400 Grovemont Rd · Garner, NC 27603

$265,000

3 bd · 1.0 ba · 1,312 sqft · SingleFamily public records · 3 Days on market

Built 1959 0.46 ac lot Est $333k · 20% under

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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).

• ARV discount +15.0/15.0
• Cash flow +12.5/30.0
• Schools +4.9/10.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 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

Don't miss this great opportunity! On nearly half an acre, this ranch home is outside the city limits of Raleigh, but sits just 10 minutes from downtown. You can enjoy everything Raleigh and Garner have to offer, without the restrictions, or the burden of city taxes. Bring your own ideas to this mid-century home, but rest easy with some big expenses already taken care of for you. Brand new septic system installed May 2026, new private well in 2024, and beautifully refinished hardwoods throughout the living area and bedrooms. And make sure to catch the massive 1,200+ sf wired shed/workshop. Plenty of room for storage and all the tools you could own.

Key facts

• New private well
• New septic system
• Refinished hardwoods

Tags

• HALF AN ACRE
• OUTSIDE THE CITY LIMITS
• 10 MINUTES FROM DOWNTOWN
• NEW SEPTIC SYSTEM
• NEW PRIVATE WELL
• REFINISHED HARDWOODS

Property features AI

Finance

• Other: Zoning: R2
• HOA & community: No association

Exterior

• Parking: Carport with 1 space
• Utilities: Private well water; Septic tank sewer
• Home design: Single-story house; One level
• Construction: Block foundation; Architectural shingle roof; Construction materials listed as unknown; Built as a house (structure type)
• Exterior features: Chain link fencing; Lot approximately 0.46 acre; Publicly maintained road access

Interior

• Bedrooms: Three bedrooms (all on the main level)
• Flooring: Hardwood; Laminate; Vinyl; Combination
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (propane); Central air and heat pump cooling
• Interior features: Combination of hardwood, laminate and vinyl flooring

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $-39 ($-469/yr) — negative.
• To cash-flow at today's rent, offer at most $258k (2.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (22.7% below list).
• Recommended offer: $205k (22.7% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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 $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 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% 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 $204,909 (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 1959 — 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: 6.12%
• Cash-on-cash: -0.63%
• DSCR: 0.97
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $333,248
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 Grovemont Rd	0.00mi	3/1.0	1,322 (+1%)	0mo	$265,000	$200	98
404 Lamesa Dr	0.43mi	3/2.0	1,344 (+2%)	3mo	$329,900	$245	69
516 Maple Ln	0.33mi	3/2.0	1,296 (-1%)	14mo	$273,000	$211	67
5505 Spring Rd	0.35mi	3/2.0	1,409 (+7%)	6mo	$426,000	$302	62
413 Winterlochen Rd	0.64mi	3/2.0	1,220 (-7%)	12mo	$300,000	$246	44
1402 Buckhorn Rd	0.60mi	3/2.0	1,201 (-8%)	18mo	$350,000	$291	39
109 Stonecutter Ct	0.61mi	3/2.0	1,495 (+14%)	11mo	$380,000	$254	36
405 Roxanne Dr	0.55mi	3/2.0	1,504 (+15%)	24mo	$443,000	$295	26

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: -18.8%
• Equity multiple: 0.35×
• Total profit: $-48,373
• Equity at exit: $39,512

10-year hold

• IRR: -14.2%
• Equity multiple: 0.23×
• Total profit: $-57,070
• Equity at exit: $22,912

Cash invested: $74,200 (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 27603

• Rents YoY: 1.6%
• Active inventory: 490
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,049 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$158 /mo · $1,893/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $-39

Break-even live

Break-even rent $2,099

Max offer price $258,096

Occupancy floor 97%

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1301 Pinewinds Dr Raleigh, NC	1.0–3.0	1.0–2.0	1077	$1,662	$1.54	2d	16	0.56mi
2000 Spring Dr Garner, NC	1.0–2.0	1.0–1.5	850	$1,475	$1.74	24d	1	0.67mi
1517 Wiljohn Rd Garner, NC	3.0	2.0	1688	$3,000	$1.78	24d	1	0.84mi
1700 Connery Ct Garner, NC	1.0–3.0	1.0–2.0	1072	$2,120	$1.98	2d	32	0.99mi
617 Springview Trl Garner, NC	3.0	2.5	1489	$2,180	$1.46	24d	1	1.07mi
1100 Lenoxplace Cir Raleigh, NC	1.0–3.0	1.0–2.0	1005	$1,467	$1.46	2d	18	1.15mi
151 Parker Place Dr Raleigh, NC	1.0–3.0	1.0–2.0	1027	$2,250	$2.19	2d	66	1.47mi

Listing history 2 events

1. 2026-05-11
   status Pending
2. 2026-05-08
   listed $265,000 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: $1,893 · $158/mo
• Projected year-2 tax: $2,173 · $181/mo
• Expected delta: +$280/yr (+$23/mo · 14.8%)

ⓘ 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 62% 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: $24,589
• − Mortgage interest: −$14,844
• − Property taxes: −$1,893
• − Insurance: −$1,325
• − Repairs & maintenance: −$1,967
• − Management: −$1,967
• − Depreciation: −$7,709
• Taxable loss: −$5,116
• Est. tax savings @ 24.0%: +$1,228
• After-tax cash flow: $759/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

2 events — show timeline

• 2026-05-11 Pending — TMLS
• 2026-05-08 Listed $265,000 TMLS

Property tax history

+6.5%/yr

Latest (2025): $1,893 · +3.0% YoY. Source: county tax records.