136 Deep Creek Rd · Elizabeth City, NC 27944

$249,000

3 bd · 2.0 ba · 1,359 sqft · Manufactured · 39 Days on market

Built 1999 0.48 ac lot

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.3/30.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.4/10.0

Listing remarks

Country Living on Nearly Half an Acre Enjoy peaceful country living with modern updates in this beautifully refreshed home sitting on almost ½ acre of land. Recent Updates Include: • Brand new LVP flooring throughout • Fresh paint giving the home a bright, clean feel • Updated countertops in the kitchen • New modern light fixtures • Brand new HVAC system for year-round comfort • Brick foundation coming soon adding durability and curb appeal Additional Features: • 1-car garage for parking or extra storage • Spacious yard with plenty of room to enjoy the outdoors • Quiet county setting with room to breathe

Key facts

• Fresh paint
• Modern updates
• Updated countertops

Tags

• MODERN UPDATES
• NEW LVP FLOORING
• FRESH PAINT
• UPDATED COUNTERTOPS
• NEW MODERN LIGHT FIXTURES
• NEW HVAC SYSTEM

Property features AI

Exterior

• Parking: Gravel parking; Detached garage with 1 garage space (1 total parking space)
• Utilities: Public water; Water connected; Septic tank
• Home design: Manufactured home; One level; Entry level: 1; Residential property
• Construction: Vinyl siding on frame construction; Brick/mortar and block foundation; Metal roof
• Exterior features: Metal roof; No patio or porch; No fencing; Has a view; Road frontage on city street and state road; Lot dimensions approximately 140 x 150; Approximately 0.48 acre lot

Interior

• Kitchen: Dishwasher; Electric range
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Dishwasher; Electric range; Electric water heater; Central air conditioning; Electric forced-air heating; Seven total rooms
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $249k.

Deal economics

• At list price, monthly cash flow is $-401 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (23.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (29.5% below list).
• Recommended offer: $175k (29.5% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 2.9% in Elizabeth City — 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 71/100 on livability (#119 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, commute F, employment F.
• Perquimans County Schools (rural): math 44% / reading 48% proficiency, ranked #83 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Perquimans Central (391 students, 65% FRL); Perquimans County Middle (math 39% / reading 48%, grade D, #182 of 475 statewide, top 40%, 366 students, 59% FRL); Perquimans County High (math 47% / reading 42%, grade F, #352 of 535 statewide, top 68%, 518 students, 59% FRL).
• Market conditions: 339 active listings in the ZIP; 46 units permitted in Perquimans County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Perquimans County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; severe wind risk, 99% 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 $175,456 (29.5% 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 39 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.70% ✗
• Cap rate: 4.68%
• Cash-on-cash: -5.76%
• DSCR: 0.74
• GRM: 11.8

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: 19.4%
• Equity multiple: 2.58×
• Total profit: $110,131
• Equity at exit: $224,319

10-year hold

• IRR: 17.9%
• Equity multiple: 5.94×
• Total profit: $344,542
• Equity at exit: $483,752

Cash invested: $69,720 (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 27944

• Home prices YoY: 9.5%
• Active inventory: 339
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,755 medium
• Mortgage (P&I): −$1,306
• Tax est. 1.5%: −$311 /mo · $3,735/yr
• Insurance: −$104
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $-401

Break-even live

Break-even rent $2,262

Max offer price $190,955

Occupancy floor —

Sensitivity live

Price	-10% $-229	-5% $-315	+0% $-401	+5% $-487	+10% $-573
Rent	-10% $-540	-5% $-470	+0% $-401	+5% $-332	+10% $-263
Rate	-1.0pp $-276	-0.5pp $-338	base $-401	+0.5pp $-466	+1.0pp $-531

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $249,000 Active 39 DOM
2. 2026-06-18
   days on market $249,000 Active 38 DOM
3. 2026-06-17
   days on market $249,000 Active 37 DOM
4. 2026-06-16
   days on market $249,000 Active 36 DOM
5. 2026-06-15
   pricedays on market $249,000 Active 35 DOM
6. 2026-06-14
   days on market $250,000 Active 33 DOM
7. 2026-06-12
   days on market $250,000 Active 32 DOM
8. 2026-06-09
   days on market $250,000 Active 29 DOM
9. 2026-06-08
   days on market $250,000 Active 28 DOM
10. 2026-06-07
    pricedays on market $250,000 Active 27 DOM
11. 2026-06-03
    days on market $249,999 Active 23 DOM
12. 2026-06-02
    days on market $249,999 Active 22 DOM
13. 2026-06-01
    days on market $249,999 Active 21 DOM
14. 2026-05-31
    days on market $249,999 Active 20 DOM
15. 2026-05-30
    days on market $249,999 Active 19 DOM
16. 2026-05-15
    price $249,999
17. 2026-05-11
    listed $250,000 Active
18. 2026-05-09
    historical
19. 2026-05-05
    price $250,000
20. 2026-04-24
    price $249,999
21. 2026-03-13
    listed $250,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 82% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% 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: $21,055
• − Mortgage interest: −$13,948
• − Property taxes: −$3,735
• − Insurance: −$2,042
• − Repairs & maintenance: −$1,684
• − Management: −$1,684
• − Depreciation: −$7,244
• Taxable loss: −$9,283
• Est. tax savings @ 24.0%: +$2,228
• After-tax cash flow: $-2,586/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: Perquimans County Schools
• NCES district ID: 3703600
• Math proficiency: 44% ▲ 6.00%
• Reading proficiency: 48% ▲ 7.00%
• Median HH income: $42,593
• Composite: 38.75/100
• National rank: #4124
• State rank: #83 of 178 in NC

Livability — Elizabeth City

• Score: 71/100
• State rank: #119
• US rank: #7304

Category grades

Amenities B- 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

• City population: 40,869
• Population (ZIP): 11,255

Population outlook (Perquimans County) Hauer SSP2

• Today (2025): 13,018 people
• By 2030: 12,716 · -2.3%
• By 2040: 11,895 · -8.6%
• By 2050: 10,981 · -15.6%
• By 2075: 8,931 · -31.4%
• By 2100: 7,101 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 20% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 3% Serbian 2% Slovak 2%
• Foreign-born: 3% · Canada, China, Dominican Republic
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Perquimans

• 2024 margin: Solid R (+39.4) · D 29.7% · R 69.1% · Other 1.2%
• 2008→2024 swing: -25.4pp toward R · 2008: -13.9pp · 2024: -39.4pp
• All cycles: 2024: R+39.4 2020: R+32.2 2016: R+28.1 2012: R+16.1 2008: R+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 22.77%
• Current HPI: 261.91
• 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

-0.0% since first listed

6 events — show timeline

• 2026-05-15 Price Changed $249,999 Hive MLS
• 2026-05-11 Listed $250,000 Hive MLS
• 2026-05-09 Listing Removed — Hive MLS
• 2026-05-05 Price Changed $250,000 Hive MLS
• 2026-04-24 Price Changed $249,999 Hive MLS
• 2026-03-13 Listed $250,000 Hive MLS