I agree with Asley here.
North Raleigh or near North Raleigh homes may not appreciate much over the next few years.
Homes are a bit too old, and need too much updating and just may not have the size that new homes or buyers want. Location is the HUGE plus of these homes.
HOWEVER, if homes are priced at close to or less then Tax value, or ~ $100,000 to $120,000 for .4 acs or more. The Lot has more value then the existing home. Then my guess is we will see a few tear downs and build up of $500 to $700,000 homes over the next decade.
This being said, homes in this area do go quickly, when priced properly.