207 Bell St

Elizabeth City, NC 27909

$75,000B-

3 bd · 1.5 ba · 1,616 sqft · Built 1900 · SingleFamily · Pending · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,606/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$492
• HOA: −$0
• Vac / Maint / Mgmt: −$337
• Net cashflow: $383/mo
• Annual: $4,602/yr
• Cap rate: 19.25%
• Cash-on-cash: 46.29%
• DSCR: 3.06
• 1% rule: 2.14%
• Cash to close: $21,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $75k.
• At list price, monthly cash flow is $383 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• It's been on market 38 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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: Sheep-Harney Elementary (math 17% / reading 32%, grade F, #1,112 of 1,410 statewide, top 82%, 473 students, 99% FRL); Elizabeth City Middle (math 16% / reading 31%, grade F, #402 of 475 statewide, top 85%, 515 students, 99% FRL); Pasquotank County High (math 27% / reading 37%, grade F, #445 of 535 statewide, top 84%, 628 students, 100% FRL) — zoned schools average 99% FRL vs 56% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.0%/yr); 351 active listings in the ZIP; 153 units permitted in Pasquotank County in 2024 (0 in 5+ unit buildings).
• Pasquotank County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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.
• Cap rate 19.3% 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.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.