1527 Hwy 123 S · Hookerton, NC 28538

$49,000

2 bd · 1.0 ba · 1,089 sqft · SingleFamily · 107 Days on market

Built 1950 0.41 ac lot ↓ 22% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.7/10.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0

Listing remarks

This Farmhouse is ready for your creative touch. located on close to a 1/2 acre. Fully fenced it back yard with a carport/storage shed in the back yard. A quiet county setting surrounds this property. Whether you are a investor or a buyer looking for an affordable fixer upper, come see what this home has to offer.

Key facts

• Quiet county setting
• Carport storage shed
• 0.41 acre lot

Tags

• FULLY FENCED BACK YARD
• CARPORT STORAGE SHED
• QUIET COUNTY SETTING

Property features AI

Exterior

• Parking: Unpaved parking
• Utilities: Water connected
• Home design: Single-family residence; One story; entry on level 1
• Construction: Wood siding and frame construction; Built as a one-level structure
• Exterior features: Wire fencing in the backyard; Shingle roof; Covered front and side porches

Interior

• Bedrooms: Total of 5 rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Propane heating; Central air conditioning
• Interior features: Crawl space basement; no finished basement; Has a view; Covered front and side porches

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($979 rent vs $49k).
• Recommended offer: $45k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 52/100 on livability (#686 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime F, amenities F, commute F.
• Greene County Schools (rural): math 25% / reading 32% proficiency, ranked #151 of 178 in NC (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Greene County Intermediate (math 22% / reading 28%, grade F, #1,101 of 1,410 statewide, top 79%, 358 students, 99% FRL); Greene County Middle (math 21% / reading 32%, grade F, #381 of 475 statewide, top 81%, 680 students, 100% FRL) — zoned schools average 99% FRL vs 77% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 8 active listings in the ZIP; 52 units permitted in Greene County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($339 loan paydown + $2k appreciation (3.3% local appreciation)).
• Greene County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.3% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($45k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $44,590 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 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 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. 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: 2.00% ✓
• Cap rate: 16.94%
• Cash-on-cash: 38.03%
• DSCR: 2.69
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.3% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 44.0%
• Equity multiple: 3.51×
• Total profit: $34,403
• Equity at exit: $22,876

10-year hold

• IRR: 43.6%
• Equity multiple: 7.03×
• Total profit: $82,720
• Equity at exit: $35,925

Cash invested: $13,720 (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 28538

• Home prices YoY: 2.0%
• Active inventory: 8
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $979 medium
• Mortgage (P&I): −$257
• Tax est. 1.5%: −$61 /mo · $735/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $435

Break-even live

Break-even rent $429

Max offer price $49,000

Occupancy floor 51%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $49,000 Active 107 DOM
2. 2026-06-18
   days on market $49,000 Active 106 DOM
3. 2026-06-17
   days on market $49,000 Active 105 DOM
4. 2026-06-16
   days on market $49,000 Active 104 DOM
5. 2026-06-15
   days on market $49,000 Active 103 DOM
6. 2026-06-14
   days on market $49,000 Active 101 DOM
7. 2026-06-13
   pricedays on market $49,000 Active 100 DOM
8. 2026-06-10
   days on market $77,000 Active 98 DOM
9. 2026-06-09
   days on market $77,000 Active 97 DOM
10. 2026-06-08
    days on market $77,000 Active 96 DOM
11. 2026-06-07
    days on market $77,000 Active 95 DOM
12. 2026-06-05
    days on market $77,000 Active 92 DOM
13. 2026-06-03
    days on market $77,000 Active 91 DOM
14. 2026-06-02
    days on market $77,000 Active 90 DOM
15. 2026-06-01
    days on market $77,000 Active 89 DOM
16. 2026-05-31
    days on market $77,000 Active 88 DOM
17. 2026-05-30
    days on market $77,000 Active 87 DOM
18. 2026-05-12
    price $98,000
19. 2026-04-17
    price $115,000
20. 2026-03-04
    listed $125,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 17 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: $11,748
• − Mortgage interest: −$2,745
• − Property taxes: −$735
• − Insurance: −$245
• − Repairs & maintenance: −$940
• − Management: −$940
• − Depreciation: −$1,425
• Taxable income: $4,718
• Est. tax owed @ 24.0%: −$1,132
• After-tax cash flow: $4,085/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: Greene County Schools
• NCES district ID: 3701830
• Math proficiency: 25% ▬ 0.00%
• Reading proficiency: 32% ▲ 2.00%
• Median HH income: $38,566
• Composite: 23.84/100
• National rank: #7806
• State rank: #151 of 178 in NC

Livability — Hookerton

• Score: 52/100
• State rank: #686
• US rank: #24748

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 2,231

Population outlook (Greene County) Hauer SSP2

• Today (2025): 21,070 people
• By 2030: 20,745 · -1.5%
• By 2040: 19,582 · -7.1%
• By 2050: 18,104 · -14.1%
• By 2075: 14,181 · -32.7%
• By 2100: 9,573 · -54.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 49% Black 40% Hispanic / Latino 9% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Slovak 3% Lithuanian 2%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 91% English-only · Spanish 7% Korean 1% French/Haitian/Cajun 1%

Political lean MEDSL · Greene

• 2024 margin: R (+18.1) · D 40.7% · R 58.8%
• 2008→2024 swing: -12.2pp toward R · 2008: -5.9pp · 2024: -18.1pp
• All cycles: 2024: R+18.1 2020: R+11.9 2016: R+9.8 2012: R+7.7 2008: R+5.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 3.30%
• Current HPI: 172.0828
• 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

-21.6% since first listed

3 events — show timeline

• 2026-05-12 Price Changed $98,000 Hive MLS
• 2026-04-17 Price Changed $115,000 Hive MLS
• 2026-03-04 Listed $125,000 Hive MLS