403 Gilmer Street Ext · Reidsville, NC 27320

$595,000

None bd · None ba · 8,866 sqft · MultiFamily public records · 27 Days on market

Built 1940 0.44 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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +3.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Excellent opportunity featuring an 8-unit complex conveniently located near downtown shopping, dining, & local amenities. Each spacious unit features 2 bedrooms, 1 full bath, a kitchen with breakfast area, separate dining room, and a generously sized living room. All units include a refrigerator & free-standing range/oven, & each apartment has its own individual heat pump. Some units have been updated with durable LVP flooring, while others still maintain carpeted areas, offering future value-add potential. Designated parking spaces along with additional street parking for tenants and guests. The property has a strong rental history with most tenants being long-term. Current

Key facts

• 0.44 acre lot
• 12 parking spots
• Built 1940

Tags

• KITCHEN WITH BREAKFAST AREA
• DESIGNATED PARKING SPACES
• STRONG RENTAL HISTORY
• FUTURE VALUE ADD POTENTIAL

Property features AI

Finance

• HOA & community: No homeowners association

Exterior

• Parking: Assigned parking; Combination of gravel and paved parking; 12 total parking spaces
• Utilities: Public water; Public sewer; Electric water heater
• Home design: Residential income property (apartment); Existing structure built in 1940
• Construction: Block construction
• Exterior features: City lot; Cleared land; Cleared yard

Interior

• Kitchen: Electric water heater
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning; Heat pump cooling
• Interior features: Insulated windows
• Laundry & utility: Coin-operated laundry on site

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1-bath units multifamily listed at $595k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $199/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $595k).
• Recommended offer: $586k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.8% in Reidsville — 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 59/100 on livability (#553 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools D-, crime F, amenities F.
• Rockingham County Schools (rural): math 38% / reading 40% proficiency, ranked #120 of 178 in NC (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 251 active listings in the ZIP; 344 units permitted in Rockingham County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Rockingham County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $167k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($586k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $400k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $586,075 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 1.14% ✓
• Cap rate: 9.50%
• Cash-on-cash: 11.45%
• DSCR: 1.51
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $4,699
• Equity at exit: $88,716

10-year hold

• IRR: 10.4%
• Equity multiple: 1.80×
• Total profit: $134,013
• Equity at exit: $51,445

Cash invested: $166,600 (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 27320

• Home prices YoY: -30.8%
• Active inventory: 251
• Price-to-rent: 58.4×

Monthly cashflow live

• Estimated rent: $6,797 high
• Mortgage (P&I): −$3,120
• Tax from tax record: −$412 /mo · $4,947/yr
• Insurance: −$248
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,427
• Net cashflow: $1,589

Break-even live

Break-even rent $4,785

Max offer price $595,000

Occupancy floor 72%

Sensitivity live

Price	-10% $1,926	-5% $1,758	+0% $1,589	+5% $1,421	+10% $1,252
Rent	-10% $1,052	-5% $1,321	+0% $1,589	+5% $1,858	+10% $2,126
Rate	-1.0pp $1,889	-0.5pp $1,741	base $1,589	+0.5pp $1,435	+1.0pp $1,278

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$6,800
Total (8 units)			$6,797

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: $148,750
• Closing costs: $17,850
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $595,000 Active 27 DOM
2. 2026-06-17
   days on market $595,000 Active 26 DOM
3. 2026-06-16
   days on market $595,000 Active 25 DOM
4. 2026-06-15
   days on market $595,000 Active 24 DOM
5. 2026-06-14
   days on market $595,000 Active 22 DOM
6. 2026-06-13
   days on market $595,000 Active 21 DOM
7. 2026-06-10
   days on market $595,000 Active 19 DOM
8. 2026-06-09
   days on market $595,000 Active 18 DOM
9. 2026-06-08
   days on market $595,000 Active 17 DOM
10. 2026-06-07
    days on market $595,000 Active 16 DOM
11. 2026-06-03
    days on market $595,000 Active 12 DOM
12. 2026-06-02
    days on market $595,000 Active 11 DOM
13. 2026-06-01
    days on market $595,000 Active 10 DOM
14. 2026-05-31
    days on market $595,000 Active 9 DOM
15. 2026-05-31
    days on market $595,000 Active 8 DOM
16. 2026-05-22
    listed $595,000 Active
17. 2021-05-14
    soldstatus $400,000
18. 2019-08-16
    soldstatus $280,500
19. 2007-03-30
    soldstatus $125,000

ⓘ 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: $4,947 · $412/mo
• Projected year-2 tax: $4,947 · $412/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $81,564
• − Mortgage interest: −$33,329
• − Property taxes: −$4,947
• − Insurance: −$2,975
• − Repairs & maintenance: −$6,525
• − Management: −$6,525
• − Depreciation: −$17,309
• Taxable income: $9,953
• Est. tax owed @ 24.0%: −$2,389
• After-tax cash flow: $16,682/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: Rockingham County Schools
• NCES district ID: 3703990
• Math proficiency: 38% ▼ -2.00%
• Reading proficiency: 40% ▲ 1.00%
• Median HH income: $38,914
• Composite: 32.6/100
• National rank: #5673
• State rank: #120 of 178 in NC

Livability — Reidsville

• Score: 59/100
• State rank: #553
• US rank: #20359

Category grades

Amenities F Commute F Cost of living A+ Crime F Employment F Housing A Health & safety F User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reidsville, NC
• City population: 38,610
• Population (ZIP): 38,610

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 87,103 people
• By 2030: 83,763 · -3.8%
• By 2040: 76,082 · -12.7%
• By 2050: 68,106 · -21.8%
• By 2075: 52,531 · -39.7%
• By 2100: 39,871 · -54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 23% Two or more races 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 2% Serbian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Rockingham

• 2024 margin: Solid R (+35.9) · D 31.7% · R 67.6%
• 2008→2024 swing: -19.9pp toward R · 2008: -16.0pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+32.0 2016: R+30.0 2012: R+21.3 2008: R+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.42%
• Current HPI: 205.028
• Rent YoY: —
• Metro: —
• 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

+376.0% since first listed

4 events — show timeline

• 2026-05-22 Listed $595,000 Triad MLS
• 2021-05-14 Sold (Public Records) $400,000 Public Records
• 2019-08-16 Sold (Public Records) $280,500 Public Records
• 2007-03-30 Sold (Public Records) $125,000 Public Records

Property tax history

+10.6%/yr

Latest (2025): $4,947 · +0.1% YoY. Source: county tax records.