644 Coleman St · Raleigh, NC 27610

$530,000

6 bd · 5.0 ba · 2,640 sqft · MultiFamily public records · 6 Days on market

Built 2006 6,098 sqft 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 +13.5/30.0
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• DSCR +4.1/10.0
• 1% rule +3.0/10.0
• Rent growth +2.6/5.0
• 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

Great investment opportunity. 2 vacant 3 bedrm 2.5 bath units.

Key facts

• Turnkey duplex
• Tenant-occupied
• 6,098 sq ft lot

Tags

• TURNKEY DUPLEX
• BRAND NEW HVAC SYSTEM
• OFF-STREET PARKING LOT
• TENANT-OCCUPIED

Property features AI

Finance

• Other: Two total residential units; Living area approximately 2,640
• Financial info: Owner pays taxes
• HOA & community: No association

Exterior

• Parking: Parking lot with paved surface; Four open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex; Two stories
• Construction: Vinyl siding; Shingle roof; Slab foundation; Built as a duplex
• Exterior features: Public maintained road access; R-10 zoning

Interior

• Bedrooms: Six bedrooms total
• Flooring: Carpet; Luxury vinyl
• Bathrooms: Four full bathrooms; Two half bathrooms
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning
• Interior features: Carpet and luxury vinyl flooring; Two-level layout

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/2.5-bath units multifamily listed at $530k.

Deal economics

• At list price, monthly cash flow is $21 ($251/yr) — positive. Per door: $10/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $425k (19.9% below list).
• Recommended offer: $425k (19.9% 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; 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).
• At $4,247/mo this rent would consume 75% of the median local household income ($68k/yr) (locally 3499% 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 $4k of loan paydown is wiped out by about $16k 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 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 14y 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 $82k; list at $530k implies a 550% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 59% 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 $424,700 (19.9% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. 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 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: 0.80% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.17%
• DSCR: 1.01
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.35×
• Total profit: $-96,330
• Equity at exit: $79,025

10-year hold

• IRR: -17.9%
• Equity multiple: 0.14×
• Total profit: $-127,890
• Equity at exit: $45,825

Cash invested: $148,400 (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: 20.8×

Monthly cashflow live

• Estimated rent: $4,247 high
• Mortgage (P&I): −$2,779
• Tax from tax record: −$334 /mo · $4,009/yr
• Insurance: −$221
• HOA: −$0
• Vacancy / Maint / Mgmt: −$892
• Net cashflow: $21

Break-even live

Break-even rent $4,221

Max offer price $530,000

Occupancy floor 95%

Sensitivity live

Price	-10% $321	-5% $171	+0% $21	+5% $-129	+10% $-279
Rent	-10% $-315	-5% $-147	+0% $21	+5% $189	+10% $356
Rate	-1.0pp $288	-0.5pp $156	base $21	+0.5pp $-116	+1.0pp $-256

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	2.5	$4,246
Total (2 units)			$4,247

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: $132,500
• Closing costs: $15,900
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-31
   status $530,000 Pending 6 DOM
2. 2026-05-24
   listed $530,000 Active
3. 2013-12-13
   soldstatus $81,500 Closed 62-char remark

   Show marketing remark (62 chars)

   Great investment opportunity. 2 vacant 3 bedrm 2.5 bath units.

4. 2013-12-13
   soldstatus $81,500 62-char remark

   Show marketing remark (62 chars)

   Great investment opportunity. 2 vacant 3 bedrm 2.5 bath units.

5. 2013-12-12
   soldstatus $81,500
6. 2013-12-11
   status Pending 62-char remark

   Show marketing remark (62 chars)

   Great investment opportunity. 2 vacant 3 bedrm 2.5 bath units.

7. 2012-06-12
   listed Contingent 62-char remark

   Show marketing remark (62 chars)

   Great investment opportunity. 2 vacant 3 bedrm 2.5 bath units.

8. 2012-06-12
   listed $140,000 62-char remark

   Show marketing remark (62 chars)

   Great investment opportunity. 2 vacant 3 bedrm 2.5 bath units.

9. 2006-11-09
   soldstatus $240,000
10. 2006-11-09
    soldstatus $240,000
11. 2006-10-26
    soldstatus $240,000
12. 2006-10-26
    soldstatus $240,000

ⓘ 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: $4,009 · $334/mo
• Projected year-2 tax: $4,346 · $362/mo
• Expected delta: +$337/yr (+$28/mo · 8.4%)

ⓘ 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 59% 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: $50,964
• − Mortgage interest: −$29,688
• − Property taxes: −$4,009
• − Insurance: −$2,650
• − Repairs & maintenance: −$4,077
• − Management: −$4,077
• − Depreciation: −$15,418
• Taxable loss: −$8,955
• Est. tax savings @ 24.0%: +$2,149
• After-tax cash flow: $2,400/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

+120.8% since first listed

11 events — show timeline

• 2026-05-24 Listed $530,000 TMLS
• 2013-12-13 Sold (MLS) $81,500 AMLSNC
• 2013-12-13 Sold (MLS) $81,500 TMLS
• 2013-12-12 Sold (Public Records) $81,500 Public Records
• 2013-12-11 Pending — TMLS
• 2012-06-12 Listed $140,000 AMLSNC
• 2012-06-12 Listed — TMLS
• 2006-11-09 Sold (Public Records) $240,000 Public Records
• 2006-11-09 Sold (Public Records) $240,000 Public Records
• 2006-10-26 Sold (Public Records) $240,000 Public Records
• 2006-10-26 Sold (Public Records) $240,000 Public Records

Property tax history

+5.3%/yr

Latest (2025): $4,009 · +0.4% YoY. Source: county tax records.