2144 Flagstone Ct Unit K-1 · Greenville, NC 27834

$180,000

3 bd · 2.5 ba · 1,457 sqft · Condo public records · 31 Days on market

Built 2006 $85/mo HOA · 6% 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

Spacious 3 bedroom 2.5 bath townhouse located minutes away from Vidant Medical Center, ECU School of Medicine, ECU Dental School, ECU School of Allied Health Sciences, dining, and shopping. Features include a fenced in patio, wood laminate floors in living room & bedrooms.

Key facts

• Spacious living area
• Convenient half bath
• Private patio area

Tags

• PRIVATE PATIO AREA
• DEDICATED LAUNDRY AREA
• CONVENIENT HALF BATH
• SPACIOUS LIVING AREA

Property features AI

Finance

• Other: Pets allowed with breed restrictions
• HOA & community: Homeowners association with annual fee of $1,020 (about $85/month); No association amenities listed

Exterior

• Parking: Paved parking
• Security: Smoke detectors
• Utilities: Public water; Sewer available; Water available
• Home design: Townhouse; Two stories; Entry level: 1; Residential property
• Construction: Vinyl siding; Slab foundation; Built with additional details in remarks
• Exterior features: Patio; Backyard with wood fencing; Has a view; Shingle roof

Interior

• Kitchen: Electric oven; Refrigerator; Dishwasher; Vented exhaust fan
• Bedrooms: Total rooms: 5
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump and electric heating; Central air conditioning
• Interior features: Walk-in closets; Insulated windows; Unfurnished
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $180k.

Deal economics

• At list price, monthly cash flow is $-31 ($-371/yr) — negative.
• To cash-flow at today's rent, offer at most $175k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (14.3% below list).
• Recommended offer: $154k (14.3% 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: Lakeforest Elementary (math 22% / reading 30%, grade F, #1,085 of 1,410 statewide, top 77%, 804 students, 98% 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); 356 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).
• This rent runs 38% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 31 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $76k; list at $180k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,254 (14.3% 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 31 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: -0.74%
• 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: -14.8%
• Equity multiple: 0.46×
• Total profit: $-27,230
• Equity at exit: $26,839

10-year hold

• IRR: -2.5%
• Equity multiple: 0.81×
• Total profit: $-9,404
• Equity at exit: $15,563

Cash invested: $50,400 (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 27834

• Rents YoY: 5.4%
• Active inventory: 356
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,543 high
• Mortgage (P&I): −$944
• Tax from tax record: −$146 /mo · $1,747/yr
• Insurance: −$75
• HOA: −$85
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $-31

Break-even live

Break-even rent $1,582

Max offer price $174,540

Occupancy floor 97%

Sensitivity live

Price	-10% $71	-5% $20	+0% $-31	+5% $-82	+10% $-133
Rent	-10% $-153	-5% $-92	+0% $-31	+5% $30	+10% $91
Rate	-1.0pp $60	-0.5pp $15	base $-31	+0.5pp $-78	+1.0pp $-125

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2140 Flagstone Ct Unit J6 Greenville, NC	2.0	1.5	1043	$1,200	$1.15	23d	1	0.03mi
2152 Flagstone Ct Greenville, NC	2.0	1.5	1044	$1,150	$1.10	23d	1	0.09mi
2500 Brookville Dr Greenville, NC	3.0	2.0	1423	$1,800	$1.26	15d	1	0.09mi
1005 Allen Ridge Dr Greenville, NC	2.0–3.0	2.0	1134	$1,999	$1.76	15d	13	0.30mi
2221 Brookville Dr Unit B Greenville, NC	3.0	2.0	1508	$1,700	$1.13	23d	1	0.31mi
1951 Cambria Dr Unit B Greenville, NC	3.0	3.0	1552	$1,800	$1.16	23d	1	0.45mi
4129 Laurel Ridge Dr Greenville, NC	2.0	4.0	1050	$2,500	$2.38	23d	1	0.56mi
4129 Laurel Ridge Dr Unit F Greenville, NC	2.0	3.5	1050	$2,500	$2.38	23d	1	0.56mi
4511 Laurel Ridge Dr Unit B Greenville, NC	3.0	2.5	1619	$1,950	$1.20	23d	1	0.58mi
1548 Manning Forest Dr Unit M7 Greenville, NC	2.0	1.5	1094	$1,300	$1.19	15d	1	0.73mi
2308 Sweet Bay Dr Unit B Greenville, NC	3.0	2.0	1446	$1,925	$1.33	23d	1	0.83mi
3709 Nantucket Rd Unit A Greenville, NC	3.0	2.0	1427	$1,700	$1.19	15d	1	0.97mi
1301 Westpointe Dr Greenville, NC	2.0–3.0	1.0–2.0	1074	$1,250	$1.16	23d	1	1.13mi
1113 Grovemont Dr Unit G7 Greenville, NC	2.0	1.5	1040	$1,200	$1.15	23d	1	1.18mi
203 Shiloh Dr Unit E Greenville, NC	2.0	1.5	1000	$1,130	$1.13	23d	1	1.27mi
935 Spring Forest Rd Greenville, NC	2.0	2.0	1000	$1,299	$1.30	23d	4	1.29mi
1200 Peyton Cir Unit A Greenville, NC	2.0	2.0	1100	$1,150	$1.05	23d	1	1.33mi
3310 Parkway Ct Greenville, NC	3.0	2.0	1200	$1,200	$1.00	23d	1	1.38mi
3310 Parkway Ct Unit B Greenville, NC	3.0	2.0	1200	$1,200	$1.00	15d	1	1.38mi
1015 Spring Forest Rd Unit F5 Greenville, NC	3.0	2.5	1453	$1,200	$0.83	23d	1	1.39mi
1035 Spring Forest Rd Greenville, NC	3.0	2.0–2.5	1453	$1,450	$1.00	23d	2	1.43mi
1150 Cross Creek Cir Greenville, NC	2.0	2.0	1100	$1,200	$1.09	23d	1	1.47mi
1151 Cross Creek Cir Greenville, NC	3.0	2.5	1338	$1,600	$1.20	23d	1	1.48mi

