4355 Wallace St · Farmville, NC 27828

$72,000

3 bd · 2.0 ba · 1,288 sqft · SingleFamily public records · 19 Days on market

Built 1945 4,792 sqft lot Est $129k · 44% under ↓ 4% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.6/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss out on this incredible opportunity! This property in the vibrant town of Farmville, NC, is perfect for both homebuyers and savvy investors. Located in a prime spot just off Main Street, it offers unparalleled access to local amenities and community charm. Imagine the possibilities—whether you're looking to generate cash flow as an investor or wanting to create your dream home, this property is a blank canvas ready for your vision. With the potential for updates and reselling down the line, you can make a smart investment that pays off. Take advantage of this unique chance to add your personal touch and truly make it your own. Act now and seize the potential of this home buy

Key facts

• 4,792 sq ft lot
• Built 1945
• Listed 19 days

Property features AI

Finance

• Other: Zoning: R5

Exterior

• Parking: On-site parking
• Utilities: Natural gas available
• Home design: Single-family residence; One-story (entry level is 1)
• Construction: Wood siding and frame construction
• Exterior features: Front porch; Shingle roof; City street and state road frontage

Interior

• Bedrooms: Total of 7 rooms (includes bedrooms and living spaces)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Crawl space basement; Has a view

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $72k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $72k).
• Recommended offer: $71k (1.5% below list) — sets the bar for market timing.
• Cap rate 27.5% vs local median 4.0% in Farmville — 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 66/100 on livability (#272 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities C-, employment C-, crime 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: H B Sugg Elementary (401 students, 99% FRL); Farmville Middle (math 31% / reading 35%, grade F, #305 of 475 statewide, top 65%, 611 students, 100% FRL); Farmville Central High (math 42% / reading 47%, grade F, #352 of 535 statewide, top 68%, 789 students, 99% FRL) — zoned schools average 99% FRL vs 56% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 86 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $498 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($71k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,920 (1.5% below list)

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 3.12% ✓
• Cap rate: 27.52%
• Cash-on-cash: 75.80%
• DSCR: 4.37
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $128,800
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4396 West Hines St	0.05mi	3/1.0	1,149 (-11%)	3mo	$55,000	$48	73
4462 W West Hines St	0.20mi	3/2.0	1,124 (-13%)	6mo	$125,000	$111	65
4146 East Pine St	0.45mi	3/2.0	1,430 (+11%)	1mo	$140,000	$98	60
4320 Wallace St	0.08mi	4/1.5 (+1)	1,436 (+12%)	16mo	$59,230	$41	57
3746 Cameron St	0.57mi	3/2.0	1,166 (-10%)	6mo	$106,000	$91	52
4164 Melissa Dr	0.62mi	3/1.5	1,188 (-8%)	5mo	$118,900	$100	52
4113 Melissa Dr	0.59mi	3/1.5	1,178 (-8%)	5mo	$198,000	$168	52
4165 E East Prince Rd	0.49mi	3/1.5	1,175 (-9%)	12mo	$171,000	$146	50
3351 North Barrett St	0.56mi	3/1.0	1,349 (+5%)	14mo	$201,000	$149	50
3948 S Main St	0.11mi	4/1.0 (+1)	1,140 (-12%)	21mo	$95,000	$83	49
185 Lang Farm Rd	0.75mi	3/2.5	1,404 (+9%)	3mo	$214,991	$153	46

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 75.7%
• Equity multiple: 4.45×
• Total profit: $69,477
• Equity at exit: $10,735

10-year hold

• IRR: 79.4%
• Equity multiple: 9.19×
• Total profit: $165,091
• Equity at exit: $6,225

Cash invested: $20,160 (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 27828

• Home prices YoY: -20.9%
• Active inventory: 86
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $2,250 medium
• Mortgage (P&I): −$378
• Tax from tax record: −$96 /mo · $1,158/yr
• Insurance: −$30
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $1,273

Break-even live

Break-even rent $638

Max offer price $72,000

Occupancy floor 38%

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: $18,000
• Closing costs: $2,160
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4022 East Horne Ave Farmville, NC	3.0	2.0	1700	$2,250	$1.32	21d	1	0.86mi

Listing history 8 events

1. 2026-05-19
   status Pending
2. 2026-04-30
   listed $72,000 Active
3. 2025-08-05
   status Pending
4. 2025-08-04
   historical
5. 2025-07-28
   listed $72,000 Active
6. 2023-03-07
   status Pending
7. 2023-03-06
   historical
8. 2023-02-28
   listed $75,000 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: $1,158 · $96/mo
• Projected year-2 tax: $1,158 · $96/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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 18 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: $27,000
• − Mortgage interest: −$4,033
• − Property taxes: −$1,158
• − Insurance: −$360
• − Repairs & maintenance: −$2,160
• − Management: −$2,160
• − Depreciation: −$2,095
• Taxable income: $15,035
• Est. tax owed @ 24.0%: −$3,608
• After-tax cash flow: $11,673/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 — Farmville

• Score: 66/100
• State rank: #272
• US rank: #11852

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Farmville, NC
• Population (ZIP): 8,155

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 0.60)
• Race & ethnicity: White 50% Black 37% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Subsaharan African 2% Slovak 1% Italian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Russian/Polish/Slavic 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: ▼ -51.30%
• Current HPI: 193.5248
• 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

-4.0% since first listed

8 events — show timeline

• 2026-05-19 Pending — Hive MLS
• 2026-04-30 Listed $72,000 Hive MLS
• 2025-08-05 Pending — Hive MLS
• 2025-08-04 Listing Removed — Hive MLS
• 2025-07-28 Listed $72,000 Hive MLS
• 2023-03-07 Pending — TMLS
• 2023-03-06 Listing Removed — TMLS
• 2023-02-28 Listed $75,000 TMLS

Property tax history

+22.7%/yr

Latest (2025): $1,158 · +1.0% YoY. Source: county tax records.