642 Pine Ridge Pl · Raleigh, NC 27609

$140,000

3 bd · 2.0 ba · 1,232 sqft · Condo public records · 58 Days on market

Built 1972 $332/mo HOA · 18% of rent

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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 +19.6/30.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover this beautifully maintained 3-bedroom, 2-bath lower-level condo that offers the perfect blend of comfort, style, and convenience. With no rental restrictions, this property presents an outstanding opportunity for both homeowners and investors. Step inside to a bright, open living area filled with natural light, creating a warm and inviting space ideal for relaxing or entertaining. The well-appointed kitchen features stainless steel appliances, generous counter space, and ample cabinetry, making everyday cooking and hosting effortless. The private primary suite serves as a peaceful retreat with its own en-suite bath. Two additional bedrooms provide flexible options for guests, a hom

Key facts

• En-suite bath
• $332 HOA
• Parking

Tags

• NO RENTAL RESTRICTIONS
• BRIGHT OPEN LIVING AREA
• WELL-APPOINTED KITCHEN
• STAINLESS STEEL APPLIANCES
• PRIVATE PRIMARY SUITE
• EN-SUITE BATH

Property features AI

Finance

• Other: Private maintained road
• HOA & community: Membership in Cedar Hill Homeowners Association; Monthly association fee of $332 (includes grounds maintenance); Not a senior community

Exterior

• Parking: Open parking (1 space); Asphalt driveway and parking lot access
• Utilities: Public water; Public sewer; Electric service (supports heat pump)
• Home design: One-story; Other structure type; R-6 zoning
• Construction: Concrete and wood siding exterior; Shingle roof; Concrete slab foundation; Built with durable materials (concrete/wood siding)
• Exterior features: Patio; Rain gutters

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Range hood; Refrigerator; Ice maker
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning
• Interior features: Bathtub/shower combination; Pantry
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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: Carroll Middle (math 28% / reading 40%, grade F, #294 of 475 statewide, top 63%, 871 students, 60% FRL); Sanderson High (math 57% / reading 63%, grade C+, #215 of 535 statewide, top 40%, 1,677 students, 39% FRL) — zoned schools average 50% FRL vs 30% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.6%/yr); 256 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $968 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

• It's been on market 58 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y ago; this cycle's ask has dropped $25k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 60% 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 $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.30% ✓
• Cap rate: 7.67%
• Cash-on-cash: 4.91%
• DSCR: 1.22
• GRM: 6.4

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: -12.9%
• Equity multiple: 0.55×
• Total profit: $-17,591
• Equity at exit: $20,874

10-year hold

• IRR: -11.3%
• Equity multiple: 0.44×
• Total profit: $-21,919
• Equity at exit: $12,105

Cash invested: $39,200 (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 27609

• Rents YoY: -1.6%
• Active inventory: 256
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,823 high
• Mortgage (P&I): −$734
• Tax from tax record: −$155 /mo · $1,866/yr
• Insurance: −$58
• HOA: −$332
• Vacancy / Maint / Mgmt: −$383
• Net cashflow: $160

Break-even live

Break-even rent $1,620

Max offer price $140,000

Occupancy floor 86%

Sensitivity live

Price	-10% $240	-5% $200	+0% $160	+5% $121	+10% $81
Rent	-10% $16	-5% $88	+0% $160	+5% $232	+10% $304
Rate	-1.0pp $231	-0.5pp $196	base $160	+0.5pp $124	+1.0pp $87

