480 NC Highway 37 N · Gatesville, NC 27937

$235,000

3 bd · 1.5 ba · 1,931 sqft · SingleFamily public records · 33 Days on market

Built 1984

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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 +11.0/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +3.2/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Work in Progress! Large brick ranch, newer double pane windows. New metal roof 2017, Large covered porch, oversized 2 car det-garage with power, 2 working baths 1 of which updated with all new in last 3 Months, new floors last 6 months, breakfast room, dining room, den, living room. Garage is 28x24, with carport, and another carport in rear of home. This is a work in progress, has great bones and lots of potential. Lots of closet space. Possible 4th bedroom or can have mother-in-law suite. tons of potential, 2800 sq ft home on a beautiful lot of 1.11 acres. Extra wide driveway 45 ft. for your toys. Great community to live in next door to Buckland Elementary. Less than 30 to downtown Suffolk, VA. Safe and quiet. Viewing by appointment only. Motivated seller. NO owner financing or rent to own or for rent

Key facts

• New metal roof
• Large covered porch
• Updated bath

Tags

• NEW METAL ROOF
• LARGE COVERED PORCH
• OVERSIZED GARAGE
• UPDATED BATH
• NEWER FLOORS
• BREAKFAST ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $235k.

Deal economics

• At list price, monthly cash flow is $-98 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $218k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (24.0% below list).
• Recommended offer: $178k (24.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#400 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: crime C-, amenities F, commute F.
• Gates County Schools (rural): math 28% / reading 42% proficiency, ranked #129 of 178 in NC (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Middle School (math 24% / reading 39%, grade F, #323 of 475 statewide, top 68%, 345 students, 53% FRL); Gates County Senior High (math 32% / reading 52%, grade F, #374 of 535 statewide, top 71%, 479 students, 50% FRL).
• Market conditions: 44 active listings in the ZIP; 14 units permitted in Gates County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Gates County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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 $162k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $178,487 (24.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.76% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.79%
• DSCR: 0.92
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.0%
• Equity multiple: 2.85×
• Total profit: $121,689
• Equity at exit: $211,707

10-year hold

• IRR: 20.5%
• Equity multiple: 6.52×
• Total profit: $363,185
• Equity at exit: $456,553

Cash invested: $65,800 (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 27937

• Home prices YoY: 7.8%
• Active inventory: 44
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,785 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$178 /mo · $2,135/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $-98

Break-even live

Break-even rent $1,909

Max offer price $217,655

Occupancy floor —

Sensitivity live

Price	-10% $35	-5% $-32	+0% $-98	+5% $-165	+10% $-231
Rent	-10% $-239	-5% $-169	+0% $-98	+5% $-28	+10% $43
Rate	-1.0pp $20	-0.5pp $-38	base $-98	+0.5pp $-159	+1.0pp $-221

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $235,000 Active 33 DOM
2. 2026-06-18
   days on market $235,000 Active 30 DOM
3. 2026-06-17
   days on market $235,000 Active 29 DOM
4. 2026-06-16
   days on market $235,000 Active 28 DOM
5. 2026-06-15
   days on market $235,000 Active 27 DOM
6. 2026-06-13
   days on market $235,000 Active 25 DOM
7. 2026-06-09
   days on market $235,000 Active 21 DOM
8. 2026-06-08
   days on market $235,000 Active 20 DOM
9. 2026-06-07
   days on market $235,000 Active 19 DOM
10. 2026-06-05
    days on market $235,000 Active 16 DOM
11. 2026-06-03
    days on market $235,000 Active 15 DOM
12. 2026-06-02
    days on market $235,000 Active 14 DOM
13. 2026-06-01
    days on market $235,000 Active 13 DOM
14. 2026-05-31
    days on market $235,000 Active 12 DOM
15. 2026-05-20
    listed $235,000 Active
16. 2026-05-19
    listed $235,000 Active 813-char remark

    Show marketing remark (813 chars)

