2400 Trueway Ln · Garner, NC 27603

$179,000

3 bd · 1.0 ba · 740 sqft · SingleFamily public records · 16 Days on market

Built 1962 0.29 ac lot

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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).

• Cash flow +21.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• Schools +4.9/10.0
• 1% rule +4.5/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 2400 Trueway Lane, a charming Raleigh home offering comfort, convenience, and a fantastic location. This 3 bedroom, 1 bath property sits on a spacious 0.29 acre lot in Wake County with no HOA, giving you the freedom to truly make it your own. Inside you will find 661 square feet of thoughtfully designed living space, perfect for first time buyers, investors, or those looking to downsize. The fenced backyard provides plenty of room to play, garden, or entertain, while the included storage shed adds extra convenience for tools and outdoor gear. Enjoy mature pecan trees and the wooded buffers on two sides of the property. New roof in 2021. USDA eligible for zero down loan option. Located just minutes from shopping, dining, and major highways, this home combines privacy with easy access to everything Raleigh and Garner have to offer!

Key facts

• Firepit area
• Great location
• Versatile sunroom

Tags

• FULLY-FENCED BACKYARD
• NEW DECK
• FIREPIT AREA
• VERSATILE SUNROOM
• GREAT LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $261 ($3k/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 $171k (4.6% below list).
• Recommended offer: $171k (4.6% below list) — sets the bar for 1% rule.
• Cap rate 8.0% vs local median 3.3% in Garner — 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 76/100 on livability (#35 in NC, #3,421 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A-, cost of living A-; Watch: amenities D, 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 Garner Middle (math 29% / reading 38%, grade F, #299 of 475 statewide, top 64%, 975 students, 57% FRL); Garner High (math 32% / reading 56%, grade F, #367 of 535 statewide, top 69%, 1,683 students, 50% FRL) — zoned schools average 53% FRL vs 30% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 39% at this address vs 56% district-wide (-17 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 rising (+1.6%/yr); 490 active listings in the ZIP; solid renter incomes; 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 $1k of loan paydown is wiped out by about $5k 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 16 days — a 2% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 16y 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 $142k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 61% 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 $170,806 (4.6% below list)

Questions for the listing agent

1. Built in 1962 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.95% ✗
• Cap rate: 8.04%
• Cash-on-cash: 6.25%
• DSCR: 1.28
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.59% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.70×
• Total profit: $-14,825
• Equity at exit: $26,689

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-1,286
• Equity at exit: $15,477

Cash invested: $50,120 (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 27603

• Rents YoY: 1.6%
• Active inventory: 490
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,708 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$75 /mo · $899/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $261

Break-even live

Break-even rent $1,377

Max offer price $179,000

Occupancy floor 80%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-08
   status $179,000 Pending 16 DOM
2. 2026-06-07
   days on market $179,000 Active 16 DOM
3. 2026-06-05
   days on market $179,000 Active 13 DOM
4. 2026-06-03
   days on market $179,000 Active 12 DOM
5. 2026-06-02
   days on market $179,000 Active 11 DOM
6. 2026-06-01
   days on market $179,000 Active 10 DOM
7. 2026-05-31
   days on market $179,000 Active 9 DOM
8. 2026-04-09
   status Pending
9. 2026-04-03
   listed $179,000 Active
10. 2026-01-23
    soldstatus $142,000 Sold 853-char remark

    Show marketing remark (853 chars)

    Welcome to 2400 Trueway Lane, a charming Raleigh home offering comfort, convenience, and a fantastic location. This 3 bedroom, 1 bath property sits on a spacious 0.29 acre lot in Wake County with no HOA, giving you the freedom to truly make it your own. Inside you will find 661 square feet of thoughtfully designed living space, perfect for first time buyers, investors, or those looking to downsize. The fenced backyard provides plenty of room to play, garden, or entertain, while the included storage shed adds extra convenience for tools and outdoor gear. Enjoy mature pecan trees and the wooded buffers on two sides of the property. New roof in 2021. USDA eligible for zero down loan option. Located just minutes from shopping, dining, and major highways, this home combines privacy with easy access to everything Raleigh and Garner have to offer!

11. 2025-12-16
    status Pending 853-char remark

    Show marketing remark (853 chars)

    Welcome to 2400 Trueway Lane, a charming Raleigh home offering comfort, convenience, and a fantastic location. This 3 bedroom, 1 bath property sits on a spacious 0.29 acre lot in Wake County with no HOA, giving you the freedom to truly make it your own. Inside you will find 661 square feet of thoughtfully designed living space, perfect for first time buyers, investors, or those looking to downsize. The fenced backyard provides plenty of room to play, garden, or entertain, while the included storage shed adds extra convenience for tools and outdoor gear. Enjoy mature pecan trees and the wooded buffers on two sides of the property. New roof in 2021. USDA eligible for zero down loan option. Located just minutes from shopping, dining, and major highways, this home combines privacy with easy access to everything Raleigh and Garner have to offer!

