408 N Catherine St · Ahoskie, NC 27910

$140,000

6 bd · 3.0 ba · 704 sqft · MultiFamily · 74 Days on market

Built 1915 Average condition 5,227 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
• Appreciation +6.3/10.0
• Livability +2.9/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Schools +1.6/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Investor opportunity in the heart of Ahoskie! Welcome to 408 Catherine Street--an income-producing 3-unit property with strong potential for both seasoned investors and savvy buyers looking to build wealth. This property has already undergone significant updates, with many major repairs completed, allowing you to step in and finish the remaining improvements to maximize value. Whether you're looking to renovate and hold for cash flow or reposition for resale, this is a prime handyman special with upside. Each unit offers the opportunity to generate multiple streams of rental income, making this a smart addition to any investment portfolio. With demand for rental housing continuing to grow,

Key facts

• Significant updates
• 5,227 sq ft lot
• Built 1915

Tags

• INCOME PRODUCING PROPERTY
• SIGNIFICANT UPDATES
• MAJOR REPAIRS COMPLETED

Property features AI

Finance

• Financial info: Multiple rental units with listed rents (examples: several 2-bedroom units showing $600/month actual rent)

Exterior

• Parking: On-street parking; No dedicated off-street parking listed
• Utilities: Public water; Sewer available; Electricity available; Cable available
• Home design: Triplex (residential income); One story
• Construction: Vinyl siding and frame construction; Block foundation; Shingle roof; Built as a single-level structure
• Exterior features: Front porch; Rear porch; Corner lot; Has a view; No additional exterior features listed

Interior

• Kitchen: Range
• Bedrooms: Multiple 2-bedroom units
• Flooring: Laminate; Vinyl; Wood
• Heating & cooling: Heat pump; Electric heating; Zoned heating and cooling; Has heating and cooling
• Interior features: Unfurnished units; Washer hookup available; No basement
• Laundry & utility: Washer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $140k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $744/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $140k).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 25.4% vs local median 7.7% in Ahoskie — 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 57/100 on livability (#600 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime F, amenities F, commute F.
• Hertford County Schools (town): math 14% / reading 26% proficiency, ranked #171 of 178 in NC (top 96%) — 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: Ahoskie Elementary (math 12% / reading 26%, grade F, #1,269 of 1,410 statewide, top 91%, 228 students, 99% FRL); Hertford County Middle (math 6% / reading 26%, grade F, #455 of 475 statewide, top 96%, 536 students, 99% FRL); Hertford County High (math 12% / reading 12%, grade F, #518 of 535 statewide, top 97%, 573 students, 100% FRL) — zoned schools average 99% FRL vs 74% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 59 active listings in the ZIP; 5 units permitted in Hertford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $4k of equity ($968 loan paydown + $4k appreciation (2.5% local appreciation)).
• Hertford County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.5% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.89% ✓
• Cap rate: 25.43%
• Cash-on-cash: 68.35%
• DSCR: 4.04
• GRM: 2.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.52% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 72.6%
• Equity multiple: 4.97×
• Total profit: $155,619
• Equity at exit: $59,211

10-year hold

• IRR: 72.5%
• Equity multiple: 10.16×
• Total profit: $359,252
• Equity at exit: $88,445

Cash invested: $39,200 (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 27910

• Home prices YoY: 1.9%
• Active inventory: 59
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $4,051 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$851
• Net cashflow: $2,233

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 40%

Sensitivity live

Price	-10% $2,330	-5% $2,281	+0% $2,233	+5% $2,184	+10% $2,136
Rent	-10% $1,913	-5% $2,073	+0% $2,233	+5% $2,393	+10% $2,553
Rate	-1.0pp $2,303	-0.5pp $2,268	base $2,233	+0.5pp $2,197	+1.0pp $2,160

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,050
Total (3 units)			$4,051

