2604 Brafferton Ct · Raleigh, NC 27604

$130,000

2 bd · 1.0 ba · 756 sqft · Condo public records · 13 Days on market

Built 1981 $333/mo HOA · 24% 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 +10.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOVELY, WELL-MAINTAINED GROUND FLOOR CONDO IN CONVENIENT RALEIGH LOCATION. NEW HEAT PUMP IN 97, THIS ATTRACTIVE FLOOR PLAN HAS HIS & HER CLOSETS, THERMO PANE WINDOWS & STORM DOORS. CLOSE DATE IS NEGOTIABLE, BUT PREFERENCE IS DELAYED OR RENT BACK UNTIL NEW HOME IS BUILT. FRIDGE IS NEGOTIABLE! PLEASE DO NOT LET THE CAT OUT!

Key facts

• First-floor condo
• Private patio
• Functional layout

Tags

• FIRST-FLOOR CONDO
• PRIVATE PATIO
• FUNCTIONAL LAYOUT
• MINUTES FROM DOWNTOWN RALEIGH
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING

Property features AI

Finance

• Other: Association fee frequency: Monthly
• HOA & community: Condo association (Millbrook Village Condo Association); Monthly association fee

Exterior

• Parking: Two parking spaces total; One open parking space; Visitor parking available
• Utilities: Public water; Public sewer; Electricity connected
• Home design: One-story property; Above-grade finished living area 749; RX-3 zoning
• Construction: Other construction materials; Shingle roof; Slab foundation; Structure type: Other; Built as a single-level unit
• Exterior features: Patio; Sidewalks; Public maintained road

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Water heater
• Bedrooms: One main-level bedroom
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom
• Heating & cooling: No central heating; Heat pump for cooling
• Interior features: Accessible approach with ramp; Patio
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $130k.

Deal economics

• At list price, monthly cash flow is $-78 ($-937/yr) — negative.
• To cash-flow at today's rent, offer at most $116k (10.6% below list).
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $116k (10.6% below list) — sets the bar for cash-flow.
• Cap rate 5.6% 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.
• Market conditions: Rents soft (-0.3%/yr); 400 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 27y 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 $60k; list at $130k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• Climate carrying-cost: major wind risk, 49% 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 $116,207 (10.6% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: 5.57%
• Cash-on-cash: -2.57%
• DSCR: 0.89
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -25.0%
• Equity multiple: 0.18×
• Total profit: $-29,907
• Equity at exit: $19,383

10-year hold

• IRR: -40.5%
• Equity multiple: -0.30×
• Total profit: $-47,358
• Equity at exit: $11,240

Cash invested: $36,400 (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 27604

• Rents YoY: -0.3%
• Active inventory: 400
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,384 high
• Mortgage (P&I): −$682
• Tax from tax record: −$103 /mo · $1,235/yr
• Insurance: −$54
• HOA: −$333
• Vacancy / Maint / Mgmt: −$291
• Net cashflow: $-78

