203 Richlands Ave · Jacksonville, NC 28540

$115,000

2 bd · 1.0 ba · 800 sqft · SingleFamily public records · 33 Days on market

Built 1950 8,712 sqft lot Est $160k · 28% under

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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 +25.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.3/10.0
• 1% rule +5.9/10.0
• Schools +3.9/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This home has been recently remodeled with stainless steel appliances. Kitchen cabinets and countertops were replaced, as well as light fixtures, and interior doors, ceiling fans, crown molding, water heater, and laminate flooring. This two bedroom home was built in 1950 and sits on a . 21 acre parcel.

Key facts

• Close to schools
• Close to dining
• Close to area bases

Tags

• CLOSE TO SHOPPING
• CLOSE TO DINING
• CLOSE TO SCHOOLS
• CLOSE TO AREA BASES

Property features AI

Finance

• Other: Zoning: R; Located in the Overbrook subdivision; Road frontage on city street and state road; Paved road access; Lot dimensions approximately 60 x 150 (0.2 acres)
• HOA & community: No association amenities

Exterior

• Parking: Unpaved off-street parking
• Utilities: Public water; Sewer connected; Water connected
• Home design: Single-family residence; One story; Entry level: 1; Vinyl siding and frame construction
• Construction: Shingle roof; Slab foundation; Built with vinyl siding and frame
• Exterior features: Covered porch; Porch; Back yard fencing; Shed(s); Has a view; No additional exterior features listed

Interior

• Kitchen: Refrigerator; Dishwasher; Electric range; Microwave; Electric water heater
• Bedrooms: Master bedroom on the main level
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Has heating (electric); Has cooling (other)
• Interior features: Main-level primary bedroom; Ceiling fans; Window coverings
• Laundry & utility: Laundry room with washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 4.4% in Jacksonville — 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 71/100 on livability (#111 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, crime F, amenities F.
• Onslow County Schools (other): math 42% / reading 49% proficiency, ranked #84 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Clyde Erwin Elementary (math 32% / reading 47%, grade F, #694 of 1,410 statewide, top 53%, 343 students, 67% FRL); Northwoods Park Middle (math 34% / reading 46%, grade F, #222 of 475 statewide, top 49%, 688 students, 52% FRL); Jacksonville High (math 52% / reading 66%, grade C+, #233 of 535 statewide, top 44%, 1,423 students, 44% FRL) — zoned schools average 55% FRL vs 37% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.5%/yr); 386 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,246 units permitted in Onslow County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 16y 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 $45k; list at $115k implies a 156% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.69%
• DSCR: 1.43
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $160,000
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
412 Sherwood Rd	0.28mi	2/1.0	771 (-4%)	14mo	$75,000	$97	69
401 New River Dr	0.56mi	2/1.0	800 (0%)	9mo	$168,000	$210	66
117 Bryan St	0.61mi	2/1.0	792 (-1%)	6mo	$125,000	$158	65
420 New River Dr	0.56mi	2/1.0	800 (0%)	11mo	$160,000	$200	65
410 Sherwood Rd	0.27mi	2/1.0	899 (+12%)	5mo	$180,000	$200	62
515 Sherwood Rd	0.37mi	2/1.0	819 (+2%)	20mo	$179,000	$219	62
206 Sherwood Rd	0.11mi	3/1.0 (+1)	910 (+14%)	11mo	$176,000	$193	58
127 Moosehart Ave	0.72mi	2/1.0	846 (+6%)	1mo	$185,000	$219	56
101 Robin Rd	0.74mi	2/1.0	755 (-6%)	2mo	$129,900	$172	55
23 Sophia Dr	0.43mi	3/1.0 (+1)	892 (+12%)	10mo	$80,000	$90	48
130 Cox Ave	0.56mi	2/2.0	680 (-15%)	22mo	$168,900	$248	26

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 · 4.47% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-201
• Equity at exit: $17,147

