422 Albemarle Blvd Apt 12c · Hertford, NC 27944

$139,000

1 bd · 1.0 ba · 624 sqft · Condo · 36 Days on market

Built 1994 Good condition $63/mo HOA · 5% of rent

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Why this score? — see what drove the C- 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 +12.2/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +4.1/10.0
• Schools +3.9/10.0
• Condition / age +3.8/5.0
• DSCR +3.6/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0

Listing remarks MLS

A PERFECT Location! That's what you'll say when you see this first-floor one bedroom condo in the desirable gated Albemarle Plantation community! Enjoy the coastal life with beautiful sunrises and sunsets! Freshly painted with new switches and outlet covers! Fully furnished! New HVAC unit, new hot water heater and toilet! PLUS SELLER OFFERING AN APPLIANCE ALLOWANCE! Pick out your own style and color! Relax on your private brick patio and watch golfers on the #10 fairway of the Dan Maples Sound Golf Links course! And you're just steps away from the Dockside Café, tennis courts, weekly Farmer's Market, wine store and the deep-water marina and park! PLUS, you can enjoy all the other amenities Albemarle Plantation has to offer: 2 restaurants, a community pool, a community center with fitness room and special event spaces, garden center and two dog parks. The convenience of a perfect location AND a fully furnished first-floor condominium. .. what else could you ask for?!

Key facts

• Gated community
• Golf course view
• Private brick patio

Tags

• FIRST FLOOR CONDO
• GATED COMMUNITY
• PRIVATE BRICK PATIO
• GOLF COURSE VIEW
• SHADED PRIVATE PATIO AREA
• STEPS FROM CLUBHOUSE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $139k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-27 ($-328/yr) — negative.
• To cash-flow at today's rent, offer at most $135k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (9.3% below list).
• Recommended offer: $126k (9.3% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 2.2% in Hertford — 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 58/100 on livability (#570 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Perquimans County Schools (rural): math 44% / reading 48% proficiency, ranked #83 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Perquimans Central (391 students, 65% FRL); Perquimans County Middle (math 39% / reading 48%, grade D, #182 of 475 statewide, top 40%, 366 students, 59% FRL); Perquimans County High (math 47% / reading 42%, grade F, #352 of 535 statewide, top 68%, 518 students, 59% FRL).
• Market conditions: 339 active listings in the ZIP; 46 units permitted in Perquimans County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($961 loan paydown + $14k appreciation (10.0% local appreciation)).
• Perquimans County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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

• Climate carrying-cost: major flood risk; severe wind risk, 99% 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.

Recommended offer $126,108 (9.3% below list)

Questions for the listing agent

1. 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?
2. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 6.06%
• Cash-on-cash: -0.84%
• DSCR: 0.96
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 2.90×
• Total profit: $74,019
• Equity at exit: $125,222

10-year hold

• IRR: 21.1%
• Equity multiple: 6.64×
• Total profit: $219,459
• Equity at exit: $270,046

Cash invested: $38,920 (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 27944

• Home prices YoY: 9.5%
• Active inventory: 339
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,261 medium
• Mortgage (P&I): −$729
• Tax est. 1.5%: −$174 /mo · $2,085/yr
• Insurance: −$58
• HOA: −$63
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-27

Break-even live

Break-even rent $1,296

Max offer price $135,043

Occupancy floor 97%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $63 · $756/yr
• Likely covers: waterpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-19
   days on market $139,000 Active 36 DOM
2. 2026-06-18
   days on market $139,000 Active 35 DOM
3. 2026-06-17
   days on market $139,000 Active 34 DOM
4. 2026-06-16
   days on market $139,000 Active 33 DOM
5. 2026-06-15
   days on market $139,000 Active 32 DOM
6. 2026-06-14
   days on market $139,000 Active 30 DOM
7. 2026-06-12
   days on market $139,000 Active 29 DOM
8. 2026-06-09
   days on market $139,000 Active 26 DOM
9. 2026-06-08
   days on market $139,000 Active 25 DOM
10. 2026-06-07
    days on market $139,000 Active 24 DOM
11. 2026-06-03
    days on market $139,000 Active 20 DOM
12. 2026-06-02
    days on market $139,000 Active 19 DOM
13. 2026-06-01
    days on market $139,000 Active 18 DOM
14. 2026-05-31
    days on market $139,000 Active 17 DOM
15. 2026-05-30
    days on market $139,000 Active 16 DOM
16. 2026-05-14
    listed $139,000 Active
17. 2025-04-26
    status Pending 988-char remark

