609 Water St · Eden, NC 27288

$70,000

4 bd · 1.5 ba · 1,452 sqft · SingleFamily public records · 238 Days on market

Built 1922 10,018 sqft lot ↓ 18% 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
• Livability +3.4/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

ATTENTION INVESTORS!!! Great opportunity for rehab into sale or rental unit. Spacious home offering 4 bedrooms. Huge storage building attached for additional value. Roof replaced in the last 5 years. Ideal setting next to a creek for additional appeal. Buyer to verify all systems prior to purchase.

Key facts

• Next to a creek
• Rental unit
• Roof replaced

Tags

• RENTAL UNIT
• HUGE STORAGE BUILDING
• ROOF REPLACED
• NEXT TO A CREEK

Property features AI

Finance

• HOA & community: No homeowners association

Exterior

• Parking: Driveway
• Utilities: Public water service; Public sewer; Electric water heater
• Home design: Residential stick/site-built house; One level
• Construction: Built in 1922; Vinyl siding; Crawl space foundation
• Exterior features: Public water; Public sewer; Lot about 0.23 acres; No pool

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced-air heating; Cooling system listed as 'Other'; Electric water heater
• Interior features: Primary bedroom on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $70k.

Deal economics

• At list price, monthly cash flow is $629 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.2% vs local median 4.3% in Eden — 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 67/100 on livability (#224 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime D-, amenities F.
• Rockingham County Schools (rural): math 38% / reading 40% proficiency, ranked #120 of 178 in NC (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 208 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 344 units permitted in Rockingham County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($53k/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 $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Rockingham County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 238 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood 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 $61,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 238 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. Crime grade is D 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. 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.
9. 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.
10. 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: 2.02% ✓
• Cap rate: 18.21%
• Cash-on-cash: 42.56%
• DSCR: 2.89
• GRM: 4.1

CMA / ARV

• ARV (on-the-fly): $169,884
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
528 Church St	0.26mi	3/1.0 (-1)	1,408 (-3%)	11mo	$160,000	$114	67
804 Orrell St	0.51mi	3/1.0 (-1)	1,432 (-1%)	2mo	$64,880	$45	66
521 Walnut St	0.61mi	3/1.5 (-1)	1,426 (-2%)	3mo	$165,000	$116	61
605 Oak St	0.31mi	4/2.0	1,319 (-9%)	12mo	$203,000	$154	58
425 Riverside Dr	0.41mi	3/1.0 (-1)	1,400 (-4%)	15mo	$100,000	$71	56
312 Monticello St	0.56mi	3/2.0 (-1)	1,565 (+8%)	0mo	$225,000	$144	54
511 Ash St	0.66mi	3/1.0 (-1)	1,440 (-1%)	12mo	$162,900	$113	51
522 Glovenia St	0.75mi	3/2.0 (-1)	1,400 (-4%)	3mo	$250,000	$179	49
407 Greenwood St	0.70mi	3/2.0 (-1)	1,490 (+3%)	13mo	$229,000	$154	45
115 Moir St	0.72mi	3/2.0 (-1)	1,524 (+5%)	11mo	$178,500	$117	42
320 Von Ruck Rd	0.74mi	3/1.0 (-1)	1,401 (-4%)	15mo	$178,000	$127	40
524 Walnut St	0.64mi	3/1.0 (-1)	1,344 (-7%)	15mo	$155,000	$115	38

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: 34.6%
• Equity multiple: 2.47×
• Total profit: $28,722
• Equity at exit: $10,437

10-year hold

• IRR: 41.5%
• Equity multiple: 4.91×
• Total profit: $76,665
• Equity at exit: $6,052

Cash invested: $19,600 (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 27288

• Home prices YoY: -26.5%
• Active inventory: 208
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,412 medium
• Mortgage (P&I): −$367
• Tax from tax record: −$24 /mo · $287/yr
• Insurance: −$29
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $629