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
800 Green Ridge Dr Raleigh, NC	3.0	2.0	1438	$1,695	$1.18	24d	1	0.37mi
5712 Finsbury Ct Raleigh, NC	3.0	2.5	1224	$1,800	$1.47	24d	1	0.46mi
4717 Radcliff Rd Raleigh, NC	3.0	2.0	1121	$1,850	$1.65	13d	1	0.58mi
5499 Tralee Pl Raleigh, NC	2.0	1.5	1100	$1,299	$1.18	3d	3	0.68mi
1208 Manassas Ct Unit A Raleigh, NC	2.0	2.0	1010	$1,450	$1.44	24d	1	0.71mi
5581 Burnlee Pl Raleigh, NC	2.0	1.5	1079	$1,489	$1.38	5d	3	0.71mi
1209 Manassas Ct Unit C Raleigh, NC	2.0	2.5	1262	$1,400	$1.11	4d	1	0.73mi
5805 Nottoway Ct Raleigh, NC	2.0	2.5	1368	$1,595	$1.17	13d	1	0.73mi
1401 E Millbrook Rd Raleigh, NC	1.0–3.0	1.0–2.0	870	$1,586	$1.82	18d	13	0.83mi
6317 Shanda Dr Raleigh, NC	1.0–3.0	1.0–2.0	917	$1,625	$1.77	2d	49	0.86mi
5825 Pointer Dr Raleigh, NC	1.0–2.0	1.0–2.0	885	$1,649	$1.86	4d	17	0.95mi
214 Loft Ln Raleigh, NC	1.0–3.0	1.0–2.0	1067	$1,815	$1.70	3d	19	0.96mi
700 Spring Falls Dr Raleigh, NC	2.0	2.0	1088	$1,731	$1.59	24d	1	0.97mi
5315 Covey Ct Raleigh, NC	2.0	1.0	1299	$2,025	$1.56	22d	1	1.01mi
6301 Lakecrest Dr Raleigh, NC	1.0–3.0	1.0–2.0	1155	$2,719	$2.35	2d	41	1.01mi
1500 Sunbow Falls Ln Raleigh, NC	1.0–3.0	1.0–2.0	934	$1,791	$1.92	2d	24	1.03mi
7040 Sandy Forks Rd Raleigh, NC	2.0	2.0	1184	$1,600	$1.35	24d	1	1.12mi
7010 Sandy Forks Rd Raleigh, NC	2.0	2.0	1122	$1,500	$1.34	24d	1	1.13mi
6625 Lake Hill Dr Raleigh, NC	2.0	1.0–2.0	767	$1,409	$1.84	2d	41	1.13mi
1729 Grace Brook Rd Raleigh, NC	2.0	3.0	1200	$1,650	$1.38	13d	1	1.13mi
120 Ridgewood Dr Raleigh, NC	1.0–2.0	1.0	673	$1,275	$1.89	3d	10	1.17mi
1328 Steinbeck Dr Raleigh, NC	2.0	1.0–1.5	825	$1,445	$1.75	3d	22	1.19mi
6350 Terra Verde Dr Raleigh, NC	1.0–3.0	1.0–2.0	1117	$2,007	$1.80	2d	28	1.20mi
317 Lynn Rd Raleigh, NC	2.0	2.0	908	$1,304	$1.44	4d	1	1.22mi
317 Lynn Rd Raleigh, NC	3.0	2.0	1128	$1,704	$1.51	24d	1	1.22mi
6416 Meadow View Dr Raleigh, NC	2.0	2.5	1432	$1,695	$1.18	15d	1	1.24mi
5606 Split Oak Way Raleigh, NC	2.0	2.5	1290	$1,600	$1.24	13d	1	1.25mi
1313 Hardimont Rd Raleigh, NC	1.0–2.0	1.0–2.0	965	$1,704	$1.77	5d	12	1.26mi
6435 New Market Way Raleigh, NC	3.0	2.5	1389	$2,000	$1.44	24d	1	1.28mi
201 Park At North Hills St Raleigh, NC	1.0–2.0	1.0–2.0	914	$2,444	$2.67	3d	16	1.29mi
141 Park Ave Raleigh, NC	1.0–2.0	1.0–2.0	945	$2,187	$2.31	2d	38	1.32mi
141 N Park at Hills St Raleigh, NC	2.0	2.0	1116	$2,193	$1.97	4d	1	1.33mi
3800 Colby Dr Raleigh, NC	1.0–2.0	1.0–2.0	825	$1,381	$1.67	21d	12	1.36mi
200 Park At North Hills St Raleigh, NC	3.0	1.0–2.0	978	$2,985	$3.05	2d	22	1.37mi
910 Shellbrook Ct Raleigh, NC	1.0–2.0	1.0–2.5	965	$1,830	$1.90	4d	21	1.38mi
600 Saint Albans Dr Raleigh, NC	2.0	2.0	1184	$3,792	$3.20	3d	1	1.41mi
4204 Six Forks Rd Raleigh, NC	3.0	1.0–3.5	1363	$10,953	$8.04	2d	39	1.41mi
5837 Shady Grove Cir Raleigh, NC	2.0	1.5	1056	$1,500	$1.42	5d	1	1.42mi
500 Bridle Ridge Ln Raleigh, NC	1.0–2.0	1.0–2.0	1173	$1,569	$1.34	3d	7	1.43mi
4209 Lassiter Mill Rd Raleigh, NC	2.0	1.0–2.0	891	$2,552	$2.86	3d	17	1.43mi

HOA detail condo

• Monthly dues: $332 · $3,984/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 46 events

