122 E Judd St · Zebulon, NC 27597

$215,000

3 bd · 1.5 ba · 1,050 sqft · SingleFamily public records · 28 Days on market

Built 1974 0.26 ac lot Est $233k · 8% under

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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 +13.9/30.0
• ARV discount +11.0/15.0
• Schools +4.9/10.0
• DSCR +4.2/10.0
• 1% rule +3.4/10.0
• Livability +3.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special in the heart of Zebulon! Opportunity awaits at this 3-bedroom, 2-bath home in growing Zebulon! Whether you're looking to expand your rental portfolio, tackle your next flip, or create your perfect primary residence, this property is full of potential. Featuring a functional layout, this home is ready for your vision and updates. With some TLC, you can transform this property into a standout investment or charming home. Conveniently located near local shops, dining, and easy access to major highways, the location adds even more value. Schedule your showing today!

Key facts

• 0.26 acre lot
• Built 1974
• Listed 28 days

Property features AI

Finance

• Other: Living area approximately 1,077 (above grade); County: Wake
• HOA & community: No association

Exterior

• Utilities: Public water; Public sewer
• Home design: One-story house
• Construction: Masonite exterior; Shingle roof; Built as a single-family house
• Exterior features: 0.26-acre lot; Publicly maintained road access

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Three bedrooms (all on the main level)
• Flooring: Carpet; Linoleum; Luxury vinyl
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Accessible approach with ramp; Dryer; Washer
• Laundry & utility: Washer and dryer included; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $24 ($292/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (16.0% below list).
• Recommended offer: $181k (16.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.8% in Zebulon — 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 66/100 on livability (#264 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime D+, amenities F, commute 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: Zebulon Elementary (math 17% / reading 27%, grade F, #1,190 of 1,410 statewide, top 86%, 561 students, 76% FRL); Zebulon Middle (math 34% / reading 43%, grade F, #244 of 475 statewide, top 53%, 708 students, 68% FRL); East Wake High (math 51% / reading 44%, grade D, #331 of 535 statewide, top 62%, 1,646 students, 62% FRL) — zoned schools average 69% FRL vs 30% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 36% at this address vs 56% district-wide (-20 pts) — the specific schools serving this property underperform the Wake County Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.5%/yr); 668 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k 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 28 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $57k; list at $215k implies a 277% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 64% 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 $180,514 (16.0% below list)

Questions for the listing agent

1. Built in 1974 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is D 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?
5. 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?
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: 0.84% ✗
• Cap rate: 6.43%
• Cash-on-cash: 0.49%
• DSCR: 1.02
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $233,100
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 E Mciver St	0.06mi	3/2.0	1,164 (+11%)	8mo	$180,000	$155	71
116 W Mciver St	0.26mi	3/1.0	1,102 (+5%)	12mo	$217,500	$197	67
216 W Horton St	0.73mi	3/1.5	1,044 (-1%)	4mo	$269,000	$258	62
308 E Horton St	0.64mi	3/2.0	1,092 (+4%)	21mo	$242,500	$222	44
200 W North St	0.46mi	2/1.0 (-1)	1,202 (+14%)	23mo	$276,000	$230	28

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 · 1.54% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.40×
• Total profit: $-35,926
• Equity at exit: $32,057

10-year hold

• IRR: -11.8%
• Equity multiple: 0.34×
• Total profit: $-39,801
• Equity at exit: $18,589

Cash invested: $60,200 (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 27597

• Home prices YoY: -30.1%
• Rents YoY: 1.5%
• Active inventory: 668
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,805 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$185 /mo · $2,216/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $24

Break-even live

Break-even rent $1,774

Max offer price $215,000

Occupancy floor 94%

Sensitivity live

Price	-10% $146	-5% $85	+0% $24	+5% $-36	+10% $-97
Rent	-10% $-118	-5% $-47	+0% $24	+5% $96	+10% $167
Rate	-1.0pp $133	-0.5pp $79	base $24	+0.5pp $-31	+1.0pp $-88

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
626 Shepard School Rd Zebulon, NC	1.0–2.0	1.0	782	$1,275	$1.63	4d	4	0.22mi
715 Proctor St Zebulon, NC	3.0	2.0	1119	$1,595	$1.43	5d	1	0.72mi
204 W Barbee St Zebulon, NC	2.0	2.0	1020	$1,500	$1.47	5d	1	0.83mi
233 W Barbee St Zebulon, NC	3.0	2.0	1389	$1,925	$1.39	25d	1	0.89mi
1001 Laurel Leaf Rd Zebulon, NC	3.0	2.0	1457	$1,889	$1.30	5d	1	1.16mi
2012 Laurel Leaf Rd Zebulon, NC	3.0	2.0	1162	$1,729	$1.49	5d	1	1.18mi
1215 Liriope Ln Zebulon, NC	3.0	2.0	1051	$1,745	$1.66	4d	1	1.18mi
192 Westside Cir Zebulon, NC	3.0	2.0	950	$1,200	$1.26	25d	1	1.31mi
2403 King Malcolm Ln Zebulon, NC	3.0	2.0	1255	$1,659	$1.32	16d	1	1.44mi

Listing history 5 events

1. 2026-05-05
   status Pending
2. 2026-04-07
   listed $215,000 Active
3. 1989-01-20
   soldstatus $57,000
4. 1982-10-26
   soldstatus $10,000
5. 1980-01-22
   soldstatus $7,500

ⓘ 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: $2,216 · $185/mo
• Projected year-2 tax: $2,216 · $185/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 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,662
• − Mortgage interest: −$12,043
• − Property taxes: −$2,216
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,733
• − Management: −$1,733
• − Depreciation: −$6,255
• Taxable loss: −$3,393
• Est. tax savings @ 24.0%: +$814
• After-tax cash flow: $1,107/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 — Zebulon

• Score: 66/100
• State rank: #264
• US rank: #11505

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Zebulon, NC
• County: Wake County · 1,216,256 people
• City population: 30,184
• Metro: Raleigh-Cary, NC
• Population (ZIP): 30,184
• Household income: $84,625
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 592.0

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 0.61)
• Race & ethnicity: White 55% Black 24% Hispanic / Latino 15% Two or more races 10%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Romanian 4% Slovak 3% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 87% English-only · Spanish 12%

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: ▼ -94.86%
• Current HPI: 220.7242
• Rent YoY: ▲ 1.54%
• 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

+2766.7% since first listed

5 events — show timeline

• 2026-05-05 Pending — TMLS
• 2026-04-07 Listed $215,000 TMLS
• 1989-01-20 Sold (Public Records) $57,000 Public Records
• 1982-10-26 Sold (Public Records) $10,000 Public Records
• 1980-01-22 Sold (Public Records) $7,500 Public Records

Property tax history

+6.6%/yr

Latest (2025): $2,216 · +0.3% YoY. Source: county tax records.