131 King Rd · Warrenton, NC 27589

$195,000

4 bd · 2.0 ba · 2,546 sqft · SingleFamily public records · 111 Days on market

Built 1922 1.90 ac lot

---

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 +21.1/30.0
• Appreciation +9.8/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +4.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0

Listing remarks MLS

Come to the country within an hour of N. Raleigh or Durham and convenient to Warrenton, Norlina, Henderson near Lake Gaston and Kerr Lake. Older house seems soild waiting to be your home, with almost 2 acres. Large spacious opern den/ kitchen and large living room. Wrap around porch to enjoy the peace of the country and wildlife. Selling house as is. Come check it out!

Key facts

• Large outbuildings
• Country farm house
• New hvac system

Tags

• COUNTRY FARM HOUSE
• LARGE OUTBUILDINGS
• QUIET COUNTRY LOCATION
• NEW HVAC SYSTEM
• NEW WINDOWS
• WRAP-AROUND FRONT PORCH

Property features AI

Finance

• Other: Approximately 1.9-acre lot (lot dimensions: 246 x 291 x 269 x 380); Living area reported as 2,712 above-grade square feet; Other structures include outbuilding and shed(s)
• HOA & community: No homeowners association

Exterior

• Parking: Driveway (unpaved); 4 open parking spaces
• Utilities: Public water; Septic tank
• Home design: Site-built home; One and one-half stories
• Construction: Wood siding with asbestos material; Block foundation; Shingle roof; Built as site-built construction
• Exterior features: Covered front wrap-around porch; Outbuilding / shed storage; Storage area

Interior

• Kitchen: Electric range; Self-cleaning oven; Refrigerator; Stainless steel appliances
• Bedrooms: 4 bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Gas pack; Propane heating option; Central air conditioning
• Interior features: Eat-in kitchen; Entrance foyer; Natural woodwork; Bathtub/shower combination; Primary bedroom on main level; Blinds; Double pane windows; Storage
• Laundry & utility: Washer/dryer hookup on main level; Electric water heater; Dryer included

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $277 ($3k/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 $186k (4.7% below list).
• Recommended offer: $177k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#250 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A; Watch: housing D+, employment D, amenities F.
• Warren County Schools (rural): math 11% / reading 25% proficiency, ranked #174 of 178 in NC (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Warren New Tech High (math 15% / reading 50%, grade F, #444 of 535 statewide, top 83%, 80 students, 96% FRL) — zoned schools average 96% FRL vs 79% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 18% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Warren County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 54 active listings in the ZIP; 255 units permitted in Warren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (9.6% local appreciation)).
• Warren County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (9.6% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $30k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $177,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.95% ✗
• Cap rate: 8.00%
• Cash-on-cash: 6.08%
• DSCR: 1.27
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

9.64% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.0%
• Equity multiple: 3.18×
• Total profit: $119,008
• Equity at exit: $170,617

10-year hold

• IRR: 24.5%
• Equity multiple: 7.14×
• Total profit: $335,274
• Equity at exit: $362,692

Cash invested: $54,600 (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 27589

• Home prices YoY: 3.3%
• Active inventory: 54
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,858 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$87 /mo · $1,050/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $277

Break-even live

Break-even rent $1,508

Max offer price $195,000

Occupancy floor 80%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $195,000 Active 111 DOM
2. 2026-06-17
   days on market $195,000 Active 110 DOM
3. 2026-06-16
   days on market $195,000 Active 109 DOM
4. 2026-06-15
   days on market $195,000 Active 108 DOM
5. 2026-06-13
   days on market $195,000 Active 106 DOM
6. 2026-06-09
   days on market $195,000 Active 102 DOM
7. 2026-06-08
   days on market $195,000 Active 101 DOM
8. 2026-06-07
   pricedays on market $195,000 Active 100 DOM
9. 2026-06-05
   days on market $200,000 Active 97 DOM
10. 2026-06-03
    days on market $200,000 Active 96 DOM
11. 2026-06-02
    days on market $200,000 Active 95 DOM
12. 2026-06-01
    days on market $200,000 Active 94 DOM
13. 2026-05-31
    days on market $200,000 Active 93 DOM
14. 2026-05-11
    price $210,000
15. 2026-04-02
    status Active
16. 2025-09-24
    status Pending
17. 2025-08-21
    listed $225,000 Active
18. 2023-08-07
    soldstatus $140,000 Closed 371-char remark

    Show marketing remark (371 chars)

    Come to the country within an hour of N. Raleigh or Durham and convenient to Warrenton, Norlina, Henderson near Lake Gaston and Kerr Lake. Older house seems soild waiting to be your home, with almost 2 acres. Large spacious opern den/ kitchen and large living room. Wrap around porch to enjoy the peace of the country and wildlife. Selling house as is. Come check it out!

