411 W Oak Ave · Wake Forest, NC 27587

$260,000

2 bd · 2.5 ba · 1,482 sqft · MultiFamily public records · 68 Days on market

Built 1986 1,307 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

This townhouse is perfectly located in Wake Forest and has NO HOA FEES! Floor plan features dual master bedrooms with a third flex room currently being utilized as a third bedroom. Property is lined by trees on all sides yet located in close proximity to major shopping and restaurants. Gorgeous views enjoyed from the multiple decks on the back of the house. Home is currently leased through August of 2017. Freshly painted interior.

Key facts

• 1,307 sq ft lot
• 2 parking spots
• Built 1986

Property features AI

Finance

• Other: Zoning: GR3
• HOA & community: No association

Exterior

• Parking: Open parking (2 spaces); Driveway; Gravel parking
• Utilities: Public water; Public sewer
• Home design: Duplex / townhouse; Tri-level layout; 1 common wall
• Construction: Cedar and wood siding; Shingle roof; Crawl space foundation; Built as part of a duplex/townhouse structure
• Exterior features: Deck; Rear porch; Balcony; Rain gutters; Public maintained road

Interior

• Kitchen: Electric cooktop; Electric oven; Microwave; Refrigerator; Plumbed for ice maker
• Bedrooms: 2 bedrooms
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Forced air heating; Ceiling fans for cooling; Fireplace heating option
• Interior features: Ceiling fans; Living and dining room combined; Fireplace (1)
• Laundry & utility: Washer/Dryer included; Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath multifamily listed at $260k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $260k).
• Recommended offer: $244k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.6% vs local median 2.7% 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+, crime 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.
• Zoned schools: Heritage Middle (math 65% / reading 75%, grade A, #19 of 475 statewide, top 4%, 997 students, 14% FRL); Wake Forest High School (math 61% / reading 71%, grade B, #154 of 535 statewide, top 29%, 2,101 students, 27% FRL).
• Zoned-school proficiency averages 68% at this address vs 56% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Wake County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 1085 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).
• This rent runs 37% of the median local income ($134k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $73k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y ago; this cycle's ask has dropped $15k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 53% 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 $244,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% 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. 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?
5. 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.
6. 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.
7. 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: 1.59% ✓
• Cap rate: 13.62%
• Cash-on-cash: 26.15%
• DSCR: 2.16
• GRM: 5.3

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: 16.6%
• Equity multiple: 1.64×
• Total profit: $46,813
• Equity at exit: $38,767

10-year hold

• IRR: 22.9%
• Equity multiple: 2.70×
• Total profit: $124,096
• Equity at exit: $22,480

Cash invested: $72,800 (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: 1085
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $4,126 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$201 /mo · $2,414/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$866
• Net cashflow: $1,587

Break-even live

Break-even rent $2,118

Max offer price $260,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,734	-5% $1,660	+0% $1,587	+5% $1,513	+10% $1,439
Rent	-10% $1,261	-5% $1,424	+0% $1,587	+5% $1,750	+10% $1,913
Rate	-1.0pp $1,718	-0.5pp $1,653	base $1,587	+0.5pp $1,519	+1.0pp $1,451

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	2	$4,125
Total (3 units)			$4,126

