1908 Boaz Rd · Raleigh, NC 27610

$230,000

3 bd · 1.0 ba · 1,273 sqft · SingleFamily public records · 9 Days on market

Built 1964 Est $355k · 35% under

---

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).

• ARV discount +15.0/15.0
• Cash flow +14.3/30.0
• Schools +4.9/10.0
• DSCR +4.4/10.0
• Livability +4.2/5.0
• 1% rule +3.3/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This may an investors or a first time home buyers dream. This all brick home needs some updating but the potential is there. The property has a large lot and the home's location is just minutes from downtown Raleigh. It is located in a great neighborhood. This home is being sold in "AS IS CONDITION. "

Key facts

• Large lot
• Built 1964
• Listed 9 days

Tags

• LARGE LOT

Property features AI

Exterior

• Home design: Built in 1964
• Construction: Original construction from 1964
• Exterior features: Located in the Southeast Raleigh subdivision

Interior

• Interior features: Living area of approximately 1,273

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $43 ($518/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 $191k (17.0% below list).
• Recommended offer: $191k (17.0% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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.
• Zoned schools: Fuller Elementary (math 52% / reading 57%, grade C, #302 of 1,410 statewide, top 23%, 379 students, 34% FRL); Martin Middle (math 53% / reading 66%, grade B, #48 of 475 statewide, top 11%, 958 students, 28% FRL); Needham Broughton High (math 29% / reading 67%, grade D, #329 of 535 statewide, top 62%, 2,128 students, 30% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: Rents flat; 594 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 34% 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $167k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 57% 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 $190,925 (17.0% below list)

Questions for the listing agent

1. Built in 1964 — 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 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?
4. 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?
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 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: 0.83% ✗
• Cap rate: 6.52%
• Cash-on-cash: 0.80%
• DSCR: 1.04
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $355,167
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
712 Bailey Dr	0.10mi	3/2.0	1,163 (-9%)	19mo	$325,000	$279	61
1405 Cross Link Rd	0.57mi	3/2.0	1,092 (-14%)	1mo	$270,000	$247	45

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: -18.0%
• Equity multiple: 0.38×
• Total profit: $-39,800
• Equity at exit: $34,294

10-year hold

• IRR: -16.3%
• Equity multiple: 0.20×
• Total profit: $-51,610
• 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: 10.0×

Monthly cashflow live

• Estimated rent: $1,909 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$163 /mo · $1,958/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $43

Break-even live

Break-even rent $1,855

Max offer price $230,000

Occupancy floor 93%

Sensitivity live

Price	-10% $173	-5% $108	+0% $43	+5% $-22	+10% $-87
Rent	-10% $-108	-5% $-32	+0% $43	+5% $119	+10% $194
Rate	-1.0pp $159	-0.5pp $102	base $43	+0.5pp $-16	+1.0pp $-77