1. 2026-06-09
   days on market $140,000 Active 58 DOM
2. 2026-06-08
   days on market $140,000 Active 57 DOM
3. 2026-06-07
   pricedays on market $140,000 Active 56 DOM
4. 2026-06-05
   days on market $150,000 Active 53 DOM
5. 2026-06-03
   days on market $150,000 Active 52 DOM
6. 2026-06-02
   days on market $150,000 Active 51 DOM
7. 2026-06-01
   days on market $150,000 Active 50 DOM
8. 2026-05-31
   days on market $150,000 Active 49 DOM
9. 2026-05-11
   price $150,000
10. 2026-04-12
    listed $165,000 Active
11. 2026-02-16
    historical
12. 2026-01-26
    price $169,900
13. 2026-01-13
    price $179,900
14. 2025-09-30
    price $190,000
15. 2025-09-05
    listed $195,000 Active
16. 2025-07-24
    historical
17. 2025-07-02
    price $190,000
18. 2025-05-20
    price $194,800
19. 2025-05-07
    price $194,900
20. 2025-05-02
    price $195,000
21. 2025-05-01
    price $199,600
22. 2025-04-11
    price $199,700
23. 2025-03-18
    price $199,800
24. 2025-02-26
    price $199,900
25. 2025-02-20
    price $210,000
26. 2025-02-18
    price $214,800
27. 2025-02-17
    price $214,900
28. 2025-02-14
    price $215,000
29. 2025-02-10
    price $219,900
30. 2025-01-24
    listed $220,000 Active
31. 2024-12-17
    soldstatus $140,000
32. 2019-09-27
    soldstatus $99,900 Closed
33. 2019-09-27
    soldstatus $99,900
34. 2019-09-27
    soldstatus $100,000
35. 2019-09-12
    status Pending
36. 2019-09-05
    listed $99,900 Active
37. 2019-09-05
    listed $99,900
38. 2019-08-14
    soldstatus $86,500
39. 2011-06-18
    historical
40. 2010-12-17
    listed $79,900
41. 2006-05-05
    soldstatus $69,000
42. 2006-05-04
    soldstatus $69,000
43. 2006-03-14
    listed $69,000
44. 2006-02-28
    historical
45. 2005-08-17
    listed $74,500
46. 1983-12-19
    soldstatus $51,500

ⓘ 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: $1,866 · $155/mo
• Projected year-2 tax: $1,866 · $155/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 60% 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: $21,880
• − Mortgage interest: −$7,842
• − Property taxes: −$1,866
• − Insurance: −$700
• − Repairs & maintenance: −$1,750
• − Management: −$1,750
• − HOA: −$3,984
• − Depreciation: −$4,073
• Taxable loss: −$86
• Est. tax savings @ 24.0%: +$21
• After-tax cash flow: $1,946/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): 35,573
• Household income: $83,065
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1774.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Black 13% Hispanic / Latino 13% Two or more races 8% Asian 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Slovak 3% Serbian 3% Iranian 2%
• Foreign-born: 12% · Canada
• Languages at home: 82% English-only · Spanish 12% French/Haitian/Cajun 1% 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: ▼ -503.19%
• Current HPI: 317.0251
• Rent YoY: ▼ -1.57%
• 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

+191.3% since first listed

38 events — show timeline

• 2026-05-11 Price Changed $150,000 TMLS
• 2026-04-12 Listed $165,000 TMLS
• 2026-02-16 Listing Removed — TMLS
• 2026-01-26 Price Changed $169,900 TMLS
• 2026-01-13 Price Changed $179,900 TMLS
• 2025-09-30 Price Changed $190,000 TMLS
• 2025-09-05 Listed $195,000 TMLS
• 2025-07-24 Listing Removed — TMLS
• 2025-07-02 Price Changed $190,000 TMLS
• 2025-05-20 Price Changed $194,800 TMLS
• 2025-05-07 Price Changed $194,900 TMLS
• 2025-05-02 Price Changed $195,000 TMLS
• 2025-05-01 Price Changed $199,600 TMLS
• 2025-04-11 Price Changed $199,700 TMLS
• 2025-03-18 Price Changed $199,800 TMLS
• 2025-02-26 Price Changed $199,900 TMLS
• 2025-02-20 Price Changed $210,000 TMLS
• 2025-02-18 Price Changed $214,800 TMLS
• 2025-02-17 Price Changed $214,900 TMLS
• 2025-02-14 Price Changed $215,000 TMLS
• 2025-02-10 Price Changed $219,900 TMLS
• 2025-01-24 Listed $220,000 TMLS
• 2024-12-17 Sold (Public Records) $140,000 Public Records
• 2019-09-27 Sold (Public Records) $100,000 Public Records
• 2019-09-27 Sold (MLS) $99,900 AMLSNC
• 2019-09-27 Sold (MLS) $99,900 TMLS
• 2019-09-12 Pending — TMLS
• 2019-09-05 Listed $99,900 AMLSNC
• 2019-09-05 Listed $99,900 TMLS
• 2019-08-14 Sold (Public Records) $86,500 Public Records
• 2011-06-18 Listing Removed — TMLS
• 2010-12-17 Listed $79,900 TMLS
• 2006-05-05 Sold (Public Records) $69,000 Public Records
• 2006-05-04 Sold (MLS) $69,000 TMLS
• 2006-03-14 Listed $69,000 TMLS
• 2006-02-28 Listing Removed — TMLS
• 2005-08-17 Listed $74,500 TMLS
• 1983-12-19 Sold (Public Records) $51,500 Public Records

Property tax history

+7.4%/yr

Latest (2025): $1,866 · +0.4% YoY. Source: county tax records.