1117 Leach St · Fuquay-Varina, NC 27603

$120,000

1 bd · 1.0 ba · 988 sqft · SingleFamily public records · 110 Days on market

Built 1984 1.03 ac lot ↓ 30% since listing

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Why this score? — see what drove the C+ 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 +27.7/30.0
• DSCR +9.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Schools +4.9/10.0
• Rent growth +2.9/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special! This ranch-style home sits on just over an acre and offers endless potential for renovation or rebuild. The large 1.03-acre lot provides plenty of space to create your vision. Conveniently located with a peaceful setting—ideal for investors, builders, or anyone looking for a fresh start.

Key facts

• Ranch-style home
• Peaceful setting
• 1.03-acre lot

Tags

• RANCH-STYLE HOME
• 1.03-ACRE LOT
• PEACEFUL SETTING

Property features AI

Finance

• HOA & community: No association; Not a senior community

Exterior

• Parking: 1 open parking space
• Utilities: Public water; Public sewer
• Home design: House; Single-story
• Construction: Construction details: see listing remarks
• Exterior features: Raised foundation; Shingle roof; Lot of about 1.03 acres; Publicly maintained road access

Interior

• Bedrooms: 1 bedroom
• Flooring: See listing remarks
• Bathrooms: 1 full bathroom
• Heating & cooling: Heating: see listing remarks; No cooling (no central air)
• Interior features: Flooring: see listing remarks

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 3.0% in Fuquay-Varina — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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: Banks Road Elementary (math 42% / reading 52%, grade D-, #497 of 1,410 statewide, top 38%, 648 students, 43% FRL); Herbert Akins Road Middle (827 students, 31% FRL); Willow Spring High (1,477 students, 30% FRL) — zoned schools at 35% FRL track the district average.
• Market conditions: Rents rising (+1.6%/yr); 494 active listings in the ZIP; 1 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 $830 of loan paydown is wiped out by about $4k 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 110 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $52k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.15% ✓
• Cap rate: 9.93%
• Cash-on-cash: 12.99%
• DSCR: 1.58
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.59% rent growth · sell at horizon

5-year hold

• IRR: 1.4%
• Equity multiple: 1.05×
• Total profit: $1,753
• Equity at exit: $17,892

10-year hold

• IRR: 9.6%
• Equity multiple: 1.70×
• Total profit: $23,481
• Equity at exit: $10,375

Cash invested: $33,600 (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: 494
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,383 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$50 /mo · $596/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $364

Break-even live

Break-even rent $923

Max offer price $120,000

Occupancy floor 69%

Sensitivity live

Price	-10% $432	-5% $398	+0% $364	+5% $330	+10% $296
Rent	-10% $255	-5% $309	+0% $364	+5% $418	+10% $473
Rate	-1.0pp $424	-0.5pp $394	base $364	+0.5pp $333	+1.0pp $301

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1402 Sitterson Dr Raleigh, NC	2.0	1.0	878	$1,395	$1.59	24d	1	0.62mi

Listing history 6 events

1. 2026-05-19
   status Active
2. 2026-05-19
   price $120,000
3. 2026-03-10
   status Pending
4. 2025-12-01
   status Active
5. 2025-11-07
   status Pending
6. 2025-11-05
   listed $172,500 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: $596 · $50/mo
• Projected year-2 tax: $984 · $82/mo
• Expected delta: +$388/yr (+$32/mo · 65.1%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,600
• − Mortgage interest: −$6,722
• − Property taxes: −$596
• − Insurance: −$600
• − Repairs & maintenance: −$1,328
• − Management: −$1,328
• − Depreciation: −$3,491
• Taxable income: $2,535
• Est. tax owed @ 24.0%: −$608
• After-tax cash flow: $3,758/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 — Fuquay-Varina

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Wake County · 1,216,256 people
• 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

-30.4% since first listed

6 events — show timeline

• 2026-05-19 Relisted — TMLS
• 2026-05-19 Price Changed $120,000 TMLS
• 2026-03-10 Pending — TMLS
• 2025-12-01 Relisted — TMLS
• 2025-11-07 Pending — TMLS
• 2025-11-05 Listed $172,500 TMLS

Property tax history

+7.4%/yr

Latest (2025): $596 · +2.9% YoY. Source: county tax records.