2428 A Brookville Dr

Greenville, NC 27834

$221,990F

3 bd · 2.5 ba · 1,648 sqft · Built 2025 · Townhouse · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,845/mo
• Mortgage (P&I): −$1,305
• Tax + insurance: −$415
• HOA: −$0
• Vac / Maint / Mgmt: −$387
• Net cashflow: $-262/mo
• Annual: $-3,146/yr
• Cap rate: 5.03%
• Cash-on-cash: -4.52%
• DSCR: 0.80
• 1% rule: 0.74%
• Cash to close: $69,677

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $222k.
• At list price, monthly cash flow is $-262 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $211k (5.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (16.9% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $184k (16.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#30 in NC, #2,977 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, employment F.
• Pitt County Schools (rural): math 41% / reading 44% proficiency, ranked #100 of 178 in NC (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lakeforest Elementary (math 22% / reading 30%, grade F, #1,085 of 1,410 statewide, top 77%, 804 students, 98% FRL); Farmville Middle (math 31% / reading 35%, grade F, #305 of 475 statewide, top 65%, 611 students, 100% FRL); Farmville Central High (math 42% / reading 47%, grade F, #352 of 535 statewide, top 68%, 789 students, 99% FRL) — zoned schools average 99% FRL vs 56% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 356 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).
• Pitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 5.0% vs local median 3.8% in Greenville — 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.
• At $1,845/mo this rent would consume 45% of the median local household income ($49k/yr) (locally 3319% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.