2012 Bowman Ln · Raleigh, NC 27610

$260,000

4 bd · 1.5 ba · 1,842 sqft · SingleFamily public records · 4 Days on market

Built 1968 0.29 ac lot Est $363k · 28% under

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +14.3/30.0
• Schools +4.9/10.0
• DSCR +4.4/10.0
• Livability +4.2/5.0
• 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

Investor Special - Bring Your Vision! Situated on a generous 0.29-acre lot, this nearly 2,000-square-foot home offers endless potential for investors, flippers, or buyers looking to create their dream home. The property features a split-level floor plan, basement space, outbuilding, carport, and solid footprint ready for renovation and updating. The home is in need of significant repairs and improvements and is being sold as-is, making it an ideal project for those seeking sweat equity or investment potential. Conveniently located near downtown Raleigh, major highways, shopping, dining, and schools. With strong upside potential and a desirable Raleigh location, this is a rare chance to tra

Key facts

• 0.29-acre lot
• Outbuilding
• Carport

Tags

• 0.29-ACRE LOT
• SPLIT-LEVEL FLOOR PLAN
• BASEMENT SPACE
• OUTBUILDING
• CARPORT
• SOLID FOOTPRINT

Property features AI

Finance

• Other: Property listed in Wake County, zoning R-4; Property condition listed as fixer
• HOA & community: No association

Exterior

• Parking: 1-space carport
• Utilities: Public water; Public sewer
• Home design: Tri-level house; Entry level and specific facing direction not provided
• Construction: Shingle roof; Slab foundation; Construction materials: see remarks; Built as a house (structure type)
• Exterior features: Outbuilding on property; Publicly maintained road access; Lot approximately 0.29 acre

Interior

• Bedrooms: 4 bedrooms
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (none currently listed); Central air conditioning
• Interior features: Carpet flooring; Finished basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $260k.

Deal economics

• At list price, monthly cash flow is $48 ($580/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (16.2% below list).
• Recommended offer: $218k (16.2% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: Walnut Creek Elementary (math 23% / reading 32%, grade F, #1,028 of 1,410 statewide, top 73%, 497 students, 99% FRL); Centennial Campus Middle (math 27% / reading 47%, grade F, #262 of 475 statewide, top 57%, 509 students, 66% FRL); Southeast Raleigh High (math 24% / reading 50%, grade F, #414 of 535 statewide, top 79%, 1,401 students, 72% FRL) — zoned schools average 79% FRL vs 30% district-wide (49 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 34% at this address vs 56% district-wide (-22 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; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 38% 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

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 65% 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 $217,789 (16.2% below list)

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
6. 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.
7. 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: 6.52%
• Cash-on-cash: 0.80%
• DSCR: 1.04
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $362,874
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1800 Tee Dee St	0.07mi	4/2.5	1,833 (-0%)	13mo	$320,000	$175	81
1316 Foxrun Dr	0.41mi	4/2.5	1,959 (+6%)	8mo	$385,000	$197	59
1301 Southgate Dr	0.39mi	4/2.5	2,101 (+14%)	2mo	$380,000	$181	53
2220 Foxtrot Rd	0.33mi	4/2.0	1,615 (-12%)	24mo	$370,000	$229	42

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: -18.0%
• Equity multiple: 0.38×
• Total profit: $-45,063
• Equity at exit: $38,767

10-year hold

• IRR: -16.4%
• Equity multiple: 0.19×
• Total profit: $-58,609
• Equity at exit: $22,480

Cash invested: $72,800 (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: $2,178 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$200 /mo · $2,404/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$457
• Net cashflow: $48

Break-even live

Break-even rent $2,117

Max offer price $260,000

Occupancy floor 93%

Sensitivity live

Price	-10% $196	-5% $122	+0% $48	+5% $-25	+10% $-99
Rent	-10% $-124	-5% $-38	+0% $48	+5% $134	+10% $220
Rate	-1.0pp $179	-0.5pp $114	base $48	+0.5pp $-19	+1.0pp $-88

