605 Rhem St · Kinston, NC 28501

$54,900

3 bd · 0.5 ba · 1,014 sqft · SingleFamily public records · 140 Days on market

Built 1923 4,356 sqft lot Est $82k · 33% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover a lucrative investment opportunity with this 5-bedroom, 2-bathroom fixer-upper recently rented out and being sold as-is in Kinston. This property's potential is waiting to be unlocked, whether you're an investor seeking rental income or a homeowner with a vision to create your dream space. Located in Kinston, its proximity to amenities and schools adds to its appeal. Act now and seize this chance to turn this diamond in the rough into a profitable gem! * HIGHEST AND BEST OFFER CALLED BY 12:00 PM MONDAY 10/1/2023 *

Key facts

• 4,356 sq ft lot
• Built 1923
• Listed 139 days

Property features AI

Finance

• Other: Living area reported as 1,399 (above-grade finished area 1,399); Below-grade finished area reported as 0 (source: plans)
• HOA & community: No association

Exterior

• Utilities: Public water; Public sewer; Electricity available; Cable available
• Home design: Two-story house; Site-built structure; Property listed as a fixer
• Construction: Wood siding exterior; Brick/mortar foundation; Shingle roof; Built with site-built construction
• Exterior features: Public-maintained road access; Lot approximately 0.1 acre

Interior

• Bedrooms: 4 bedrooms total, including 1 on the main level
• Flooring: Wood and other flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Heating present (type: other); Cooling present (type: other)
• Interior features: Wood and other flooring

What this means for you Summary

Snapshot

• This is a 3-bed/0.5-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $301 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($814 rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 3.8% in Kinston — 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 55/100 on livability (#640 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing B+; Watch: schools F, crime F, amenities F.
• Lenoir County Public Schools (rural): math 29% / reading 32% proficiency, ranked #147 of 178 in NC (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 95 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 148 units permitted in Lenoir County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lenoir County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $33k; list at $55k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — 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. 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. 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: 1.48% ✓
• Cap rate: 12.86%
• Cash-on-cash: 23.47%
• DSCR: 2.04
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $82,134
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1003 W Washington Ave	0.28mi	3/1.0	1,000 (-1%)	6mo	$140,000	$140	77
1007 W Washington Ave	0.30mi	3/1.5	1,092 (+8%)	0mo	$56,000	$51	69
206 E Vernon Ave	0.62mi	3/1.0	1,052 (+4%)	1mo	$35,000	$33	62
905 Edwards Ave	0.53mi	3/1.0	1,116 (+10%)	3mo	$100,000	$90	54
902 Perry St	0.21mi	3/1.0	1,141 (+12%)	17mo	$66,500	$58	53
604 Harding Ave	0.18mi	2/1.0 (-1)	1,105 (+9%)	23mo	$71,000	$64	50
708 Barton Ave	0.64mi	2/1.0 (-1)	975 (-4%)	14mo	$153,000	$157	45
1204 Pollock St	0.49mi	2/1.0 (-1)	924 (-9%)	19mo	$105,000	$114	40
619 Terminal St	0.63mi	2/1.0 (-1)	959 (-5%)	20mo	$67,000	$70	38
1504 Howard St	0.75mi	3/1.5	1,076 (+6%)	20mo	$87,000	$81	34
203 Park Ave	0.64mi	2/1.0 (-1)	1,120 (+10%)	22mo	$113,000	$101	27

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: 16.5%
• Equity multiple: 1.67×
• Total profit: $10,239
• Equity at exit: $8,186

10-year hold

• IRR: 25.1%
• Equity multiple: 3.18×
• Total profit: $33,527
• Equity at exit: $4,747

Cash invested: $15,372 (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 28501

• Home prices YoY: -18.9%
• Active inventory: 95
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $814 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$32 /mo · $378/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$171
• Net cashflow: $301

Break-even live

Break-even rent $433

Max offer price $54,900

Occupancy floor 58%

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
503 N Queen St Kinston, NC	1.0–2.0	2.0	759	$723	$0.95	13d	8	0.50mi
619 S Heritage St Kinston, NC	1.0–2.0	2.0	1025	$1,042	$1.02	13d	4	0.99mi
705 Harvey St Kinston, NC	2.0	1.0	896	$700	$0.78	21d	1	1.10mi

