592 Crooked Run Rd · South Mills, NC 27909

$68,000

2 bd · 1.0 ba · 572 sqft · Other public records · 20 Days on market

Built 1961 0.45 ac lot ↓ 3% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.5/5.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Enjoy living in the country close to the VA line! This is a fixer upper. Sold As Is! A 2/1 bungalow that you can make your own with some TLC!

Key facts

• Nearly half an acre
• 0.45 acre lot
• Built 1961

Tags

• NEARLY HALF AN ACRE
• SEPTIC INSPECTION COMPLETE
• GENEROUSLY CLEARED LOT

Property features AI

Finance

• Other: Zoning: A-1; Lot is level and wooded; Road frontage on city street and state road; Paved road surface; Lot dimensions approximately 104 x 202 x 77 x 62 x 158; Lot size about 0.45 acres; Directions: From 17N, turn left on US 158, slight right onto Firetower Rd, left onto Crooked Run Rd; in 0.8 miles the property will be on the right (driveway recently reinforced).
• Financial info: No investor or income/expense details listed
• HOA & community: No association amenities

Exterior

• Parking: Unpaved parking
• Security: No security features listed
• Utilities: Public water available; Water available; Private sewer / septic tank
• Home design: Single-family residence; One story; Entry on level 1; One-level floor plan
• Construction: Vinyl siding with frame construction; Composition roof; Built on crawl space
• Exterior features: Deck; Porch; Has a view; No additional exterior features listed

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: No bedroom level details provided
• Flooring: Wood floors
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: No heating; No cooling
• Interior features: No central heating or cooling; Electric water heater; Crawl space basement; Wood flooring; Two total rooms
• Laundry & utility: No laundry appliance details provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $68k.

Deal economics

• At list price, monthly cash flow is $535 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• Recommended offer: $67k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.7% vs local median 5.0% in South Mills — 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 57/100 on livability (#612 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing A; Watch: amenities F, commute F, employment F.
• Elizabeth City-Pasquotank Public Schools (rural): math 21% / reading 34% proficiency, ranked #152 of 178 in NC (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Northside Elementary (math 27% / reading 37%, grade F, #908 of 1,410 statewide, top 67%, 409 students, 99% FRL); Elizabeth City Middle (math 16% / reading 31%, grade F, #402 of 475 statewide, top 85%, 515 students, 99% FRL); Pasquotank County High (math 27% / reading 37%, grade F, #445 of 535 statewide, top 84%, 628 students, 100% FRL) — zoned schools average 99% FRL vs 56% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.0%/yr); 351 active listings in the ZIP; 153 units permitted in Pasquotank County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $470 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Pasquotank County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($67k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $45k; list at $68k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,980 (1.5% below list)

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.82% ✓
• Cap rate: 15.74%
• Cash-on-cash: 33.72%
• DSCR: 2.50
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.02% rent growth · sell at horizon

5-year hold

• IRR: 30.2%
• Equity multiple: 2.28×
• Total profit: $24,347
• Equity at exit: $10,139

10-year hold

• IRR: 38.0%
• Equity multiple: 4.70×
• Total profit: $70,472
• Equity at exit: $5,879

Cash invested: $19,040 (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 27909

• Rents YoY: 4.0%
• Active inventory: 351
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,238 medium
• Mortgage (P&I): −$357
• Tax from tax record: −$58 /mo · $698/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $535

Break-even live

Break-even rent $561

Max offer price $68,000

Occupancy floor 52%

Sensitivity live

Price	-10% $574	-5% $554	+0% $535	+5% $516	+10% $497
Rent	-10% $437	-5% $486	+0% $535	+5% $584	+10% $633
Rate	-1.0pp $569	-0.5pp $552	base $535	+0.5pp $517	+1.0pp $500

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: $17,000
• Closing costs: $2,040
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-22
   days on market $68,000 Active 20 DOM
2. 2026-06-21
   days on market $68,000 Active 19 DOM
3. 2026-06-19
   days on market $68,000 Active 17 DOM
4. 2026-06-18
   days on market $68,000 Active 16 DOM
5. 2026-06-17
   days on market $68,000 Active 15 DOM
6. 2026-06-16
   days on market $68,000 Active 14 DOM
7. 2026-06-15
   days on market $68,000 Active 13 DOM
8. 2026-06-14
   days on market $68,000 Active 11 DOM
9. 2026-06-12
   days on market $68,000 Active 10 DOM
10. 2026-06-09
    days on market $68,000 Active 7 DOM
11. 2026-06-08
    days on market $68,000 Active 6 DOM
12. 2026-06-07
    days on market $68,000 Active 5 DOM
13. 2026-06-05
    days on market $68,000 Active 2 DOM
14. 2026-06-03
    remarks 359-char remark
15. 2026-06-03
    listing id $68,000 Active 1 DOM
16. 2026-06-02
    remarks 348-char remark
17. 2026-06-02
    listed $68,000 Active 1 DOM

ⓘ 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: $698 · $58/mo
• Projected year-2 tax: $698 · $58/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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,858
• − Mortgage interest: −$3,809
• − Property taxes: −$698
• − Insurance: −$340
• − Repairs & maintenance: −$1,189
• − Management: −$1,189
• − Depreciation: −$1,978
• Taxable income: $5,656
• Est. tax owed @ 24.0%: −$1,357
• After-tax cash flow: $5,064/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: Elizabeth City-Pasquotank Public Schools
• NCES district ID: 3703540
• Math proficiency: 21% ▼ -7.00%
• Reading proficiency: 34% ▼ -1.00%
• Median HH income: $45,294
• Composite: 23.63/100
• National rank: #7847
• State rank: #152 of 178 in NC

Livability — South Mills

• Score: 57/100
• State rank: #612
• US rank: #22229

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pasquotank County · 40,869 people
• Metro: Elizabeth City, NC
• Population (ZIP): 40,869
• Household income: $66,732
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 1160.0

Population outlook (Pasquotank County) Hauer SSP2

• Today (2025): 38,172 people
• By 2030: 36,890 · -3.4%
• By 2040: 33,845 · -11.3%
• By 2050: 31,086 · -18.6%
• By 2075: 27,191 · -28.8%
• By 2100: 26,093 · -31.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 54% Black 35% Hispanic / Latino 6% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 2% Romanian 1% Lithuanian 1%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1% Vietnamese 1%

Political lean MEDSL · Pasquotank

• 2024 margin: Toss-up / Even · D 47.1% · R 52.0%
• 2008→2024 swing: -18.6pp toward R · 2008: 13.7pp · 2024: -4.9pp
• All cycles: 2024: R+4.9 2020: D+0.3 2016: D+2.2 2012: D+15.9 2008: D+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -141.03%
• Current HPI: 164.7511
• Rent YoY: ▲ 4.02%
• Metro: Elizabeth City, 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

-2.7% since first listed

11 events — show timeline

• 2026-06-01 Listed $68,000 Hive MLS
• 2025-05-16 Sold (Public Records) $225,000 Public Records
• 2025-05-16 Sold (MLS) $45,000 Hive MLS
• 2025-04-28 Pending — Hive MLS
• 2025-01-06 Relisted — Hive MLS
• 2024-10-15 Pending — Hive MLS
• 2024-08-15 Relisted — Hive MLS
• 2024-08-05 Pending — Hive MLS
• 2024-05-22 Relisted — Hive MLS
• 2024-05-08 Pending — Hive MLS
• 2024-04-30 Listed $69,900 Hive MLS

Property tax history

+2.2%/yr

Latest (2025): $698 · +7.3% YoY. Source: county tax records.