    Show marketing remark (988 chars)

    A PERFECT Location! That's what you'll say when you see this first-floor one bedroom condo in the desirable gated Albemarle Plantation community! Enjoy the coastal life with beautiful sunrises and sunsets! Freshly painted with new switches and outlet covers! Fully furnished! New HVAC unit, new hot water heater and toilet! PLUS SELLER OFFERING AN APPLIANCE ALLOWANCE! Pick out your own style and color! Relax on your private brick patio and watch golfers on the #10 fairway of the Dan Maples Sound Golf Links course! And you're just steps away from the Dockside Café, tennis courts, weekly Farmer's Market, wine store and the deep-water marina and park! PLUS, you can enjoy all the other amenities Albemarle Plantation has to offer: 2 restaurants, a community pool, a community center with fitness room and special event spaces, garden center and two dog parks. The convenience of a perfect location AND a fully furnished first-floor condominium. .. what else could you ask for?!

18. 2025-04-25
    soldstatus $142,000 Closed 988-char remark

    Show marketing remark (988 chars)

    A PERFECT Location! That's what you'll say when you see this first-floor one bedroom condo in the desirable gated Albemarle Plantation community! Enjoy the coastal life with beautiful sunrises and sunsets! Freshly painted with new switches and outlet covers! Fully furnished! New HVAC unit, new hot water heater and toilet! PLUS SELLER OFFERING AN APPLIANCE ALLOWANCE! Pick out your own style and color! Relax on your private brick patio and watch golfers on the #10 fairway of the Dan Maples Sound Golf Links course! And you're just steps away from the Dockside Café, tennis courts, weekly Farmer's Market, wine store and the deep-water marina and park! PLUS, you can enjoy all the other amenities Albemarle Plantation has to offer: 2 restaurants, a community pool, a community center with fitness room and special event spaces, garden center and two dog parks. The convenience of a perfect location AND a fully furnished first-floor condominium. .. what else could you ask for?!

19. 2025-03-15
    status Pending 988-char remark

    Show marketing remark (988 chars)

    A PERFECT Location! That's what you'll say when you see this first-floor one bedroom condo in the desirable gated Albemarle Plantation community! Enjoy the coastal life with beautiful sunrises and sunsets! Freshly painted with new switches and outlet covers! Fully furnished! New HVAC unit, new hot water heater and toilet! PLUS SELLER OFFERING AN APPLIANCE ALLOWANCE! Pick out your own style and color! Relax on your private brick patio and watch golfers on the #10 fairway of the Dan Maples Sound Golf Links course! And you're just steps away from the Dockside Café, tennis courts, weekly Farmer's Market, wine store and the deep-water marina and park! PLUS, you can enjoy all the other amenities Albemarle Plantation has to offer: 2 restaurants, a community pool, a community center with fitness room and special event spaces, garden center and two dog parks. The convenience of a perfect location AND a fully furnished first-floor condominium. .. what else could you ask for?!

20. 2025-01-23
    listed $149,500 Active 988-char remark

    Show marketing remark (988 chars)

    A PERFECT Location! That's what you'll say when you see this first-floor one bedroom condo in the desirable gated Albemarle Plantation community! Enjoy the coastal life with beautiful sunrises and sunsets! Freshly painted with new switches and outlet covers! Fully furnished! New HVAC unit, new hot water heater and toilet! PLUS SELLER OFFERING AN APPLIANCE ALLOWANCE! Pick out your own style and color! Relax on your private brick patio and watch golfers on the #10 fairway of the Dan Maples Sound Golf Links course! And you're just steps away from the Dockside Café, tennis courts, weekly Farmer's Market, wine store and the deep-water marina and park! PLUS, you can enjoy all the other amenities Albemarle Plantation has to offer: 2 restaurants, a community pool, a community center with fitness room and special event spaces, garden center and two dog parks. The convenience of a perfect location AND a fully furnished first-floor condominium. .. what else could you ask for?!