    Work in Progress! Large brick ranch, newer double pane windows. New metal roof 2017, Large covered porch, oversized 2 car det-garage with power, 2 working baths 1 of which updated with all new in last 3 Months, new floors last 6 months, breakfast room, dining room, den, living room. Garage is 28x24, with carport, and another carport in rear of home. This is a work in progress, has great bones and lots of potential. Lots of closet space. Possible 4th bedroom or can have mother-in-law suite. tons of potential, 2800 sq ft home on a beautiful lot of 1.11 acres. Extra wide driveway 45 ft. for your toys. Great community to live in next door to Buckland Elementary. Less than 30 to downtown Suffolk, VA. Safe and quiet. Viewing by appointment only. Motivated seller. NO owner financing or rent to own or for rent

17. 2021-06-10
    soldstatus $161,600 597-char remark

    Show marketing remark (597 chars)

    Come on home to this cozy 3 bed, 2 bath brick ranch just south of the town of Gates! If you're searching for a home and a large powered shop/garage then be sure to add this to your list to view! Home sits on over an acre of land with a private, paved road on the back side of the property as well. This home boasts tons of space- all that's left is for you to add your finishing touches. 2 or 3 living spaces, bonus room with private entrance off of bedroom #1. Cable TV ready! New metal roof in 2018, new windows in 2017. Large covered front and back porches for relaxing, large yard for playing.

18. 2021-04-30
    listed $159,900 597-char remark

    Show marketing remark (597 chars)

    Come on home to this cozy 3 bed, 2 bath brick ranch just south of the town of Gates! If you're searching for a home and a large powered shop/garage then be sure to add this to your list to view! Home sits on over an acre of land with a private, paved road on the back side of the property as well. This home boasts tons of space- all that's left is for you to add your finishing touches. 2 or 3 living spaces, bonus room with private entrance off of bedroom #1. Cable TV ready! New metal roof in 2018, new windows in 2017. Large covered front and back porches for relaxing, large yard for playing.

19. 2020-06-03
    historical
20. 2020-03-02
    listed $135,000
21. 2020-01-27
    historical
22. 2020-01-12
    listed $145,000
23. 2018-01-29
    soldstatus $60,000

ⓘ 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: $2,135 · $178/mo
• Projected year-2 tax: $2,135 · $178/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 8/10 Severe 7 d/yr ≥108°F today · 17 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% 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: $21,418
• − Mortgage interest: −$13,164
• − Property taxes: −$2,135
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,713
• − Management: −$1,713
• − Depreciation: −$6,836
• Taxable loss: −$5,319
• Est. tax savings @ 24.0%: +$1,277
• After-tax cash flow: $98/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: Gates County Schools
• NCES district ID: 3701680
• Math proficiency: 28% ▼ -11.00%
• Reading proficiency: 42% ▲ 2.00%
• Median HH income: $47,737
• Composite: 30.08/100
• National rank: #6345
• State rank: #129 of 178 in NC

Livability — Gatesville

• Score: 63/100
• State rank: #400
• US rank: #15297

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 3,122

Population outlook (Gates County) Hauer SSP2

• Today (2025): 10,225 people
• By 2030: 9,543 · -6.7%
• By 2040: 8,136 · -20.4%
• By 2050: 6,808 · -33.4%
• By 2075: 5,045 · -50.7%
• By 2100: 4,589 · -55.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 51% Black 42% Two or more races 5% Native American 2%
• Common ancestry: Slovak 2% Italian 1% Romanian 1%
• Foreign-born: 0%
• Languages at home: 96% English-only · Spanish 4%

Political lean MEDSL · Gates

• 2024 margin: Strong R (+21.7) · D 38.7% · R 60.4%
• 2008→2024 swing: -26.9pp toward R · 2008: 5.2pp · 2024: -21.7pp
• All cycles: 2024: R+21.7 2020: R+13.8 2016: R+9.0 2012: D+4.0 2008: D+5.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 15.79%
• Current HPI: 218.697
• 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

+291.7% since first listed

9 events — show timeline

• 2026-05-20 Listed $235,000 FSBO.com
• 2026-05-19 Listed $235,000 FSBO.com
• 2021-06-10 Sold (MLS) $161,600 Hive MLS
• 2021-04-30 Listed $159,900 Hive MLS
• 2020-06-03 Listing Removed — Hive MLS
• 2020-03-02 Listed $135,000 Hive MLS
• 2020-01-27 Listing Removed — Hive MLS
• 2020-01-12 Listed $145,000 Hive MLS
• 2018-01-29 Sold (Public Records) $60,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $2,135 · +15.6% YoY. Source: county tax records.