None · Raleigh, NC 27603

$660,000

8 bd · 3.5 ba · 2,762 sqft · MultiFamily public records · 31 Days on market

Built 1952 0.87 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 +21.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• Schools +4.9/10.0
• 1% rule +4.6/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• 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: 4 units. confirmed

Listing remarks MLS

R-10/NB ZONING (WEST HALF OF PROPERTY APPROVED FOR 4 ADDITIONAL UNITS AS PER CITY)(ZONING CASE Z90-98) Super investment property with great cash flow, All units currently rented, large lot . 87 ACRES!!! Tenants pay utilities/ separate meter

Key facts

• Spacious lot
• Outdoor space
• Updated kitchens

Tags

• FULLY REMODELED QUADPLEX
• SPACIOUS LOT
• UPDATED RENTAL UNITS
• OUTDOOR SPACE
• LUXURY VINYL PLANK FLOORING
• UPDATED KITCHENS

Property features AI

Finance

• Other: Annual tax amount available (not included per instructions)
• Financial info: 4 total units; Owner pays: None
• HOA & community: No association

Exterior

• Parking: Off-street parking; 4 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Quadruplex; Single-story; One building
• Construction: Brick construction; Shingle roof; Slab foundation; Built area about 2,792 (above grade finished)
• Exterior features: Deck; Lot is approximately 0.87 acres; Publicly maintained road access

Interior

• Bedrooms: 8 bedrooms total
• Flooring: Luxury vinyl
• Bathrooms: 4 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans; Zoned cooling
• Interior features: Luxury vinyl flooring

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $660k.

Deal economics

• At list price, monthly cash flow is $929 ($11k/yr) — positive. Per door: $232/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $634k (4.0% below list).
• Recommended offer: $634k (4.0% below list) — sets the bar for 1% rule.
• Cap rate 8.1% 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 rising (+1.6%/yr); 490 active listings in the ZIP; solid renter incomes; 15,249 units permitted in Wake County in 2024 (5,568 in 5+ unit buildings).
• At $6,337/mo this rent would consume 84% of the median local household income ($90k/yr) (locally 1914% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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 31 days — a 3% lower offer ($640k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 16y 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 $213k; list at $660k implies a 210% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $633,700 (4.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.96% ✗
• Cap rate: 8.10%
• Cash-on-cash: 6.47%
• DSCR: 1.29
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.59% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.69×
• Total profit: $-56,824
• Equity at exit: $98,408

10-year hold

• IRR: -0.8%
• Equity multiple: 0.95×
• Total profit: $-9,447
• Equity at exit: $57,065

Cash invested: $184,800 (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 27603

• Rents YoY: 1.6%
• Active inventory: 490
• Price-to-rent: 34.7×

Monthly cashflow live

• Estimated rent: $6,337 high
• Mortgage (P&I): −$3,461
• Tax from tax record: −$274 /mo · $3,291/yr
• Insurance: −$275
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,331
• Net cashflow: $929

Break-even live

Break-even rent $5,161

Max offer price $660,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,336
Total (4 units)			$6,337

