112 Ridge Pl · Greenville, NC 27834

$229,900

2 bd · 3.0 ba · 1,920 sqft · MultiFamily public records · 44 Days on market

Built 1978 0.59 ac lot

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Why this score? — see what drove the C 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 +22.4/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +4.8/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Great investment opportunity or owner occupancy. Centrally located in Greenville on a quiet cul-de-sac lot. Two bedrooms and 1 1/2 baths per side (one parcel). Updates include the following for both units: roof 2024, new decks 2025, new water heaters 2025, sealed crawlspace, vapor barrier and dehumidifier 2025. New HVAC on A side - 2026. Side A: new LVP flooring and new carpet upstairs. Side B: freshly painted, new carpet in one bedroom and new vinyl flooring in the kitchen and 1/2 bath. Various other plumbing and carpentry improvements have been made.

Key facts

• 0.59 acre lot
• Built 1978
• Listed 44 days

Property features AI

Finance

• Other: Zoning: R6; Subdivision: The Woods

Exterior

• Parking: On-site paved parking
• Utilities: Public water; Sewer connected; Water connected
• Home design: Duplex; Two levels; Entry level: 1; Has a view
• Construction: Shingle roof; Wood siding and fiber cement siding with frame construction; Built as a residential single-family residence (duplex configuration)
• Exterior features: Deck; Storage structure on property; Cul-de-sac lot; Wooded lot; Paved road

Interior

• Kitchen: Electric oven; Refrigerator; Dishwasher; Washer hookup in kitchen
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning; Heat pump cooling
• Interior features: Electric oven, refrigerator, dishwasher; 8 total rooms; Crawl space basement
• Laundry & utility: Washer hookup; Laundry area located in the kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $-44 ($-527/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (2.4% below list).
• Recommended offer: $222k (3.4% below list) — sets the bar for cash-flow.
• Cap rate 8.3% 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.

Location & tenants

• 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: South Greenville Elementary (math 8% / reading 12%, grade F, #1,385 of 1,410 statewide, top 99%, 281 students, 96% FRL); E B Aycock Middle (math 27% / reading 30%, grade F, #355 of 475 statewide, top 76%, 661 students, 99% FRL); Junius H Rose High (math 52% / reading 61%, grade C, #261 of 535 statewide, top 49%, 1,525 students, 50% FRL) — zoned schools average 82% FRL vs 56% district-wide (26 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; 9 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).
• At $2,243/mo this rent would consume 55% 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.

Forward outlook

• 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.
• Pitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 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.
• Current owner paid $45k; list at $230k implies a 411% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $222,143 (3.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 8.29%
• Cash-on-cash: 7.13%
• DSCR: 1.32
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.44% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.47×
• Total profit: $-34,236
• Equity at exit: $34,279

10-year hold

• IRR: -1.7%
• Equity multiple: 0.87×
• Total profit: $-8,376
• Equity at exit: $19,878

Cash invested: $64,372 (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 27834

• Rents YoY: 5.4%
• Active inventory: 356
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $2,243 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$88 /mo · $1,055/yr
• Insurance: −$96
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $-44

Break-even live

Break-even rent $2,299

Max offer price $222,143

Occupancy floor 97%

Sensitivity live

Price	-10% $86	-5% $21	+0% $-44	+5% $-109	+10% $-174
Rent	-10% $-221	-5% $-133	+0% $-44	+5% $45	+10% $133
Rate	-1.0pp $72	-0.5pp $15	base $-44	+0.5pp $-103	+1.0pp $-164

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,242
Total (2 units)			$2,243

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2610 Evans St Greenville, NC	3.0	2.0	1931	$1,800	$0.93	23d	1	0.51mi
1151 Cross Creek Cir Unit D Greenville, NC	3.0	2.5	1338	$1,550	$1.16	15d	1	0.89mi
1151 Cross Creek Cir Greenville, NC	3.0	2.5	1338	$1,600	$1.20	23d	1	0.91mi
1035 Spring Forest Rd Greenville, NC	3.0	2.0–2.5	1453	$1,450	$1.00	23d	2	1.08mi
1015 Spring Forest Rd Unit F5 Greenville, NC	3.0	2.5	1453	$1,200	$0.83	23d	1	1.10mi
3278 Colony Ct Greenville, NC	1.0–3.0	1.0–2.0	1170	$1,188	$1.01	23d	1	1.12mi
207 Belvedere Dr Greenville, NC	3.0	2.0	1695	$2,300	$1.36	23d	1	1.19mi
904 Gabriel Dr Greenville, NC	1.0–2.0	1.0–2.0	966	$1,875	$1.94	23d	17	1.22mi
14a Merry Ln Greenville, NC	1.0–3.0	1.0–2.5	1150	$1,222	$1.06	15d	14	1.34mi

