5613 Hornaday Rd Unit N · Greensboro, NC 27409

$105,000

2 bd · 1.0 ba · 836 sqft · Condo public records · 57 Days on market

Built 1984 $180/mo HOA · 14% of rent

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Why this score? — see what drove the C 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 +21.9/30.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• Livability +4.0/5.0
• Schools +3.6/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Upper-level 2-bedroom, 1-bath condo offering a fantastic opportunity to make it your own! Whether you're looking to start or grow your investment portfolio, this unit has proven rental history and solid potential. Privately positioned in the last building of the subdivision, it’s tucked away and backs to mature trees for added privacy and a peaceful setting. Enjoy the quiet location while still being convenient to everyday amenities. With a little vision and personal touch, this condo can truly shine—ideal for investors or buyers ready to create value and build equity.

Key facts

• Added privacy
• Quiet location
• $180 HOA

Tags

• PROVEN RENTAL HISTORY
• ADDED PRIVACY
• QUIET LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $105k.

Deal economics

• At list price, monthly cash flow is $165 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Recommended offer: $102k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.8% in Greensboro — 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 81/100 on livability (#12 in NC, #1,335 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Guilford County Schools (urban): math 39% / reading 45% proficiency, ranked #99 of 178 in NC (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Florence Elementary (math 59% / reading 51%, grade C, #299 of 1,410 statewide, top 21%, 633 students, 55% FRL); Southwest Guilford Middle (math 35% / reading 51%, grade D-, #191 of 475 statewide, top 41%, 1,101 students, 55% FRL); Southwest Guilford High (math 52% / reading 59%, grade C, #265 of 535 statewide, top 50%, 1,662 students, 51% FRL) — zoned schools at 54% FRL track the district average.
• Market conditions: Rents rising (+1.2%/yr); 77 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 3,843 units permitted in Guilford County in 2024 (2,397 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Guilford County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($102k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $39k; list at $105k implies a 169% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,850 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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.
7. 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.
8. 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: 1.26% ✓
• Cap rate: 8.18%
• Cash-on-cash: 6.73%
• DSCR: 1.30
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.19% rent growth · sell at horizon

5-year hold

• IRR: -8.3%
• Equity multiple: 0.70×
• Total profit: $-8,768
• Equity at exit: $15,656

10-year hold

• IRR: -1.7%
• Equity multiple: 0.90×
• Total profit: $-3,009
• Equity at exit: $9,078

Cash invested: $29,400 (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 27409

• Home prices YoY: -15.3%
• Rents YoY: 1.2%
• Active inventory: 77
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,322 high
• Mortgage (P&I): −$551
• Tax from tax record: −$105 /mo · $1,258/yr
• Insurance: −$44
• HOA: −$180
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $165

Break-even live

Break-even rent $1,113

Max offer price $105,000

Occupancy floor 83%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5637 Hornaday Rd Unit A Greensboro, NC	2.0	1.0	836	$1,295	$1.55	14d	1	0.12mi
5661 Hornaday Rd Unit G Greensboro, NC	2.0	1.0	836	$1,195	$1.43	23d	1	0.14mi
5729 Bramblegate Rd Unit F Greensboro, NC	2.0	2.5	1100	$1,300	$1.18	23d	1	0.19mi
5729 Bramblegate Rd Unit F Greensboro, NC	2.0	2.5	1100	$1,300	$1.18	19d	1	0.19mi
5715 Bramblegate Rd Greensboro, NC	2.0	2.5	1054	$1,245	$1.18	23d	1	0.24mi
6227 Nile Pl Greensboro, NC	1.0–2.0	1.0–2.0	831	$1,365	$1.64	21d	38	0.94mi
407 Guilford College Rd Greensboro, NC	1.0–2.0	1.0–2.0	865	$1,284	$1.48	14d	6	0.96mi
1402 Bridford Pkwy Greensboro, NC	1.0–3.0	1.0–2.0	1047	$1,562	$1.49	19d	13	1.08mi
405 Tullow Trl Greensboro, NC	1.0–3.0	1.0–2.0	1174	$1,628	$1.39	14d	10	1.14mi
4750 Piedmont Pkwy Unit 214 Jamestown, NC	1.0	1.0	974	$1,445	$1.48	23d	1	1.19mi
4227 Edith Ln Unit A Greensboro, NC	2.0	1.0	938	$1,500	$1.60	14d	1	1.43mi
5500 Weslo Willow Cir Greensboro, NC	2.0	1.0	703	$1,089	$1.55	19d	72	1.45mi
4480 Platinum Dr Unit 4428-2B Greensboro, NC	1.0	1.5	883	$1,250	$1.42	23d	1	1.48mi
4480 Platinum Dr Unit 4450-1C Greensboro, NC	2.0	2.0	1123	$1,420	$1.26	23d	1	1.48mi
4480 Platinum Dr Unit 4415-2A Greensboro, NC	1.0	1.5	834	$1,225	$1.47	23d	1	1.48mi

