1003 Rainwater Ln · Rockingham, NC 28379

$189,500

3 bd · 1.0 ba · 1,244 sqft · SingleFamily public records · 60 Days on market

Built 1971 0.72 ac lot Est $177k · 7% over

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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 +14.9/30.0
• DSCR +4.5/10.0
• ARV discount +4.2/15.0
• 1% rule +3.3/10.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

Key facts

• Hvac
• Living room
• Hot water heater

Tags

• BRICK RANCH HOME
• LIVING ROOM
• KITCHEN DINING COMBO
• LAUNDRY PANTRY COMBO
• HOT WATER HEATER
• HVAC

Property features AI

Finance

• Other: Lot approximately 0.72 acres (dimensions 165 x 99 x 114 x 135); Road frontage on city street and state road; Directions provided in listing
• Financial info: No investor or income/expense details listed
• HOA & community: No association amenities

Exterior

• Parking: Carport (1 space); Parking surfaces include gravel, unpaved, and paved areas
• Security: No security features listed
• Utilities: Public water; Sewer available; Water available
• Home design: Single-family residence; One story; Entry level is the first floor; Residential zoning
• Construction: Block, concrete, and brick construction; Shingle roof; Built on crawl space
• Exterior features: Front porch; No additional exterior features listed; Has a view

Interior

• Kitchen: No specific kitchen appliance details listed
• Bedrooms: Master bedroom located downstairs
• Flooring: No flooring details listed
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Master suite on the main level; Storm windows; Electric water heater; 6 total rooms; Crawl space (no finished basement)
• Laundry & utility: No laundry appliance details listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $54 ($653/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 $157k (17.4% below list).
• Recommended offer: $157k (17.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#403 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety B+; Watch: crime F, amenities F, commute F.
• Richmond County Schools (town): math 30% / reading 36% proficiency, ranked #139 of 178 in NC (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: L J Bell Elementary (math 31% / reading 39%, grade F, #825 of 1,410 statewide, top 59%, 476 students, 99% FRL); Rockingham Middle (math 24% / reading 35%, grade F, #343 of 475 statewide, top 73%, 616 students, 100% FRL); Richmond Senior High (math 58% / reading 38%, grade D, #329 of 535 statewide, top 62%, 1,286 students, 99% FRL) — zoned schools average 99% FRL vs 70% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 155 active listings in the ZIP; 54 units permitted in Richmond County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Richmond County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 4y 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 $157k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,536 (17.4% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.83% ✗
• Cap rate: 6.64%
• Cash-on-cash: 1.23%
• DSCR: 1.05
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $176,648
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 W Temple Ave	0.10mi	3/2.0	1,404 (+13%)	0mo	$75,000	$53	70
948 Montclair Ave	0.26mi	3/2.0	1,285 (+3%)	15mo	$182,000	$142	66
933 Montclair Ave	0.33mi	3/1.5	1,311 (+5%)	13mo	$130,000	$99	63
1110 Richmond Rd	0.17mi	3/2.0	1,376 (+11%)	11mo	$249,900	$182	62
1028 Richmond Rd	0.21mi	3/2.0	1,076 (-14%)	10mo	$200,000	$186	56
804 Aspen Ln	0.50mi	3/2.0	1,225 (-2%)	17mo	$195,000	$159	56
919 Richmond Rd	0.40mi	3/2.0	1,140 (-8%)	13mo	$112,455	$99	52
1007 Campbell Dr	0.25mi	4/2.0 (+1)	1,354 (+9%)	18mo	$155,000	$114	49
1605 Birch St	0.72mi	3/2.0	1,200 (-4%)	13mo	$206,000	$172	46
928 Montclair Ave	0.36mi	3/1.5	1,114 (-10%)	22mo	$125,000	$112	46

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: -14.4%
• Equity multiple: 0.49×
• Total profit: $-27,295
• Equity at exit: $28,255

10-year hold

• IRR: -5.7%
• Equity multiple: 0.63×
• Total profit: $-19,527
• Equity at exit: $16,384

Cash invested: $53,060 (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 28379

• Home prices YoY: -32.4%
• Active inventory: 155
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,565 medium
• Mortgage (P&I): −$994
• Tax from tax record: −$109 /mo · $1,314/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$329
• Net cashflow: $54

Break-even live

Break-even rent $1,496

Max offer price $189,500

Occupancy floor 92%

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: $47,375
• Closing costs: $5,685
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-19
   days on market $189,500 Active 60 DOM
2. 2026-06-18
   days on market $189,500 Active 59 DOM
3. 2026-06-17
   days on market $189,500 Active 58 DOM
4. 2026-06-16
   days on market $189,500 Active 57 DOM
5. 2026-06-15
   days on market $189,500 Active 56 DOM
6. 2026-06-14
   days on market $189,500 Active 54 DOM
7. 2026-06-13
   days on market $189,500 Active 53 DOM
8. 2026-06-10
   days on market $189,500 Active 51 DOM
9. 2026-06-09
   days on market $189,500 Active 50 DOM
10. 2026-06-08
    days on market $189,500 Active 49 DOM
11. 2026-06-07
    days on market $189,500 Active 48 DOM
12. 2026-06-05
    days on market $189,500 Active 45 DOM
13. 2026-06-03
    days on market $189,500 Active 44 DOM
14. 2026-06-02
    days on market $189,500 Active 43 DOM
15. 2026-06-01
    days on market $189,500 Active 42 DOM
16. 2026-05-31
    days on market $189,500 Active 41 DOM
17. 2026-05-30
    days on market $189,500 Active 40 DOM
18. 2026-05-21
    price $189,500
19. 2026-04-20
    listed $195,000 Active
20. 2023-08-01
    soldstatus $157,000 Closed 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

