531 Spring Forest Rd Unit I · Greenville, NC 27834

$133,000

2 bd · 2.0 ba · 947 sqft · Condo public records · 340 Days on market

Built 2003 $225/mo HOA · 18% of rent

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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 +10.1/30.0
• ARV discount +7.5/15.0
• 1% rule +4.6/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• DSCR +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

WELCOME HOME to 531 Spring Forest Road Unit I!!! This 2 bedroom, 2 bathroom condominium is immaculate in condition! It has been beautifully maintained and offers vast space with a balcony perfect for cool spring evenings!

Key facts

• $225 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Subdivision: Spring Forest
• HOA & community: Homeowners association with annual fee (annually); Association amenities include grounds maintenance, trash service, and cable TV; Derived monthly association fee: $225

Exterior

• Parking: 1 open parking space; Asphalt parking and on-street parking available
• Security: Fire sprinkler system; Security lights; Smoke detectors
• Utilities: Public water; Sewer connected; Water connected
• Home design: Condominium; Single-level (one story); 3rd floor unit (directions note)
• Construction: Vinyl siding and frame construction; Composition roof (see remarks); Slab foundation; Built as residential condominium
• Exterior features: Balcony; Covered porch/patio; Storage structure; Street lights in community; Pool in community; Paved roads; City street and state road frontage; Has a view

Interior

• Kitchen: Electric oven; Refrigerator; Ice maker; Dishwasher
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Ceiling fans; Storm windows; Window coverings; Partially furnished; 4 total rooms; No basement
• Laundry & utility: Washer; Dryer; Washer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $133k.

Deal economics

• At list price, monthly cash flow is $-77 ($-928/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (4.0% below list).
• Recommended offer: $117k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.6% vs local median 3.8% in Greenville — 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 77/100 on livability (#30 in NC, #2,977 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, employment F.
• Pitt County Schools (rural): math 41% / reading 44% proficiency, ranked #100 of 178 in NC (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lakeforest Elementary (math 22% / reading 30%, grade F, #1,085 of 1,410 statewide, top 77%, 804 students, 98% FRL); C M Eppes Middle (math 24% / reading 32%, grade F, #360 of 475 statewide, top 77%, 626 students, 99% FRL); South Central (math 42% / reading 51%, grade D-, #344 of 535 statewide, top 64%, 1,675 students, 55% FRL) — zoned schools average 84% FRL vs 56% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 355 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).
• This rent runs 31% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $920 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 340 days — a 12% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago 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.
• Current owner paid $115k; 16% 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,040 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 340 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
8. 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?
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: 0.96% ✗
• Cap rate: 5.60%
• Cash-on-cash: -2.49%
• DSCR: 0.89
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.44% rent growth · sell at horizon

5-year hold

• IRR: -17.1%
• Equity multiple: 0.38×
• Total profit: $-23,144
• Equity at exit: $19,831

10-year hold

• IRR: -4.4%
• Equity multiple: 0.67×
• Total profit: $-12,154
• Equity at exit: $11,499

Cash invested: $37,240 (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 27834

• Rents YoY: 5.4%
• Active inventory: 355
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,276 high
• Mortgage (P&I): −$697
• Tax from tax record: −$108 /mo · $1,291/yr
• Insurance: −$55
• HOA: −$225
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $-77

Break-even live

Break-even rent $1,374

Max offer price $119,345

Occupancy floor —

Sensitivity live

Price	-10% $-2	-5% $-40	+0% $-77	+5% $-115	+10% $-153
Rent	-10% $-178	-5% $-128	+0% $-77	+5% $-27	+10% $24
Rate	-1.0pp $-10	-0.5pp $-43	base $-77	+0.5pp $-112	+1.0pp $-147