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
205 Abercrombie Rd Wake Forest, NC	3.0	2.5	1600	$1,900	$1.19	24d	1	0.14mi
532 N College St Wake Forest, NC	3.0	1.5	1524	$2,050	$1.35	24d	1	0.40mi
707 Saint Catherines Dr Wake Forest, NC	3.0	2.0	1354	$1,900	$1.40	21d	1	0.40mi
126 Crookham Ct Wake Forest, NC	3.0	2.0	1271	$1,875	$1.48	4d	1	0.46mi
706 N White St Wake Forest, NC	3.0	2.0	1495	$1,550	$1.04	4d	1	0.63mi
617 Battleboro Dr Wake Forest, NC	3.0	2.5	1573	$1,860	$1.18	15d	1	0.65mi
742 Cormiche Ln Wake Forest, NC	3.0	3.5	1744	$1,995	$1.14	15d	1	0.68mi
742 Cormiche Ln Wake Forest, NC	3.0	3.5	1744	$1,995	$1.14	3d	1	0.68mi
328 Glencoe Dr Wake Forest, NC	3.0	2.0	1300	$1,900	$1.46	24d	1	0.74mi
335 E Pine Ave Wake Forest, NC	3.0	2.5	1636	$1,790	$1.09	4d	1	0.78mi
1029 Caladium Dr Wake Forest, NC	3.0	2.0	1321	$2,000	$1.51	22d	1	0.80mi
301 Glencoe Dr Wake Forest, NC	3.0	2.0	1336	$1,800	$1.35	11d	1	0.81mi
862 N Taylor St Wake Forest, NC	3.0	2.0	1138	$1,750	$1.54	24d	1	0.84mi
1891 N Franklin St Wake Forest, NC	1.0–3.0	1.0–2.0	995	$1,742	$1.75	3d	17	0.87mi
428 N Allen Rd Wake Forest, NC	3.0	2.5	1284	$1,650	$1.29	17d	1	0.89mi
426 N Allen Rd Wake Forest, NC	3.0	2.5	1284	$1,650	$1.29	17d	1	0.90mi
104 N Franklin St Wake Forest, NC	2.0	1.5	980	$1,595	$1.63	24d	1	1.02mi
207 Highgate Cir Wake Forest, NC	3.0	2.5	1476	$1,450	$0.98	24d	1	1.03mi
621 Groveton Trl Wake Forest, NC	3.0	2.0	1220	$1,760	$1.44	2d	1	1.06mi
414 S White St Unit 208 Wake Forest, NC	1.0	1.0	902	$1,495	$1.66	24d	1	1.17mi
610 Sugar Pine Way Wake Forest, NC	1.0–3.0	1.0–2.5	1211	$1,855	$1.53	2d	10	1.18mi
813 Brewers Glynn Ct Wake Forest, NC	3.0	2.5	1356	$1,850	$1.36	24d	1	1.23mi
1211 Brason Ln Wake Forest, NC	2.0–3.0	2.0	1064	$1,395	$1.31	5d	3	1.38mi
921 Mendocino St Wake Forest, NC	1.0–3.0	1.0–2.0	1135	$1,794	$1.58	2d	24	1.49mi

Listing history 38 events

1. 2026-06-19
   price $260,000 Active 68 DOM
2. 2026-06-18
   days on market $274,900 Active 68 DOM
3. 2026-06-17
   days on market $274,900 Active 67 DOM
4. 2026-06-16
   days on market $274,900 Active 66 DOM
5. 2026-06-15
   days on market $274,900 Active 65 DOM
6. 2026-06-13
   days on market $274,900 Active 63 DOM
7. 2026-06-13
   days on market $274,900 Active 62 DOM
8. 2026-06-09
   days on market $274,900 Active 59 DOM
9. 2026-06-08
   days on market $274,900 Active 58 DOM
10. 2026-06-07
    days on market $274,900 Active 57 DOM
11. 2026-06-05
    days on market $274,900 Active 54 DOM
12. 2026-06-03
    days on market $274,900 Active 53 DOM
13. 2026-06-02
    days on market $274,900 Active 52 DOM
14. 2026-06-01
    days on market $274,900 Active 51 DOM
15. 2026-05-31
    days on market $274,900 Active 50 DOM
16. 2026-04-11
    listed $274,900 Active
17. 2025-12-30
    historical
18. 2025-09-30
    price $274,900
19. 2025-08-06
    listed $280,000 Active
20. 2022-06-10
    soldstatus $255,000
21. 2017-03-31
    soldstatus $137,000 Closed 434-char remark

    Show marketing remark (434 chars)

    This townhouse is perfectly located in Wake Forest and has NO HOA FEES! Floor plan features dual master bedrooms with a third flex room currently being utilized as a third bedroom. Property is lined by trees on all sides yet located in close proximity to major shopping and restaurants. Gorgeous views enjoyed from the multiple decks on the back of the house. Home is currently leased through August of 2017. Freshly painted interior.

22. 2017-03-31
    soldstatus $137,000 434-char remark

    Show marketing remark (434 chars)

    This townhouse is perfectly located in Wake Forest and has NO HOA FEES! Floor plan features dual master bedrooms with a third flex room currently being utilized as a third bedroom. Property is lined by trees on all sides yet located in close proximity to major shopping and restaurants. Gorgeous views enjoyed from the multiple decks on the back of the house. Home is currently leased through August of 2017. Freshly painted interior.

23. 2017-03-31
    soldstatus $137,000

    Show marketing remark (434 chars)

    This townhouse is perfectly located in Wake Forest and has NO HOA FEES! Floor plan features dual master bedrooms with a third flex room currently being utilized as a third bedroom. Property is lined by trees on all sides yet located in close proximity to major shopping and restaurants. Gorgeous views enjoyed from the multiple decks on the back of the house. Home is currently leased through August of 2017. Freshly painted interior.

