1602 Malta Ave · Raleigh, NC 27610

$230,000

4 bd · 1.0 ba · 1,196 sqft · SingleFamily public records · 74 Days on market

Built 1998 6,098 sqft lot Est $332k · 31% under ↓ 27% 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 +21.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +5.1/10.0
• Schools +4.9/10.0
• Livability +4.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity knocks at 1602 Malta Ave in Raleigh! This 4-bedroom, 2-bath home offers 1,196 sqft of potential in one of Raleigh’s fastest growing areas. Built in 1998, this property is primed for a full renovation or redevelopment play. R-10 Zoning and lot width allows for a large single family or duet-style two-unit townhome build (confirmed with Raleigh Development). With an estimated flip ARV of $425,000 and nearby new builds selling above $1M , this is a strong value-add opportunity for investors looking to capitalize on the area’s rapid appreciation. Whether you’re planning a fix-and-flip or exploring new construction potential, the upside here is undeniable. Full inspe

Key facts

• 6,098 sq ft lot
• Built 1998
• Listed 73 days

Property features AI

Finance

• Other: Lot approximately 0.14 acres; Directions: GPS 1602 Malta Ave
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Single-family residence (residential); Site-built construction; One story; Entry facing not specified; Zoned R-10
• Construction: Vinyl exterior; Crawl space foundation; Site-built construction
• Exterior features: Concrete, paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric range
• Bedrooms: 4 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating with forced air (natural gas); Central air conditioning; Ceiling fans; Electric cooling components
• Interior features: Open room count: 1; Exhaust hood
• Laundry & utility: Laundry closet; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• Recommended offer: $216k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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.
• Market conditions: Rents flat; 594 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).
• This rent runs 41% of the median local income ($68k/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 $7k 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 74 days — a 6% lower offer ($216k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 62% 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 $216,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 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 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. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 7.99%
• Cash-on-cash: 6.05%
• DSCR: 1.27
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $332,488
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1116 E Martin St	0.54mi	3/1.0 (-1)	1,256 (+5%)	7mo	$460,000	$366	56
809 Grantland Dr	0.60mi	4/1.5	1,323 (+11%)	1mo	$220,000	$166	51
833 Brigham Rd	0.66mi	3/2.0 (-1)	1,123 (-6%)	10mo	$308,000	$274	41
804 Brigham Rd	0.59mi	3/2.0 (-1)	1,134 (-5%)	19mo	$315,000	$278	39
2223 Shannon St	0.46mi	3/2.0 (-1)	1,039 (-13%)	15mo	$325,000	$313	35
715 S State St	0.49mi	3/2.0 (-1)	1,027 (-14%)	17mo	$484,000	$471	31
708 Glenbrook Dr	0.70mi	4/2.0	1,330 (+11%)	23mo	$330,000	$248	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -10.0%
• Equity multiple: 0.64×
• Total profit: $-22,981
• Equity at exit: $34,294

10-year hold

• IRR: -4.9%
• Equity multiple: 0.72×
• Total profit: $-18,204
• Equity at exit: $19,886

Cash invested: $64,400 (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: 8.2×

Monthly cashflow live

• Estimated rent: $2,332 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$215 /mo · $2,585/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $325

Break-even live

Break-even rent $1,921

Max offer price $230,000

Occupancy floor 81%

Sensitivity live

Price	-10% $455	-5% $390	+0% $325	+5% $260	+10% $195
Rent	-10% $141	-5% $233	+0% $325	+5% $417	+10% $509
Rate	-1.0pp $441	-0.5pp $383	base $325	+0.5pp $265	+1.0pp $205

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1701 E Lenoir St Raleigh, NC	3.0	2.0	1100	$2,900	$2.64	24d	1	0.15mi
624 Quarry St Raleigh, NC	3.0	2.0	1500	$1,695	$1.13	24d	1	0.43mi
822 E Lenoir St Raleigh, NC	3.0	2.5	1460	$2,699	$1.85	15d	1	0.50mi
816 S State St Raleigh, NC	3.0	1.0	1098	$2,100	$1.91	18d	1	0.50mi
713 Grantland Dr Raleigh, NC	3.0	3.0	1323	$1,995	$1.51	18d	1	0.51mi
832 Brigham Rd Raleigh, NC	3.0	1.5	1107	$1,595	$1.44	24d	1	0.66mi
617 E Lenoir St Raleigh, NC	3.0	2.5	1370	$2,297	$1.68	17d	1	0.67mi
2421 Bright Creek Falls Trail Raleigh, NC	3.0	1.0–2.0	991	$2,009	$2.03	2d	38	0.68mi
709 Glenbrook Dr Raleigh, NC	3.0	1.0	1185	$1,550	$1.31	24d	1	0.74mi
804 McMakin St Raleigh, NC	2.0–3.0	1.0	1100	$1,305	$1.19	5d	5	0.81mi
701 E Martin St Raleigh, NC	3.0	2.0	1104	$2,095	$1.90	24d	1	0.81mi
5 Seawell Ave #105 Raleigh, NC	3.0	3.5	1500	$3,300	$2.20	24d	1	0.97mi
524 Branch St Raleigh, NC	3.0	1.0	1012	$1,850	$1.83	24d	1	0.97mi
860 Darby St Raleigh, NC	3.0	2.0	1045	$1,650	$1.58	5d	1	1.04mi
1622 Proctor Rd Raleigh, NC	2.0–3.0	1.0	829	$1,505	$1.81	4d	6	1.12mi
460 Dickens Dr Raleigh, NC	3.0	2.0	1422	$1,950	$1.37	11d	1	1.24mi
308 S Blount St Raleigh, NC	3.0	1.0–3.0	1047	$2,675	$2.55	2d	20	1.27mi
2012 Winston Diamond Ct Raleigh, NC	3.0	2.5	1369	$1,830	$1.34	24d	1	1.38mi
2804 Donovan Pl Raleigh, NC	3.0	1.5	1125	$1,697	$1.51	13d	1	1.45mi
2292 Fox Ridge Manor Rd Raleigh, NC	2.0–3.0	1.5–2.5	1124	$1,750	$1.56	13d	1	1.47mi

Listing history 4 events

1. 2026-05-13
   price $230,000
2. 2026-04-14
   price $240,000
3. 2026-03-17
   listed $250,000 Active
4. 1999-06-04
   soldstatus $315,500

ⓘ 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: $2,585 · $215/mo
• Projected year-2 tax: $2,585 · $215/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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% 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: $27,983
• − Mortgage interest: −$12,884
• − Property taxes: −$2,585
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,239
• − Management: −$2,239
• − Depreciation: −$6,691
• Taxable income: $196
• Est. tax owed @ 24.0%: −$47
• After-tax cash flow: $3,851/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

-27.1% since first listed

4 events — show timeline

• 2026-05-13 Price Changed $230,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-14 Price Changed $240,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-17 Listed $250,000 CANOPYMLS as Distributed by MLS Grid
• 1999-06-04 Sold (Public Records) $315,500 Public Records

Property tax history

+7.2%/yr

Latest (2025): $2,585 · +0.4% YoY. Source: county tax records.