1115 Grovemont Dr Unit H1 · Greenville, NC 27834

$142,000

2 bd · 1.5 ba · 1,042 sqft · Condo public records · 39 Days on market

Built 1993 $84/mo HOA · 7% of rent

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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 +12.4/30.0
• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• DSCR +3.7/10.0
• 1% rule +3.6/10.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great proximity to Vidant, ECU, & road to Raleigh! End unit, private patio, fireplace - NICE!

Key facts

• Proximity to dining
• Private patio
• $84 HOA

Tags

• PRIVATE PATIO
• OPEN DINING AND KITCHEN AREA
• FIREPLACE IN LIVING ROOM
• PROXIMITY TO ECU HEALTH
• PROXIMITY TO SHOPPING
• PROXIMITY TO DINING

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $142k.

Deal economics

• At list price, monthly cash flow is $-24 ($-285/yr) — negative.
• To cash-flow at today's rent, offer at most $138k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (13.9% below list).
• Recommended offer: $122k (13.9% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.8% in Greenville — 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 77/100 on livability (#30 in NC, #2,977 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, employment F.
• Pitt County Schools (rural): math 41% / reading 44% proficiency, ranked #100 of 178 in NC (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Falkland Elementary (math 22% / reading 32%, grade F, #1,033 of 1,410 statewide, top 76%, 249 students, 99% FRL); Farmville Middle (math 31% / reading 35%, grade F, #305 of 475 statewide, top 65%, 611 students, 100% FRL); Farmville Central High (math 42% / reading 47%, grade F, #352 of 535 statewide, top 68%, 789 students, 99% 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 (+5.4%/yr); 350 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $982 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 18y ago; this cycle's ask is 24% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,251 (13.9% 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 14% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.86% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.44% rent growth · sell at horizon

5-year hold

• IRR: -14.7%
• Equity multiple: 0.46×
• Total profit: $-21,424
• Equity at exit: $21,173

10-year hold

• IRR: -2.4%
• Equity multiple: 0.82×
• Total profit: $-7,244
• Equity at exit: $12,278

Cash invested: $39,760 (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 27834

• Rents YoY: 5.4%
• Active inventory: 350
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,223 high
• Mortgage (P&I): −$745
• Tax from tax record: −$102 /mo · $1,220/yr
• Insurance: −$59
• HOA: −$84
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $-24

Break-even live

Break-even rent $1,253

Max offer price $137,807

Occupancy floor 97%

Sensitivity live

Price	-10% $57	-5% $16	+0% $-24	+5% $-64	+10% $-104
Rent	-10% $-120	-5% $-72	+0% $-24	+5% $25	+10% $73
Rate	-1.0pp $48	-0.5pp $12	base $-24	+0.5pp $-61	+1.0pp $-98

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: $35,500
• Closing costs: $4,260
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1113 Grovemont Dr Unit G7 Greenville, NC	2.0	1.5	1040	$1,200	$1.15	21d	1	0.02mi
1301 Westpointe Dr Greenville, NC	2.0–3.0	1.0–2.0	1074	$1,050	$0.98	21d	1	0.09mi
1200 Peyton Cir Unit A Greenville, NC	2.0	2.0	1100	$1,150	$1.05	21d	1	0.32mi
3310 Parkway Ct Unit B Greenville, NC	3.0	2.0	1200	$1,200	$1.00	14d	1	0.35mi
3310 Parkway Ct Greenville, NC	3.0	2.0	1200	$1,200	$1.00	21d	1	0.35mi
3709 Nantucket Rd Unit A Greenville, NC	3.0	2.0	1427	$1,700	$1.19	14d	1	0.85mi
945 B's Barbeque Rd Unit A Greenville, NC	2.0	1.5	900	$900	$1.00	21d	1	1.09mi
920 B's Barbeque Rd Unit A Greenville, NC	2.0	2.0	1028	$995	$0.97	21d	1	1.15mi
2140 Flagstone Ct Unit J6 Greenville, NC	2.0	1.5	1043	$1,200	$1.15	21d	1	1.17mi
2500 Brookville Dr Greenville, NC	3.0	2.0	1423	$1,800	$1.26	14d	1	1.18mi
2905 Cedar Creek Rd Unit H Greenville, NC	3.0	2.5	1500	$1,600	$1.07	14d	1	1.23mi
2907 Cedar Creek Rd Unit E Greenville, NC	2.0	1.5	1120	$1,200	$1.07	21d	1	1.25mi
2152 Flagstone Ct Greenville, NC	2.0	1.5	1044	$1,150	$1.10	21d	1	1.25mi
1005 Allen Ridge Dr Greenville, NC	2.0–3.0	2.0	1134	$1,764	$1.56	14d	13	1.32mi
935 Spring Forest Rd Greenville, NC	2.0	2.0	1000	$1,299	$1.30	21d	4	1.33mi
904 Gabriel Dr Greenville, NC	1.0–2.0	1.0–2.0	966	$1,875	$1.94	21d	17	1.40mi
640 Brighton Park Dr Greenville, NC	1.0–2.0	1.0–2.0	815	$1,548	$1.90	14d	36	1.43mi
1015 Spring Forest Rd Unit F5 Greenville, NC	3.0	2.5	1453	$1,200	$0.83	21d	1	1.49mi

