1703 St Patrick Dr · Garner, NC 27603

$284,900

3 bd · 1.5 ba · 1,566 sqft · SingleFamily public records · 9 Days on market

Built 1960 0.48 ac lot Est $294k · at est.

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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 +13.0/30.0
• ARV discount +9.0/15.0
• Schools +4.9/10.0
• DSCR +3.9/10.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brick ranch home on . 48 acre lot with easy access to Raleigh. Large family room with hardwood floors and updated paint flows into oversized kitchen/dining area. Kitchen with updated countertops and vinyl flooring. Large bonus room off kitchen/dining area with french doors leading to outside. Master bedroom with 1/2 bath and 2 secondary bathrooms are just down the hall from the kitchen area. Newer vinly windows throughout New deck off the dining area leads to oversized fenced backyard with storage shed.

Key facts

• Covered porch
• Original hardwoods
• Dual vanity

Tags

• WRAP AROUND DECK
• COVERED PORCH
• ORIGINAL HARDWOODS
• STORAGE BUILDING
• DUAL VANITY
• BONUS ROOM

Property features AI

Finance

• Other: Lot approximately 0.48 acre; No horse facilities; Publicly maintained asphalt road access; Property listed as fixer
• HOA & community: No association

Exterior

• Parking: Open parking for 4 vehicles; Concrete and gravel parking surface
• Utilities: Well water; Septic tank; Electricity connected; Water connected; Septic connected
• Home design: Site-built single-story home; Entry at back door; One level
• Construction: Brick and Masonite construction; Brick/mortar foundation; Shingle roof; Built as site-built structure
• Exterior features: Covered patio/porch; Deck; Porch; Partial fencing; Shed(s)/storage; Fixer condition

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Hardwood; Laminate; Tile; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Other heating; Central air conditioning (electric)
• Interior features: Eat-in kitchen; Smooth ceilings; Track lighting; Storage
• Laundry & utility: Main level laundry room; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $285k.

Deal economics

• At list price, monthly cash flow is $-15 ($-183/yr) — negative.
• To cash-flow at today's rent, offer at most $282k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $220k (22.7% below list).
• Recommended offer: $220k (22.7% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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: Vandora Springs Elementary (math 27% / reading 38%, grade F, #897 of 1,410 statewide, top 64%, 548 students, 72% FRL); 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 60% FRL vs 30% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 37% at this address vs 56% district-wide (-19 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; 2 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $9k 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 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 22y 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 $145k; list at $285k implies a 97% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 66% 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 $220,303 (22.7% 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. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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. 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?
7. 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.
8. 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.
9. 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: 0.77% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.23%
• DSCR: 0.99
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $294,408
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6216 Krandon	0.38mi	3/2.0	1,390 (-11%)	12mo	$262,000	$188	51

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 · 1.59% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.37×
• Total profit: $-50,318
• Equity at exit: $42,480

10-year hold

• IRR: -13.1%
• Equity multiple: 0.28×
• Total profit: $-57,758
• Equity at exit: $24,633

Cash invested: $79,772 (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: 10.8×

Monthly cashflow live

• Estimated rent: $2,203 medium
• Mortgage (P&I): −$1,494
• Tax from tax record: −$143 /mo · $1,715/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $-15

Break-even live

Break-even rent $2,222

Max offer price $282,205

Occupancy floor 96%

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: $71,225
• Closing costs: $8,547
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
112 Central Townes Way Raleigh, NC	3.0	3.0	1672	$1,925	$1.15	23d	1	0.43mi
101 Decatur Dr Raleigh, NC	3.0	2.5–3.0	2012	$2,605	$1.29	1d	17	0.46mi

Listing history 22 events

1. 2026-05-18
   status Pending
2. 2026-05-10
   listed $284,900 Active
3. 2024-09-15
   historical
4. 2024-07-16
   price $315,000
5. 2024-07-01
   listed $325,000 Active
6. 2016-06-30
   soldstatus $144,900 Closed 508-char remark

   Show marketing remark (508 chars)

   Brick ranch home on . 48 acre lot with easy access to Raleigh. Large family room with hardwood floors and updated paint flows into oversized kitchen/dining area. Kitchen with updated countertops and vinyl flooring. Large bonus room off kitchen/dining area with french doors leading to outside. Master bedroom with 1/2 bath and 2 secondary bathrooms are just down the hall from the kitchen area. Newer vinly windows throughout New deck off the dining area leads to oversized fenced backyard with storage shed.

7. 2016-06-30
   soldstatus $144,900 508-char remark

   Show marketing remark (508 chars)

   Brick ranch home on . 48 acre lot with easy access to Raleigh. Large family room with hardwood floors and updated paint flows into oversized kitchen/dining area. Kitchen with updated countertops and vinyl flooring. Large bonus room off kitchen/dining area with french doors leading to outside. Master bedroom with 1/2 bath and 2 secondary bathrooms are just down the hall from the kitchen area. Newer vinly windows throughout New deck off the dining area leads to oversized fenced backyard with storage shed.

