114 Lisa's Way · Elizabeth City, NC 27909

$179,900

3 bd · 2.0 ba · 1,512 sqft · Other public records · 4 Days on market

Built 2005 0.58 ac lot

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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 +19.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +4.1/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

3 Bedroom 2 bath. NEW ROOF and FRESH PAINT!! BIG YARD!!! Master Bedroom with Full Bath and Garden Tub. Large living Room, Dining Area, Family Room. NICE Kitchen with Island. Separate Laundry/Utility Room. Storage Building.

Key facts

• Big yard
• Fresh paint
• New roof

Tags

• NEW ROOF
• FRESH PAINT
• BIG YARD
• GARDEN TUB
• KITCHEN WITH ISLAND
• SEPARATE LAUNDRY UTILITY ROOM

Property features AI

Exterior

• Parking: Concrete parking; No garage
• Utilities: Public water; Septic tank sewer; Water service available
• Home design: Manufactured home (residential); Single-story (one level); Entry level is 1
• Construction: Vinyl siding; Frame construction; Raised foundation; Built as a manufactured home
• Exterior features: Back yard fence; Shingle roof; No patio or porch listed; Has a view; Paved road access

Interior

• Kitchen: Electric oven; Dishwasher; Microwave; Refrigerator
• Bedrooms: Total rooms: 7
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Walk-in closet(s); Ceiling fan(s)
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $180k.

Deal economics

• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (9.1% below list).
• Recommended offer: $164k (9.1% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 2.9% in Elizabeth City — 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 71/100 on livability (#119 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, commute F, employment F.
• Elizabeth City-Pasquotank Public Schools (rural): math 21% / reading 34% proficiency, ranked #152 of 178 in NC (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: J C Sawyer Elementary (math 12% / reading 27%, grade F, #1,242 of 1,410 statewide, top 90%, 368 students, 99% FRL); River Road Middle (math 18% / reading 37%, grade F, #368 of 475 statewide, top 78%, 463 students, 99% FRL); Northeastern High (math 37% / reading 42%, grade F, #393 of 535 statewide, top 75%, 701 students, 100% 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 (+4.0%/yr); 343 active listings in the ZIP; 153 units permitted in Pasquotank County in 2024 (0 in 5+ unit buildings).

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.
• Pasquotank County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $135k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% 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 $163,502 (9.1% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is D 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?
4. 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?
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: 0.91% ✗
• Cap rate: 7.60%
• Cash-on-cash: 4.66%
• DSCR: 1.21
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.02% rent growth · sell at horizon

5-year hold

• IRR: -8.1%
• Equity multiple: 0.70×
• Total profit: $-15,075
• Equity at exit: $26,824

10-year hold

• IRR: 2.6%
• Equity multiple: 1.19×
• Total profit: $9,734
• Equity at exit: $15,554

Cash invested: $50,372 (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 27909

• Rents YoY: 4.0%
• Active inventory: 343
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,635 medium
• Mortgage (P&I): −$943
• Tax from tax record: −$78 /mo · $934/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $195

Break-even live

Break-even rent $1,388

Max offer price $179,900

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-04
   status Pending
2. 2026-04-30
   listed $179,900 Active
3. 2006-08-08
   soldstatus $135,000

ⓘ 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: $934 · $78/mo
• Projected year-2 tax: $1,475 · $123/mo
• Expected delta: +$541/yr (+$45/mo · 57.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 7% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,620
• − Mortgage interest: −$10,077
• − Property taxes: −$934
• − Insurance: −$900
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − Depreciation: −$5,233
• Taxable loss: −$664
• Est. tax savings @ 24.0%: +$159
• After-tax cash flow: $2,504/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: Elizabeth City-Pasquotank Public Schools
• NCES district ID: 3703540
• Math proficiency: 21% ▼ -7.00%
• Reading proficiency: 34% ▼ -1.00%
• Median HH income: $45,294
• Composite: 23.63/100
• National rank: #7847
• State rank: #152 of 178 in NC

Livability — Elizabeth City

• Score: 71/100
• State rank: #119
• US rank: #7304

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Pasquotank County · 40,869 people
• City population: 40,869
• Metro: Elizabeth City, NC
• Population (ZIP): 40,869
• Household income: $66,732
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 1160.0

Population outlook (Pasquotank County) Hauer SSP2

• Today (2025): 38,172 people
• By 2030: 36,890 · -3.4%
• By 2040: 33,845 · -11.3%
• By 2050: 31,086 · -18.6%
• By 2075: 27,191 · -28.8%
• By 2100: 26,093 · -31.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 54% Black 35% Hispanic / Latino 6% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 2% Romanian 1% Lithuanian 1%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1% Vietnamese 1%

Political lean MEDSL · Pasquotank

• 2024 margin: Toss-up / Even · D 47.1% · R 52.0%
• 2008→2024 swing: -18.6pp toward R · 2008: 13.7pp · 2024: -4.9pp
• All cycles: 2024: R+4.9 2020: D+0.3 2016: D+2.2 2012: D+15.9 2008: D+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -141.03%
• Current HPI: 164.7511
• Rent YoY: ▲ 4.02%
• Metro: Elizabeth City, 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

+33.3% since first listed

3 events — show timeline

• 2026-05-04 Pending — Hive MLS
• 2026-04-30 Listed $179,900 Hive MLS
• 2006-08-08 Sold (Public Records) $135,000 Public Records

Property tax history

-0.7%/yr

Latest (2025): $934 · +5.4% YoY. Source: county tax records.