HOA detail condo

• Monthly dues: $84 · $1,008/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-05-11
   soldstatus $134,000
2. 2026-04-16
   status Pending
3. 2026-03-26
   status Active
4. 2026-03-26
   historical
5. 2026-03-25
   price $142,000
6. 2026-03-18
   status Active
7. 2025-12-19
   listed $114,900 Active
8. 2019-11-22
   soldstatus $53,000 98-char remark

   Show marketing remark (98 chars)

   Great proximity to Vidant, ECU, & road to Raleigh! End unit, private patio, fireplace - NICE!

9. 2019-11-22
   soldstatus $53,000

   Show marketing remark (98 chars)

   Great proximity to Vidant, ECU, & road to Raleigh! End unit, private patio, fireplace - NICE!

10. 2019-09-20
    listed $62,000 98-char remark

    Show marketing remark (98 chars)

    Great proximity to Vidant, ECU, & road to Raleigh! End unit, private patio, fireplace - NICE!

11. 2014-10-10
    historical
12. 2014-04-11
    listed $53,900
13. 2008-09-23
    soldstatus $59,400
14. 2008-09-23
    soldstatus $59,500
15. 2008-07-22
    listed $61,900
16. 1993-09-01
    soldstatus $51,800

ⓘ 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: $1,220 · $102/mo
• Projected year-2 tax: $1,220 · $102/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 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,670
• − Mortgage interest: −$7,954
• − Property taxes: −$1,220
• − Insurance: −$710
• − Repairs & maintenance: −$1,174
• − Management: −$1,174
• − HOA: −$1,008
• − Depreciation: −$4,131
• Taxable loss: −$2,700
• Est. tax savings @ 24.0%: +$648
• After-tax cash flow: $363/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: Pitt County Schools
• NCES district ID: 3700012
• Math proficiency: 41% ▬ 0.00%
• Reading proficiency: 44% ▲ 2.00%
• Median HH income: $40,631
• Composite: 35.67/100
• National rank: #4877
• State rank: #100 of 178 in NC

Livability — Greenville

• Score: 77/100
• State rank: #30
• US rank: #2977

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenville, NC
• County: Pitt County · 142,592 people
• City population: 115,121
• Metro: Greenville, NC
• Population (ZIP): 56,347
• Household income: $48,935
• Rent vs Own: 62.6% rent · 37.4% own
• Severe rent burden: 3319.0

Population outlook (Pitt County) Hauer SSP2

• Today (2025): 194,585 people
• By 2030: 203,756 · +4.7%
• By 2040: 220,807 · +13.5%
• By 2050: 236,614 · +21.6%
• By 2075: 275,940 · +41.8%
• By 2100: 300,058 · +54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 54% White 33% Hispanic / Latino 8% Two or more races 3% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 1% Slovak 1% Romanian 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Spanish 6% Other Asian/Pacific 1%

Political lean MEDSL · Pitt

• 2024 margin: Lean D (+6.0) · D 52.5% · R 46.5% · Other 1.1%
• 2008→2024 swing: -2.8pp toward R · 2008: 8.8pp · 2024: 6.0pp
• All cycles: 2024: D+6.0 2020: D+9.4 2016: D+7.4 2012: D+6.7 2008: D+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.99%
• Current HPI: 190.6869
• Rent YoY: ▲ 5.44%
• Metro: Greenville, 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

+158.7% since first listed

16 events — show timeline

• 2026-05-11 Sold (Public Records) $134,000 Public Records
• 2026-04-16 Pending — Hive MLS
• 2026-03-26 Relisted — Hive MLS
• 2026-03-26 Listing Removed — Hive MLS
• 2026-03-25 Price Changed $142,000 Hive MLS
• 2026-03-18 Relisted — Hive MLS
• 2025-12-19 Listed $114,900 Hive MLS
• 2019-11-22 Sold (Public Records) $53,000 Public Records
• 2019-11-22 Sold (MLS) $53,000 Hive MLS
• 2019-09-20 Listed $62,000 Hive MLS
• 2014-10-10 Listing Removed — Hive MLS
• 2014-04-11 Listed $53,900 Hive MLS
• 2008-09-23 Sold (Public Records) $59,500 Public Records
• 2008-09-23 Sold (MLS) $59,400 Hive MLS
• 2008-07-22 Listed $61,900 Hive MLS
• 1993-09-01 Sold (Public Records) $51,800 Public Records

Property tax history

+10.2%/yr

Latest (2025): $1,220 · +1.0% YoY. Source: county tax records.