13004 Powell Rd · Wake Forest, NC 27587

$169,900

3 bd · 1.0 ba · 1,120 sqft · SingleFamily public records · 1 Days on market

Built 1963 0.37 ac lot

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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 +27.0/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Wake Forest Investor Opportunity: House + Adjoining Lot. Priced for an immediate cash or hard-money close, this property sits just outside downtown Wake Forest with direct access to Raleigh via US-1 and Capital Blvd. The existing one-story home sits on a 0.37-acre lot and features a solid footprint ready for a straightforward rehab. To ensure a quick sale, the purchase includes a separate, directly connected adjoining lot that is tax-assessed at 90,000. This extra parcel gives you clear exit options right away: you can rehab the house and hold the land, build a second property, or sell off the extra lot immediately to lower your cost basis. At 169,900 for both parcels. Offers are being revi

Key facts

• Adjoining lot
• Solid footprint
• Separate parcel

Tags

• ADJOINING LOT
• DIRECT ACCESS TO RALEIGH
• SOLID FOOTPRINT
• SEPARATE PARCEL

Property features AI

Finance

• Other: Lot size approximately 0.37 acres; Zoned R-40W
• HOA & community: No homeowners association

Exterior

• Parking: One covered carport space
• Utilities: Well water; Septic tank sewer; Electricity connected; Water connected; Sewer connected
• Home design: Site-built single-story home; One level
• Construction: Aluminum siding; Built with site-built construction
• Exterior features: Shingle roof; Wooded lot; Publicly maintained road access

Interior

• Bedrooms: Three bedrooms (all on the main level)
• Flooring: Carpet; Hardwood
• Bathrooms: One full bathroom
• Heating & cooling: Electric heating available; No central heating system listed; No cooling system listed
• Interior features: Carpet and hardwood flooring

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $474 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 9.6% vs local median 2.8% in Wake Forest — 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 84/100 on livability (#6 in NC, #818 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, schools A-; Watch: amenities C-.
• 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.
• Market conditions: Rents flat; 1084 active listings in the ZIP; high-income renter base; 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).
• This rent is only 17% of the median local income ($134k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 48% 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 $169,900

Questions for the listing agent

1. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-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?
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: 1.14% ✓
• Cap rate: 9.64%
• Cash-on-cash: 11.96%
• DSCR: 1.53
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -1.8%
• Equity multiple: 0.94×
• Total profit: $-3,057
• Equity at exit: $25,333

10-year hold

• IRR: 4.6%
• Equity multiple: 1.30×
• Total profit: $14,125
• Equity at exit: $14,690

Cash invested: $47,572 (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 27587

• Home prices YoY: -30.3%
• Rents YoY: 0.0%
• Active inventory: 1084
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,934 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$92 /mo · $1,104/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $474

Break-even live

Break-even rent $1,334

Max offer price $169,900

Occupancy floor 70%

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $169,900 Active 1 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: $1,104 · $92/mo
• Projected year-2 tax: $1,393 · $116/mo
• Expected delta: +$289/yr (+$24/mo · 26.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 48% 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: $23,206
• − Mortgage interest: −$9,517
• − Property taxes: −$1,104
• − Insurance: −$850
• − Repairs & maintenance: −$1,856
• − Management: −$1,856
• − Depreciation: −$4,943
• Taxable income: $3,080
• Est. tax owed @ 24.0%: −$739
• After-tax cash flow: $4,948/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 — Wake Forest

• Score: 84/100
• State rank: #6
• US rank: #818

Category grades

Amenities C- Commute B+ Cost of living C Crime A- Employment A+ Housing A+ Health & safety C User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Wake County · 1,216,256 people
• City population: 82,886
• Metro: Raleigh-Cary, NC
• Population (ZIP): 82,886
• Household income: $133,743
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 1068.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Black 16% Hispanic / Latino 8% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Slovak 3% Romanian 3% Lithuanian 2%
• Foreign-born: 7% · Canada, South Korea, Jamaica
• Languages at home: 91% English-only · Spanish 4% Other Indo-European 1% Korean 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: ▼ -96.50%
• Current HPI: 222.174
• Rent YoY: ▬ 0.00%
• 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

1 event — show timeline

• 2026-06-18 Listed $169,900 TMLS

Property tax history

+4.3%/yr

Latest (2025): $1,104 · +2.9% YoY. Source: county tax records.