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: $165,000
• Closing costs: $19,800
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $660,000 Active 31 DOM
2. 2026-06-17
   days on market $660,000 Active 30 DOM
3. 2026-06-16
   days on market $660,000 Active 29 DOM
4. 2026-06-15
   days on market $660,000 Active 28 DOM
5. 2026-06-13
   days on market $660,000 Active 26 DOM
6. 2026-06-13
   days on market $660,000 Active 25 DOM
7. 2026-06-09
   days on market $660,000 Active 22 DOM
8. 2026-06-08
   days on market $660,000 Active 21 DOM
9. 2026-06-07
   days on market $660,000 Active 20 DOM
10. 2026-06-05
    days on market $660,000 Active 17 DOM
11. 2026-06-03
    days on market $660,000 Active 16 DOM
12. 2026-06-02
    days on market $660,000 Active 15 DOM
13. 2026-06-01
    days on market $660,000 Active 14 DOM
14. 2026-05-31
    days on market $660,000 Active 13 DOM
15. 2026-05-18
    listed $660,000 Active
16. 2025-12-10
    historical $990
17. 2025-11-24
    historical $990
18. 2025-11-08
    listed $990
19. 2025-11-05
    historical $990
20. 2025-10-22
    price $990
21. 2025-10-22
    price $980
22. 2025-09-20
    price $1,070
23. 2025-09-20
    price $1,060
24. 2025-09-10
    price $1,085
25. 2025-09-10
    price $1,075
26. 2025-09-10
    historical $1,095
27. 2025-07-21
    price $1,095
28. 2025-06-12
    listed $1,120
29. 2025-05-24
    listed $1,125
30. 2025-05-06
    historical $1,085
31. 2025-05-04
    listed $1,085
32. 2025-05-04
    historical $1,085
33. 2025-04-26
    price $1,085
34. 2025-04-26
    price $1,115
35. 2025-03-17
    price $1,125
36. 2025-03-17
    price $1,095
37. 2025-02-20
    listed $1,185
38. 2025-02-20
    listed $1,195
39. 2025-02-20
    historical $1,185
40. 2025-02-18
    listed $1,185
41. 2013-04-04
    soldstatus $213,000 Closed 240-char remark

    Show marketing remark (240 chars)

    R-10/NB ZONING (WEST HALF OF PROPERTY APPROVED FOR 4 ADDITIONAL UNITS AS PER CITY)(ZONING CASE Z90-98) Super investment property with great cash flow, All units currently rented, large lot . 87 ACRES!!! Tenants pay utilities/ separate meter

42. 2013-04-04
    soldstatus $213,000 240-char remark

    Show marketing remark (240 chars)

    R-10/NB ZONING (WEST HALF OF PROPERTY APPROVED FOR 4 ADDITIONAL UNITS AS PER CITY)(ZONING CASE Z90-98) Super investment property with great cash flow, All units currently rented, large lot . 87 ACRES!!! Tenants pay utilities/ separate meter

43. 2013-04-04
    soldstatus $213,000

    Show marketing remark (240 chars)

    R-10/NB ZONING (WEST HALF OF PROPERTY APPROVED FOR 4 ADDITIONAL UNITS AS PER CITY)(ZONING CASE Z90-98) Super investment property with great cash flow, All units currently rented, large lot . 87 ACRES!!! Tenants pay utilities/ separate meter

44. 2013-03-28
    status Pending 240-char remark

    Show marketing remark (240 chars)

    R-10/NB ZONING (WEST HALF OF PROPERTY APPROVED FOR 4 ADDITIONAL UNITS AS PER CITY)(ZONING CASE Z90-98) Super investment property with great cash flow, All units currently rented, large lot . 87 ACRES!!! Tenants pay utilities/ separate meter

45. 2013-03-06
    historical Contingent 240-char remark

    Show marketing remark (240 chars)

    R-10/NB ZONING (WEST HALF OF PROPERTY APPROVED FOR 4 ADDITIONAL UNITS AS PER CITY)(ZONING CASE Z90-98) Super investment property with great cash flow, All units currently rented, large lot . 87 ACRES!!! Tenants pay utilities/ separate meter

46. 2013-02-06
    price $235,000 240-char remark

    Show marketing remark (240 chars)

    R-10/NB ZONING (WEST HALF OF PROPERTY APPROVED FOR 4 ADDITIONAL UNITS AS PER CITY)(ZONING CASE Z90-98) Super investment property with great cash flow, All units currently rented, large lot . 87 ACRES!!! Tenants pay utilities/ separate meter

47. 2012-09-26
    listed $250,000 Active 240-char remark

    Show marketing remark (240 chars)

    R-10/NB ZONING (WEST HALF OF PROPERTY APPROVED FOR 4 ADDITIONAL UNITS AS PER CITY)(ZONING CASE Z90-98) Super investment property with great cash flow, All units currently rented, large lot . 87 ACRES!!! Tenants pay utilities/ separate meter

48. 2012-09-26
    listed $235,000 240-char remark

    Show marketing remark (240 chars)