Listing history 27 events

1. 2026-06-21
   days on market $229,900 Active 44 DOM
2. 2026-06-19
   days on market $229,900 Active 42 DOM
3. 2026-06-18
   days on market $229,900 Active 41 DOM
4. 2026-06-17
   days on market $229,900 Active 40 DOM
5. 2026-06-16
   days on market $229,900 Active 39 DOM
6. 2026-06-15
   days on market $229,900 Active 38 DOM
7. 2026-06-13
   days on market $229,900 Active 35 DOM
8. 2026-06-10
   days on market $229,900 Active 33 DOM
9. 2026-06-09
   days on market $229,900 Active 32 DOM
10. 2026-06-08
    days on market $229,900 Active 31 DOM
11. 2026-06-07
    days on market $229,900 Active 30 DOM
12. 2026-06-05
    days on market $229,900 Active 27 DOM
13. 2026-06-03
    days on market $229,900 Active 26 DOM
14. 2026-06-02
    days on market $229,900 Active 25 DOM
15. 2026-06-01
    days on market $229,900 Active 24 DOM
16. 2026-05-31
    days on market $229,900 Active 23 DOM
17. 2026-05-30
    days on market $229,900 Active 22 DOM
18. 2026-05-14
    status Active
19. 2026-05-06
    status Pending
20. 2026-04-29
    listed $229,900 Active
21. 2025-12-11
    status Pending
22. 2025-12-08
    status Pending
23. 2025-10-02
    status Active
24. 2025-09-17
    status Pending
25. 2025-09-16
    status Pending
26. 2025-09-03
    listed $229,900 Active
27. 2010-09-03
    soldstatus $45,000

ⓘ 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: $1,055 · $88/mo
• Projected year-2 tax: $1,885 · $157/mo
• Expected delta: +$830/yr (+$69/mo · 78.7%)

ⓘ 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 7/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,916
• − Mortgage interest: −$12,878
• − Property taxes: −$1,055
• − Insurance: −$6,268
• − Repairs & maintenance: −$2,153
• − Management: −$2,153
• − Depreciation: −$6,688
• Taxable loss: −$4,280
• Est. tax savings @ 24.0%: +$1,027
• After-tax cash flow: $500/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: Pitt County Schools
• NCES district ID: 3700012
• Math proficiency: 41% ▬ 0.00%
• Reading proficiency: 44% ▲ 2.00%
• Median HH income: $40,631
• Composite: 35.67/100
• National rank: #4877
• State rank: #100 of 178 in NC

Livability — Greenville

• Score: 77/100
• State rank: #30
• US rank: #2977

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenville, NC
• County: Pitt County · 142,592 people
• City population: 115,121
• Metro: Greenville, NC
• Population (ZIP): 56,347
• Household income: $48,935
• Rent vs Own: 62.6% rent · 37.4% own
• Severe rent burden: 3319.0

Population outlook (Pitt County) Hauer SSP2

• Today (2025): 194,585 people
• By 2030: 203,756 · +4.7%
• By 2040: 220,807 · +13.5%
• By 2050: 236,614 · +21.6%
• By 2075: 275,940 · +41.8%
• By 2100: 300,058 · +54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 54% White 33% Hispanic / Latino 8% Two or more races 3% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 1% Slovak 1% Romanian 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Spanish 6% Other Asian/Pacific 1%

Political lean MEDSL · Pitt

• 2024 margin: Lean D (+6.0) · D 52.5% · R 46.5% · Other 1.1%
• 2008→2024 swing: -2.8pp toward R · 2008: 8.8pp · 2024: 6.0pp
• All cycles: 2024: D+6.0 2020: D+9.4 2016: D+7.4 2012: D+6.7 2008: D+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.99%
• Current HPI: 190.6869
• Rent YoY: ▲ 5.44%
• Metro: Greenville, 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

+410.9% since first listed

10 events — show timeline

• 2026-05-14 Relisted — Hive MLS
• 2026-05-06 Pending — Hive MLS
• 2026-04-29 Listed $229,900 Hive MLS
• 2025-12-11 Pending — Hive MLS
• 2025-12-08 Pending — Hive MLS
• 2025-10-02 Relisted — Hive MLS
• 2025-09-17 Pending — Hive MLS
• 2025-09-16 Pending — Hive MLS
• 2025-09-03 Listed $229,900 Hive MLS
• 2010-09-03 Sold (Public Records) $45,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,055 · +2.3% YoY. Source: county tax records.