1006 Perkins Pl · Lenoir, NC 28645

$119,000

2 bd · 1.0 ba · 888 sqft · SingleFamily public records · 14 Days on market

Built 1997 0.60 ac lot Est $188k · 37% under

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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 +23.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.3/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This property is full of potential and ready for your vision! Calling all investors, flippers, or buyers looking for a great project opportunity. Featuring 3 bedrooms and 2 bathrooms, this home sits on a private wooded lot offering peaceful surroundings and plenty of privacy. With some TLC and updates, this could make a fantastic starter home, rental property, or flip investment. This home is sold as is! Don’t miss the chance to turn this hidden gem into something special!

Key facts

• 0.6 acre lot
• Built 1997
• Listed 14 days

Property features AI

Finance

• Other: Zoning: R_6
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Single-family residence; Site-built construction; One level
• Construction: Vinyl exterior; Crawl space foundation; Built as site-built construction
• Exterior features: Approximately 0.6-acre lot; Concrete and paved road access; Publicly maintained road

Interior

• Kitchen: No appliances listed
• Bedrooms: 3 bedrooms on the main level; Bedroom sizes include: 7'5" x 3'3"; 7'9" x 7'4"; 8'2" x 11'0"; 13'5" x 12'7"; 13'4" x 10'8"; 9'0" x 9'1" (two rooms); 4'7" x 10'8"
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: No heating listed; No cooling listed
• Interior features: 8 total rooms; Crawl space foundation
• Laundry & utility: No laundry features listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $224 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Cap rate 8.5% vs local median 2.8% in Lenoir — 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 70/100 on livability (#139 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D, commute F.
• Caldwell County Schools (suburban): math 38% / reading 46% proficiency, ranked #106 of 178 in NC (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Valmead Elementary (287 students, 99% FRL); Gamewell Middle (math 29% / reading 42%, grade F, #279 of 475 statewide, top 60%, 506 students, 80% FRL); West Caldwell High (math 37% / reading 52%, grade F, #352 of 535 statewide, top 68%, 753 students, 68% FRL) — zoned schools average 82% FRL vs 51% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 466 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 217 units permitted in Caldwell County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Caldwell County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $40k; list at $119k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $119,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is D 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?
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: 1.03% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.06%
• DSCR: 1.36
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $188,256
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1444 Piedmont Dr NW	0.40mi	3/1.0 (+1)	910 (+2%)	5mo	$181,000	$199	68
823 Queens St NW	0.49mi	2/1.0	936 (+5%)	1mo	$198,000	$212	67
823 NW Queens St #79	0.49mi	2/1.0	936 (+5%)	1mo	$198,000	$212	67
505 NW Charles Pl NW	0.43mi	2/1.0	835 (-6%)	4mo	$188,000	$225	67
715 Broadway St NW	0.64mi	2/1.0	848 (-4%)	10mo	$180,000	$212	54
1411 Linwood Pl NW	0.74mi	2/1.5	864 (-3%)	8mo	$160,000	$185	52
1214 Plaza St	0.62mi	3/1.5 (+1)	965 (+9%)	13mo	$209,000	$217	38

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: -4.1%
• Equity multiple: 0.85×
• Total profit: $-5,063
• Equity at exit: $17,743

10-year hold

• IRR: 5.6%
• Equity multiple: 1.41×
• Total profit: $13,825
• Equity at exit: $10,289

Cash invested: $33,320 (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 28645

• Home prices YoY: -17.4%
• Active inventory: 466
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,228 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$73 /mo · $878/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $224

Break-even live

Break-even rent $945

Max offer price $119,000

Occupancy floor 77%

Sensitivity live

Price	-10% $291	-5% $257	+0% $224	+5% $190	+10% $156
Rent	-10% $127	-5% $175	+0% $224	+5% $272	+10% $321
Rate	-1.0pp $284	-0.5pp $254	base $224	+0.5pp $193	+1.0pp $162

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1421 Piedmont Dr NW Lenoir, NC	2.0	1.0	994	$1,200	$1.21	22d	1	0.32mi
229 Wilson St NW Unit 2A Lenoir, NC	2.0	2.0	900	$1,350	$1.50	15d	1	1.50mi

Listing history 2 events

1. 2026-05-12
   listed $119,000 Active
2. 2000-12-01
   soldstatus $40,000

ⓘ 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: $878 · $73/mo
• Projected year-2 tax: $976 · $81/mo
• Expected delta: +$98/yr (+$8/mo · 11.2%)

ⓘ 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 5/10 Major 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,742
• − Mortgage interest: −$6,666
• − Property taxes: −$878
• − Insurance: −$595
• − Repairs & maintenance: −$1,179
• − Management: −$1,179
• − Depreciation: −$3,462
• Taxable income: $783
• Est. tax owed @ 24.0%: −$188
• After-tax cash flow: $2,497/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: Caldwell County Schools
• NCES district ID: 3700580
• Math proficiency: 38% ▲ 1.00%
• Reading proficiency: 46% ▼ -1.00%
• Median HH income: $37,165
• Composite: 34.9/100
• National rank: #5079
• State rank: #106 of 178 in NC

Livability — Lenoir

• Score: 70/100
• State rank: #139
• US rank: #7940

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lenoir, NC
• Population (ZIP): 46,237

Population outlook (Caldwell County) Hauer SSP2

• Today (2025): 77,603 people
• By 2030: 74,714 · -3.7%
• By 2040: 67,732 · -12.7%
• By 2050: 59,938 · -22.8%
• By 2075: 43,232 · -44.3%
• By 2100: 28,894 · -62.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Black 6% Two or more races 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 3% Serbian 2% Italian 2%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 5% Other Asian/Pacific 1%

Political lean MEDSL · Caldwell

• 2024 margin: Solid R (+52.6) · D 23.4% · R 76.0%
• 2008→2024 swing: -22.9pp toward R · 2008: -29.7pp · 2024: -52.6pp
• All cycles: 2024: R+52.6 2020: R+51.1 2016: R+50.6 2012: R+35.7 2008: R+29.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.03%
• Current HPI: 265.0987
• 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

+197.5% since first listed

2 events — show timeline

• 2026-05-12 Listed $119,000 CANOPYMLS as Distributed by MLS Grid
• 2000-12-01 Sold (Public Records) $40,000 Public Records

Property tax history

+7.8%/yr

Latest (2025): $878 · +93.7% YoY. Source: county tax records.