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: $33,250
• Closing costs: $3,990
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
935 Spring Forest Rd Greenville, NC	2.0	2.0	1000	$1,299	$1.30	22d	4	0.44mi
904 Gabriel Dr Greenville, NC	1.0–2.0	1.0–2.0	966	$1,875	$1.94	22d	17	0.53mi
1150 Cross Creek Cir Greenville, NC	2.0	2.0	1100	$1,200	$1.09	22d	1	0.79mi
1301 Westpointe Dr Greenville, NC	2.0–3.0	1.0–2.0	1074	$1,050	$0.98	22d	1	0.80mi
1113 Grovemont Dr Unit G7 Greenville, NC	2.0	1.5	1040	$1,200	$1.15	22d	1	0.91mi
1604 W Arlington Blvd Greenville, NC	1.0–2.0	1.0	624	$1,125	$1.80	14d	11	0.97mi
2613 Whitaker Dr Greenville, NC	2.0	1.0	853	$1,004	$1.18	22d	1	0.97mi
2140 Flagstone Ct Unit J6 Greenville, NC	2.0	1.5	1043	$1,200	$1.15	22d	1	1.11mi
2152 Flagstone Ct Greenville, NC	2.0	1.5	1044	$1,150	$1.10	22d	1	1.17mi
1200 Peyton Cir Unit A Greenville, NC	2.0	2.0	1100	$1,150	$1.05	22d	1	1.21mi
640 Brighton Park Dr Greenville, NC	1.0–2.0	1.0–2.0	815	$1,548	$1.90	14d	36	1.34mi
1005 Allen Ridge Dr Greenville, NC	2.0–3.0	2.0	1134	$1,764	$1.56	14d	13	1.38mi
1548 Manning Forest Dr Unit M7 Greenville, NC	2.0	1.5	1094	$1,300	$1.19	14d	1	1.39mi
945 B's Barbeque Rd Unit A Greenville, NC	2.0	1.5	900	$900	$1.00	22d	1	1.41mi
400 Arbor St Greenville, NC	2.0	1.0	860	$1,850	$2.15	22d	1	1.44mi
1902 Myrtle St Unit 1902-A Greenville, NC	2.0	1.0	848	$850	$1.00	22d	1	1.45mi
920 B's Barbeque Rd Unit A Greenville, NC	2.0	2.0	1028	$995	$0.97	22d	1	1.46mi
301 Shiloh Dr Unit A Greenville, NC	2.0	1.0	864	$950	$1.10	22d	1	1.47mi
300 Higgs St Unit 300-B Greenville, NC	2.0	1.0	756	$900	$1.19	22d	1	1.48mi

HOA detail condo

• Monthly dues: $225 · $2,700/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-21
   days on market $133,000 Active 340 DOM
2. 2026-06-19
   days on market $133,000 Active 338 DOM
3. 2026-06-18
   days on market $133,000 Active 337 DOM
4. 2026-06-17
   days on market $133,000 Active 336 DOM
5. 2026-06-16
   days on market $133,000 Active 335 DOM
6. 2026-06-15
   days on market $133,000 Active 334 DOM
7. 2026-06-13
   days on market $133,000 Active 331 DOM
8. 2026-06-10
   days on market $133,000 Active 329 DOM
9. 2026-06-09
   days on market $133,000 Active 328 DOM
10. 2026-06-08
    days on market $133,000 Active 327 DOM
11. 2026-06-07
    days on market $133,000 Active 326 DOM
12. 2026-06-05
    days on market $133,000 Active 323 DOM
13. 2026-06-03
    days on market $133,000 Active 322 DOM
14. 2026-06-02
    days on market $133,000 Active 321 DOM
15. 2026-06-01
    days on market $133,000 Active 320 DOM
16. 2026-05-31
    days on market $133,000 Active 319 DOM
17. 2026-05-30
    days on market $133,000 Active 318 DOM
18. 2026-04-14
    price $133,000
19. 2025-12-04
    price $137,000
20. 2025-07-16
    listed $139,000 Active
21. 2025-04-11
    historical $1,100
22. 2024-12-17
    listed $1,100
23. 2023-11-19
    historical $1,100
24. 2023-08-23
    listed $1,100
25. 2022-06-15
    soldstatus $115,000 Closed 221-char remark

    Show marketing remark (221 chars)

    WELCOME HOME to 531 Spring Forest Road Unit I!!! This 2 bedroom, 2 bathroom condominium is immaculate in condition! It has been beautifully maintained and offers vast space with a balcony perfect for cool spring evenings!

