108 N Dickerson St · Burgaw, NC 28425

$159,000

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 83 Days on market

Built 1950 6,534 sqft lot Est $194k · 18% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• DSCR +4.3/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Precious bungalow in the town of Burgaw on the Historic Registry. Great starter home. Come and take a look. Enjoy the simple and easy living of Pender County. Metal roof and storm windows. Great investment property. Current tenant in place.

Key facts

• Large backyard
• 6,534 sq ft lot
• Built 1950

Tags

• LARGE BACKYARD
• EASY ACCESS TO RESTAURANTS

Property features AI

Finance

• Other: Zoning: INCORP

Exterior

• Parking: On-site paved parking lot; Asphalt surface; Lighted parking
• Utilities: Public water; Sewer available; Water available
• Home design: Single-family residence; Residential property; One level/one story; Entry level: 1; Has a view
• Construction: Fiber cement and frame construction; Block foundation; Metal roof; Built in (year not provided)
• Exterior features: Deck; No fencing; Wooded lot; Paved road frontage on city street and state road; Paved road surface

Interior

• Kitchen: Electric oven; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Electric heating; Forced air; Heat pump
• Interior features: Electric water heater; Electric oven; Refrigerator; 5 total rooms; Has view
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $159k.

Deal economics

• At list price, monthly cash flow is $27 ($321/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 $125k (21.3% below list).
• Recommended offer: $125k (21.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.0% in Burgaw — 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 69/100 on livability (#156 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Pender County Schools (rural): math 49% / reading 50% proficiency, ranked #66 of 178 in NC (top 37%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Topsail Annandale Elementary School (math 72% / reading 66%, grade A-, #105 of 1,410 statewide, top 8%, 631 students, 15% FRL); Burgaw Middle (math 21% / reading 34%, grade F, #368 of 475 statewide, top 78%, 257 students, 83% FRL); Pender High (math 37% / reading 42%, grade F, #393 of 535 statewide, top 75%, 677 students, 71% FRL).
• Market conditions: 115 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 943 units permitted in Pender 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.
• Pender County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $159k implies a 121% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 98% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,127 (21.3% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — 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. 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?
7. 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.
8. 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.
9. 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: 0.79% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.72%
• DSCR: 1.03
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $193,536
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
311 W Fremont St	0.26mi	2/1.5	825 (-4%)	1mo	$185,000	$224	78
207 E Ashe St	0.25mi	2/1.0	885 (+2%)	10mo	$120,000	$136	76
208 W Satchwell St	0.27mi	2/2.0	750 (-13%)	15mo	$225,340	$300	49
703 E Kristi Cir	0.74mi	2/2.0	993 (+15%)	2mo	$160,000	$161	35

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: -15.2%
• Equity multiple: 0.46×
• Total profit: $-24,128
• Equity at exit: $23,707

10-year hold

• IRR: -6.7%
• Equity multiple: 0.57×
• Total profit: $-19,084
• Equity at exit: $13,747

Cash invested: $44,520 (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 28425

• Home prices YoY: -28.3%
• Active inventory: 115
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,251 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$62 /mo · $741/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$263
• Net cashflow: $27

Break-even live

Break-even rent $1,217

Max offer price $159,000

Occupancy floor 93%

Sensitivity live

Price	-10% $117	-5% $72	+0% $27	+5% $-18	+10% $-63
Rent	-10% $-72	-5% $-23	+0% $27	+5% $76	+10% $126
Rate	-1.0pp $107	-0.5pp $67	base $27	+0.5pp $-14	+1.0pp $-56

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 S Johnson St Burgaw, NC	2.0	1.0	650	$1,050	$1.62	22d	1	0.34mi
128 Peterson Hill Ave Burgaw, NC	3.0	2.0	1100	$1,850	$1.68	22d	1	1.06mi

Listing history 24 events

1. 2026-06-22
   days on market $159,000 Active 83 DOM
2. 2026-06-18
   days on market $159,000 Active 80 DOM
3. 2026-06-17
   days on market $159,000 Active 79 DOM
4. 2026-06-16
   days on market $159,000 Active 78 DOM
5. 2026-06-15
   days on market $159,000 Active 77 DOM
6. 2026-06-14
   days on market $159,000 Active 75 DOM
7. 2026-06-13
   days on market $159,000 Active 74 DOM
8. 2026-06-10
   days on market $159,000 Active 72 DOM
9. 2026-06-09
   days on market $159,000 Active 71 DOM
10. 2026-06-08
    days on market $159,000 Active 70 DOM
11. 2026-06-07
    days on market $159,000 Active 69 DOM
12. 2026-06-03
    days on market $159,000 Active 65 DOM
13. 2026-06-03
    days on market $159,000 Active 64 DOM
14. 2026-06-01
    days on market $159,000 Active 63 DOM
15. 2026-05-31
    days on market $159,000 Active 62 DOM
16. 2026-05-30
    days on market $159,000 Active 61 DOM
17. 2026-05-19
    price $159,000
18. 2026-03-30
    listed $169,000 Active
19. 2021-04-16
    soldstatus $71,900 240-char remark