21. 2022-11-01
    soldstatus $125,000 Closed 362-char remark

    Show marketing remark (362 chars)

    One bedroom first floor condominium in the gated boating and golfing community of Albemarle Plantation. Large windows and sliding glass doors overlooking the 10th hole fairway. Brick patio provides the perfect outdoor sitting area. Tennis courts are right out the front door and Dockside Cafe and the Marina are the next stop down the street! Furniture included.

22. 2022-10-02
    status Pending 362-char remark

    Show marketing remark (362 chars)

    One bedroom first floor condominium in the gated boating and golfing community of Albemarle Plantation. Large windows and sliding glass doors overlooking the 10th hole fairway. Brick patio provides the perfect outdoor sitting area. Tennis courts are right out the front door and Dockside Cafe and the Marina are the next stop down the street! Furniture included.

23. 2022-09-29
    listed $130,000 Active 362-char remark

    Show marketing remark (362 chars)

    One bedroom first floor condominium in the gated boating and golfing community of Albemarle Plantation. Large windows and sliding glass doors overlooking the 10th hole fairway. Brick patio provides the perfect outdoor sitting area. Tennis courts are right out the front door and Dockside Cafe and the Marina are the next stop down the street! Furniture included.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 57% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,133
• − Mortgage interest: −$7,786
• − Property taxes: −$2,085
• − Insurance: −$695
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − HOA: −$756
• − Depreciation: −$4,044
• Taxable loss: −$2,654
• Est. tax savings @ 24.0%: +$637
• After-tax cash flow: $309/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This first-floor one-bedroom condo in the desirable gated Albemarle Plantation community is in good condition with cosmetic updates needed to modernize the kitchen and bathroom. The location offers beautiful sunrises and sunsets, and the property is close to amenities like the clubhouse, restaurant, and golf course.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate bathroom fixtures — dated and in need of updating
• Minor kitchen countertops — slight wear

Value-add opportunities

• Resale update kitchen cabinets and countertops — modernizing the kitchen
• Resale update bathroom fixtures — modernizing the bathroom
• Both paint interior walls — enhances curb appeal and interior aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of updating	Moderate	$3,000–15,000
kitchen countertops · slight wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Resale update kitchen cabinets and countertops — modernizing the kitchen ↑
• Resale update bathroom fixtures — modernizing the bathroom ↑
• Both paint interior walls — enhances curb appeal and interior aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Perquimans County Schools
• NCES district ID: 3703600
• Math proficiency: 44% ▲ 6.00%
• Reading proficiency: 48% ▲ 7.00%
• Median HH income: $42,593
• Composite: 38.75/100
• National rank: #4124
• State rank: #83 of 178 in NC

Livability — Hertford

• Score: 58/100
• State rank: #570
• US rank: #21148

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 11,255

Population outlook (Perquimans County) Hauer SSP2

• Today (2025): 13,018 people
• By 2030: 12,716 · -2.3%
• By 2040: 11,895 · -8.6%
• By 2050: 10,981 · -15.6%
• By 2075: 8,931 · -31.4%
• By 2100: 7,101 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 20% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 3% Serbian 2% Slovak 2%
• Foreign-born: 3% · Canada, China, Dominican Republic
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Perquimans

• 2024 margin: Solid R (+39.4) · D 29.7% · R 69.1% · Other 1.2%
• 2008→2024 swing: -25.4pp toward R · 2008: -13.9pp · 2024: -39.4pp
• All cycles: 2024: R+39.4 2020: R+32.2 2016: R+28.1 2012: R+16.1 2008: R+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 22.77%
• Current HPI: 261.91
• 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

+6.9% since first listed

8 events — show timeline

• 2026-05-14 Listed $139,000 Hive MLS
• 2025-04-26 Pending — Hive MLS
• 2025-04-25 Sold (MLS) $142,000 Hive MLS
• 2025-03-15 Pending — Hive MLS
• 2025-01-23 Listed $149,500 Hive MLS
• 2022-11-01 Sold (MLS) $125,000 Hive MLS
• 2022-10-02 Pending — Hive MLS
• 2022-09-29 Listed $130,000 Hive MLS