19. 2023-08-07
    soldstatus $140,000

    Show marketing remark (371 chars)

    Come to the country within an hour of N. Raleigh or Durham and convenient to Warrenton, Norlina, Henderson near Lake Gaston and Kerr Lake. Older house seems soild waiting to be your home, with almost 2 acres. Large spacious opern den/ kitchen and large living room. Wrap around porch to enjoy the peace of the country and wildlife. Selling house as is. Come check it out!

20. 2023-07-15
    status Pending 371-char remark

    Show marketing remark (371 chars)

    Come to the country within an hour of N. Raleigh or Durham and convenient to Warrenton, Norlina, Henderson near Lake Gaston and Kerr Lake. Older house seems soild waiting to be your home, with almost 2 acres. Large spacious opern den/ kitchen and large living room. Wrap around porch to enjoy the peace of the country and wildlife. Selling house as is. Come check it out!

21. 2023-06-06
    listed $147,250 Active 371-char remark

    Show marketing remark (371 chars)

    Come to the country within an hour of N. Raleigh or Durham and convenient to Warrenton, Norlina, Henderson near Lake Gaston and Kerr Lake. Older house seems soild waiting to be your home, with almost 2 acres. Large spacious opern den/ kitchen and large living room. Wrap around porch to enjoy the peace of the country and wildlife. Selling house as is. Come check it out!

ⓘ 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: $1,050 · $87/mo
• Projected year-2 tax: $1,599 · $133/mo
• Expected delta: +$549/yr (+$46/mo · 52.3%)

ⓘ 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 6/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 46% 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: $22,300
• − Mortgage interest: −$10,923
• − Property taxes: −$1,050
• − Insurance: −$975
• − Repairs & maintenance: −$1,784
• − Management: −$1,784
• − Depreciation: −$5,673
• Taxable income: $111
• Est. tax owed @ 24.0%: −$27
• After-tax cash flow: $3,294/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: Warren County Schools
• NCES district ID: 3704740
• Math proficiency: 11% ▼ -12.00%
• Reading proficiency: 25% ▼ -3.00%
• Median HH income: $33,433
• Composite: 14.62/100
• National rank: #9409
• State rank: #174 of 178 in NC

Livability — Warrenton

• Score: 67/100
• State rank: #250
• US rank: #11101

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,763

Population outlook (Warren County) Hauer SSP2

• Today (2025): 18,664 people
• By 2030: 17,641 · -5.5%
• By 2040: 15,442 · -17.3%
• By 2050: 13,634 · -27.0%
• By 2075: 10,523 · -43.6%
• By 2100: 7,777 · -58.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Black 51% White 27% Two or more races 8% Hispanic / Latino 8% Native American 7% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 5% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Warren

• 2024 margin: D (+19.0) · D 58.8% · R 39.8% · Other 1.4%
• 2008→2024 swing: -20.5pp toward R · 2008: 39.5pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+25.7 2016: D+33.2 2012: D+36.0 2008: D+39.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 9.64%
• Current HPI: 303.9918
• 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

+42.6% since first listed

8 events — show timeline

• 2026-05-11 Price Changed $210,000 TMLS
• 2026-04-02 Relisted — TMLS
• 2025-09-24 Pending — TMLS
• 2025-08-21 Listed $225,000 TMLS
• 2023-08-07 Sold (Public Records) $140,000 Public Records
• 2023-08-07 Sold (MLS) $140,000 TMLS
• 2023-07-15 Pending — TMLS
• 2023-06-06 Listed $147,250 TMLS

Property tax history

+1.2%/yr

Latest (2025): $1,050 · +9.6% YoY. Source: county tax records.