoor activities. Upstairs are two secondary bedrooms and the owner's suite, complete with a walk-in closet and full-sized bathroom. Prices, dimensions and features may vary and are subject to change. Photos are for illustrative purposes only.

Key facts

• Open floor plan
• New construction
• Spacious living area

Tags

• NEW CONSTRUCTION
• OPEN FLOOR PLAN
• SPACIOUS LIVING AREA
• NATURAL LIGHT
• CONTEMPORARY LAYOUT
• COMMUNITY AMENITIES

Property features AI

Finance

• Other: Unit number 2934
• Financial info: Multi-family property with 4 units total; Tenant pays all utilities; Owner pays none; Units not furnished
• HOA & community: Association: Everlee; Monthly association fee; Association fee includes internet; Community amenities: pool, playground, park, sidewalks, dog park, landscaping, laundry, parking, trash, cable TV, gas, hot water, water

Exterior

• Parking: Attached garage (1 space); Carport (1 space); Open parking (1 space); Garage with garage door opener; Total 2 parking spaces
• Utilities: Public water; No sewer
• Home design: Townhouse; Two levels; Built by Lennar
• Construction: Frame construction; Architectural shingle roof; Slab foundation
• Exterior features: Covered patio/porch; 1 common wall; Small lot (0.04 acres)

Interior

• Kitchen: Microwave; Refrigerator; Dishwasher; Ice maker
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Luxury vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Dishwasher; Dryer; Ice maker; Microwave; Refrigerator; Washer; Laundry closet
• Laundry & utility: Washer; Dryer; Laundry closet

🏷️ Possibly a rental listed for sale. The $2,100 price doesn't fit this home's estimated sale value (~$299,630) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $2k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $2k).
• Recommended offer: $2k (1.5% below list) — sets the bar for market timing.
• Cap rate 831.2% 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: Harris Creek Elementary (math 44% / reading 52%, grade D, #477 of 1,410 statewide, top 35%, 852 students, 47% FRL); Rolesville High (math 52% / reading 48%, grade D+, #309 of 535 statewide, top 58%, 2,373 students, 47% FRL) — zoned schools average 47% FRL vs 30% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 435 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).
• This rent runs 30% of the median local income ($84k/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 $15 of loan paydown is wiped out by about $63 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.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $588 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($2k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $2,068 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 100.25% ✓
• Cap rate: 831.20%
• Cash-on-cash: 2946.08%
• DSCR: 132.08
• GRM: 0.1

CMA / ARV

• ARV (on-the-fly): $299,630
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2940 Hickory Field Dr	0.01mi	3/2.5	1,805 (0%)	1mo	$312,490	$173	98
2932 Hickory Field Dr	0.00mi	3/2.5	1,805 (0%)	2mo	$313,490	$174	98
2927 Hickory Field Dr	0.03mi	3/2.5	1,805 (0%)	1mo	$287,990	$160	98
2941 Hickory Field Dr	0.03mi	3/2.5	1,805 (0%)	2mo	$286,990	$159	97
2921 Hickory Field Dr	0.03mi	3/2.5	1,805 (0%)	2mo	$300,490	$166	97
2945 Hickory Field Dr	0.03mi	3/2.5	1,805 (0%)	2mo	$298,990	$166	97
2915 Hickory Field Dr	0.05mi	3/2.5	1,805 (0%)	2mo	$294,490	$163	96

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 · 1.79% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 152.75×
• Total profit: $89,227
• Equity at exit: $313

10-year hold

• IRR: —
• Equity multiple: 318.32×
• Total profit: $186,587
• Equity at exit: $182

Cash invested: $588 (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 27616

• Home prices YoY: -26.6%
• Rents YoY: 1.8%
• Active inventory: 435
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $2,105 high
• Mortgage (P&I): −$11
• Tax est. 1.5%: −$3 /mo · $32/yr
• Insurance: −$1
• HOA: −$205
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $1,444

Break-even live

Break-even rent $278

Max offer price $2,100

Occupancy floor 26%

Sensitivity live

Price	-10% $1,445	-5% $1,444	+0% $1,444	+5% $1,443	+10% $1,442
Rent	-10% $1,277	-5% $1,360	+0% $1,444	+5% $1,527	+10% $1,610
Rate	-1.0pp $1,445	-0.5pp $1,444	base $1,444	+0.5pp $1,443	+1.0pp $1,442

