410 Devane St · Wallace, NC 28466

$75,000

2 bd · 1.0 ba · 628 sqft · SingleFamily public records · 122 Days on market

Built 1961 5,227 sqft 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 +24.7/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

2 BR, 1 bath home, need completing, has new roof, siding on front of house, and new flooring on inside. Needs: HVAC system, refinish bathroom, kitchen cabinets, vinyl siding on back and sides of house. * * * owner financing available * * *

Key facts

• Metal roof
• 5,227 sq ft lot
• Built 1961

Tags

• METAL ROOF
• INVESTMENT OPPORTUNITY

Property features AI

Exterior

• Parking: Unpaved parking
• Utilities: Utilities: see remarks
• Home design: Single-family residence; One story
• Construction: Vinyl siding with frame construction; Metal roof; Built on crawl space
• Exterior features: Front porch; Paved road access; Irregular lot shape

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: No central heating; No cooling
• Interior features: Crawl space basement; Has a view; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $156 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($761 rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 1.7% in Wallace — 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 65/100 on livability (#306 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Duplin County Schools (rural): math 23% / reading 32% proficiency, ranked #153 of 178 in NC (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wallace Elementary (math 16% / reading 23%, grade F, #1,242 of 1,410 statewide, top 90%, 1,147 students, 100% FRL); Wallace-Rose Hill High (math 37% / reading 32%, grade F, #427 of 535 statewide, top 81%, 807 students, 99% FRL) — zoned schools average 100% FRL vs 74% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 125 active listings in the ZIP; 134 units permitted in Duplin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Duplin County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $15k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1961 — 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: 1.01% ✓
• Cap rate: 8.79%
• Cash-on-cash: 8.92%
• DSCR: 1.40
• GRM: 8.2

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: -2.8%
• Equity multiple: 0.89×
• Total profit: $-2,249
• Equity at exit: $11,183

10-year hold

• IRR: 6.8%
• Equity multiple: 1.51×
• Total profit: $10,701
• Equity at exit: $6,485

Cash invested: $21,000 (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 28466

• Home prices YoY: -6.2%
• Active inventory: 125
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $761 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$21 /mo · $246/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$160
• Net cashflow: $156

Break-even live

Break-even rent $563

Max offer price $75,000

Occupancy floor 74%

Sensitivity live

Price	-10% $198	-5% $177	+0% $156	+5% $135	+10% $114
Rent	-10% $96	-5% $126	+0% $156	+5% $186	+10% $216
Rate	-1.0pp $194	-0.5pp $175	base $156	+0.5pp $137	+1.0pp $117

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-19
   days on market $75,000 Active 122 DOM
2. 2026-06-18
   days on market $75,000 Active 121 DOM
3. 2026-06-17
   days on market $75,000 Active 120 DOM
4. 2026-06-16
   days on market $75,000 Active 119 DOM
5. 2026-06-15
   days on market $75,000 Active 118 DOM
6. 2026-06-14
   days on market $75,000 Active 116 DOM
7. 2026-06-13
   days on market $75,000 Active 115 DOM
8. 2026-06-10
   pricedays on market $75,000 Active 113 DOM
9. 2026-06-09
   days on market $80,000 Active 112 DOM
10. 2026-06-08
    days on market $80,000 Active 111 DOM
11. 2026-06-07
    days on market $80,000 Active 110 DOM
12. 2026-06-05
    days on market $80,000 Active 107 DOM
13. 2026-06-03
    days on market $80,000 Active 106 DOM
14. 2026-06-02
    days on market $80,000 Active 105 DOM
15. 2026-06-01
    days on market $80,000 Active 104 DOM
16. 2026-05-31
    days on market $80,000 Active 103 DOM
17. 2026-05-30
    days on market $80,000 Active 102 DOM
18. 2026-05-12
    price $80,000
19. 2026-04-12
    price $85,000
20. 2026-02-17
    listed $90,000 Active
21. 2026-01-29
    soldstatus $55,000
22. 2024-09-06
    status Pending 245-char remark

