404 High St · Rocky Mount, NC 27803

$78,000

4 bd · 2.0 ba · 1,974 sqft · MultiFamily public records · 32 Days on market

Built 1954 7,500 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 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

Property owned by US Dept of HUD Case # 381-9518353. Insurable Code UI (UnInsurable). Sold ''AS-IS''. EHO. Subject to appraisal. Seller makes no representation or warranties as to property condition. Seller may contribute up to 3 percent for buyer's closing costs upon buyer request.

Key facts

• 7,500 sq ft lot
• Built 1954
• Listed 32 days

Property features AI

Exterior

• Parking: On-site parking
• Home design: Residential income property — duplex; One story
• Construction: Asbestos and frame construction; Shingle roof; Built on crawl space
• Exterior features: Front porch; Partial fencing

Interior

• Heating & cooling: Forced air heating (natural gas); No cooling
• Interior features: Crawl space basement; Has a view

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $78k.

Deal economics

• At list price, monthly cash flow is $577 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Recommended offer: $76k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.2% vs local median 4.5% in Rocky Mount — 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 70/100 on livability (#134 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, employment F.
• Nash-Rocky Mount Schools (rural): math 20% / reading 32% proficiency, ranked #155 of 178 in NC (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Bailey Elementary (math 24% / reading 28%, grade F, #1,085 of 1,410 statewide, top 77%, 538 students, 75% FRL); Rocky Mount Middle (math 7% / reading 26%, grade F, #449 of 475 statewide, top 96%, 407 students, 97% FRL); Rocky Mount High (math 27% / reading 36%, grade F, #449 of 535 statewide, top 85%, 1,072 students, 76% FRL) — zoned schools average 82% FRL vs 59% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.5%/yr); 175 active listings in the ZIP; 500 units permitted in Nash County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Nash County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $62k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 72% 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 $75,660 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.80% ✓
• Cap rate: 16.19%
• Cash-on-cash: 35.35%
• DSCR: 2.57
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $225,036
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
700-706 Pinehaven Dr	0.29mi	4/4.0	2,160 (+9%)	3mo	$246,900	$114	61
412 Hammond St	0.37mi	5/3.0 (+1)	2,249 (+14%)	24mo	$95,000	$42	31

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 · 5.51% rent growth · sell at horizon

5-year hold

• IRR: 29.4%
• Equity multiple: 2.27×
• Total profit: $27,757
• Equity at exit: $11,630

10-year hold

• IRR: 38.2%
• Equity multiple: 5.00×
• Total profit: $87,252
• Equity at exit: $6,744

Cash invested: $21,840 (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 27803

• Rents YoY: 5.5%
• Active inventory: 175
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,404 medium
• Mortgage (P&I): −$409
• Tax from tax record: −$24 /mo · $286/yr
• Insurance: −$32
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $577

Break-even live

Break-even rent $673

Max offer price $78,000

Occupancy floor 54%

Sensitivity live

Price	-10% $621	-5% $599	+0% $577	+5% $555	+10% $533
Rent	-10% $466	-5% $522	+0% $577	+5% $632	+10% $688
Rate	-1.0pp $616	-0.5pp $597	base $577	+0.5pp $557	+1.0pp $536

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: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $78,000 Active 32 DOM
2. 2026-06-19
   days on market $78,000 Active 30 DOM
3. 2026-06-18
   days on market $78,000 Active 29 DOM
4. 2026-06-17
   days on market $78,000 Active 28 DOM
5. 2026-06-16
   days on market $78,000 Active 27 DOM
6. 2026-06-15
   days on market $78,000 Active 26 DOM
7. 2026-06-14
   days on market $78,000 Active 24 DOM
8. 2026-06-13
   days on market $78,000 Active 23 DOM
9. 2026-06-10
   days on market $78,000 Active 21 DOM
10. 2026-06-09
    days on market $78,000 Active 20 DOM
11. 2026-06-08
    days on market $78,000 Active 19 DOM
12. 2026-06-07
    days on market $78,000 Active 18 DOM
13. 2026-06-03
    days on market $78,000 Active 14 DOM
14. 2026-06-02
    days on market $78,000 Active 13 DOM
15. 2026-06-01
    days on market $78,000 Active 12 DOM
16. 2026-05-31
    days on market $78,000 Active 11 DOM
17. 2026-05-30
    days on market $78,000 Active 10 DOM
18. 2026-05-19
    listed $78,000 Active
19. 2009-08-31
    soldstatus $62,000

ⓘ 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: $286 · $24/mo
• Projected year-2 tax: $640 · $53/mo
• Expected delta: +$353/yr (+$29/mo · 123.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,843
• − Mortgage interest: −$4,369
• − Property taxes: −$286
• − Insurance: −$1,188
• − Repairs & maintenance: −$1,347
• − Management: −$1,347
• − Depreciation: −$2,269
• Taxable income: $6,036
• Est. tax owed @ 24.0%: −$1,449
• After-tax cash flow: $5,475/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: Nash-Rocky Mount Schools
• NCES district ID: 3703270
• Math proficiency: 20% ▼ -3.00%
• Reading proficiency: 32% ▲ 1.00%
• Median HH income: $41,553
• Composite: 22.04/100
• National rank: #8198
• State rank: #155 of 178 in NC

Livability — Rocky Mount

• Score: 70/100
• State rank: #134
• US rank: #7692

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rocky Mount, NC
• County: Nash County · 50,768 people
• City population: 70,300
• Metro: Rocky Mount, NC
• Population (ZIP): 20,055
• Household income: $60,124
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 641.0

Population outlook (Nash County) Hauer SSP2

• Today (2025): 91,107 people
• By 2030: 89,193 · -2.1%
• By 2040: 84,959 · -6.7%
• By 2050: 80,517 · -11.6%
• By 2075: 72,941 · -19.9%
• By 2100: 63,602 · -30.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 46% Black 44% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Iranian 1% Italian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 5% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Nash

• 2024 margin: Toss-up / Even · D 48.7% · R 50.5%
• 2008→2024 swing: -0.4pp no change · 2008: -1.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.2 2016: R+0.2 2012: D+0.9 2008: R+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -162.95%
• Current HPI: 190.0204
• Rent YoY: ▲ 5.51%
• Metro: Rocky Mount, 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

+25.8% since first listed

2 events — show timeline

• 2026-05-19 Listed $78,000 Hive MLS
• 2009-08-31 Sold (Public Records) $62,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $286 · +0.0% YoY. Source: county tax records.