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: $525
• Closing costs: $63
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2917 Hickory Field Dr Unit 1 Raleigh, NC	3.0	2.5	1690	$1,995	$1.18	24d	1	0.02mi
3952 Tyler Bluff Ln Raleigh, NC	3.0	2.5	1710	$1,865	$1.09	2d	1	0.72mi
3908 Tyler Bluff Ln Raleigh, NC	3.0	2.5	1598	$1,955	$1.22	13d	1	0.84mi
4014 Springfield Creek Dr Raleigh, NC	4.0	3.0	2236	$2,500	$1.12	17d	1	1.03mi
3608 Serendipity Dr Raleigh, NC	4.0	2.5	2500	$2,440	$0.98	20d	1	1.12mi
4010 Taylor Oaks Dr Raleigh, NC	4.0	2.5	2325	$2,250	$0.97	24d	1	1.23mi
4128 Labrador Dr Raleigh, NC	3.0	2.5	1579	$1,829	$1.16	24d	1	1.24mi
4104 Labrador Dr Raleigh, NC	3.0	2.0	1450	$3,200	$2.21	24d	1	1.25mi
4421 Canadian Ct Raleigh, NC	3.0	2.0	1340	$2,195	$1.64	13d	1	1.35mi
3973 White Kestrel Dr Raleigh, NC	4.0	2.5	2176	$2,250	$1.03	24d	1	1.36mi
4100 Sierra Pelona Dr Raleigh, NC	4.0	3.0	2134	$2,400	$1.12	24d	1	1.43mi
2500 Bartlett Dr Raleigh, NC	1.0–3.0	1.0–2.0	1002	$2,333	$2.33	2d	15	1.48mi
2521 Salt River Ln Raleigh, NC	3.0	2.5	1924	$2,195	$1.14	11d	1	1.50mi

HOA detail

• Monthly dues: $205 · $2,460/yr

Listing history 16 events

1. 2026-06-15
   days on market $2,100 Active 21 DOM
2. 2026-06-13
   days on market $2,100 Active 19 DOM
3. 2026-06-13
   days on market $2,100 Active 18 DOM
4. 2026-06-09
   days on market $2,100 Active 15 DOM
5. 2026-06-08
   days on market $2,100 Active 14 DOM
6. 2026-06-07
   days on market $2,100 Active 13 DOM
7. 2026-06-05
   days on market $2,100 Active 10 DOM
8. 2026-06-03
   days on market $2,100 Active 9 DOM
9. 2026-06-02
   days on market $2,100 Active 8 DOM
10. 2026-06-01
    days on market $2,100 Active 7 DOM
11. 2026-05-31
    days on market $2,100 Active 6 DOM
12. 2026-05-25
    listed $2,100 Active
13. 2026-05-12
    soldstatus $299,990 Sold 431-char remark

    Show marketing remark (431 chars)

    This new two-story townhome has an inviting contemporary design. The main-level Great Room flows seamlessly into the dining room and chef-caliber kitchen, while the patio is perfect for outdoor activities. Upstairs are two secondary bedrooms and the owner's suite, complete with a walk-in closet and full-sized bathroom. Prices, dimensions and features may vary and are subject to change. Photos are for illustrative purposes only.

14. 2026-04-20
    status Pending 431-char remark

    Show marketing remark (431 chars)

    This new two-story townhome has an inviting contemporary design. The main-level Great Room flows seamlessly into the dining room and chef-caliber kitchen, while the patio is perfect for outdoor activities. Upstairs are two secondary bedrooms and the owner's suite, complete with a walk-in closet and full-sized bathroom. Prices, dimensions and features may vary and are subject to change. Photos are for illustrative purposes only.

15. 2026-04-07
    listed $305,490 Active 431-char remark

    Show marketing remark (431 chars)

    This new two-story townhome has an inviting contemporary design. The main-level Great Room flows seamlessly into the dining room and chef-caliber kitchen, while the patio is perfect for outdoor activities. Upstairs are two secondary bedrooms and the owner's suite, complete with a walk-in closet and full-sized bathroom. Prices, dimensions and features may vary and are subject to change. Photos are for illustrative purposes only.

16. 2026-03-17
    soldstatus $575,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $25,262
• − Mortgage interest: −$118
• − Property taxes: −$32
• − Insurance: −$10
• − Repairs & maintenance: −$2,021
• − Management: −$2,021
• − HOA: −$2,460
• − Depreciation: −$61
• Taxable income: $18,539
• Est. tax owed @ 24.0%: −$4,449
• After-tax cash flow: $12,873/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): 63,520
• Household income: $83,565
• Rent vs Own: 44.0% rent · 56.0% own
• Severe rent burden: 2647.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Black 38% White 31% Hispanic / Latino 20% Two or more races 12% Asian 7%
• Hispanic origin (detail): Mexican 8% Puerto Rican 3% Dominican 2%
• Common ancestry: Slovak 2% Italian 1% Romanian 1%
• Foreign-born: 20% · Canada, Vietnam, Jamaica
• Languages at home: 71% English-only · Spanish 16% Other Indo-European 3% Vietnamese 2%

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: ▼ -81.35%
• Current HPI: 224.0782
• Rent YoY: ▲ 1.79%
• 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

-99.6% since first listed

5 events — show timeline

• 2026-05-25 Listed $2,100 TMLS
• 2026-05-12 Sold (MLS) $299,990 TMLS
• 2026-04-20 Pending — TMLS
• 2026-04-07 Listed $305,490 TMLS
• 2026-03-17 Sold (Public Records) $575,500 Public Records