309 Leary Cir · Reidsville, NC 27320

$280,000

2 bd · 1.0 ba · 840 sqft · MultiFamily · 10 Days on market

Built 1950 Fair condition 0.52 ac lot

---

Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Cash flow +0.5/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Rare chance to acquire 7 single-family homes all situated along the same street. With separate utilities for each property, ongoing management is simplified and attractive for investors seeking scale. This cluster of houses provides consistent rental income. A solid opportunity to strengthen your footprint in one of Rockingham County’s most active housing areas. DO NOT WALK ON THE PROPERTIES OR DISTURB OCCUPANTS.

Key facts

• 0.52 acre lot
• Built 1950
• Listed 10 days

Property features AI

Finance

• HOA & community: No association

Exterior

• Parking: Driveway
• Utilities: Public sewer; Water heater: unknown
• Home design: Single-story house; Stick/site-built residential structure; Built in 1950; Existing structure
• Construction: Block and stucco construction
• Exterior features: Public water; Crawl space foundation; Lot approximately 0.52 acres; Publicly maintained road

Interior

• Bathrooms: One full bathroom
• Heating & cooling: Cooling: Other; Heating details listed in remarks
• Interior features: Primary bedroom on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $280k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $103k (63.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $90k (67.9% below list).
• Recommended offer: $90k (67.9% below list) — sets the bar for 1% rule.
• Cap rate 1.0% vs local median 3.8% in Reidsville — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 59/100 on livability (#553 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools D-, crime F, amenities F.
• Rockingham County Schools (rural): math 38% / reading 40% proficiency, ranked #120 of 178 in NC (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 251 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 344 units permitted in Rockingham County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Rockingham County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 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: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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 $89,835 (67.9% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.32% ✗
• Cap rate: 1.04%
• Cash-on-cash: -18.75%
• DSCR: 0.17
• GRM: 26.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -54.4%
• Equity multiple: -0.57×
• Total profit: $-123,400
• Equity at exit: $41,749

10-year hold

• IRR: —
• Equity multiple: -1.65×
• Total profit: $-207,890
• Equity at exit: $24,209

Cash invested: $78,400 (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 27320

• Home prices YoY: -30.8%
• Active inventory: 251
• Price-to-rent: 26.0×

Monthly cashflow live

• Estimated rent: $898 high
• Mortgage (P&I): −$1,468
• Tax est. 1.5%: −$350 /mo · $4,200/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$189
• Net cashflow: $-1,225

Break-even live

Break-even rent $2,449

Max offer price $102,694

Occupancy floor —

Sensitivity live

Price	-10% $-1,032	-5% $-1,129	+0% $-1,225	+5% $-1,322	+10% $-1,419
Rent	-10% $-1,296	-5% $-1,261	+0% $-1,225	+5% $-1,190	+10% $-1,154
Rate	-1.0pp $-1,084	-0.5pp $-1,154	base $-1,225	+0.5pp $-1,298	+1.0pp $-1,372

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
202 Mulberry St Reidsville, NC	2.0	1.0	899	$1,025	$1.14	24d	1	0.16mi
528 N Scales St Unit C Reidsville, NC	2.0	1.0	1080	$825	$0.76	24d	1	0.16mi
110 Arlington St Reidsville, NC	2.0	1.0	1000	$850	$0.85	24d	1	0.32mi
744 Crescent Dr Unit 4 Reidsville, NC	1.0	1.0	990	$670	$0.68	20d	1	1.19mi
411 W Ransom St Apt 1 Reidsville, NC	2.0	1.0	900	$825	$0.92	24d	1	1.20mi
411 W Ransom St Reidsville, NC	2.0	1.0	900	$825	$0.92	20d	1	1.20mi
1114 Maiden Ln #4 Reidsville, NC	2.0	1.5	900	$925	$1.03	24d	1	1.32mi

Listing history 9 events

1. 2026-06-18
   days on market $280,000 Active 10 DOM
2. 2026-06-17
   days on market $280,000 Active 9 DOM
3. 2026-06-16
   days on market $280,000 Active 8 DOM
4. 2026-06-15
   days on market $280,000 Active 7 DOM
5. 2026-06-14
   days on market $280,000 Active 5 DOM
6. 2026-06-13
   days on market $280,000 Active 4 DOM
7. 2026-06-10
   days on market $280,000 Active 2 DOM
8. 2026-06-09
   remarks 416-char remark
9. 2026-06-09
   listed $280,000 Active 1 DOM

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,780
• − Mortgage interest: −$15,684
• − Property taxes: −$4,200
• − Insurance: −$1,400
• − Repairs & maintenance: −$862
• − Management: −$862
• − Depreciation: −$8,145
• Taxable loss: −$20,374
• Est. tax savings @ 24.0%: +$4,890
• After-tax cash flow: $-9,814/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires significant repairs and maintenance to improve its condition and value. Immediate attention to the roof, exterior siding, and foundation is essential.

Repairs flagged

• Major roof — Missing shingles
• Major exterior siding — Weathered and damaged
• Major foundation — Signs of deterioration

Value-add opportunities

• Both roof replacement — Critical to safety and appearance
• Both exterior siding repair — Improves curb appeal and value
• Both foundation repair — Stabilizes structure and prevents further damage

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Missing shingles	Major	$15,000–50,000
exterior siding · Weathered and damaged	Major	$15,000–50,000
foundation · Signs of deterioration	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both roof replacement — Critical to safety and appearance ↑
• Both exterior siding repair — Improves curb appeal and value ↑
• Both foundation repair — Stabilizes structure and prevents further damage ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Rockingham County Schools
• NCES district ID: 3703990
• Math proficiency: 38% ▼ -2.00%
• Reading proficiency: 40% ▲ 1.00%
• Median HH income: $38,914
• Composite: 32.6/100
• National rank: #5673
• State rank: #120 of 178 in NC

Livability — Reidsville

• Score: 59/100
• State rank: #553
• US rank: #20359

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reidsville, NC
• City population: 38,610
• Population (ZIP): 38,610

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 87,103 people
• By 2030: 83,763 · -3.8%
• By 2040: 76,082 · -12.7%
• By 2050: 68,106 · -21.8%
• By 2075: 52,531 · -39.7%
• By 2100: 39,871 · -54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 23% Two or more races 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 2% Serbian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Rockingham

• 2024 margin: Solid R (+35.9) · D 31.7% · R 67.6%
• 2008→2024 swing: -19.9pp toward R · 2008: -16.0pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+32.0 2016: R+30.0 2012: R+21.3 2008: R+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.42%
• Current HPI: 205.028
• 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

4 events — show timeline

• 2026-06-08 Listed $280,000 Triad MLS
• 2026-06-08 Listed $280,000 Triad MLS
• 2025-09-30 Price Changed $280,000 Triad MLS
• 2025-09-30 Price Changed $280,000 Triad MLS