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2292 Fox Ridge Manor Rd Raleigh, NC	2.0–3.0	1.5–2.5	1124	$1,750	$1.56	14d	1	0.19mi
2012 Winston Diamond Ct Raleigh, NC	3.0	2.5	1369	$1,830	$1.34	25d	1	0.42mi
737 Southgate Dr Raleigh, NC	3.0	2.5	1332	$1,845	$1.39	6d	1	0.45mi
2716 Midway Park Ct Raleigh, NC	4.0	3.0	1726	$1,897	$1.10	25d	1	0.66mi
2413 Small Branch Trl Raleigh, NC	3.0	2.5	1592	$2,488	$1.56	16d	30	0.70mi
2417 Small Branch Trl Raleigh, NC	3.0	3.0	1592	$2,450	$1.54	6d	1	0.71mi
2419 Small Branch Trl Raleigh, NC	3.0	3.0	1592	$2,525	$1.59	6d	1	0.71mi
2423 Small Branch Trl Raleigh, NC	3.0	3.0	1592	$2,450	$1.54	6d	1	0.72mi
1423 Tamarino Dr Raleigh, NC	3.0	2.5	1400	$1,895	$1.35	19d	1	0.86mi
3208 Mango Dr Raleigh, NC	3.0	2.5	1629	$1,750	$1.07	25d	1	0.88mi
3109 Ebony Ct Raleigh, NC	3.0	1.5	1248	$1,799	$1.44	25d	1	0.89mi
2809 Newark Dr Raleigh, NC	5.0	2.0	2100	$2,095	$1.00	25d	1	1.00mi
2809 Newark Dr Raleigh, NC	5.0	2.0	2100	$2,095	$1.00	14d	1	1.00mi
1315 Winter Sweet Ct Raleigh, NC	4.0	3.0	2040	$2,100	$1.03	6d	1	1.00mi
2147 Sunny Cove Dr Raleigh, NC	3.0	2.5	1710	$1,895	$1.11	25d	1	1.02mi
713 Grantland Dr Raleigh, NC	3.0	3.0	1323	$1,995	$1.51	19d	1	1.05mi
3512 Slippery Elm Dr Raleigh, NC	3.0	2.5	1710	$1,995	$1.17	25d	1	1.17mi
3509 Slippery Elm Dr Raleigh, NC	3.0	2.0	1853	$1,895	$1.02	25d	1	1.17mi
1611 Royal Foxhound Ln Raleigh, NC	2.0–4.0	2.0	1214	$1,895	$1.56	4d	31	1.21mi
1704 Sundial Pl Raleigh, NC	4.0	2.0	1554	$1,800	$1.16	6d	1	1.23mi
3408 Monsieur Ct Raleigh, NC	3.0	2.5	1404	$1,850	$1.32	6d	1	1.23mi
1445 Lombar St Raleigh, NC	4.0	2.0	1985	$2,225	$1.12	25d	1	1.29mi
1300 Ujamaa Dr Raleigh, NC	4.0	2.5	1665	$2,139	$1.28	22d	1	1.33mi
731 Maypearl Ln Raleigh, NC	4.0	3.0	1502	$1,800	$1.20	6d	1	1.40mi
3622 Brideveil Ct Raleigh, NC	3.0	2.5	1622	$4,500	$2.77	25d	1	1.42mi
3102 Bomore Rd Raleigh, NC	3.0	3.5	1736	$2,100	$1.21	18d	1	1.46mi
523 Hilltop Dr Raleigh, NC	4.0	3.0	1532	$1,800	$1.17	16d	1	1.47mi
531 Bradkin Ct Raleigh, NC	3.0	2.5	1352	$1,500	$1.11	25d	1	1.48mi

Listing history 3 events

1. 2026-06-21
   days on market $260,000 Active 4 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $260,000 Active 1 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: $2,404 · $200/mo
• Projected year-2 tax: $2,404 · $200/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 65% 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: $26,135
• − Mortgage interest: −$14,564
• − Property taxes: −$2,404
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,091
• − Management: −$2,091
• − Depreciation: −$7,564
• Taxable loss: −$3,879
• Est. tax savings @ 24.0%: +$931
• After-tax cash flow: $1,511/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

1 event — show timeline

• 2026-06-16 Listed $260,000 TMLS

Property tax history

+6.1%/yr

Latest (2025): $2,404 · +0.4% YoY. Source: county tax records.