    Show marketing remark (245 chars)

    2 BR, 1 bath home, need completing, has new roof, siding on front of house, and new flooring on inside. Needs: HVAC system, refinish bathroom, kitchen cabinets, vinyl siding on back and sides of house. * * * owner financing available * * *

23. 2024-09-06
    soldstatus $87,500 Closed 245-char remark

    Show marketing remark (245 chars)

    2 BR, 1 bath home, need completing, has new roof, siding on front of house, and new flooring on inside. Needs: HVAC system, refinish bathroom, kitchen cabinets, vinyl siding on back and sides of house. * * * owner financing available * * *

24. 2024-09-06
    soldstatus $87,500

    Show marketing remark (245 chars)

    2 BR, 1 bath home, need completing, has new roof, siding on front of house, and new flooring on inside. Needs: HVAC system, refinish bathroom, kitchen cabinets, vinyl siding on back and sides of house. * * * owner financing available * * *

25. 2024-08-13
    price $87,500 245-char remark

    Show marketing remark (245 chars)

    2 BR, 1 bath home, need completing, has new roof, siding on front of house, and new flooring on inside. Needs: HVAC system, refinish bathroom, kitchen cabinets, vinyl siding on back and sides of house. * * * owner financing available * * *

26. 2024-07-23
    price $88,500 245-char remark

    Show marketing remark (245 chars)

    2 BR, 1 bath home, need completing, has new roof, siding on front of house, and new flooring on inside. Needs: HVAC system, refinish bathroom, kitchen cabinets, vinyl siding on back and sides of house. * * * owner financing available * * *

27. 2024-07-16
    price $88,900 245-char remark

    Show marketing remark (245 chars)

    2 BR, 1 bath home, need completing, has new roof, siding on front of house, and new flooring on inside. Needs: HVAC system, refinish bathroom, kitchen cabinets, vinyl siding on back and sides of house. * * * owner financing available * * *

28. 2024-06-14
    price $89,500 245-char remark

    Show marketing remark (245 chars)

    2 BR, 1 bath home, need completing, has new roof, siding on front of house, and new flooring on inside. Needs: HVAC system, refinish bathroom, kitchen cabinets, vinyl siding on back and sides of house. * * * owner financing available * * *

29. 2024-06-06
    price $89,900 245-char remark

    Show marketing remark (245 chars)

    2 BR, 1 bath home, need completing, has new roof, siding on front of house, and new flooring on inside. Needs: HVAC system, refinish bathroom, kitchen cabinets, vinyl siding on back and sides of house. * * * owner financing available * * *

30. 2024-05-28
    price $92,500 245-char remark

    Show marketing remark (245 chars)

    2 BR, 1 bath home, need completing, has new roof, siding on front of house, and new flooring on inside. Needs: HVAC system, refinish bathroom, kitchen cabinets, vinyl siding on back and sides of house. * * * owner financing available * * *

31. 2024-04-16
    listed $99,500 Active 245-char remark

    Show marketing remark (245 chars)

    2 BR, 1 bath home, need completing, has new roof, siding on front of house, and new flooring on inside. Needs: HVAC system, refinish bathroom, kitchen cabinets, vinyl siding on back and sides of house. * * * owner financing available * * *

32. 2015-02-06
    soldstatus $11,200 262-char remark

    Show marketing remark (262 chars)

    Cute home with tons of potential. Large living room. Spacious kitchen with eat in nook. Home features 2 bedrooms and 1 full bath. Property to be sold as is. Ask your agent for details. Util. are off-bring a flashlight. See agent remarks for bidding instructions.

33. 2015-02-06
    soldstatus $11,200

    Show marketing remark (262 chars)

    Cute home with tons of potential. Large living room. Spacious kitchen with eat in nook. Home features 2 bedrooms and 1 full bath. Property to be sold as is. Ask your agent for details. Util. are off-bring a flashlight. See agent remarks for bidding instructions.