Break-even live

Break-even rent $616

Max offer price $70,000

Occupancy floor 50%

Sensitivity live

Price	-10% $668	-5% $649	+0% $629	+5% $609	+10% $589
Rent	-10% $517	-5% $573	+0% $629	+5% $684	+10% $740
Rate	-1.0pp $664	-0.5pp $647	base $629	+0.5pp $611	+1.0pp $592

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
606 Park Ave Eden, NC	3.0	2.0	1625	$1,495	$0.92	24d	1	0.67mi

Listing history 18 events

1. 2026-06-18
   days on market $70,000 Active 238 DOM
2. 2026-06-17
   days on market $70,000 Active 237 DOM
3. 2026-06-16
   days on market $70,000 Active 236 DOM
4. 2026-06-15
   days on market $70,000 Active 235 DOM
5. 2026-06-14
   days on market $70,000 Active 233 DOM
6. 2026-06-13
   days on market $70,000 Active 232 DOM
7. 2026-06-10
   days on market $70,000 Active 230 DOM
8. 2026-06-09
   days on market $70,000 Active 229 DOM
9. 2026-06-08
   days on market $70,000 Active 228 DOM
10. 2026-06-07
    days on market $70,000 Active 227 DOM
11. 2026-06-03
    days on market $70,000 Active 223 DOM
12. 2026-06-02
    days on market $70,000 Active 222 DOM
13. 2026-06-01
    days on market $70,000 Active 221 DOM
14. 2026-05-31
    days on market $70,000 Active 220 DOM
15. 2026-05-31
    days on market $70,000 Active 219 DOM
16. 2026-03-19
    price $70,000
17. 2025-11-19
    price $79,000
18. 2025-10-23
    listed $85,000 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: $287 · $24/mo
• Projected year-2 tax: $574 · $48/mo
• Expected delta: +$287/yr (+$24/mo · 99.7%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,942
• − Mortgage interest: −$3,921
• − Property taxes: −$287
• − Insurance: −$1,148
• − Repairs & maintenance: −$1,355
• − Management: −$1,355
• − Depreciation: −$2,036
• Taxable income: $6,839
• Est. tax owed @ 24.0%: −$1,641
• After-tax cash flow: $5,903/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: Rockingham County Schools
• NCES district ID: 3703990
• Math proficiency: 38% ▼ -2.00%
• Reading proficiency: 40% ▲ 1.00%
• Median HH income: $38,914
• Composite: 32.6/100
• National rank: #5673
• State rank: #120 of 178 in NC

Livability — Eden

• Score: 67/100
• State rank: #224
• US rank: #10535

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eden, NC
• County: Rockingham County · 22,926 people
• City population: 22,926
• Metro: Greensboro-High Point, NC
• Population (ZIP): 22,926
• Household income: $52,594
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 860.0

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 87,103 people
• By 2030: 83,763 · -3.8%
• By 2040: 76,082 · -12.7%
• By 2050: 68,106 · -21.8%
• By 2075: 52,531 · -39.7%
• By 2100: 39,871 · -54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 23% Hispanic / Latino 6% Two or more races 5% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5% German/W. Germanic 1%

Political lean MEDSL · Rockingham

• 2024 margin: Solid R (+35.9) · D 31.7% · R 67.6%
• 2008→2024 swing: -19.9pp toward R · 2008: -16.0pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+32.0 2016: R+30.0 2012: R+21.3 2008: R+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.28%
• Current HPI: 183.5709
• Rent YoY: —
• Metro: Greensboro-High Point, 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

-17.6% since first listed

3 events — show timeline

• 2026-03-19 Price Changed $70,000 Triad MLS
• 2025-11-19 Price Changed $79,000 Triad MLS
• 2025-10-23 Listed $85,000 Triad MLS

Property tax history

-1.9%/yr

Latest (2025): $287 · +0.0% YoY. Source: county tax records.