    Show marketing remark (240 chars)

    Precious bungalow in the town of Burgaw on the Historic Registry. Great starter home. Come and take a look. Enjoy the simple and easy living of Pender County. Metal roof and storm windows. Great investment property. Current tenant in place.

20. 2021-04-16
    soldstatus $72,000

    Show marketing remark (240 chars)

    Precious bungalow in the town of Burgaw on the Historic Registry. Great starter home. Come and take a look. Enjoy the simple and easy living of Pender County. Metal roof and storm windows. Great investment property. Current tenant in place.

21. 2021-03-04
    listed $69,900 240-char remark

    Show marketing remark (240 chars)

    Precious bungalow in the town of Burgaw on the Historic Registry. Great starter home. Come and take a look. Enjoy the simple and easy living of Pender County. Metal roof and storm windows. Great investment property. Current tenant in place.

22. 2015-10-09
    soldstatus $46,000 188-char remark

    Show marketing remark (188 chars)

    Precious bungalow in the town of Burgaw on the Historic Registry. Great starter home. Come and take a look. Enjoy the simple and easy living of Pender County. Metal roof and storm windows.

23. 2015-10-09
    soldstatus $46,000

    Show marketing remark (188 chars)

    Precious bungalow in the town of Burgaw on the Historic Registry. Great starter home. Come and take a look. Enjoy the simple and easy living of Pender County. Metal roof and storm windows.

24. 2014-11-18
    listed $47,900 188-char remark

    Show marketing remark (188 chars)

    Precious bungalow in the town of Burgaw on the Historic Registry. Great starter home. Come and take a look. Enjoy the simple and easy living of Pender County. Metal roof and storm windows.

ⓘ 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: $741 · $62/mo
• Projected year-2 tax: $1,304 · $109/mo
• Expected delta: +$563/yr (+$47/mo · 76.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 98% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,015
• − Mortgage interest: −$8,906
• − Property taxes: −$741
• − Insurance: −$795
• − Repairs & maintenance: −$1,201
• − Management: −$1,201
• − Depreciation: −$4,625
• Taxable loss: −$2,455
• Est. tax savings @ 24.0%: +$589
• After-tax cash flow: $910/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: Pender County Schools
• NCES district ID: 3703570
• Math proficiency: 49% ▲ 3.00%
• Reading proficiency: 50% ▬ 0.00%
• Median HH income: $45,792
• Composite: 41.97/100
• National rank: #3342
• State rank: #66 of 178 in NC

Livability — Burgaw

• Score: 69/100
• State rank: #156
• US rank: #8522

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burgaw, NC
• City population: 10,823
• Population (ZIP): 10,823

Population outlook (Pender County) Hauer SSP2

• Today (2025): 69,295 people
• By 2030: 74,990 · +8.2%
• By 2040: 85,954 · +24.0%
• By 2050: 95,925 · +38.4%
• By 2075: 117,525 · +69.6%
• By 2100: 129,074 · +86.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Black 21% Hispanic / Latino 8% Two or more races 5%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 2% Serbian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 6%

Political lean MEDSL · Pender

• 2024 margin: Solid R (+35.0) · D 32.1% · R 67.0%
• 2008→2024 swing: -19.4pp toward R · 2008: -15.6pp · 2024: -35.0pp
• All cycles: 2024: R+35.0 2020: R+29.9 2016: R+30.4 2012: R+20.4 2008: R+15.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.03%
• Current HPI: 220.2477
• 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

+231.9% since first listed

8 events — show timeline

• 2026-05-19 Price Changed $159,000 Hive MLS
• 2026-03-30 Listed $169,000 Hive MLS
• 2021-04-16 Sold (Public Records) $72,000 Public Records
• 2021-04-16 Sold (MLS) $71,900 Hive MLS
• 2021-03-04 Listed $69,900 Hive MLS
• 2015-10-09 Sold (Public Records) $46,000 Public Records
• 2015-10-09 Sold (MLS) $46,000 Hive MLS
• 2014-11-18 Listed $47,900 Hive MLS

Property tax history

+9.5%/yr

Latest (2025): $741 · +2.9% YoY. Source: county tax records.