3630 E 10th St

Greenville, NC 27858

$183,900D+

3 bd · 1.0 ba · 1,117 sqft · Built 1961 · SingleFamily · Active · 451 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,422/mo
• Mortgage (P&I): −$964
• Tax + insurance: −$160
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $-1/mo
• Annual: $-18/yr
• Cap rate: 6.28%
• Cash-on-cash: -0.03%
• DSCR: 1.00
• 1% rule: 0.77%
• Cash to close: $51,492

Investor read

• This is a 3-bed/1.0-bath single-family listed at $184k.
• At list price, monthly cash flow is $-1 ($-18/yr) — negative.
• To cash-flow at today's rent, offer at most $184k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (22.7% below list).
• It's been on market 451 days — a 12% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (22.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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: Eastern Elementary (math 48% / reading 50%, grade D, #459 of 1,410 statewide, top 33%, 768 students, 65% FRL); C M Eppes Middle (math 24% / reading 32%, grade F, #360 of 475 statewide, top 77%, 626 students, 99% FRL); Junius H Rose High (math 52% / reading 61%, grade C, #261 of 535 statewide, top 49%, 1,525 students, 50% FRL) — zoned schools average 71% FRL vs 56% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.3%/yr); 291 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).
• Pitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 10 sale attempts since 3y 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 $85k; list at $184k implies a 116% gain — meaningful room to come down on a strong offer.
• 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.
• Cap rate 6.3% 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.

Questions for listing agent

• 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?
• It's been on market 451 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.