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From what I can gather it is divided up into West, North, Old, and East, all having their own neighborhoods.
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Well, those aren't really set in stone, except "North Raleigh" which is definitely defined as North of the Beltline (440). "East" and "west" would be more just general directional terms.
I concur that the Cameron Village/Cameron Park area is a wonderful part of town--very charming, walking distance to a LOT of cool things, etc--but also is pretty expensive. There are quite a few townhouses near there but they are very old and VERY plain (brick rectangles); however, it might be a good start to learn the area and it would be the most reasonably-priced places in that neat part of town.