2308 Stonesthrow Ct · Raleigh, NC 27610

$240,000

3 bd · 2.5 ba · 1,559 sqft · SingleFamily public records · 23 Days on market

Built 1989 7,405 sqft lot $25/mo HOA · 1% of rent ↓ 27% since listing

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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 +13.3/30.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• DSCR +4.0/10.0
• 1% rule +3.5/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3BR/2BA single-family home minutes from Enloe High School and WakeMed. Property requires full renovation--no working HVAC/heat, active mold present. Enter with caution and wear a mask. Roof replaced 2018; prior roof failure caused interior water damage. Do not access back porch. All showings must be accompanied by a licensed real estate agent. No sign on property. Seller makes no representations as to current condition. PROPERTY SOLD AS IS. Excellent opportunity in a sought-after area. HOA dues are $300 a year. Please verify all information. Note road is private maintained by the HOA. PRIVATE ROADS. See covenants.

Key facts

• 7,405 sq ft lot
• Garage
• Built 1989

Property features AI

Finance

• Other: Property located in Wake County; Not a senior community
• HOA & community: Association: Victoria Place Homeowners' Association, Inc.; Annual association fee $300; Association covers insurance, road maintenance, and storm water maintenance

Exterior

• Parking: Attached garage (1 space); Total 2 parking spaces
• Utilities: Public water; Public sewer
• Home design: Site-built property; Two levels
• Construction: Frame construction; Block foundation; Asphalt roof; Built as site-built structure
• Exterior features: Private maintained road; Lot approx. 0.17 acres; Lot dimensions: see plat; Zoned R-4

Interior

• Bedrooms: 3 bedrooms
• Flooring: Carpet; Laminate; See remarks
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heating: see remarks; No central cooling; other/none listed
• Interior features: Carpet and laminate flooring; See remarks for additional interior details

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $0 ($0/yr) — negative.
• To cash-flow at today's rent, offer at most $240k (0.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (14.7% below list).
• Recommended offer: $205k (14.7% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: Hunter Elementary (math 65% / reading 74%, grade A-, #95 of 1,410 statewide, top 7%, 607 students, 27% FRL); Ligon Middle (math 58% / reading 71%, grade A-, #30 of 475 statewide, top 7%, 893 students, 31% FRL); Enloe High (math 64% / reading 75%, grade B, #121 of 535 statewide, top 24%, 2,502 students, 27% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents flat; 594 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 36% 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 $7k 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 23 days — a 2% lower offer ($236k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; major wind risk, 57% 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 $204,693 (14.7% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
8. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
9. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
10. 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.
11. 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.
12. 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: 0.85% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.00%
• DSCR: 1.00
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $559,837
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2432 Calvert Dr	0.04mi	3/1.5	1,331 (-15%)	2mo	$315,000	$237	68
472 Dickens Dr	0.09mi	3/2.0	1,415 (-9%)	23mo	$367,400	$260	59
2428 Derby Dr	0.26mi	3/1.5	1,690 (+8%)	22mo	$449,000	$266	51
2404 Boswell Rd	0.54mi	3/2.0	1,683 (+8%)	16mo	$590,000	$351	46

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: -19.4%
• Equity multiple: 0.34×
• Total profit: $-44,497
• Equity at exit: $35,785

10-year hold

• IRR: -19.2%
• Equity multiple: 0.10×
• Total profit: $-60,493
• Equity at exit: $20,751

Cash invested: $67,200 (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 27610

• Rents YoY: 0.2%
• Active inventory: 594
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,047 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$234 /mo · $2,802/yr
• Insurance: −$100
• HOA: −$25
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $-0

Break-even live

Break-even rent $2,047

Max offer price $239,995

Occupancy floor 95%

Sensitivity live

Price	-10% $136	-5% $68	+0% $0	+5% $-68	+10% $-136
Rent	-10% $-162	-5% $-81	+0% $0	+5% $81	+10% $162
Rate	-1.0pp $121	-0.5pp $61	base $0	+0.5pp $-62	+1.0pp $-125

