It's funny how we are practically neighbors but seem to live worlds apart. I live in what I would describe as a "gentrifying" neighborhood also in Midtown Raleigh (probably a couple miles east of you). Most of the houses in this neighborhood sell for $130-160k. Every once in a while a really small non-updated house will sell for under $100,000, and I am aware of one listed now for $200,000 that probably won't sell. But that is roughly the range. I certainly wouldn't consider it the ghetto, but then again I'm biased by living here!
I just went to realtor.com and searched on zip code 27604 for houses 1,800 sf and up and between $140,000 and $180,000. 23 results.
27604 real estate & 27604 homes for sale | Single family homes,Condos,Townhomes,Co-ops - REALTOR.com® Any of which I would live in. A number are from my neighborhood.
Drop the square footage down some (if you don't need 4 bedrooms and 1800-2500 sf) and you can get less expensive houses.