2332 Villa Dr · Kinston, NC 28504

$124,000

2 bd · 0.5 ba · 837 sqft · Townhouse public records · 45 Days on market

Built 1985 3,920 sqft lot Est $135k · 8% under

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +11.1/15.0
• DSCR +4.6/10.0
• 1% rule +3.7/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This well-maintained townhome offers 2 comfortable bedrooms, 1 full bathroom, and 1 convenient half bath. The inviting living room features a cozy fireplace, perfect for relaxing evenings at home. The kitchen includes a dedicated laundry closet and sliding glass doors that open to a large patio area--ideal for enjoying outdoor living. A storage shed in the backyard offers extra space for tools or seasonal items. A great opportunity for comfortable, low-maintenance living!

Key facts

• Large patio area
• Storage shed
• Built 1985

Tags

• DEDICATED LAUNDRY CLOSET
• LARGE PATIO AREA
• STORAGE SHED

Property features AI

Finance

• Other: Property listed as residential townhouse; Subdivision: Village Cedars
• HOA & community: No association amenities

Exterior

• Parking: On-site parking on concrete
• Utilities: Public water; Public sewer; Sewer and water connected
• Home design: Townhouse; Single-level / one story; Entry at level 1; Facing information not provided
• Construction: Vinyl siding with frame construction; Slab foundation; Built as a townhouse
• Exterior features: Patio; Back yard fencing; Shingle roof; Cul-de-sac lot; Has a view

Interior

• Kitchen: Refrigerator; Dishwasher; Electric range
• Bedrooms: Master downstairs
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Electric heating with heat pump; Central air conditioning
• Interior features: Master suite on the main level; Ceiling fans; Window coverings; Unfurnished
• Laundry & utility: No basement

What this means for you Summary

Snapshot

• This is a 2-bed/0.5-bath townhouse listed at $124k.

Deal economics

• At list price, monthly cash flow is $39 ($467/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $108k (13.3% below list).
• Recommended offer: $108k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.8% in Kinston — 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 55/100 on livability (#640 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime F, amenities F, commute F.
• Lenoir County Public Schools (rural): math 29% / reading 32% proficiency, ranked #147 of 178 in NC (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Rochelle Middle (math 9% / reading 20%, grade F, #462 of 475 statewide, top 98%, 466 students, 98% FRL); Kinston High (math 22% / reading 37%, grade F, #459 of 535 statewide, top 87%, 713 students, 100% FRL) — zoned schools average 99% FRL vs 65% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 127 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 148 units permitted in Lenoir County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $857 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lenoir County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($120k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,569 (13.3% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.87% ✗
• Cap rate: 6.67%
• Cash-on-cash: 1.35%
• DSCR: 1.06
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $134,757
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2330 Villa Dr Unit 14a	0.01mi	2/1.5	837 (0%)	7mo	$135,000	$161	90

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -14.2%
• Equity multiple: 0.49×
• Total profit: $-17,625
• Equity at exit: $18,489

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-12,203
• Equity at exit: $10,721

Cash invested: $34,720 (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 28504

• Home prices YoY: -12.7%
• Active inventory: 127
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,076 medium
• Mortgage (P&I): −$650
• Tax from tax record: −$109 /mo · $1,307/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $39

Break-even live

Break-even rent $1,026

Max offer price $124,000

Occupancy floor 91%

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: $31,000
• Closing costs: $3,720
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3219 Carey Rd Kinston, NC	1.0–2.0	1.0–1.5	912	$1,000	$1.10	13d	1	0.21mi

Listing history 18 events

1. 2026-06-19
   days on market $124,000 Active 45 DOM
2. 2026-06-18
   days on market $124,000 Active 44 DOM
3. 2026-06-17
   days on market $124,000 Active 43 DOM
4. 2026-06-16
   days on market $124,000 Active 42 DOM
5. 2026-06-15
   days on market $124,000 Active 41 DOM
6. 2026-06-14
   days on market $124,000 Active 39 DOM
7. 2026-06-12
   days on market $124,000 Active 38 DOM
8. 2026-06-09
   days on market $124,000 Active 35 DOM
9. 2026-06-09
   price $124,000 Active 34 DOM
10. 2026-06-08
    days on market $129,000 Active 34 DOM
11. 2026-06-07
    days on market $129,000 Active 33 DOM
12. 2026-06-07
    days on market $129,000 Active 32 DOM
13. 2026-06-04
    days on market $129,000 Active 29 DOM
14. 2026-06-02
    days on market $129,000 Active 28 DOM
15. 2026-06-01
    days on market $129,000 Active 27 DOM
16. 2026-05-31
    days on market $129,000 Active 26 DOM
17. 2026-05-31
    days on market $129,000 Active 25 DOM
18. 2026-05-05
    listed $129,000 Active

ⓘ 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: $1,307 · $109/mo
• Projected year-2 tax: $1,307 · $109/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,908
• − Mortgage interest: −$6,946
• − Property taxes: −$1,307
• − Insurance: −$620
• − Repairs & maintenance: −$1,033
• − Management: −$1,033
• − Depreciation: −$3,607
• Taxable loss: −$1,637
• Est. tax savings @ 24.0%: +$393
• After-tax cash flow: $860/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: Lenoir County Public Schools
• NCES district ID: 3702610
• Math proficiency: 29% ▲ 1.00%
• Reading proficiency: 32% ▼ -4.00%
• Median HH income: $34,958
• Composite: 25.17/100
• National rank: #7515
• State rank: #147 of 178 in NC

Livability — Kinston

• Score: 55/100
• State rank: #640
• US rank: #23267

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kinston, NC
• County: Lenoir County · 20,407 people
• City population: 20,407
• Metro: Kinston, NC
• Population (ZIP): 20,407
• Household income: $53,583
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 575.0

Population outlook (Lenoir County) Hauer SSP2

• Today (2025): 55,002 people
• By 2030: 53,048 · -3.6%
• By 2040: 49,041 · -10.8%
• By 2050: 45,136 · -17.9%
• By 2075: 36,547 · -33.6%
• By 2100: 27,731 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (59%)
• Race & ethnicity: White 59% Black 33% Hispanic / Latino 5% Two or more races 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Serbian 1% Lithuanian 1% Italian 1%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 5% Other Asian/Pacific 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Lenoir

• 2024 margin: Lean R (+6.8) · D 46.2% · R 53.0%
• 2008→2024 swing: -6.7pp toward R · 2008: -0.1pp · 2024: -6.8pp
• All cycles: 2024: R+6.8 2020: R+3.5 2016: R+6.3 2012: R+1.5 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.45%
• Current HPI: 201.8226
• Rent YoY: —
• Metro: Kinston, NC
• 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

1 event — show timeline

• 2026-05-05 Listed $129,000 Hive MLS

Property tax history

+4.0%/yr

Latest (2025): $1,307 · +63.6% YoY. Source: county tax records.