601 S Tillery St · Rocky Mount, NC 27803

$44,900

2 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 106 Days on market

Built 1924 7,841 sqft lot ↓ 10% since listing

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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

Listing remarks

Take advantage of this great investment opportunity! Spacious 2-bedroom, 1.5-bath home available for under $50,000! Boasting 1,109 square ft, this property features a charming, covered side porch, perfect for relaxing or entertaining guests. The exterior has been recently updated. Don't miss your chance to invest in a property that combines affordability with recent improvements! Note: A home inspection was conducted prior to the previous buyer terminating. A list of the issues found can be provided upon request.

Key facts

• Covered side porch
• 7,841 sq ft lot
• Built 1924

Tags

• COVERED SIDE PORCH
• RECENTLY UPDATED EXTERIOR
• RECENTLY UPDATED ROOF

Property features AI

Finance

• HOA & community: No association amenities

Exterior

• Parking: On-site parking (gravel/unpaved)
• Security: Smoke detector(s)
• Utilities: Public water; Natural gas connected; Sewer connected; Water connected
• Home design: Single family residence; One story; Entry on level 1; Residential zoning
• Construction: Wood siding / frame construction; Brick/mortar foundation; Metal roof (see remarks)
• Exterior features: Covered side porch; Corner lot; Has a view

Interior

• Kitchen: No appliances included
• Bedrooms: 5 total rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Natural gas heating; Wall/window cooling unit(s)
• Interior features: Ceiling fan(s); Smoke detector(s)
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $670 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Recommended offer: $41k (9.0% below list) — sets the bar for market timing.
• Cap rate 24.2% 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 $310 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 106 days — a 9% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $40,859 (9.0% below list)

Questions for the listing agent

1. It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 2.66% ✓
• Cap rate: 24.21%
• Cash-on-cash: 63.99%
• DSCR: 3.85
• GRM: 3.1

CMA / ARV

• ARV (on-the-fly): $107,016
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
704 S Pine St	0.12mi	3/1.0 (+1)	1,020 (-7%)	7mo	$67,000	$66	72
516 S Pine St	0.10mi	3/1.0 (+1)	1,010 (-8%)	7mo	$154,500	$153	72
617 S Taylor St	0.56mi	2/1.0	1,117 (+2%)	6mo	$146,000	$131	64
1005 W Thomas St	0.61mi	2/1.0	1,150 (+5%)	2mo	$118,000	$103	61
835 Western Ave	0.34mi	2/1.0	988 (-10%)	10mo	$56,000	$57	60
513 Mullins St	0.64mi	3/1.0 (+1)	1,056 (-3%)	4mo	$103,000	$98	56
623 Henry St	0.46mi	3/1.0 (+1)	1,188 (+9%)	4mo	$21,000	$18	56
414 Dexter St	0.56mi	3/1.0 (+1)	1,154 (+6%)	8mo	$62,500	$54	53
605 Dexter St	0.52mi	3/1.0 (+1)	1,216 (+11%)	2mo	$65,000	$53	51
1112 Western Ave	0.49mi	3/1.5 (+1)	1,176 (+8%)	12mo	$178,000	$151	47
1200 Calvary St	0.75mi	3/1.0 (+1)	1,050 (-4%)	10mo	$140,000	$133	45
640 Beaman St	0.70mi	2/1.0	965 (-12%)	5mo	$51,500	$53	44

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: 65.8%
• Equity multiple: 4.06×
• Total profit: $38,513
• Equity at exit: $6,695

10-year hold

• IRR: 70.8%
• Equity multiple: 9.10×
• Total profit: $101,867
• Equity at exit: $3,882

Cash invested: $12,572 (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: 3.1×

Monthly cashflow live

• Estimated rent: $1,195 medium
• Mortgage (P&I): −$235
• Tax from tax record: −$20 /mo · $236/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $670

Break-even live

Break-even rent $347

Max offer price $44,900

Occupancy floor 39%

Sensitivity live

Price	-10% $696	-5% $683	+0% $670	+5% $658	+10% $645
Rent	-10% $576	-5% $623	+0% $670	+5% $718	+10% $765
Rate	-1.0pp $693	-0.5pp $682	base $670	+0.5pp $659	+1.0pp $647

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $44,900 Active 106 DOM
2. 2026-06-19
   days on market $44,900 Active 104 DOM
3. 2026-06-18
   days on market $44,900 Active 103 DOM
4. 2026-06-17
   days on market $44,900 Active 102 DOM
5. 2026-06-16
   days on market $44,900 Active 101 DOM
6. 2026-06-15
   days on market $44,900 Active 100 DOM
7. 2026-06-14
   days on market $44,900 Active 98 DOM
8. 2026-06-13
   days on market $44,900 Active 97 DOM
9. 2026-06-10
   days on market $44,900 Active 95 DOM
10. 2026-06-09
    days on market $44,900 Active 94 DOM
11. 2026-06-08
    days on market $44,900 Active 93 DOM
12. 2026-06-07
    days on market $44,900 Active 92 DOM
13. 2026-06-03
    days on market $44,900 Active 88 DOM
14. 2026-06-02
    days on market $44,900 Active 87 DOM
15. 2026-06-01
    days on market $44,900 Active 86 DOM
16. 2026-06-01
    remarks 521-char remark
17. 2026-05-31
    days on market $44,900 Active 85 DOM
18. 2026-05-30
    days on market $44,900 Active 84 DOM
19. 2026-05-12
    historical Active Under Contract
20. 2026-04-24
    price $44,900
21. 2026-04-07
    status Active
22. 2026-03-25
    historical Active Under Contract
23. 2026-03-06
    listed $49,900 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: $236 · $20/mo
• Projected year-2 tax: $368 · $31/mo
• Expected delta: +$132/yr (+$11/mo · 56.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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: $14,343
• − Mortgage interest: −$2,515
• − Property taxes: −$236
• − Insurance: −$224
• − Repairs & maintenance: −$1,147
• − Management: −$1,147
• − Depreciation: −$1,306
• Taxable income: $7,766
• Est. tax owed @ 24.0%: −$1,864
• After-tax cash flow: $6,181/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: 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

-10.0% since first listed

5 events — show timeline

• 2026-05-12 Contingent — Hive MLS
• 2026-04-24 Price Changed $44,900 Hive MLS
• 2026-04-07 Relisted — Hive MLS
• 2026-03-25 Contingent — Hive MLS
• 2026-03-06 Listed $49,900 Hive MLS

Property tax history

+0.7%/yr

Latest (2025): $236 · +0.0% YoY. Source: county tax records.