34. 2014-11-12
    listed $11,200 262-char remark

    Show marketing remark (262 chars)

    Cute home with tons of potential. Large living room. Spacious kitchen with eat in nook. Home features 2 bedrooms and 1 full bath. Property to be sold as is. Ask your agent for details. Util. are off-bring a flashlight. See agent remarks for bidding instructions.

35. 2014-11-12
    listed $11,200

    Show marketing remark (262 chars)

    Cute home with tons of potential. Large living room. Spacious kitchen with eat in nook. Home features 2 bedrooms and 1 full bath. Property to be sold as is. Ask your agent for details. Util. are off-bring a flashlight. See agent remarks for bidding instructions.

36. 2000-11-22
    soldstatus $30,000

ⓘ 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: $246 · $21/mo
• Projected year-2 tax: $615 · $51/mo
• Expected delta: +$369/yr (+$31/mo · 149.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,131
• − Mortgage interest: −$4,201
• − Property taxes: −$246
• − Insurance: −$375
• − Repairs & maintenance: −$730
• − Management: −$730
• − Depreciation: −$2,182
• Taxable income: $666
• Est. tax owed @ 24.0%: −$160
• After-tax cash flow: $1,713/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: Duplin County Schools
• NCES district ID: 3701200
• Math proficiency: 23% ▼ -5.00%
• Reading proficiency: 32% ▼ -1.00%
• Median HH income: $34,900
• Composite: 22.66/100
• National rank: #8052
• State rank: #153 of 178 in NC

Livability — Wallace

• Score: 65/100
• State rank: #306
• US rank: #12752

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wallace, NC
• Population (ZIP): 8,746

Population outlook (Duplin County) Hauer SSP2

• Today (2025): 57,701 people
• By 2030: 56,333 · -2.4%
• By 2040: 52,736 · -8.6%
• By 2050: 48,426 · -16.1%
• By 2075: 36,339 · -37.0%
• By 2100: 23,866 · -58.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 17% Hispanic / Latino 15% Two or more races 7%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2% Cuban 2%
• Common ancestry: Serbian 2% Lithuanian 1% Romanian 1%
• Foreign-born: 7% · Canada
• Languages at home: 86% English-only · Spanish 14%

Political lean MEDSL · Duplin

• 2024 margin: Strong R (+28.9) · D 35.2% · R 64.2%
• 2008→2024 swing: -19.5pp toward R · 2008: -9.4pp · 2024: -28.9pp
• All cycles: 2024: R+28.9 2020: R+22.1 2016: R+19.2 2012: R+11.8 2008: R+9.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -16.04%
• Current HPI: 243.173
• 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

+166.7% since first listed

19 events — show timeline

• 2026-05-12 Price Changed $80,000 Hive MLS
• 2026-04-12 Price Changed $85,000 Hive MLS
• 2026-02-17 Listed $90,000 Hive MLS
• 2026-01-29 Sold (Public Records) $55,000 Public Records
• 2024-09-06 Pending — Hive MLS
• 2024-09-06 Sold (Public Records) $87,500 Public Records
• 2024-09-06 Sold (MLS) $87,500 Hive MLS
• 2024-08-13 Price Changed $87,500 Hive MLS
• 2024-07-23 Price Changed $88,500 Hive MLS
• 2024-07-16 Price Changed $88,900 Hive MLS
• 2024-06-14 Price Changed $89,500 Hive MLS
• 2024-06-06 Price Changed $89,900 Hive MLS
• 2024-05-28 Price Changed $92,500 Hive MLS
• 2024-04-16 Listed $99,500 Hive MLS
• 2015-02-06 Sold (MLS) $11,200 TMLS
• 2015-02-06 Sold (MLS) $11,200 Hive MLS
• 2014-11-12 Listed $11,200 TMLS
• 2014-11-12 Listed $11,200 Hive MLS
• 2000-11-22 Sold (Public Records) $30,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $246 · -10.9% YoY. Source: county tax records.