639 Cornwallis Rd · Wallace, NC 28464

$120,000

3 bd · 1.0 ba · 1,377 sqft · SingleFamily public records · 103 Days on market

Built 1981 0.52 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 +23.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• Appreciation +7.1/10.0
• 1% rule +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

Handyman special in Teachey! This 3 bedroom, 1 bath home offers a 0.52 acre lot and is being sold as-is. The property is in need of a full cleanout and significant repairs, making it a true fixer-upper opportunity. Investors and handy buyers will appreciate the potential here to restore or renovate and bring new life to this home. Please note: the rear deck is unsafe and should not be accessed. Cash or rehab loans only.

Key facts

• 0.52 acre lot
• 0.52 acre lot
• Built 1981

Tags

• 0.52 ACRE LOT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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: 11 active listings in the ZIP; 134 units permitted in Duplin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($830 loan paydown + $5k appreciation (4.1% local appreciation)).
• Duplin County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.1% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.00% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.66%
• DSCR: 1.34
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.11% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.3%
• Equity multiple: 2.05×
• Total profit: $35,239
• Equity at exit: $61,584

10-year hold

• IRR: 18.0%
• Equity multiple: 3.91×
• Total profit: $97,832
• Equity at exit: $101,322

Cash invested: $33,600 (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 28464

• Home prices YoY: 1.5%
• Active inventory: 11
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,201 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$55 /mo · $665/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$252
• Net cashflow: $214

Break-even live

Break-even rent $930

Max offer price $120,000

Occupancy floor 77%

Sensitivity live

Price	-10% $282	-5% $248	+0% $214	+5% $180	+10% $146
Rent	-10% $119	-5% $167	+0% $214	+5% $262	+10% $309
Rate	-1.0pp $275	-0.5pp $245	base $214	+0.5pp $183	+1.0pp $152

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-03-16
   status Pending
2. 2025-12-11
   historical Active Under Contract
3. 2025-11-07
   status Pending
4. 2025-10-29
   listed $120,000 Active

ⓘ 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: $665 · $55/mo
• Projected year-2 tax: $984 · $82/mo
• Expected delta: +$319/yr (+$27/mo · 47.9%)

ⓘ 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 7/10 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 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,417
• − Mortgage interest: −$6,722
• − Property taxes: −$665
• − Insurance: −$600
• − Repairs & maintenance: −$1,153
• − Management: −$1,153
• − Depreciation: −$3,491
• Taxable income: $632
• Est. tax owed @ 24.0%: −$152
• After-tax cash flow: $2,421/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

• Population (ZIP): 2,554

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 34% Hispanic / Latino 33% Black 29% Two or more races 6%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Lithuanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 66% English-only · Spanish 33% French/Haitian/Cajun 1%

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: ▲ 4.11%
• Current HPI: 278.9733
• 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

4 events — show timeline

• 2026-03-16 Pending — Hive MLS
• 2025-12-11 Contingent — Hive MLS
• 2025-11-07 Pending — Hive MLS
• 2025-10-29 Listed $120,000 Hive MLS

Property tax history

+1.0%/yr

Latest (2025): $665 · +69.8% YoY. Source: county tax records.