Listing history 22 events

1. 2026-06-19
   days on market $54,900 Active 140 DOM
2. 2026-06-18
   days on market $54,900 Active 139 DOM
3. 2026-06-17
   days on market $54,900 Active 138 DOM
4. 2026-06-16
   days on market $54,900 Active 137 DOM
5. 2026-06-15
   days on market $54,900 Active 136 DOM
6. 2026-06-14
   days on market $54,900 Active 134 DOM
7. 2026-06-12
   days on market $54,900 Active 133 DOM
8. 2026-06-09
   days on market $54,900 Active 130 DOM
9. 2026-06-08
   days on market $54,900 Active 129 DOM
10. 2026-06-07
    days on market $54,900 Active 128 DOM
11. 2026-06-07
    days on market $54,900 Active 127 DOM
12. 2026-06-04
    days on market $54,900 Active 124 DOM
13. 2026-06-02
    days on market $54,900 Active 123 DOM
14. 2026-06-01
    days on market $54,900 Active 122 DOM
15. 2026-05-31
    days on market $54,900 Active 121 DOM
16. 2026-05-31
    days on market $54,900 Active 120 DOM
17. 2026-04-13
    price $54,900
18. 2026-01-30
    listed $59,900 Active
19. 2023-10-13
    soldstatus $33,000 Closed 529-char remark

    Show marketing remark (529 chars)

    Discover a lucrative investment opportunity with this 5-bedroom, 2-bathroom fixer-upper recently rented out and being sold as-is in Kinston. This property's potential is waiting to be unlocked, whether you're an investor seeking rental income or a homeowner with a vision to create your dream space. Located in Kinston, its proximity to amenities and schools adds to its appeal. Act now and seize this chance to turn this diamond in the rough into a profitable gem! * HIGHEST AND BEST OFFER CALLED BY 12:00 PM MONDAY 10/1/2023 *

20. 2023-10-03
    status Pending 529-char remark

    Show marketing remark (529 chars)

    Discover a lucrative investment opportunity with this 5-bedroom, 2-bathroom fixer-upper recently rented out and being sold as-is in Kinston. This property's potential is waiting to be unlocked, whether you're an investor seeking rental income or a homeowner with a vision to create your dream space. Located in Kinston, its proximity to amenities and schools adds to its appeal. Act now and seize this chance to turn this diamond in the rough into a profitable gem! * HIGHEST AND BEST OFFER CALLED BY 12:00 PM MONDAY 10/1/2023 *

21. 2023-09-29
    listed $25,000 Active 529-char remark

    Show marketing remark (529 chars)

    Discover a lucrative investment opportunity with this 5-bedroom, 2-bathroom fixer-upper recently rented out and being sold as-is in Kinston. This property's potential is waiting to be unlocked, whether you're an investor seeking rental income or a homeowner with a vision to create your dream space. Located in Kinston, its proximity to amenities and schools adds to its appeal. Act now and seize this chance to turn this diamond in the rough into a profitable gem! * HIGHEST AND BEST OFFER CALLED BY 12:00 PM MONDAY 10/1/2023 *

22. 2014-05-30
    soldstatus $15,000

ⓘ 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: $378 · $32/mo
• Projected year-2 tax: $450 · $38/mo
• Expected delta: +$72/yr (+$6/mo · 19.0%)

ⓘ 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) · 20% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,766
• − Mortgage interest: −$3,075
• − Property taxes: −$378
• − Insurance: −$274
• − Repairs & maintenance: −$781
• − Management: −$781
• − Depreciation: −$1,597
• Taxable income: $2,878
• Est. tax owed @ 24.0%: −$691
• After-tax cash flow: $2,917/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: Lenoir County Public Schools
• NCES district ID: 3702610
• Math proficiency: 29% ▲ 1.00%
• Reading proficiency: 32% ▼ -4.00%
• Median HH income: $34,958
• Composite: 25.17/100
• National rank: #7515
• State rank: #147 of 178 in NC

Livability — Kinston

• Score: 55/100
• State rank: #640
• US rank: #23267

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kinston, NC
• City population: 20,407
• Population (ZIP): 18,112

Population outlook (Lenoir County) Hauer SSP2

• Today (2025): 55,002 people
• By 2030: 53,048 · -3.6%
• By 2040: 49,041 · -10.8%
• By 2050: 45,136 · -17.9%
• By 2075: 36,547 · -33.6%
• By 2100: 27,731 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (62%)
• Race & ethnicity: Black 62% White 26% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Serbian 1% Italian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Lenoir

• 2024 margin: Lean R (+6.8) · D 46.2% · R 53.0%
• 2008→2024 swing: -6.7pp toward R · 2008: -0.1pp · 2024: -6.8pp
• All cycles: 2024: R+6.8 2020: R+3.5 2016: R+6.3 2012: R+1.5 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.17%
• Current HPI: 193.3213
• 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

+266.0% since first listed

6 events — show timeline

• 2026-04-13 Price Changed $54,900 TMLS
• 2026-01-30 Listed $59,900 TMLS
• 2023-10-13 Sold (MLS) $33,000 Hive MLS
• 2023-10-03 Pending — Hive MLS
• 2023-09-29 Listed $25,000 Hive MLS
• 2014-05-30 Sold (Public Records) $15,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $378 · +54.3% YoY. Source: county tax records.