3649 S Walnut St · Farmville, NC 27828

$136,000

3 bd · 1.5 ba · 1,107 sqft · SingleFamily public records · 45 Days on market

Built 1980 7,841 sqft lot Est $162k · 16% under

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Why this score? — see what drove the B- 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 +26.6/30.0
• ARV discount +14.6/15.0
• DSCR +9.1/10.0
• 1% rule +6.8/10.0
• Schools +3.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully refreshed home in Farmville, offering a move-in ready opportunity with updated flooring, fresh paint throughout, and a clean, modern feel that's ready for its next owner. Whether you're looking for a primary residence or a smart investment property, this home delivers comfort, value, and immediate occupancy potential. Inside, the updates in this well cared for home create a bright and inviting atmosphere. The thoughtful improvements allow buyers to focus on making it their own rather than taking on immediate projects. Conveniently located, this property offers easy access to everyday essentials including local shops, dining, schools, and parks in Farmville. Just

Key facts

• 7,841 sq ft lot
• Built 1980
• Listed 44 days

Property features AI

Finance

• Other: Lot approximately 0.18 acres (95 x 119 x 44 x 108); Zoned R5

Exterior

• Parking: On-site parking
• Utilities: Sewer connected; Paved road access
• Home design: Single-family residence; One story; Entry level: 1
• Construction: Brick veneer and frame construction; Crawl space foundation; Built as a residential single-family home
• Exterior features: Shingle roof; No patio or porch; No fencing; Has a view; Accessible approach with ramp

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Master downstairs
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air; Electric heating; Heat pump
• Interior features: Master bedroom on the main level; Ceiling fans; Eat-in kitchen; Window coverings

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $136k.

Deal economics

• At list price, monthly cash flow is $362 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $136k).
• Recommended offer: $132k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 4.0% in Farmville — 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 66/100 on livability (#272 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities C-, employment C-, crime 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: H B Sugg Elementary (401 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: 87 active listings in the ZIP; 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 $940 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

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 $131,920 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.18% ✓
• Cap rate: 9.49%
• Cash-on-cash: 11.42%
• DSCR: 1.51
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $161,622
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4396 West Hines St	0.15mi	3/1.0	1,149 (+4%)	3mo	$55,000	$48	82
4462 W West Hines St	0.28mi	3/2.0	1,124 (+2%)	6mo	$125,000	$111	77
3948 S Main St	0.14mi	4/1.0 (+1)	1,140 (+3%)	21mo	$95,000	$83	64
3623 South Walnut St	0.06mi	2/1.0 (-1)	971 (-12%)	11mo	$149,500	$154	60
4113 Melissa Dr	0.56mi	3/1.5	1,178 (+6%)	5mo	$198,000	$168	59
4165 E East Prince Rd	0.46mi	3/1.5	1,175 (+6%)	12mo	$171,000	$146	58
4164 Melissa Dr	0.57mi	3/1.5	1,188 (+7%)	5mo	$118,900	$100	57
4215 Ellis Ave	0.42mi	3/1.5	1,040 (-6%)	17mo	$170,000	$163	56
3612 E Wilson St	0.50mi	2/1.0 (-1)	1,025 (-7%)	3mo	$155,000	$151	55
3746 Cameron St	0.65mi	3/2.0	1,166 (+5%)	6mo	$106,000	$91	53
3309 North Contentnea St	0.60mi	2/1.0 (-1)	1,006 (-9%)	24mo	$120,000	$119	30
4076 Grimmersburg St	0.70mi	2/1.0 (-1)	999 (-10%)	18mo	$165,000	$165	30

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: 0.7%
• Equity multiple: 1.03×
• Total profit: $1,041
• Equity at exit: $20,278

10-year hold

• IRR: 10.4%
• Equity multiple: 1.80×
• Total profit: $30,630
• Equity at exit: $11,759

Cash invested: $38,080 (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 27828

• Home prices YoY: -20.9%
• Active inventory: 87
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,603 medium
• Mortgage (P&I): −$713
• Tax from tax record: −$134 /mo · $1,606/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $362

Break-even live

Break-even rent $1,144

Max offer price $136,000

Occupancy floor 72%

Sensitivity live

Price	-10% $439	-5% $401	+0% $362	+5% $324	+10% $285
Rent	-10% $236	-5% $299	+0% $362	+5% $426	+10% $489
Rate	-1.0pp $431	-0.5pp $397	base $362	+0.5pp $327	+1.0pp $291

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: $34,000
• Closing costs: $4,080
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $136,000 Active 45 DOM
2. 2026-06-19
   days on market $136,000 Active 43 DOM
3. 2026-06-18
   days on market $136,000 Active 42 DOM
4. 2026-06-17
   days on market $136,000 Active 41 DOM
5. 2026-06-16
   days on market $136,000 Active 40 DOM
6. 2026-06-15
   days on market $136,000 Active 39 DOM
7. 2026-06-13
   days on market $136,000 Active 36 DOM
8. 2026-06-10
   days on market $136,000 Active 34 DOM
9. 2026-06-09
   days on market $136,000 Active 33 DOM
10. 2026-06-08
    days on market $136,000 Active 32 DOM
11. 2026-06-07
    days on market $136,000 Active 31 DOM
12. 2026-06-05
    days on market $136,000 Active 28 DOM
13. 2026-06-03
    days on market $136,000 Active 27 DOM
14. 2026-06-02
    days on market $136,000 Active 26 DOM
15. 2026-06-01
    days on market $136,000 Active 25 DOM
16. 2026-05-31
    days on market $136,000 Active 24 DOM
17. 2026-05-30
    days on market $136,000 Active 23 DOM
18. 2026-05-07
    listed $136,000 Active

ⓘ 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: $1,606 · $134/mo
• Projected year-2 tax: $1,606 · $134/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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°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: $19,231
• − Mortgage interest: −$7,618
• − Property taxes: −$1,606
• − Insurance: −$680
• − Repairs & maintenance: −$1,538
• − Management: −$1,538
• − Depreciation: −$3,956
• Taxable income: $2,293
• Est. tax owed @ 24.0%: −$550
• After-tax cash flow: $3,798/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 — Farmville

• Score: 66/100
• State rank: #272
• US rank: #11852

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmville, NC
• Population (ZIP): 8,155

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 0.60)
• Race & ethnicity: White 50% Black 37% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Subsaharan African 2% Slovak 1% Italian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Russian/Polish/Slavic 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: ▼ -51.30%
• Current HPI: 193.5248
• 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

1 event — show timeline

• 2026-05-07 Listed $136,000 Hive MLS

Property tax history

+16.5%/yr

Latest (2025): $1,606 · +0.8% YoY. Source: county tax records.