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
460 Dickens Dr Raleigh, NC	3.0	2.0	1422	$1,950	$1.37	12d	1	0.10mi
212 N Peartree Ln Raleigh, NC	3.0	1.5	1379	$1,545	$1.12	22d	1	0.43mi
2325 K Wesley Way Raleigh, NC	3.0	2.0	1136	$2,099	$1.85	4d	1	0.67mi
2804 Donovan Pl Raleigh, NC	3.0	1.5	1125	$1,697	$1.51	14d	1	0.68mi
2200 Glascock St Apt G Raleigh, NC	2.0	1.5	1100	$1,200	$1.09	25d	1	0.84mi
1129 Marlborough Rd Raleigh, NC	3.0	2.0	1101	$2,050	$1.86	25d	1	0.87mi
1939 Robin Hill Ln Raleigh, NC	2.0	1.5	1643	$2,200	$1.34	5d	1	0.95mi
2110 Birkhall St Raleigh, NC	2.0	1.0–2.0	929	$2,200	$2.37	3d	93	0.99mi
420 Sustainable Way Raleigh, NC	4.0	3.5	2238	$2,395	$1.07	21d	1	1.01mi
3211 Pridwen Cir Raleigh, NC	1.0–3.0	1.0–2.0	1103	$1,594	$1.45	3d	17	1.08mi
1105 Glascock St Unit 101 Raleigh, NC	4.0	4.0	1870	$2,997	$1.60	23d	1	1.10mi
1105 Glascock St Unit 102 Raleigh, NC	4.0	4.0	1870	$2,997	$1.60	4d	1	1.10mi
1000 Addison Pl Unit 101 Raleigh, NC	4.0	4.0	1870	$2,897	$1.55	25d	1	1.11mi
1000 Addison Pl #102 Raleigh, NC	3.0	3.5	1870	$2,797	$1.50	23d	1	1.11mi
709 Glenbrook Dr Raleigh, NC	3.0	1.0	1185	$1,550	$1.31	25d	1	1.13mi
1704 Sundial Pl Raleigh, NC	4.0	2.0	1554	$1,800	$1.16	5d	1	1.16mi
1701 E Lenoir St Raleigh, NC	3.0	2.0	1100	$2,900	$2.64	25d	1	1.17mi
713 Grantland Dr Raleigh, NC	3.0	3.0	1323	$1,995	$1.51	19d	1	1.20mi
3369 Bridgeville Rd Raleigh, NC	3.0	2.5	1200	$1,699	$1.42	5d	1	1.23mi
825 Rawls Dr Raleigh, NC	3.0	2.0	1500	$1,845	$1.23	14d	1	1.23mi
825 Rawls Dr Raleigh, NC	3.0	2.0	1500	$1,845	$1.23	22d	1	1.23mi
503 Erie Rd Unit 503 Raleigh, NC	3.0	2.5	1470	$1,650	$1.12	16d	1	1.23mi
1309 E Jones St Unit 1309 Raleigh, NC	2.0	1.0	1200	$1,395	$1.16	25d	1	1.24mi
817 Dalewood Dr Raleigh, NC	3.0	2.0	1110	$1,595	$1.44	16d	1	1.27mi
802 Star Ridge Dr Raleigh, NC	3.0	2.5	1447	$1,800	$1.24	18d	1	1.29mi
649 Sunnybrook Rd Raleigh, NC	3.0	1.0	2100	$800	$0.38	21d	1	1.33mi
804 Oak Center Dr Raleigh, NC	3.0	2.5	1447	$1,900	$1.31	21d	1	1.34mi
832 Brigham Rd Raleigh, NC	3.0	1.5	1107	$1,595	$1.44	25d	1	1.34mi
133 S Tarboro St Raleigh, NC	2.0	2.0	1150	$1,495	$1.30	25d	1	1.35mi
838 Oak Center Dr Raleigh, NC	3.0	2.5	1463	$1,995	$1.36	25d	1	1.37mi
1950 N Raleigh Blvd Unit C Raleigh, NC	2.0	2.0	1050	$1,249	$1.19	22d	1	1.40mi
530 Banks St Raleigh, NC	3.0	1.5	1241	$2,399	$1.93	25d	1	1.40mi
1051 Topsail Sound Dr Raleigh, NC	1.0–3.0	1.0–2.0	980	$1,504	$1.53	5d	1	1.45mi
3322 Bell Dr Raleigh, NC	3.0	2.0	1569	$2,100	$1.34	25d	1	1.45mi
1805 Bennett St Raleigh, NC	2.0	1.0	1200	$2,300	$1.92	25d	1	1.47mi
907 E Edenton St Raleigh, NC	2.0	1.0	1100	$1,195	$1.09	25d	1	1.48mi
2080 Brentmoor Dr Raleigh, NC	2.0	2.0	1055	$1,625	$1.54	23d	1	1.49mi

HOA detail

• Monthly dues: $25 · $300/yr
• Likely covers: water

Listing history 8 events

1. 2026-04-30
   status Pending
2. 2026-04-06
   listed $240,000 Active
3. 2025-08-29
   historical
4. 2025-07-25
   status Pending
5. 2025-07-21
   listed $350,000 Active
6. 2025-06-06
   historical
7. 2025-05-16
   price $319,000
8. 2025-05-10
   listed $329,000 Active

ⓘ 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: $2,802 · $234/mo
• Projected year-2 tax: $2,802 · $234/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 5/10 Major FEMA zone X (unshaded) · 67% 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 57% 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: $24,563
• − Mortgage interest: −$13,444
• − Property taxes: −$2,802
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,965
• − Management: −$1,965
• − HOA: −$300
• − Depreciation: −$6,982
• Taxable loss: −$4,095
• Est. tax savings @ 24.0%: +$983
• After-tax cash flow: $982/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

-27.1% since first listed

8 events — show timeline

• 2026-04-30 Pending — TMLS
• 2026-04-06 Listed $240,000 TMLS
• 2025-08-29 Listing Removed — TMLS
• 2025-07-25 Pending — TMLS
• 2025-07-21 Listed $350,000 TMLS
• 2025-06-06 Listing Removed — TMLS
• 2025-05-16 Price Changed $319,000 TMLS
• 2025-05-10 Listed $329,000 TMLS

Property tax history

+6.3%/yr

Latest (2025): $2,802 · +0.4% YoY. Source: county tax records.