8. 2016-06-30
   soldstatus $145,000

   Show marketing remark (508 chars)

   Brick ranch home on . 48 acre lot with easy access to Raleigh. Large family room with hardwood floors and updated paint flows into oversized kitchen/dining area. Kitchen with updated countertops and vinyl flooring. Large bonus room off kitchen/dining area with french doors leading to outside. Master bedroom with 1/2 bath and 2 secondary bathrooms are just down the hall from the kitchen area. Newer vinly windows throughout New deck off the dining area leads to oversized fenced backyard with storage shed.

9. 2016-05-23
   status Pending 508-char remark

   Show marketing remark (508 chars)

   Brick ranch home on . 48 acre lot with easy access to Raleigh. Large family room with hardwood floors and updated paint flows into oversized kitchen/dining area. Kitchen with updated countertops and vinyl flooring. Large bonus room off kitchen/dining area with french doors leading to outside. Master bedroom with 1/2 bath and 2 secondary bathrooms are just down the hall from the kitchen area. Newer vinly windows throughout New deck off the dining area leads to oversized fenced backyard with storage shed.

10. 2016-05-20
    listed $144,900 Active 508-char remark

    Show marketing remark (508 chars)

    Brick ranch home on . 48 acre lot with easy access to Raleigh. Large family room with hardwood floors and updated paint flows into oversized kitchen/dining area. Kitchen with updated countertops and vinyl flooring. Large bonus room off kitchen/dining area with french doors leading to outside. Master bedroom with 1/2 bath and 2 secondary bathrooms are just down the hall from the kitchen area. Newer vinly windows throughout New deck off the dining area leads to oversized fenced backyard with storage shed.

11. 2016-05-20
    listed $144,900 508-char remark

    Show marketing remark (508 chars)

    Brick ranch home on . 48 acre lot with easy access to Raleigh. Large family room with hardwood floors and updated paint flows into oversized kitchen/dining area. Kitchen with updated countertops and vinyl flooring. Large bonus room off kitchen/dining area with french doors leading to outside. Master bedroom with 1/2 bath and 2 secondary bathrooms are just down the hall from the kitchen area. Newer vinly windows throughout New deck off the dining area leads to oversized fenced backyard with storage shed.

12. 2013-04-26
    soldstatus $114,000 Closed
13. 2013-04-26
    soldstatus $114,000
14. 2013-03-20
    historical Contingent
15. 2013-03-15
    listed $114,900 Active
16. 2013-03-15
    listed $114,900
17. 2004-12-17
    soldstatus $104,000
18. 2004-12-17
    soldstatus $104,000
19. 2004-12-17
    soldstatus $104,000
20. 2004-11-10
    historical
21. 2004-07-30
    listed $104,950
22. 2004-07-30
    listed $104,950

ⓘ 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: $1,715 · $143/mo
• Projected year-2 tax: $2,336 · $195/mo
• Expected delta: +$621/yr (+$52/mo · 36.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,436
• − Mortgage interest: −$15,959
• − Property taxes: −$1,715
• − Insurance: −$1,424
• − Repairs & maintenance: −$2,115
• − Management: −$2,115
• − Depreciation: −$8,288
• Taxable loss: −$5,180
• Est. tax savings @ 24.0%: +$1,243
• After-tax cash flow: $1,060/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

+171.5% since first listed

22 events — show timeline

• 2026-05-18 Pending — TMLS
• 2026-05-10 Listed $284,900 TMLS
• 2024-09-15 Listing Removed — TMLS
• 2024-07-16 Price Changed $315,000 TMLS
• 2024-07-01 Listed $325,000 TMLS
• 2016-06-30 Sold (Public Records) $145,000 Public Records
• 2016-06-30 Sold (MLS) $144,900 AMLSNC
• 2016-06-30 Sold (MLS) $144,900 TMLS
• 2016-05-23 Pending — TMLS
• 2016-05-20 Listed $144,900 TMLS
• 2016-05-20 Listed $144,900 AMLSNC
• 2013-04-26 Sold (MLS) $114,000 AMLSNC
• 2013-04-26 Sold (MLS) $114,000 TMLS
• 2013-03-20 Contingent — TMLS
• 2013-03-15 Listed $114,900 TMLS
• 2013-03-15 Listed $114,900 AMLSNC
• 2004-12-17 Sold (Public Records) $104,000 Public Records
• 2004-12-17 Sold (MLS) $104,000 AMLSNC
• 2004-12-17 Sold (MLS) $104,000 TMLS
• 2004-11-10 Listing Removed — TMLS
• 2004-07-30 Listed $104,950 AMLSNC
• 2004-07-30 Listed $104,950 TMLS

Property tax history

+5.1%/yr

Latest (2025): $1,715 · +3.0% YoY. Source: county tax records.