10-year hold

• IRR: 10.9%
• Equity multiple: 1.90×
• Total profit: $29,051
• Equity at exit: $9,943

Cash invested: $32,200 (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 28540

• Home prices YoY: -21.5%
• Rents YoY: 4.5%
• Active inventory: 386
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,256 high
• Mortgage (P&I): −$603
• Tax from tax record: −$81 /mo · $974/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $260

Break-even live

Break-even rent $927

Max offer price $115,000

Occupancy floor 74%

Sensitivity live

Price	-10% $325	-5% $293	+0% $260	+5% $228	+10% $195
Rent	-10% $161	-5% $211	+0% $260	+5% $310	+10% $359
Rate	-1.0pp $318	-0.5pp $289	base $260	+0.5pp $230	+1.0pp $200

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
508 Henderson Dr Jacksonville, NC	3.0	1.0	1050	$1,400	$1.33	22d	1	0.50mi
2292 Onslow Dr Unit 2300 Jacksonville, NC	2.0	1.0	649	$1,199	$1.85	22d	1	0.51mi
2292 Onslow Dr Unit 1814 Jacksonville, NC	2.0	1.0	649	$1,299	$2.00	22d	1	0.51mi
337 Starling St Jacksonville, NC	2.0	1.0	820	$1,100	$1.34	22d	1	0.51mi
2292 Onslow Dr Unit O23002 Jacksonville, NC	2.0	1.0	649	$1,199	$1.85	14d	1	0.54mi
319 Bracken Pl Jacksonville, NC	2.0	3.0	992	$1,150	$1.16	22d	1	0.97mi
200 Carmen Ave Jacksonville, NC	1.0–2.0	1.0–1.5	871	$1,320	$1.52	14d	6	1.34mi
1 S Onsville Pl Jacksonville, NC	2.0	1.5	992	$1,395	$1.41	22d	1	1.44mi
106 Brenda Dr Jacksonville, NC	2.0	1.0	983	$1,300	$1.32	22d	1	1.47mi

Listing history 32 events

1. 2026-06-21
   days on market $115,000 Active 33 DOM
2. 2026-06-19
   days on market $115,000 Active 31 DOM
3. 2026-06-18
   days on market $115,000 Active 30 DOM
4. 2026-06-17
   days on market $115,000 Active 29 DOM
5. 2026-06-16
   days on market $115,000 Active 28 DOM
6. 2026-06-15
   days on market $115,000 Active 27 DOM
7. 2026-06-14
   days on market $115,000 Active 25 DOM
8. 2026-06-13
   days on market $115,000 Active 24 DOM
9. 2026-06-10
   days on market $115,000 Active 22 DOM
10. 2026-06-09
    days on market $115,000 Active 21 DOM
11. 2026-06-09
    days on market $115,000 Active 20 DOM
12. 2026-06-07
    days on market $115,000 Active 19 DOM
13. 2026-06-03
    days on market $115,000 Active 15 DOM
14. 2026-06-02
    days on market $115,000 Active 14 DOM
15. 2026-06-01
    days on market $115,000 Active 13 DOM
16. 2026-05-31
    days on market $115,000 Active 12 DOM
17. 2026-05-30
    days on market $115,000 Active 11 DOM
18. 2026-05-19
    listed $115,000 Active
19. 2017-10-10
    soldstatus $44,925 303-char remark

    Show marketing remark (303 chars)

    This home has been recently remodeled with stainless steel appliances. Kitchen cabinets and countertops were replaced, as well as light fixtures, and interior doors, ceiling fans, crown molding, water heater, and laminate flooring. This two bedroom home was built in 1950 and sits on a . 21 acre parcel.

20. 2017-06-21
    listed $45,500 303-char remark

    Show marketing remark (303 chars)

    This home has been recently remodeled with stainless steel appliances. Kitchen cabinets and countertops were replaced, as well as light fixtures, and interior doors, ceiling fans, crown molding, water heater, and laminate flooring. This two bedroom home was built in 1950 and sits on a . 21 acre parcel.