21. 2023-07-31
    soldstatus $157,000
22. 2023-06-19
    status Pending 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

23. 2023-06-14
    status Active 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

24. 2023-06-14
    price $150,000 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

25. 2023-05-17
    status Pending 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

26. 2023-05-16
    status Active 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

27. 2023-04-21
    status Pending 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

28. 2023-02-10
    price $159,900 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

29. 2022-11-18
    status Active 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

30. 2022-11-01
    status Pending 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

31. 2022-10-27
    status Active 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

32. 2022-10-25
    status Pending 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

33. 2022-10-24
    listed $165,000 Active 524-char remark

    Show marketing remark (524 chars)

    PRICE REDUCED $20,000!! SELLER NOW SELLING AS/IS!! Attention First Time Home Buyers!! Take a look at this adorable, 3 bedroom, 1 bath home, brick ranch style home, centrally located in the heart of Richmond County. This 1200 square foot home features a nice sized living room, kitchen/dining combo, laundry/pantry area, with fresh paint throughout, new carpet and flooring throughout, new hot water heater, new HVAC, and so much more!! Put this one on your must see list ASAP because this one surely won't last long!!

34. 2019-05-02
    soldstatus $78,000
35. 2014-01-09
    soldstatus $63,500
36. 1991-11-13
    soldstatus $30,000

ⓘ 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: $1,314 · $109/mo
• Projected year-2 tax: $1,554 · $129/mo
• Expected delta: +$240/yr (+$20/mo · 18.3%)

ⓘ 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 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥109°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $18,784
• − Mortgage interest: −$10,615
• − Property taxes: −$1,314
• − Insurance: −$948
• − Repairs & maintenance: −$1,503
• − Management: −$1,503
• − Depreciation: −$5,513
• Taxable loss: −$2,610
• Est. tax savings @ 24.0%: +$626
• After-tax cash flow: $1,280/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: Richmond County Schools
• NCES district ID: 3703870
• Math proficiency: 30% ▼ -12.00%
• Reading proficiency: 36% ▼ -3.00%
• Median HH income: $32,224
• Composite: 26.97/100
• National rank: #7076
• State rank: #139 of 178 in NC

Livability — Rockingham

• Score: 63/100
• State rank: #403
• US rank: #15356

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockingham, NC
• City population: 24,068
• Population (ZIP): 24,068

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 42,892 people
• By 2030: 41,257 · -3.8%
• By 2040: 37,629 · -12.3%
• By 2050: 33,655 · -21.5%
• By 2075: 23,992 · -44.1%
• By 2100: 14,782 · -65.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 56% Black 32% Hispanic / Latino 8% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Serbian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 7%

Political lean MEDSL · Richmond

• 2024 margin: Strong R (+20.9) · D 39.2% · R 60.1%
• 2008→2024 swing: -22.4pp toward R · 2008: 1.5pp · 2024: -20.9pp
• All cycles: 2024: R+20.9 2020: R+14.8 2016: R+10.1 2012: D+2.7 2008: D+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.10%
• Current HPI: 203.0628
• 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

+531.7% since first listed

19 events — show timeline

• 2026-05-21 Price Changed $189,500 Hive MLS
• 2026-04-20 Listed $195,000 Hive MLS
• 2023-08-01 Sold (MLS) $157,000 Hive MLS
• 2023-07-31 Sold (Public Records) $157,000 Public Records
• 2023-06-19 Pending — Hive MLS
• 2023-06-14 Relisted — Hive MLS
• 2023-06-14 Price Changed $150,000 Hive MLS
• 2023-05-17 Pending — Hive MLS
• 2023-05-16 Relisted — Hive MLS
• 2023-04-21 Pending — Hive MLS
• 2023-02-10 Price Changed $159,900 Hive MLS
• 2022-11-18 Relisted — Hive MLS
• 2022-11-01 Pending — Hive MLS
• 2022-10-27 Relisted — Hive MLS
• 2022-10-25 Pending — Hive MLS
• 2022-10-24 Listed $165,000 Hive MLS
• 2019-05-02 Sold (Public Records) $78,000 Public Records
• 2014-01-09 Sold (Public Records) $63,500 Public Records
• 1991-11-13 Sold (Public Records) $30,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $1,314 · -2.4% YoY. Source: county tax records.