HOA detail condo

• Monthly dues: $180 · $2,160/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-04-18
   status Pending
2. 2026-04-07
   historical Due Diligence Period
3. 2026-03-18
   price $105,000
4. 2026-02-18
   listed $112,000 Active
5. 1994-10-01
   soldstatus $39,000
6. 1989-12-01
   soldstatus $45,000

ⓘ 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: $1,258 · $105/mo
• Projected year-2 tax: $1,258 · $105/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,859
• − Mortgage interest: −$5,882
• − Property taxes: −$1,258
• − Insurance: −$525
• − Repairs & maintenance: −$1,269
• − Management: −$1,269
• − HOA: −$2,160
• − Depreciation: −$3,055
• Taxable income: $442
• Est. tax owed @ 24.0%: −$106
• After-tax cash flow: $1,872/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: Guilford County Schools
• NCES district ID: 3701920
• Math proficiency: 39% ▲ 1.00%
• Reading proficiency: 45% ▲ 1.00%
• Median HH income: $46,315
• Composite: 35.78/100
• National rank: #4842
• State rank: #99 of 178 in NC

Livability — Greensboro

• Score: 81/100
• State rank: #12
• US rank: #1335

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greensboro, NC
• County: Guilford County · 487,190 people
• City population: 329,421
• Metro: Greensboro-High Point, NC
• Population (ZIP): 17,551
• Household income: $60,281
• Rent vs Own: 68.9% rent · 31.1% own
• Severe rent burden: 1396.0

Population outlook (Guilford County) Hauer SSP2

• Today (2025): 584,596 people
• By 2030: 616,851 · +5.5%
• By 2040: 678,451 · +16.1%
• By 2050: 734,788 · +25.7%
• By 2075: 862,985 · +47.6%
• By 2100: 948,704 · +62.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 41% White 40% Two or more races 9% Hispanic / Latino 8% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Serbian 2% Romanian 1% Slovak 1%
• Foreign-born: 14% · Canada, China
• Languages at home: 85% English-only · Spanish 3% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Guilford

• 2024 margin: Strong D (+21.8) · D 60.2% · R 38.4% · Other 1.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 18.4pp · 2024: 21.8pp
• All cycles: 2024: D+21.8 2020: D+23.1 2016: D+20.0 2012: D+16.5 2008: D+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.18%
• Current HPI: 232.6805
• Rent YoY: ▲ 1.19%
• Metro: Greensboro-High Point, 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

+133.3% since first listed

6 events — show timeline

• 2026-04-18 Pending — Triad MLS
• 2026-04-07 Contingent — Triad MLS
• 2026-03-18 Price Changed $105,000 Triad MLS
• 2026-02-18 Listed $112,000 Triad MLS
• 1994-10-01 Sold (Public Records) $39,000 Public Records
• 1989-12-01 Sold (Public Records) $45,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $1,258 · -1.0% YoY. Source: county tax records.