24. 2017-02-19
    historical Contingent 434-char remark

    Show marketing remark (434 chars)

    This townhouse is perfectly located in Wake Forest and has NO HOA FEES! Floor plan features dual master bedrooms with a third flex room currently being utilized as a third bedroom. Property is lined by trees on all sides yet located in close proximity to major shopping and restaurants. Gorgeous views enjoyed from the multiple decks on the back of the house. Home is currently leased through August of 2017. Freshly painted interior.

25. 2017-02-08
    price $139,900 434-char remark

    Show marketing remark (434 chars)

    This townhouse is perfectly located in Wake Forest and has NO HOA FEES! Floor plan features dual master bedrooms with a third flex room currently being utilized as a third bedroom. Property is lined by trees on all sides yet located in close proximity to major shopping and restaurants. Gorgeous views enjoyed from the multiple decks on the back of the house. Home is currently leased through August of 2017. Freshly painted interior.

26. 2017-01-13
    listed $144,900 Active 434-char remark

    Show marketing remark (434 chars)

    This townhouse is perfectly located in Wake Forest and has NO HOA FEES! Floor plan features dual master bedrooms with a third flex room currently being utilized as a third bedroom. Property is lined by trees on all sides yet located in close proximity to major shopping and restaurants. Gorgeous views enjoyed from the multiple decks on the back of the house. Home is currently leased through August of 2017. Freshly painted interior.

27. 2017-01-13
    listed $139,900 434-char remark

    Show marketing remark (434 chars)

    This townhouse is perfectly located in Wake Forest and has NO HOA FEES! Floor plan features dual master bedrooms with a third flex room currently being utilized as a third bedroom. Property is lined by trees on all sides yet located in close proximity to major shopping and restaurants. Gorgeous views enjoyed from the multiple decks on the back of the house. Home is currently leased through August of 2017. Freshly painted interior.

28. 2012-05-23
    soldstatus $102,500
29. 2012-05-22
    soldstatus $102,500
30. 2012-05-22
    soldstatus $102,500
31. 2012-04-09
    historical
32. 2012-02-16
    listed $105,000
33. 2012-02-16
    listed $105,000
34. 2011-03-04
    historical
35. 2010-02-10
    listed $114,900
36. 2003-01-06
    historical
37. 2002-07-18
    listed $119,900
38. 1994-08-10
    soldstatus $73,500

ⓘ 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: $2,414 · $201/mo
• Projected year-2 tax: $2,414 · $201/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 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 53% 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: $49,512
• − Mortgage interest: −$14,564
• − Property taxes: −$2,414
• − Insurance: −$1,300
• − Repairs & maintenance: −$3,961
• − Management: −$3,961
• − Depreciation: −$7,564
• Taxable income: $15,748
• Est. tax owed @ 24.0%: −$3,780
• After-tax cash flow: $15,259/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

• Census place: Wake Forest, NC
• 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

+274.0% since first listed

23 events — show timeline

• 2026-04-11 Listed $274,900 TMLS
• 2025-12-30 Listing Removed — TMLS
• 2025-09-30 Price Changed $274,900 TMLS
• 2025-08-06 Listed $280,000 TMLS
• 2022-06-10 Sold (Public Records) $255,000 Public Records
• 2017-03-31 Sold (Public Records) $137,000 Public Records
• 2017-03-31 Sold (MLS) $137,000 AMLSNC
• 2017-03-31 Sold (MLS) $137,000 TMLS
• 2017-02-19 Contingent — TMLS
• 2017-02-08 Price Changed $139,900 TMLS
• 2017-01-13 Listed $144,900 TMLS
• 2017-01-13 Listed $139,900 AMLSNC
• 2012-05-23 Sold (Public Records) $102,500 Public Records
• 2012-05-22 Sold (MLS) $102,500 AMLSNC
• 2012-05-22 Sold (MLS) $102,500 TMLS
• 2012-04-09 Listing Removed — TMLS
• 2012-02-16 Listed $105,000 AMLSNC
• 2012-02-16 Listed $105,000 TMLS
• 2011-03-04 Listing Removed — TMLS
• 2010-02-10 Listed $114,900 TMLS
• 2003-01-06 Listing Removed — TMLS
• 2002-07-18 Listed $119,900 TMLS
• 1994-08-10 Sold (Public Records) $73,500 Public Records

Property tax history

+4.6%/yr

Latest (2025): $2,414 · +0.4% YoY. Source: county tax records.