503 Pearl St · Elizabeth City, NC 27909

$35,000

4 bd · 1.5 ba · 1,376 sqft · SingleFamily · 4 Days on market

Built 1936 3,485 sqft lot

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Investor and renovation opportunity in a prime Elizabeth City location. Walkable to historic downtown, the Pasquotank River waterfront, dining, and local amenities. This two-story Folk Victorian features original hardwood floors, a covered front porch with decorative millwork, three bedrooms, one full bath, and a spacious rear yard with detached outbuilding. The main level includes a living area, flex room, and kitchen with existing cabinetry. Property is in need of full renovation and is priced accordingly. Sold strictly as-is seller will make no repairs. Cash or renovation financing only. All inspections welcome prior to offer. Confirmed appointment required to access property. As-Is Sale

Key facts

• Covered front porch
• Historic downtown
• Decorative millwork

Tags

• PRIME ELIZABETH CITY LOCATION
• HISTORIC DOWNTOWN
• PASQUOTANK RIVER WATERFRONT
• COVERED FRONT PORCH
• DECORATIVE MILLWORK
• ORIGINAL HARDWOOD FLOORS

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Water connected; Sewer connected
• Home design: Single family residence; Two levels; Entry level is 1
• Construction: Wood siding and frame construction; Shingle roof; Crawl space / no basement; Built as residential (single family)
• Exterior features: Front porch; Rear porch; Has view

Interior

• Flooring: Vinyl flooring; Hardwood flooring
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: No heating; No cooling
• Interior features: See remarks
• Laundry & utility: Washer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $703 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Cap rate 45.0% 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.

Location & tenants

• 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: P W Moore Elementary (math 8% / reading 17%, grade F, #1,362 of 1,410 statewide, top 97%, 353 students, 98% FRL); Elizabeth City Middle (math 16% / reading 31%, grade F, #402 of 475 statewide, top 85%, 515 students, 99% FRL); Northeastern High (math 37% / reading 42%, grade F, #393 of 535 statewide, top 75%, 701 students, 100% FRL) — zoned schools average 99% FRL vs 56% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.0%/yr); 343 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 153 units permitted in Pasquotank County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $14k; list at $35k implies a 141% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1936 — expect roof / HVAC / electrical / plumbing capex.
• 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $35,000

Questions for the listing agent

1. Built in 1936 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 4.99% ✓
• Cap rate: 45.02%
• Cash-on-cash: 138.32%
• DSCR: 7.15
• GRM: 1.7

CMA / ARV

• ARV (on-the-fly): $177,504
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
503 Pearl St	0.00mi	4/1.5	1,376 (0%)	0mo	$39,000	$28	100
409 E Broad St	0.25mi	3/2.5 (-1)	1,376 (0%)	11mo	$220,000	$160	71
802 2nd St	0.23mi	3/2.0 (-1)	1,281 (-7%)	7mo	$165,000	$129	65
803 1st St	0.22mi	3/3.0 (-1)	1,308 (-5%)	12mo	$277,500	$212	60
704 Grady St	0.38mi	3/1.0 (-1)	1,275 (-7%)	5mo	$149,900	$118	59
406 Factory St	0.47mi	3/2.0 (-1)	1,280 (-7%)	1mo	$182,500	$143	58
608 S Martin St	0.59mi	3/1.0 (-1)	1,360 (-1%)	12mo	$60,000	$44	54
808 Wilson St	0.59mi	3/1.5 (-1)	1,236 (-10%)	8mo	$112,000	$91	44
509 Madrin St	0.64mi	3/2.0 (-1)	1,304 (-5%)	12mo	$142,000	$109	44
708 Southern Ave	0.58mi	3/1.0 (-1)	1,486 (+8%)	15mo	$50,000	$34	40
806 Agawam St	0.72mi	3/2.0 (-1)	1,221 (-11%)	11mo	$261,800	$214	32
902 Hunnicutt Ave	0.73mi	3/2.0 (-1)	1,541 (+12%)	12mo	$259,000	$168	29

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 · 4.02% rent growth · sell at horizon

5-year hold

• IRR: 88.5%
• Equity multiple: 5.21×
• Total profit: $41,212
• Equity at exit: $5,219

10-year hold

• IRR: 91.9%
• Equity multiple: 11.44×
• Total profit: $102,320
• Equity at exit: $3,026

Cash invested: $9,800 (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 27909

• Rents YoY: 4.0%
• Active inventory: 343
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,745 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$51 /mo · $613/yr
• Insurance: −$15
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $703

Break-even live

Break-even rent $855

Max offer price $35,000

Occupancy floor 55%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
805 Hunter St Elizabeth City, NC	3.0	1.0	924	$1,250	$1.35	12d	1	0.65mi

Listing history 2 events

1. 2026-05-25
   listed $35,000 Active
2. 2016-04-15
   soldstatus $14,500

ⓘ 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: $613 · $51/mo
• Projected year-2 tax: $613 · $51/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 10/10 Extreme 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,945
• − Mortgage interest: −$1,961
• − Property taxes: −$613
• − Insurance: −$5,294
• − Repairs & maintenance: −$1,676
• − Management: −$1,676
• − Depreciation: −$1,018
• Taxable income: $8,708
• Est. tax owed @ 24.0%: −$2,090
• After-tax cash flow: $6,347/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: Elizabeth City-Pasquotank Public Schools
• NCES district ID: 3703540
• Math proficiency: 21% ▼ -7.00%
• Reading proficiency: 34% ▼ -1.00%
• Median HH income: $45,294
• Composite: 23.63/100
• National rank: #7847
• State rank: #152 of 178 in NC

Livability — Elizabeth City

• Score: 71/100
• State rank: #119
• US rank: #7304

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elizabeth City, NC
• County: Pasquotank County · 40,869 people
• City population: 40,869
• Metro: Elizabeth City, NC
• Population (ZIP): 40,869
• Household income: $66,732
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 1160.0

Population outlook (Pasquotank County) Hauer SSP2

• Today (2025): 38,172 people
• By 2030: 36,890 · -3.4%
• By 2040: 33,845 · -11.3%
• By 2050: 31,086 · -18.6%
• By 2075: 27,191 · -28.8%
• By 2100: 26,093 · -31.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 54% Black 35% Hispanic / Latino 6% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 2% Romanian 1% Lithuanian 1%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1% Vietnamese 1%

Political lean MEDSL · Pasquotank

• 2024 margin: Toss-up / Even · D 47.1% · R 52.0%
• 2008→2024 swing: -18.6pp toward R · 2008: 13.7pp · 2024: -4.9pp
• All cycles: 2024: R+4.9 2020: D+0.3 2016: D+2.2 2012: D+15.9 2008: D+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -141.03%
• Current HPI: 164.7511
• Rent YoY: ▲ 4.02%
• Metro: Elizabeth City, NC
• 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

+141.4% since first listed

2 events — show timeline

• 2026-05-25 Listed $35,000 Hive MLS
• 2016-04-15 Sold (Public Records) $14,500 Public Records