8023 Perry Creek Rd · Raleigh, NC 27616

$250,000

6 bd · 2.5 ba · 1,437 sqft · MultiFamily public records · 25 Days on market

Built 1986 4,356 sqft lot

---

Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Duplex with large, 3-bedroom units in N. Raleigh. Located across from the WRAL/CASL Soccer complex. Building has vinyl siding and both heat pumps are less than 5 years old. Each unit has a large back porch and fenced-in backyard. Unit 8023 is leased for $995 and the tenant has provided notice-to-vacate at lease expiration on 11/30/16. Owner plans to ask $1200. Unit 8025 is leased for $1100 through 5/31/18. Owner is also selling the adjacent duplex at 8029/8031 Perry Creek Road.

Key facts

• Fenced back yard
• Recently updated
• Subdivided duplex

Tags

• GRANITE COUNTERTOPS
• LVP FLOORING
• FENCED BACK YARD
• RECENTLY UPDATED
• SUBDIVIDED DUPLEX

Property features AI

Finance

• Financial info: Property configured as 4 total units; Owner pays management; Tenants pay all utilities
• HOA & community: No association

Exterior

• Parking: Open parking (2 spaces); Concrete on-site parking
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected; Cable available
• Home design: Duplex; Two levels; Updated/remodeled
• Construction: Vinyl siding; Architectural shingle roof
• Exterior features: Deck; Balcony; Fenced yard; Rain gutters; Grassed vegetation; Chain link fence

Interior

• Kitchen: Dishwasher; Electric oven; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Carpet; Luxury vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Fireplace (1); Updated/remodeled condition; 1 common wall (duplex)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $507/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.2% 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: North Forest Pines Elementary (math 49% / reading 67%, grade C+, #236 of 1,410 statewide, top 17%, 554 students, 41% FRL); Wake Forest Middle School (math 34% / reading 44%, grade F, #238 of 475 statewide, top 51%, 968 students, 50% FRL); Wakefield High (math 55% / reading 66%, grade C+, #210 of 535 statewide, top 40%, 2,072 students, 34% FRL).
• Market conditions: Rents rising (+1.8%/yr); 435 active listings in the ZIP; solid renter incomes; 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).
• At $3,534/mo this rent would consume 51% of the median local household income ($84k/yr) (locally 2647% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $70k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y ago; this cycle's ask has dropped $250k (50%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 50% 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 $246,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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 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: 1.41% ✓
• Cap rate: 11.16%
• Cash-on-cash: 17.37%
• DSCR: 1.77
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.79% rent growth · sell at horizon

5-year hold

• IRR: 7.4%
• Equity multiple: 1.28×
• Total profit: $19,851
• Equity at exit: $37,276

10-year hold

• IRR: 15.6%
• Equity multiple: 2.20×
• Total profit: $83,694
• 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 27616

• Home prices YoY: -26.6%
• Rents YoY: 1.8%
• Active inventory: 435
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $3,534 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$364 /mo · $4,362/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$742
• Net cashflow: $1,013

Break-even live

Break-even rent $2,252

Max offer price $250,000

Occupancy floor 66%

Sensitivity live

Price	-10% $1,155	-5% $1,084	+0% $1,013	+5% $942	+10% $872
Rent	-10% $734	-5% $874	+0% $1,013	+5% $1,153	+10% $1,292
Rate	-1.0pp $1,139	-0.5pp $1,077	base $1,013	+0.5pp $948	+1.0pp $882

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$3,534
Total (2 units)			$3,534

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: —

Listing history 32 events

1. 2026-06-21
   days on market $250,000 Active 25 DOM
2. 2026-06-18
   days on market $250,000 Active 22 DOM
3. 2026-06-17
   days on market $250,000 Active 21 DOM
4. 2026-06-16
   remarks 692-char remark
5. 2026-06-16
   pricedays on market $250,000 Active 20 DOM
6. 2026-06-15
   days on market $500,000 Active 19 DOM
7. 2026-06-13
   days on market $500,000 Active 17 DOM
8. 2026-06-13
   days on market $500,000 Active 16 DOM
9. 2026-06-09
   days on market $500,000 Active 13 DOM
10. 2026-06-08
    days on market $500,000 Active 12 DOM
11. 2026-06-07
    days on market $500,000 Active 11 DOM
12. 2026-06-05
    days on market $500,000 Active 8 DOM
13. 2026-06-03
    days on market $500,000 Active 7 DOM
14. 2026-06-02
    days on market $500,000 Active 6 DOM
15. 2026-06-01
    days on market $500,000 Active 5 DOM
16. 2026-05-31
    days on market $500,000 Active 4 DOM
17. 2026-05-27
    listed $500,000 Active
18. 2025-05-14
    historical $1,700
19. 2025-05-14
    listed $1,700
20. 2024-04-10
    historical $1,595
21. 2024-03-28
    listed $1,595
22. 2024-03-28
    historical $1,595
23. 2024-03-13
    listed $1,595
24. 2016-10-14
    historical 482-char remark

    Show marketing remark (482 chars)

    Duplex with large, 3-bedroom units in N. Raleigh. Located across from the WRAL/CASL Soccer complex. Building has vinyl siding and both heat pumps are less than 5 years old. Each unit has a large back porch and fenced-in backyard. Unit 8023 is leased for $995 and the tenant has provided notice-to-vacate at lease expiration on 11/30/16. Owner plans to ask $1200. Unit 8025 is leased for $1100 through 5/31/18. Owner is also selling the adjacent duplex at 8029/8031 Perry Creek Road.