HOA detail condo

• Monthly dues: $85 · $1,020/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-05-10
   status Pending
2. 2026-05-07
   status Active
3. 2026-04-18
   historical Active Under Contract
4. 2026-04-09
   listed $180,000 Active
5. 2018-07-26
   soldstatus $76,500 279-char remark

   Show marketing remark (279 chars)

   Spacious 3 bedroom 2.5 bath townhouse located minutes away from Vidant Medical Center, ECU School of Medicine, ECU Dental School, ECU School of Allied Health Sciences, dining, and shopping. Features include a fenced in patio, wood laminate floors in living room & bedrooms.

6. 2018-07-26
   soldstatus $76,500 279-char remark

   Show marketing remark (279 chars)

   Spacious 3 bedroom 2.5 bath townhouse located minutes away from Vidant Medical Center, ECU School of Medicine, ECU Dental School, ECU School of Allied Health Sciences, dining, and shopping. Features include a fenced in patio, wood laminate floors in living room & bedrooms.

7. 2018-07-26
   soldstatus $76,000

   Show marketing remark (279 chars)

   Spacious 3 bedroom 2.5 bath townhouse located minutes away from Vidant Medical Center, ECU School of Medicine, ECU Dental School, ECU School of Allied Health Sciences, dining, and shopping. Features include a fenced in patio, wood laminate floors in living room & bedrooms.

8. 2018-06-17
   listed $74,500 279-char remark

   Show marketing remark (279 chars)

   Spacious 3 bedroom 2.5 bath townhouse located minutes away from Vidant Medical Center, ECU School of Medicine, ECU Dental School, ECU School of Allied Health Sciences, dining, and shopping. Features include a fenced in patio, wood laminate floors in living room & bedrooms.

9. 2018-06-17
   listed $74,500 279-char remark

   Show marketing remark (279 chars)

   Spacious 3 bedroom 2.5 bath townhouse located minutes away from Vidant Medical Center, ECU School of Medicine, ECU Dental School, ECU School of Allied Health Sciences, dining, and shopping. Features include a fenced in patio, wood laminate floors in living room & bedrooms.

10. 2007-05-24
    soldstatus $79,150 213-char remark

    Show marketing remark (213 chars)

    New construction. 3BR/2.5BA end unit has living room w/electric fireplace. Family kitchen w/dining area. Master bedroom w/private bath and WIC. Buyer to choose decor. Seller pays up to $1500 towards closing costs.

11. 2007-05-01
    soldstatus $79,500
12. 2006-07-24
    listed $78,750 213-char remark

    Show marketing remark (213 chars)

    New construction. 3BR/2.5BA end unit has living room w/electric fireplace. Family kitchen w/dining area. Master bedroom w/private bath and WIC. Buyer to choose decor. Seller pays up to $1500 towards closing costs.

ⓘ 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: $1,747 · $146/mo
• Projected year-2 tax: $1,747 · $146/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 · 17 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: $18,510
• − Mortgage interest: −$10,083
• − Property taxes: −$1,747
• − Insurance: −$900
• − Repairs & maintenance: −$1,481
• − Management: −$1,481
• − HOA: −$1,020
• − Depreciation: −$5,236
• Taxable loss: −$3,437
• Est. tax savings @ 24.0%: +$825
• After-tax cash flow: $454/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

+128.6% since first listed

12 events — show timeline

• 2026-05-10 Pending — Hive MLS
• 2026-05-07 Relisted — Hive MLS
• 2026-04-18 Contingent — Hive MLS
• 2026-04-09 Listed $180,000 Hive MLS
• 2018-07-26 Sold (Public Records) $76,000 Public Records
• 2018-07-26 Sold (MLS) $76,500 AMLSNC
• 2018-07-26 Sold (MLS) $76,500 TMLS
• 2018-06-17 Listed $74,500 AMLSNC
• 2018-06-17 Listed $74,500 TMLS
• 2007-05-24 Sold (MLS) $79,150 Hive MLS
• 2007-05-01 Sold (Public Records) $79,500 Public Records
• 2006-07-24 Listed $78,750 Hive MLS

Property tax history

+6.6%/yr

Latest (2025): $1,747 · +0.7% YoY. Source: county tax records.