Today's scan covered ~43 parcels across Wake, Chatham, Durham, and Orange counties, focusing on Wake Forest, Apex, Holly Springs, Fuquay-Varina, Cary, Pittsboro, Durham, and east Raleigh infill. One GOOD deal cleared: 5.8 acres at 1008/1010 Copeland St, Apex — walking distance to downtown, backed by the Town's 2045 medium-density future land use designation, with both water and sewer already on adjacent parcels. Three additional properties received full analyses and graded PASS (Holly Springs sewer pump at capacity, east Raleigh market too cheap for construction economics, Rolesville multi-family insufficient $/SF). No client-requested analyses this run.
| # | Property · Strategy & project cost | List | Net | Margin | Max Offer | Grade |
|---|---|---|---|---|---|---|
| 1 | 1008/1010 Copeland St, Apex, NC 27523 · Buy land → rezone RA→medium-density → build 30 townhomes OR sell entitled lots (paper win) $10M–$15M project | $1,500,000 | +$4,069,237 | 22.2% | $1,858,000 | GOOD |
Project cost is the whole job — land, carry, build and financing, everything except selling. Click any property for its full deep-dive. Figures are model outputs on best-effort public listing data — re-verify each listing is active and clear the go/no-go gates before acting.
| # | Property · Strategy & project cost | List | Net | Margin | Max Offer | Grade |
|---|---|---|---|---|---|---|
| 2 | 4721 Edwards Dr / 4724 Sunset Lake Rd, Holly Springs/Apex, NC 27539 · PASS — sewer pump station serving site is confirmed at capacity; no viable development path without major infrastructure $1M–$5M project | $500,000 | -$185,443 | -6.2% | N/A | PASS |
| 3 | 1712 Mayridge Ln, Raleigh, NC 27610 · PASS — east Raleigh 27610 market ($172–195/SF) cannot support builder-grade construction economics at any viable land price $5M–$10M project | $850,000 | +$409,572 | 5.1% | N/A | PASS |
These were taken through a full pro forma and failed. They are kept so the reasoning is auditable, and so the same parcel is not re-worked next week.
Downtown Apex comps per Redfin Q2 2026: median sold $/SF = $375. Selected sales: 206 S Salem St (2,149 SF → $790,000 = $368/SF); 207 Center St (3,105 SF → $865,900 = $279/SF); 205 W Moore St (1,513 SF → $555,000 = $367/SF); 210 S Hughes St (1,192 SF → $600,000 = $503/SF). Proforma uses $360/SF — a 4% haircut from median — to be conservative on new construction. East Raleigh 27610 (Granite Quarry, DRB Homes, 2026): $172–$195/SF. Holly Springs area: $233/SF median sold, $250/SF listed new construction (Redfin Aug 2026). Wake Forest new construction median: $191/SF (Redfin 2026).
The Copeland St opportunity is the clearest path to a 20%+ investor return in today's scan. The Apex 2045 UDO future land use map already designates this 5.8-acre RA parcel for medium density (7–12 units/acre) — the entitlement groundwork is laid; the seller simply hasn't filed the rezone application. At the $1.5M ask, the investor is $358K below MAO at a conservative $360/SF comp, meaning there's genuine cushion. The paper-win path (buy → rezone → sell entitled land at $150–200K/lot to a national builder) requires roughly $670K out-of-pocket and can return $1–4M in 18–24 months depending on lot count approved. Recommended next steps: (1) Book a pre-application meeting with Apex Planning to confirm rezone path and likely conditions; (2) Call Town of Apex Utilities to scope the sewer/water extension cost from the adjacent parcel; (3) Run a wetland/floodplain desktop review on the parcel. Home On can manage entitlement and construction — this is a flagship deal type.