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $140,000 Active 74 DOM
2. 2026-06-21
   days on market $140,000 Active 73 DOM
3. 2026-06-18
   days on market $140,000 Active 71 DOM
4. 2026-06-17
   days on market $140,000 Active 70 DOM
5. 2026-06-16
   days on market $140,000 Active 69 DOM
6. 2026-06-15
   days on market $140,000 Active 68 DOM
7. 2026-06-13
   pricedays on market $140,000 Active 66 DOM
8. 2026-06-12
   days on market $159,000 Active 65 DOM
9. 2026-06-09
   days on market $159,000 Active 62 DOM
10. 2026-06-08
    days on market $159,000 Active 61 DOM
11. 2026-06-07
    days on market $159,000 Active 60 DOM
12. 2026-06-07
    days on market $159,000 Active 59 DOM
13. 2026-06-04
    days on market $159,000 Active 56 DOM
14. 2026-06-02
    days on market $159,000 Active 55 DOM
15. 2026-06-01
    days on market $159,000 Active 54 DOM
16. 2026-05-31
    days on market $159,000 Active 53 DOM
17. 2026-04-08
    listed $159,000 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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $48,612
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$3,889
• − Management: −$3,889
• − Depreciation: −$4,073
• Taxable income: $26,119
• Est. tax owed @ 24.0%: −$6,269
• After-tax cash flow: $20,525/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.

Condition & rehab AI · 13 photos

Average 55/100 Moderate rehab

This 3-unit property requires moderate repairs and maintenance to improve its condition and value. Fresh paint, new windows, and foundation repairs are key to enhancing its resale and rental potential.

Repairs flagged

• Minor Roof — Possible minor wear or discoloration.
• Minor Siding — Possible minor wear or discoloration.
• Minor Windows — Possible minor wear or discoloration.
• Minor Foundation — Possible minor settling or cracks.

Value-add opportunities

• Resale Paint exterior — Fresh paint can significantly improve curb appeal and home value.
• Both Replace windows — New windows can improve energy efficiency and home value.
• Both Repair foundation — A stable foundation is crucial for both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Roof · Possible minor wear or discoloration.	Minor	$500–3,000
Siding · Possible minor wear or discoloration.	Minor	$500–3,000
Windows · Possible minor wear or discoloration.	Minor	$500–3,000
Foundation · Possible minor settling or cracks.	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Resale Paint exterior — Fresh paint can significantly improve curb appeal and home value. ↑
• Both Replace windows — New windows can improve energy efficiency and home value. ↑
• Both Repair foundation — A stable foundation is crucial for both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Hertford County Schools
• NCES district ID: 3702160
• Math proficiency: 14% ▼ -3.00%
• Reading proficiency: 26% ▼ -1.00%
• Median HH income: $33,467
• Composite: 16.29/100
• National rank: #9213
• State rank: #171 of 178 in NC

Livability — Ahoskie

• Score: 57/100
• State rank: #600
• US rank: #21815

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ahoskie, NC
• City population: 10,427
• Population (ZIP): 10,427

Population outlook (Hertford County) Hauer SSP2

• Today (2025): 23,401 people
• By 2030: 22,708 · -3.0%
• By 2040: 21,227 · -9.3%
• By 2050: 19,942 · -14.8%
• By 2075: 17,844 · -23.7%
• By 2100: 15,148 · -35.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Black 59% White 32% Hispanic / Latino 4% Two or more races 3% Native American 2% Asian 1%
• Common ancestry: Serbian 1% Slovak 1%
• Foreign-born: 3% · Canada, Philippines
• Languages at home: 96% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Hertford

• 2024 margin: Strong D (+26.8) · D 63.0% · R 36.3%
• 2008→2024 swing: -14.8pp toward R · 2008: 41.5pp · 2024: 26.8pp
• All cycles: 2024: D+26.8 2020: D+34.0 2016: D+37.7 2012: D+44.3 2008: D+41.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.52%
• Current HPI: 135.494
• 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

1 event — show timeline

• 2026-04-08 Listed $159,000 Hive MLS