    R-10/NB ZONING (WEST HALF OF PROPERTY APPROVED FOR 4 ADDITIONAL UNITS AS PER CITY)(ZONING CASE Z90-98) Super investment property with great cash flow, All units currently rented, large lot . 87 ACRES!!! Tenants pay utilities/ separate meter

49. 2012-05-21
    historical
50. 2010-10-14
    listed $250,000

ⓘ 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: $3,291 · $274/mo
• Projected year-2 tax: $5,412 · $451/mo
• Expected delta: +$2,121/yr (+$177/mo · 64.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 7/10 Severe 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: $76,044
• − Mortgage interest: −$36,970
• − Property taxes: −$3,291
• − Insurance: −$4,098
• − Repairs & maintenance: −$6,084
• − Management: −$6,084
• − Depreciation: −$19,200
• Taxable income: $318
• Est. tax owed @ 24.0%: −$76
• After-tax cash flow: $11,076/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): 53,972
• Household income: $90,484
• Rent vs Own: 38.6% rent · 61.4% own
• Severe rent burden: 1914.0

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 0.57)
• Race & ethnicity: White 62% Black 17% Hispanic / Latino 14% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Serbian 3% Slovak 2% Italian 2%
• Foreign-born: 10% · Canada, China
• Languages at home: 85% English-only · Spanish 10% Other Indo-European 1% Arabic 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: ▼ -132.00%
• Current HPI: 243.2963
• Rent YoY: ▲ 1.59%
• 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

+3566.7% since first listed

39 events — show timeline

• 2026-05-18 Listed $660,000 TMLS
• 2025-12-10 Rental Removed $990 TMLS
• 2025-11-24 Rental Removed $990 TMLS
• 2025-11-08 Listed for Rent $990 TMLS
• 2025-11-05 Rental Removed $990 TMLS
• 2025-10-22 Price Changed $990 TMLS
• 2025-10-22 Price Changed $980 TMLS
• 2025-09-20 Price Changed $1,070 TMLS
• 2025-09-20 Price Changed $1,060 TMLS
• 2025-09-10 Price Changed $1,085 TMLS
• 2025-09-10 Price Changed $1,075 TMLS
• 2025-09-10 Rental Removed $1,095 TMLS
• 2025-07-21 Price Changed $1,095 TMLS
• 2025-06-12 Listed for Rent $1,120 TMLS
• 2025-05-24 Listed for Rent $1,125 TMLS
• 2025-05-06 Rental Removed $1,085 APPFOLIO
• 2025-05-04 Listed for Rent $1,085 APPFOLIO
• 2025-05-04 Rental Removed $1,085 TMLS
• 2025-04-26 Price Changed $1,085 TMLS
• 2025-04-26 Price Changed $1,115 TMLS
• 2025-03-17 Price Changed $1,125 TMLS
• 2025-03-17 Price Changed $1,095 TMLS
• 2025-02-20 Listed for Rent $1,185 TMLS
• 2025-02-20 Listed for Rent $1,195 TMLS
• 2025-02-20 Rental Removed $1,185 APPFOLIO
• 2025-02-18 Listed for Rent $1,185 APPFOLIO
• 2013-04-04 Sold (Public Records) $213,000 Public Records
• 2013-04-04 Sold (MLS) $213,000 AMLSNC
• 2013-04-04 Sold (MLS) $213,000 TMLS
• 2013-03-28 Pending — TMLS
• 2013-03-06 Contingent — TMLS
• 2013-02-06 Price Changed $235,000 TMLS
• 2012-09-26 Listed $235,000 AMLSNC
• 2012-09-26 Listed $250,000 TMLS
• 2012-05-21 Listing Removed — TMLS
• 2010-10-14 Listed $250,000 TMLS
• 1998-07-01 Sold (Public Records) $425,000 Public Records
• 1988-12-30 Sold (Public Records) $18,000 Public Records
• 1968-12-30 Sold (Public Records) $18,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $3,291 · +0.4% YoY. Source: county tax records.