409 Lindsey St Unit A,B,C,D,E · Reidsville, NC 27320

$109,900

None bd · None ba · 3,442 sqft · MultiFamily · 111 Days on market

Built 1915 0.42 ac lot

---

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
• Schools +3.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• 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

THIS LOCATION FEATURES 4- 1 BEDROOM UNITS AND 1- STUDIO UNIT. ALL UNITS ARE 1 BEDROOM WITH 1 BATH. ALL UNITS HAVE THE AIR HANDLER INSTALL. NO UNIT HAS THE CONDENSING UNIT INSTALL. ALL UNITS ARE METERED SEPARATELY FOR POWER & WATER. GREAT PROJECT FOR INVESTOR. THIS PROPERTY IS LOCATED IN THE HISTORICAL DISTRICT OF THE CITY OF REIDSVILLE. CHECK WITH THE CITY ABOUT ZONING

Key facts

• 0.42 acre lot
• Built 1915
• Listed 111 days

Property features AI

Finance

• Other:
• Financial info:
• HOA & community: No homeowner association

Exterior

• Parking: Driveway
• Security:
• Utilities: Public water; Public sewer; Electric water heater
• Home design: Multi-unit residential income property (quadruplex); Built in 1915; Existing structure
• Construction: Vinyl siding exterior
• Exterior features: Level city lot; Lot dimensions approximately 95 x 195 x 94 x 195; Flat land

Interior

• Kitchen:
• Bedrooms:
• Flooring: Carpet; Vinyl; Wood
• Bathrooms:
• Heating & cooling: Electric forced-air heating; No central cooling
• Interior features: Carpet, vinyl, and wood flooring
• Laundry & utility: Washer/dryer connection; Electric water heater

What this means for you Summary

Snapshot

• This is a multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $110k).
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Cap rate 38.4% vs local median 3.8% in Reidsville — 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 59/100 on livability (#553 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: schools D-, crime F, amenities F.
• Rockingham County Schools (rural): math 38% / reading 40% proficiency, ranked #120 of 178 in NC (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 251 active listings in the ZIP; 344 units permitted in Rockingham County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Rockingham County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $100,009 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 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 1915 — 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 D-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. 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?
8. 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.
9. 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.
10. 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: 4.26% ✓
• Cap rate: 38.37%
• Cash-on-cash: 114.56%
• DSCR: 6.10
• GRM: 2.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 6.50×
• Total profit: $169,366
• Equity at exit: $16,386

10-year hold

• IRR: —
• Equity multiple: 13.63×
• Total profit: $388,694
• Equity at exit: $9,502

Cash invested: $30,772 (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 27320

• Home prices YoY: -30.8%
• Active inventory: 251
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $4,680 medium
• Mortgage (P&I): −$576
• Tax est. 1.5%: −$137 /mo · $1,648/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$983
• Net cashflow: $2,938

Break-even live

Break-even rent $961

Max offer price $109,900

Occupancy floor 32%

Sensitivity live

Price	-10% $3,014	-5% $2,976	+0% $2,938	+5% $2,900	+10% $2,862
Rent	-10% $2,568	-5% $2,753	+0% $2,938	+5% $3,123	+10% $3,307
Rate	-1.0pp $2,993	-0.5pp $2,966	base $2,938	+0.5pp $2,909	+1.0pp $2,880

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,764
1× unit	0	1	$915
Total (5 units)			$4,680

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-13
   statusdays on market $109,900 Pending 111 DOM
2. 2026-06-10
   days on market $109,900 Active 109 DOM
3. 2026-06-09
   days on market $109,900 Active 108 DOM
4. 2026-06-08
   days on market $109,900 Active 107 DOM
5. 2026-06-07
   days on market $109,900 Active 106 DOM
6. 2026-06-03
   days on market $109,900 Active 102 DOM
7. 2026-06-02
   days on market $109,900 Active 101 DOM
8. 2026-06-01
   days on market $109,900 Active 100 DOM
9. 2026-05-31
   days on market $109,900 Active 99 DOM
10. 2026-05-31
    days on market $109,900 Active 98 DOM
11. 2026-04-01
    status Active
12. 2026-03-23
    status Pending
13. 2026-02-25
    status Active
14. 2026-02-19
    status Pending
15. 2026-02-06
    listed $109,900 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 10% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,160
• − Mortgage interest: −$6,156
• − Property taxes: −$1,648
• − Insurance: −$550
• − Repairs & maintenance: −$4,493
• − Management: −$4,493
• − Depreciation: −$3,197
• Taxable income: $35,623
• Est. tax owed @ 24.0%: −$8,550
• After-tax cash flow: $26,703/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: Rockingham County Schools
• NCES district ID: 3703990
• Math proficiency: 38% ▼ -2.00%
• Reading proficiency: 40% ▲ 1.00%
• Median HH income: $38,914
• Composite: 32.6/100
• National rank: #5673
• State rank: #120 of 178 in NC

Livability — Reidsville

• Score: 59/100
• State rank: #553
• US rank: #20359

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reidsville, NC
• City population: 38,610
• Population (ZIP): 38,610

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 87,103 people
• By 2030: 83,763 · -3.8%
• By 2040: 76,082 · -12.7%
• By 2050: 68,106 · -21.8%
• By 2075: 52,531 · -39.7%
• By 2100: 39,871 · -54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 23% Two or more races 8% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 2% Serbian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Rockingham

• 2024 margin: Solid R (+35.9) · D 31.7% · R 67.6%
• 2008→2024 swing: -19.9pp toward R · 2008: -16.0pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+32.0 2016: R+30.0 2012: R+21.3 2008: R+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.42%
• Current HPI: 205.028
• 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

5 events — show timeline

• 2026-04-01 Relisted — Triad MLS
• 2026-03-23 Pending — Triad MLS
• 2026-02-25 Relisted — Triad MLS
• 2026-02-19 Pending — Triad MLS
• 2026-02-06 Listed $109,900 Triad MLS