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 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
860 Darby St Raleigh, NC	3.0	2.0	1045	$1,650	$1.58	6d	1	0.15mi
804 McMakin St Raleigh, NC	2.0–3.0	1.0	1100	$1,305	$1.19	6d	5	0.60mi
524 Branch St Raleigh, NC	3.0	1.0	1012	$1,850	$1.83	25d	1	0.73mi
1622 Proctor Rd Raleigh, NC	2.0–3.0	1.0	829	$1,505	$1.81	5d	6	0.81mi
211 Hammond Center Dr Raleigh, NC	2.0	1.0–2.0	880	$2,235	$2.54	5d	33	0.90mi
635 Hilltop Dr Raleigh, NC	2.0	1.0	960	$1,295	$1.35	6d	1	0.91mi
623 Hilltop Dr Raleigh, NC	2.0	1.0	960	$1,295	$1.35	25d	1	0.93mi
619 Hilltop Dr Raleigh, NC	2.0	1.0	960	$1,295	$1.35	25d	1	0.94mi
2292 Fox Ridge Manor Rd Raleigh, NC	2.0–3.0	1.5–2.5	1124	$1,750	$1.56	14d	1	0.98mi
523 Hilltop Dr Raleigh, NC	4.0	3.0	1532	$1,800	$1.17	16d	1	0.99mi
816 S State St Raleigh, NC	3.0	1.0	1098	$2,100	$1.91	19d	1	1.00mi
821 Skinner Dr Raleigh, NC	3.0	2.0	1126	$1,790	$1.59	3d	1	1.06mi
2409 Foxtrot Rd Raleigh, NC	2.0	1.0	1200	$2,300	$1.92	25d	1	1.08mi
624 Quarry St Raleigh, NC	3.0	2.0	1500	$1,695	$1.13	25d	1	1.08mi
731 Maypearl Ln Raleigh, NC	4.0	3.0	1502	$1,800	$1.20	6d	1	1.09mi
531 Bradkin Ct Raleigh, NC	3.0	2.5	1352	$1,500	$1.11	25d	1	1.10mi
2920 Boone Trl Raleigh, NC	2.0	1.5	960	$1,425	$1.48	25d	1	1.15mi
3102 Bomore Rd Raleigh, NC	3.0	3.5	1736	$2,100	$1.21	18d	1	1.15mi
3104 Bomore Rd Raleigh, NC	2.0	2.5	1736	$1,900	$1.09	18d	1	1.16mi
1256 McCauley St Raleigh, NC	1.0–2.0	1.0–2.0	991	$1,350	$1.36	25d	1	1.16mi
2421 Bright Creek Falls Trail Raleigh, NC	3.0	1.0–2.0	991	$2,009	$2.03	3d	38	1.17mi
2731 Knowles St Raleigh, NC	3.0	1.0	1012	$1,495	$1.48	16d	1	1.17mi
734 E Lenoir St Unit 600 Raleigh, NC	2.0	1.0	900	$1,595	$1.77	14d	1	1.19mi
3118 Garner Rd Unit 1 Raleigh, NC	3.0	2.5	1330	$1,845	$1.39	25d	1	1.20mi
822 E Lenoir St Raleigh, NC	3.0	2.5	1460	$2,699	$1.85	16d	1	1.20mi
617 E Lenoir St Raleigh, NC	3.0	2.5	1370	$2,297	$1.68	18d	1	1.23mi
242 Pecan Rd Raleigh, NC	3.0	2.0	1700	$1,945	$1.14	23d	1	1.25mi
2716 Midway Park Ct Raleigh, NC	4.0	3.0	1726	$1,897	$1.10	25d	1	1.26mi
426 Hacksaw Trl Raleigh, NC	3.0	2.5	1330	$1,900	$1.43	25d	1	1.26mi
2720 Midway Park Ct Raleigh, NC	3.0	2.0	1100	$1,700	$1.55	21d	1	1.27mi
3326 Bomore Rd Raleigh, NC	2.0	3.0	1725	$1,795	$1.04	12d	1	1.27mi
3326 Bomore Rd Raleigh, NC	2.0	3.0	1725	$1,795	$1.04	25d	1	1.27mi
832 Brigham Rd Raleigh, NC	3.0	1.5	1107	$1,595	$1.44	25d	1	1.29mi
1704 Sundial Pl Raleigh, NC	4.0	2.0	1554	$1,800	$1.16	6d	1	1.30mi
1701 E Lenoir St Raleigh, NC	3.0	2.0	1100	$2,900	$2.64	25d	1	1.32mi
713 Grantland Dr Raleigh, NC	3.0	3.0	1323	$1,995	$1.51	19d	1	1.33mi
3052 Spline Cir Raleigh, NC	3.0	2.5	1350	$1,875	$1.39	25d	1	1.33mi
2012 Winston Diamond Ct Raleigh, NC	3.0	2.5	1369	$1,830	$1.34	25d	1	1.36mi
121 Kindley St Raleigh, NC	2.0	1.0–2.0	958	$3,312	$3.46	3d	70	1.38mi
737 Southgate Dr Raleigh, NC	3.0	2.5	1332	$1,845	$1.39	6d	1	1.39mi

Listing history 7 events

1. 2026-06-15
   days on market $230,000 Active 9 DOM
2. 2026-06-13
   days on market $230,000 Active 7 DOM
3. 2026-06-13
   days on market $230,000 Active 6 DOM
4. 2026-06-09
   days on market $230,000 Active 3 DOM
5. 2026-06-08
   days on market $230,000 Active 2 DOM
6. 2026-06-07
   remarks 322-char remark
7. 2026-06-07
   listed $230,000 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: $1,958 · $163/mo
• Projected year-2 tax: $1,958 · $163/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 7/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 57% 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: $22,911
• − Mortgage interest: −$12,884
• − Property taxes: −$1,958
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,833
• − Management: −$1,833
• − Depreciation: −$6,691
• Taxable loss: −$3,437
• Est. tax savings @ 24.0%: +$825
• After-tax cash flow: $1,343/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

+693.1% since first listed

7 events — show timeline

• 2026-06-07 Listed $230,000 FSBO.com
• 2019-09-30 Sold (Public Records) $167,000 Public Records
• 2019-09-30 Sold (MLS) $167,000 TMLS
• 2019-08-12 Pending — TMLS
• 2019-07-30 Listed $179,000 TMLS
• 1984-08-10 Sold (Public Records) $40,000 Public Records
• 1978-10-24 Sold (Public Records) $29,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $1,958 · -5.1% YoY. Source: county tax records.