26. 2022-06-15
    soldstatus $115,000

    Show marketing remark (221 chars)

    WELCOME HOME to 531 Spring Forest Road Unit I!!! This 2 bedroom, 2 bathroom condominium is immaculate in condition! It has been beautifully maintained and offers vast space with a balcony perfect for cool spring evenings!

27. 2022-04-29
    status Pending 221-char remark

    Show marketing remark (221 chars)

    WELCOME HOME to 531 Spring Forest Road Unit I!!! This 2 bedroom, 2 bathroom condominium is immaculate in condition! It has been beautifully maintained and offers vast space with a balcony perfect for cool spring evenings!

28. 2022-04-22
    listed $110,000 Active 221-char remark

    Show marketing remark (221 chars)

    WELCOME HOME to 531 Spring Forest Road Unit I!!! This 2 bedroom, 2 bathroom condominium is immaculate in condition! It has been beautifully maintained and offers vast space with a balcony perfect for cool spring evenings!

29. 2004-07-01
    soldstatus $71,500

ⓘ 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: $1,291 · $108/mo
• Projected year-2 tax: $1,291 · $108/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 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 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,314
• − Mortgage interest: −$7,450
• − Property taxes: −$1,291
• − Insurance: −$665
• − Repairs & maintenance: −$1,225
• − Management: −$1,225
• − HOA: −$2,700
• − Depreciation: −$3,869
• Taxable loss: −$3,111
• Est. tax savings @ 24.0%: +$747
• After-tax cash flow: $-181/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: Pitt County Schools
• NCES district ID: 3700012
• Math proficiency: 41% ▬ 0.00%
• Reading proficiency: 44% ▲ 2.00%
• Median HH income: $40,631
• Composite: 35.67/100
• National rank: #4877
• State rank: #100 of 178 in NC

Livability — Greenville

• Score: 77/100
• State rank: #30
• US rank: #2977

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenville, NC
• County: Pitt County · 142,592 people
• City population: 115,121
• Metro: Greenville, NC
• Population (ZIP): 56,347
• Household income: $48,935
• Rent vs Own: 62.6% rent · 37.4% own
• Severe rent burden: 3319.0

Population outlook (Pitt County) Hauer SSP2

• Today (2025): 194,585 people
• By 2030: 203,756 · +4.7%
• By 2040: 220,807 · +13.5%
• By 2050: 236,614 · +21.6%
• By 2075: 275,940 · +41.8%
• By 2100: 300,058 · +54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 54% White 33% Hispanic / Latino 8% Two or more races 3% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 1% Slovak 1% Romanian 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Spanish 6% Other Asian/Pacific 1%

Political lean MEDSL · Pitt

• 2024 margin: Lean D (+6.0) · D 52.5% · R 46.5% · Other 1.1%
• 2008→2024 swing: -2.8pp toward R · 2008: 8.8pp · 2024: 6.0pp
• All cycles: 2024: D+6.0 2020: D+9.4 2016: D+7.4 2012: D+6.7 2008: D+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.99%
• Current HPI: 190.6869
• Rent YoY: ▲ 5.44%
• Metro: Greenville, 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

+86.0% since first listed

12 events — show timeline

• 2026-04-14 Price Changed $133,000 Hive MLS
• 2025-12-04 Price Changed $137,000 Hive MLS
• 2025-07-16 Listed $139,000 Hive MLS
• 2025-04-11 Rental Removed $1,100 RENTEC
• 2024-12-17 Listed for Rent $1,100 RENTEC
• 2023-11-19 Rental Removed $1,100 RENTEC
• 2023-08-23 Listed for Rent $1,100 RENTEC
• 2022-06-15 Sold (Public Records) $115,000 Public Records
• 2022-06-15 Sold (MLS) $115,000 Hive MLS
• 2022-04-29 Pending — Hive MLS
• 2022-04-22 Listed $110,000 Hive MLS
• 2004-07-01 Sold (Public Records) $71,500 Public Records

Property tax history

+7.7%/yr

Latest (2025): $1,291 · +0.9% YoY. Source: county tax records.