21. 2017-05-15
    historical
22. 2016-09-28
    listed $79,500
23. 2014-07-30
    soldstatus $91,000
24. 2014-07-29
    soldstatus $91,000
25. 2014-05-22
    listed $93,000
26. 2014-04-14
    soldstatus $38,000
27. 2014-03-12
    listed $20,000
28. 2010-08-10
    soldstatus $98,000
29. 2010-08-06
    soldstatus $98,000
30. 2010-05-17
    listed $104,900
31. 2008-07-28
    soldstatus $85,500
32. 2006-09-22
    soldstatus $40,000

ⓘ 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: $974 · $81/mo
• Projected year-2 tax: $974 · $81/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 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,073
• − Mortgage interest: −$6,442
• − Property taxes: −$974
• − Insurance: −$575
• − Repairs & maintenance: −$1,206
• − Management: −$1,206
• − Depreciation: −$3,345
• Taxable income: $1,325
• Est. tax owed @ 24.0%: −$318
• After-tax cash flow: $2,804/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: Onslow County Schools
• NCES district ID: 3703450
• Math proficiency: 42% ▲ 6.00%
• Reading proficiency: 49% ▲ 5.00%
• Median HH income: $46,076
• Composite: 38.66/100
• National rank: #4148
• State rank: #84 of 178 in NC

Livability — Jacksonville

• Score: 71/100
• State rank: #111
• US rank: #6991

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Jacksonville, NC
• County: Onslow County · 164,453 people
• City population: 96,397
• Metro: Jacksonville, NC
• Population (ZIP): 49,141
• Household income: $65,625
• Rent vs Own: 38.2% rent · 61.8% own
• Severe rent burden: 1304.0

Population outlook (Onslow County) Hauer SSP2

• Today (2025): 189,789 people
• By 2030: 194,463 · +2.5%
• By 2040: 193,629 · +2.0%
• By 2050: 193,248 · +1.8%
• By 2075: 196,995 · +3.8%
• By 2100: 201,513 · +6.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 62% Black 14% Hispanic / Latino 14% Two or more races 13% Asian 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 6%
• Common ancestry: Italian 3% Serbian 2% Romanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 90% English-only · Spanish 7% Chinese 1% Other Asian/Pacific 1%

Political lean MEDSL · Onslow

• 2024 margin: Solid R (+35.9) · D 31.5% · R 67.5% · Other 1.0%
• 2008→2024 swing: -14.5pp toward R · 2008: -21.5pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+30.2 2016: R+34.6 2012: R+27.0 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -60.11%
• Current HPI: 219.5571
• Rent YoY: ▲ 4.47%
• Metro: Jacksonville, 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

+187.5% since first listed

15 events — show timeline

• 2026-05-19 Listed $115,000 Hive MLS
• 2017-10-10 Sold (MLS) $44,925 Hive MLS
• 2017-06-21 Listed $45,500 Hive MLS
• 2017-05-15 Listing Removed — Hive MLS
• 2016-09-28 Listed $79,500 Hive MLS
• 2014-07-30 Sold (Public Records) $91,000 Public Records
• 2014-07-29 Sold (MLS) $91,000 Hive MLS
• 2014-05-22 Listed $93,000 Hive MLS
• 2014-04-14 Sold (MLS) $38,000 Hive MLS
• 2014-03-12 Listed $20,000 Hive MLS
• 2010-08-10 Sold (Public Records) $98,000 Public Records
• 2010-08-06 Sold (MLS) $98,000 Hive MLS
• 2010-05-17 Listed $104,900 Hive MLS
• 2008-07-28 Sold (Public Records) $85,500 Public Records
• 2006-09-22 Sold (Public Records) $40,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $974 · +0.0% YoY. Source: county tax records.