Break-even live

Break-even rent $1,483

Max offer price $116,207

Occupancy floor —

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4625 Millbrook Green Dr Raleigh, NC	1.0–3.0	1.0–2.0	1033	$1,536	$1.49	2d	18	0.10mi
2608 Millborough Ct Raleigh, NC	2.0	2.0	1025	$1,296	$1.26	2d	1	0.11mi
4808 Hoyle Dr Apt D Raleigh, NC	2.0	1.0	784	$1,247	$1.59	23d	1	0.20mi
4808 Hoyle Dr Raleigh, NC	2.0	1.0	784	$1,247	$1.59	16d	1	0.20mi
4808 Hoyle Dr Apt D Raleigh, NC	2.0	1.0	784	$1,247	$1.59	14d	1	0.20mi
2904 Calvary Dr Raleigh, NC	1.0–2.0	1.0–2.0	913	$1,301	$1.42	21d	13	0.21mi
4804 Hoyle Dr Raleigh, NC	2.0	1.0	795	$1,350	$1.70	16d	1	0.21mi
4891 Millsview Ct Raleigh, NC	2.0–3.0	2.0	1028	$1,299	$1.26	23d	1	0.28mi
4628 Kilcullen Dr Unit B Raleigh, NC	2.0	1.5	1048	$1,350	$1.29	23d	1	0.35mi
4700 Brockton Dr Raleigh, NC	2.0	2.0	1003	$1,249	$1.25	20d	1	0.50mi
4416 Brockton Dr Apt B Raleigh, NC	2.0	1.5	1050	$1,225	$1.17	23d	1	0.53mi
4412 Brockton Dr Apt C Raleigh, NC	2.0	1.5	1050	$1,250	$1.19	23d	1	0.54mi
5341 Arrival Dr Raleigh, NC	3.0	1.0–2.0	804	$1,627	$2.02	2d	124	0.69mi
4219 Brockton Dr Raleigh, NC	1.0–2.0	1.0–1.5	800	$1,419	$1.77	2d	6	0.69mi
4205 Greencastle Ct Unit D Raleigh, NC	2.0	2.0	1047	$1,150	$1.10	23d	1	0.70mi
4205 Greencastle Ct Unit A Raleigh, NC	2.0	2.0	1047	$1,150	$1.10	4d	1	0.70mi
4249 Lake Ridge Dr Unit 5-B Raleigh, NC	2.0	1.5	1052	$1,450	$1.38	23d	1	0.71mi
4200 Bertram Dr Raleigh, NC	2.0	1.5	1008	$1,520	$1.51	21d	1	0.71mi
5040 N New Hope Rd Raleigh, NC	1.0	1.0	767	$1,177	$1.53	4d	1	0.75mi
5040 N New Hope Rd Raleigh, NC	2.0	2.0	1108	$1,528	$1.38	21d	1	0.75mi
5040 N New Hope Rd Raleigh, NC	1.0	1.0	825	$1,097	$1.33	23d	1	0.75mi
3131 Calvary Dr Raleigh, NC	1.0–2.0	1.0–2.0	764	$1,548	$2.03	1d	30	0.78mi
4100 Pittsford Rd Raleigh, NC	2.0	1.0	806	$1,375	$1.71	23d	1	0.80mi
4800 Avenida Del Sol Dr Apt 302 Raleigh, NC	2.0	2.0	1050	$1,225	$1.17	23d	1	0.85mi
4929 Coral Ridge Ct Unit 101 Raleigh, NC	2.0	1.5	999	$1,250	$1.25	4d	1	0.86mi
5540 Atlantic Crossing Dr Brentwood, NC	1.0–2.0	1.0–2.0	930	$1,951	$2.10	2d	30	0.86mi
4840 N New Hope Rd Unit D Raleigh, NC	2.0	2.0	1060	$1,500	$1.42	4d	1	0.87mi
4803 N New Hope Rd Raleigh, NC	1.0–3.0	1.0–2.0	1000	$1,358	$1.36	1d	24	0.88mi
3819 Bonneville Ct Raleigh, NC	2.0	1.0	940	$1,344	$1.43	4d	1	0.88mi
4722 Dansey Dr Raleigh, NC	1.0–3.0	1.0–2.5	1112	$1,325	$1.19	23d	1	0.90mi
4940 Pebble Beach Dr Apt D Raleigh, NC	2.0	2.0	985	$1,250	$1.27	23d	1	0.91mi
4917 Pebble Beach Dr Raleigh, NC	2.0	2.0	915	$1,445	$1.58	19d	1	0.91mi
4917 Pebble Beach Dr Unit A Raleigh, NC	2.0	2.0	915	$1,445	$1.58	21d	1	0.91mi
4554 N New Hope Rd Raleigh, NC	2.0	1.0	728	$1,095	$1.50	10d	1	0.94mi
3911 Water Oak Dr Raleigh, NC	1.0–2.0	1.0–1.5	773	$1,296	$1.68	2d	1	1.00mi
3831 Brentwood Rd Raleigh, NC	1.0–2.0	1.0–1.5	900	$1,343	$1.49	4d	9	1.00mi
5014 Sedgewick Dr Raleigh, NC	1.0–3.0	1.0–2.0	1003	$1,386	$1.38	1d	45	1.03mi
5837 Shady Grove Cir Raleigh, NC	2.0	1.5	1056	$1,500	$1.42	4d	1	1.08mi
4713 Courtney Ln Raleigh, NC	2.0	1.5	1000	$1,450	$1.45	23d	1	1.09mi
4344 St James Church Rd Raleigh, NC	1.0–2.0	1.0–2.0	860	$1,480	$1.72	23d	1	1.10mi

HOA detail condo

• Monthly dues: $333 · $3,996/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 10 events

1. 2026-06-18
   days on market $130,000 Active 13 DOM
2. 2026-06-17
   days on market $130,000 Active 12 DOM
3. 2026-06-16
   days on market $130,000 Active 11 DOM
4. 2026-06-15
   days on market $130,000 Active 10 DOM
5. 2026-06-13
   days on market $130,000 Active 8 DOM
6. 2026-06-13
   days on market $130,000 Active 7 DOM
7. 2026-06-09
   days on market $130,000 Active 4 DOM
8. 2026-06-08
   days on market $130,000 Active 3 DOM
9. 2026-06-07
   remarks 634-char remark
10. 2026-06-07
    listed $130,000 Active 2 DOM

ⓘ 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: $1,235 · $103/mo
• Projected year-2 tax: $1,235 · $103/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 ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 49% 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: $16,614
• − Mortgage interest: −$7,282
• − Property taxes: −$1,235
• − Insurance: −$650
• − Repairs & maintenance: −$1,329
• − Management: −$1,329
• − HOA: −$3,996
• − Depreciation: −$3,782
• Taxable loss: −$2,989
• Est. tax savings @ 24.0%: +$717
• After-tax cash flow: $-220/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): 44,514
• Household income: $70,375
• Rent vs Own: 45.2% rent · 54.8% own
• Severe rent burden: 1951.0

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: White 38% Black 30% Hispanic / Latino 21% Two or more races 8% Asian 7%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2% Cuban 1% Dominican 3%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 1%
• Foreign-born: 21% · Canada, Vietnam, South Korea
• Languages at home: 72% English-only · Spanish 18% Vietnamese 4% Other Indo-European 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: ▼ -346.76%
• Current HPI: 234.0741
• Rent YoY: ▼ -0.27%
• 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

+251.4% since first listed

9 events — show timeline

• 2026-06-05 Listed $130,000 TMLS
• 2023-08-31 Sold (Public Records) $60,000 Public Records
• 1999-09-27 Sold (Public Records) $65,000 Public Records
• 1999-09-27 Sold (MLS) $64,900 TMLS
• 1999-08-23 Listing Removed — TMLS
• 1999-06-23 Listed $64,900 TMLS
• 1995-04-27 Sold (Public Records) $50,000 Public Records
• 1994-06-07 Sold (Public Records) $40,000 Public Records
• 1981-12-01 Sold (Public Records) $37,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $1,235 · +0.4% YoY. Source: county tax records.