25. 2016-10-14
    soldstatus $236,500 Closed 482-char remark

    Show marketing remark (482 chars)

    Duplex with large, 3-bedroom units in N. Raleigh. Located across from the WRAL/CASL Soccer complex. Building has vinyl siding and both heat pumps are less than 5 years old. Each unit has a large back porch and fenced-in backyard. Unit 8023 is leased for $995 and the tenant has provided notice-to-vacate at lease expiration on 11/30/16. Owner plans to ask $1200. Unit 8025 is leased for $1100 through 5/31/18. Owner is also selling the adjacent duplex at 8029/8031 Perry Creek Road.

26. 2016-10-14
    soldstatus $236,500 482-char remark

    Show marketing remark (482 chars)

    Duplex with large, 3-bedroom units in N. Raleigh. Located across from the WRAL/CASL Soccer complex. Building has vinyl siding and both heat pumps are less than 5 years old. Each unit has a large back porch and fenced-in backyard. Unit 8023 is leased for $995 and the tenant has provided notice-to-vacate at lease expiration on 11/30/16. Owner plans to ask $1200. Unit 8025 is leased for $1100 through 5/31/18. Owner is also selling the adjacent duplex at 8029/8031 Perry Creek Road.

27. 2016-10-14
    soldstatus $236,500

    Show marketing remark (482 chars)

    Duplex with large, 3-bedroom units in N. Raleigh. Located across from the WRAL/CASL Soccer complex. Building has vinyl siding and both heat pumps are less than 5 years old. Each unit has a large back porch and fenced-in backyard. Unit 8023 is leased for $995 and the tenant has provided notice-to-vacate at lease expiration on 11/30/16. Owner plans to ask $1200. Unit 8025 is leased for $1100 through 5/31/18. Owner is also selling the adjacent duplex at 8029/8031 Perry Creek Road.

28. 2016-08-25
    status Pending 482-char remark

    Show marketing remark (482 chars)

    Duplex with large, 3-bedroom units in N. Raleigh. Located across from the WRAL/CASL Soccer complex. Building has vinyl siding and both heat pumps are less than 5 years old. Each unit has a large back porch and fenced-in backyard. Unit 8023 is leased for $995 and the tenant has provided notice-to-vacate at lease expiration on 11/30/16. Owner plans to ask $1200. Unit 8025 is leased for $1100 through 5/31/18. Owner is also selling the adjacent duplex at 8029/8031 Perry Creek Road.

29. 2016-08-17
    listed $239,000 Active 482-char remark

    Show marketing remark (482 chars)

    Duplex with large, 3-bedroom units in N. Raleigh. Located across from the WRAL/CASL Soccer complex. Building has vinyl siding and both heat pumps are less than 5 years old. Each unit has a large back porch and fenced-in backyard. Unit 8023 is leased for $995 and the tenant has provided notice-to-vacate at lease expiration on 11/30/16. Owner plans to ask $1200. Unit 8025 is leased for $1100 through 5/31/18. Owner is also selling the adjacent duplex at 8029/8031 Perry Creek Road.

30. 2016-08-17
    listed $239,000 482-char remark

    Show marketing remark (482 chars)

    Duplex with large, 3-bedroom units in N. Raleigh. Located across from the WRAL/CASL Soccer complex. Building has vinyl siding and both heat pumps are less than 5 years old. Each unit has a large back porch and fenced-in backyard. Unit 8023 is leased for $995 and the tenant has provided notice-to-vacate at lease expiration on 11/30/16. Owner plans to ask $1200. Unit 8025 is leased for $1100 through 5/31/18. Owner is also selling the adjacent duplex at 8029/8031 Perry Creek Road.

31. 1994-05-12
    soldstatus $90,000
32. 1993-07-13
    soldstatus $94,500

ⓘ 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: $4,362 · $364/mo
• Projected year-2 tax: $4,362 · $364/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 ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 50% 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: $42,408
• − Mortgage interest: −$14,004
• − Property taxes: −$4,362
• − Insurance: −$1,250
• − Repairs & maintenance: −$3,393
• − Management: −$3,393
• − Depreciation: −$7,273
• Taxable income: $8,734
• Est. tax owed @ 24.0%: −$2,096
• After-tax cash flow: $10,062/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

+429.1% since first listed

16 events — show timeline

• 2026-05-27 Listed $500,000 TMLS
• 2025-05-14 Rental Removed $1,700 TMLS
• 2025-05-14 Listed for Rent $1,700 TMLS
• 2024-04-10 Rental Removed $1,595 APPFOLIO
• 2024-03-28 Listed for Rent $1,595 APPFOLIO
• 2024-03-28 Rental Removed $1,595 APPFOLIO
• 2024-03-13 Listed for Rent $1,595 APPFOLIO
• 2016-10-14 Listing Removed — TMLS
• 2016-10-14 Sold (Public Records) $236,500 Public Records
• 2016-10-14 Sold (MLS) $236,500 AMLSNC
• 2016-10-14 Sold (MLS) $236,500 TMLS
• 2016-08-25 Pending — TMLS
• 2016-08-17 Listed $239,000 TMLS
• 2016-08-17 Listed $239,000 AMLSNC
• 1994-05-12 Sold (Public Records) $90,000 Public Records
• 1993-07-13 Sold (Public Records) $94,500 Public Records

Property tax history

+6.5%/yr

Latest (2025): $4,362 · +0.4% YoY. Source: county tax records.