12. 2025-12-11
    listed $150,000 Active 853-char remark

    Show marketing remark (853 chars)

    Welcome to 2400 Trueway Lane, a charming Raleigh home offering comfort, convenience, and a fantastic location. This 3 bedroom, 1 bath property sits on a spacious 0.29 acre lot in Wake County with no HOA, giving you the freedom to truly make it your own. Inside you will find 661 square feet of thoughtfully designed living space, perfect for first time buyers, investors, or those looking to downsize. The fenced backyard provides plenty of room to play, garden, or entertain, while the included storage shed adds extra convenience for tools and outdoor gear. Enjoy mature pecan trees and the wooded buffers on two sides of the property. New roof in 2021. USDA eligible for zero down loan option. Located just minutes from shopping, dining, and major highways, this home combines privacy with easy access to everything Raleigh and Garner have to offer!

13. 2025-09-26
    status Pending
14. 2025-09-26
    historical
15. 2025-09-12
    status Active
16. 2025-09-10
    status Pending
17. 2025-08-27
    listed $180,000 Active
18. 2022-09-01
    soldstatus $140,000
19. 2022-08-31
    soldstatus $140,000 Closed
20. 2022-08-22
    status Pending
21. 2022-08-05
    historical Contingent
22. 2022-07-22
    listed $170,000 Active
23. 2013-10-29
    soldstatus $68,000
24. 2013-10-28
    soldstatus $68,000 Closed
25. 2013-08-25
    status Pending
26. 2013-07-05
    historical Contingent
27. 2013-04-09
    price $65,000
28. 2013-03-17
    listed $75,000 Active
29. 2011-01-25
    historical
30. 2010-10-06
    listed $33,500
31. 2006-05-24
    soldstatus $64,000
32. 2001-09-06
    soldstatus $73,000

ⓘ 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: $899 · $75/mo
• Projected year-2 tax: $1,468 · $122/mo
• Expected delta: +$569/yr (+$47/mo · 63.4%)

ⓘ 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 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 61% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,497
• − Mortgage interest: −$10,027
• − Property taxes: −$899
• − Insurance: −$895
• − Repairs & maintenance: −$1,640
• − Management: −$1,640
• − Depreciation: −$5,207
• Taxable income: $190
• Est. tax owed @ 24.0%: −$46
• After-tax cash flow: $3,089/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 — Garner

• Score: 76/100
• State rank: #35
• US rank: #3421

Category grades

Amenities D Commute A- Cost of living A- Crime F Employment B- Housing A+ Health & safety A- User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Wake County · 1,216,256 people
• City population: 55,242
• Metro: Raleigh-Cary, NC
• Population (ZIP): 53,972
• Household income: $90,484
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1914.0

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 0.57)
• Race & ethnicity: White 62% Black 17% Hispanic / Latino 14% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Serbian 3% Slovak 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 10% Other Indo-European 1% Arabic 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: ▼ -132.00%
• Current HPI: 243.2963
• Rent YoY: ▲ 1.59%
• 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

+145.2% since first listed

25 events — show timeline

• 2026-04-09 Pending — TMLS
• 2026-04-03 Listed $179,000 TMLS
• 2026-01-23 Sold (MLS) $142,000 TMLS
• 2025-12-16 Pending — TMLS
• 2025-12-11 Listed $150,000 TMLS
• 2025-09-26 Pending — TMLS
• 2025-09-26 Listing Removed — TMLS
• 2025-09-12 Relisted — TMLS
• 2025-09-10 Pending — TMLS
• 2025-08-27 Listed $180,000 TMLS
• 2022-09-01 Sold (Public Records) $140,000 Public Records
• 2022-08-31 Sold (MLS) $140,000 TMLS
• 2022-08-22 Pending — TMLS
• 2022-08-05 Contingent — TMLS
• 2022-07-22 Listed $170,000 TMLS
• 2013-10-29 Sold (Public Records) $68,000 Public Records
• 2013-10-28 Sold (MLS) $68,000 TMLS
• 2013-08-25 Pending — TMLS
• 2013-07-05 Contingent — TMLS
• 2013-04-09 Price Changed $65,000 TMLS
• 2013-03-17 Listed $75,000 TMLS
• 2011-01-25 Listing Removed — TMLS
• 2010-10-06 Listed $33,500 TMLS
• 2006-05-24 Sold (Public Records) $64,000 Public Records
• 2001-09-06 Sold (Public Records) $73,000 Public Records

Property tax history

+8.5%/yr

Latest (2025): $899 · +2.9% YoY. Source: county tax records.