100 Madrid Ct · Garner, NC 27529

$419,900

6 bd · 3.0 ba · 2,388 sqft · MultiFamily public records · 16 Days on market

Built 1981 0.29 ac lot

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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 +12.1/30.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +3.8/5.0
• DSCR +3.6/10.0
• 1% rule +2.8/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Duplex; 100 Madrid Ct is vacant, and available for showings until rented. 102 Madrid Ct is rented. Lawn is maintained by a service. Tenants pay their own water/sewer/electric. New exterior paint 2017, interior refreshed 2016. Managed by same company since 2005.

Key facts

• Immediate cash flow
• Fully rented duplex
• No hoa fees

Tags

• FULLY RENTED DUPLEX
• CORNER LOT
• NO HOA FEES
• IMMEDIATE CASH FLOW
• INCOME GENERATING DUPLEX
• FUNCTIONAL LAYOUT

Property features AI

Finance

• Other: Total building area about 2,388 (living area listed as 2,388); Property located on a public maintained road in Wake County
• Financial info: Two-unit property; Owner pays HVAC maintenance, insurance, and repairs
• HOA & community: No association

Exterior

• Parking: Open parking for 4 vehicles; Driveway; Parking pad
• Utilities: Public water; Public sewer
• Home design: Duplex; Multi/split and one level configuration; No common walls
• Construction: Brick, frame, and vertical siding exterior; Shingle roof; No foundation details listed; Built as a duplex
• Exterior features: Rain gutters; Lot approximately 0.29 acres; Zoned MF-A

Interior

• Kitchen: Dishwasher; Range / Electric Range / Free‑Standing Range; Range hood; Refrigerator / Free‑Standing Refrigerator
• Bedrooms: 6 bedrooms
• Flooring: Carpet; Laminate; Luxury vinyl
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Central heating; Central air; Ceiling fan(s)
• Interior features: Laminate counters; Rain gutters

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $-94 ($-1k/yr) — negative. Per door: $-47/mo.
• To cash-flow at today's rent, offer at most $403k (4.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $327k (22.2% below list).
• Recommended offer: $327k (22.2% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: Aversboro Elementary (math 17% / reading 42%, grade F, #975 of 1,410 statewide, top 71%, 377 students, 72% FRL); East Garner Middle (math 23% / reading 33%, grade F, #360 of 475 statewide, top 77%, 1,186 students, 73% FRL); Garner High (math 32% / reading 56%, grade F, #367 of 535 statewide, top 69%, 1,683 students, 50% FRL) — zoned schools average 65% FRL vs 30% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 34% at this address vs 56% district-wide (-22 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 (+1.1%/yr); 652 active listings in the ZIP; solid renter incomes; 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).
• At $3,268/mo this rent would consume 46% of the median local household income ($86k/yr) (locally 1455% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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 ($414k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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 $202k; list at $420k implies a 107% gain — meaningful room to come down on a strong offer.

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 $326,800 (22.2% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 0.78% ✗
• Cap rate: 6.02%
• Cash-on-cash: -0.96%
• DSCR: 0.96
• GRM: 10.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.15% rent growth · sell at horizon

5-year hold

• IRR: -19.8%
• Equity multiple: 0.32×
• Total profit: $-80,091
• Equity at exit: $62,608

10-year hold

• IRR: -16.9%
• Equity multiple: 0.14×
• Total profit: $-101,431
• Equity at exit: $36,305

Cash invested: $117,572 (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 27529

• Rents YoY: 1.1%
• Active inventory: 652
• Price-to-rent: 21.4×

Monthly cashflow live

• Estimated rent: $3,268 high
• Mortgage (P&I): −$2,202
• Tax from tax record: −$299 /mo · $3,585/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$686
• Net cashflow: $-94

Break-even live

Break-even rent $3,387

Max offer price $403,295

Occupancy floor 98%

Sensitivity live

Price	-10% $144	-5% $25	+0% $-94	+5% $-213	+10% $-332
Rent	-10% $-352	-5% $-223	+0% $-94	+5% $35	+10% $164
Rate	-1.0pp $117	-0.5pp $13	base $-94	+0.5pp $-203	+1.0pp $-313

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1.5	$3,268
Total (2 units)			$3,268

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: $104,975
• Closing costs: $12,597
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $419,900 Active 16 DOM
2. 2026-06-18
   days on market $419,900 Active 13 DOM
3. 2026-06-17
   days on market $419,900 Active 12 DOM
4. 2026-06-16
   days on market $419,900 Active 11 DOM
5. 2026-06-15
   days on market $419,900 Active 10 DOM
6. 2026-06-13
   days on market $419,900 Active 8 DOM
7. 2026-06-13
   days on market $419,900 Active 7 DOM
8. 2026-06-09
   days on market $419,900 Active 4 DOM
9. 2026-06-08
   days on market $419,900 Active 3 DOM
10. 2026-06-07
    remarks 695-char remark
11. 2026-06-07
    listed $419,900 Active 2 DOM

ⓘ 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: $3,585 · $299/mo
• Projected year-2 tax: $3,585 · $299/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 3/10 Moderate
• 🌡 Heat 7/10 Severe 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,216
• − Mortgage interest: −$23,521
• − Property taxes: −$3,585
• − Insurance: −$2,100
• − Repairs & maintenance: −$3,137
• − Management: −$3,137
• − Depreciation: −$12,215
• Taxable loss: −$8,479
• Est. tax savings @ 24.0%: +$2,035
• After-tax cash flow: $907/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

• Census place: Garner, NC
• County: Wake County · 1,216,256 people
• City population: 55,242
• Metro: Raleigh-Cary, NC
• Population (ZIP): 55,242
• Household income: $85,716
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 1455.0

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 0.61)
• Race & ethnicity: White 56% Black 25% Hispanic / Latino 13% Two or more races 9% Asian 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2%
• Common ancestry: Lithuanian 3% Slovak 3% Italian 2%
• Foreign-born: 8% · Canada
• Languages at home: 87% English-only · Spanish 11% 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: ▼ -241.30%
• Current HPI: 238.8492
• Rent YoY: ▲ 1.15%
• 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

+139.9% since first listed

19 events — show timeline

• 2026-06-05 Listed $419,900 TMLS
• 2017-05-12 Listing Removed — TMLS
• 2017-05-12 Sold (Public Records) $202,500 Public Records
• 2017-05-12 Sold (MLS) $202,400 AMLSNC
• 2017-05-12 Sold (MLS) $202,400 TMLS
• 2017-03-23 Contingent — TMLS
• 2017-03-17 Price Changed $204,900 TMLS
• 2017-03-17 Relisted — TMLS
• 2017-02-24 Pending — TMLS
• 2017-02-22 Listed $199,900 TMLS
• 2017-02-22 Listed $204,900 AMLSNC
• 2010-01-01 Listing Removed — TMLS
• 2009-08-28 Listed $225,000 TMLS
• 2005-11-10 Sold (Public Records) $174,000 Public Records
• 2005-11-10 Sold (MLS) $174,000 AMLSNC
• 2005-11-10 Sold (MLS) $174,000 TMLS
• 2005-10-21 Listing Removed — TMLS
• 2005-10-06 Listed $175,000 AMLSNC
• 2005-10-06 Listed $175,000 TMLS

Property tax history

+4.6%/yr

Latest (2025): $3,585 · +0.3% YoY. Source: county tax records.