224 Peach St · Elizabeth City, NC 27976

$289,990

3 bd · 2.5 ba · 1,520 sqft · Townhouse · 29 Days on market

Built 2026 Excellent condition 1,742 sqft lot $100/mo HOA · 3% 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 +17.4/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• 1% rule +5.1/10.0
• Condition / age +5.0/5.0
• Appreciation +4.8/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Schools +2.4/10.0

Listing remarks MLS

Just released, new townhomes in South Mills. Low taxes = low payments. Own a 3 level townhome with all appliances, large deck, and backyard for the same price you pay in rent. This home includes a 1 car garage, two car driveway, backyard, open layout, 3 bedrooms and 2.5 baths. Come and visit us today!

Key facts

• Large deck
• Backyard
• Open layout

Tags

• LARGE DECK
• BACKYARD
• OPEN LAYOUT

Property features AI

Finance

• Other: Warranty plan
• HOA & community: Has HOA managed by GOODMAN PROPERTY MANAGEMENT; Association fee $100 monthly; Condo fees listed as $0

Exterior

• Parking: Attached 1-car garage
• Utilities: City/County water; City/County sewer; Electric water heater; Electric power
• Home design: Attached townhouse; 3 stories; Slab foundation; Energy Star Home
• Construction: Asphalt shingle roof
• Exterior features: Vinyl siding

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range
• Bedrooms: No bedroom and full bathroom on first floor; 7 total rooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Electric heat; Central air
• Interior features: Scuttle access; Walk-in closet; Attic; Foyer; Porch
• Laundry & utility: Washer hookup; Dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $290k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-210 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (10.5% below list).
• Meets the 1% rule at list price ($3k rent vs $290k).
• Recommended offer: $260k (10.5% below list) — sets the bar for cash-flow.
• Cap rate 7.2% vs local median 2.9% in Elizabeth City — 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 71/100 on livability (#119 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, commute F, employment F.
• Elizabeth City-Pasquotank Public Schools (rural): math 21% / reading 34% proficiency, ranked #152 of 178 in NC (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Pasquotank Elementary (math 12% / reading 32%, grade F, #1,190 of 1,410 statewide, top 86%, 270 students, 98% FRL); River Road Middle (math 18% / reading 37%, grade F, #368 of 475 statewide, top 78%, 463 students, 99% FRL); Northeastern High (math 37% / reading 42%, grade F, #393 of 535 statewide, top 75%, 701 students, 100% FRL) — zoned schools average 99% FRL vs 56% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 86 active listings in the ZIP; 153 units permitted in Pasquotank County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $869 of equity ($2k loan paydown + $-1k appreciation (-0.4% local appreciation)).
• Pasquotank County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts 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: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $259,585 (10.5% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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: 1.01% ✓
• Cap rate: 7.19%
• Cash-on-cash: 3.20%
• DSCR: 1.14
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.39% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.3%
• Equity multiple: 0.67×
• Total profit: $-26,791
• Equity at exit: $78,573

10-year hold

• IRR: -0.8%
• Equity multiple: 0.92×
• Total profit: $-6,897
• Equity at exit: $90,065

Cash invested: $81,197 (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 27976

• Home prices YoY: -0.2%
• Active inventory: 86
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,937 medium
• Mortgage (P&I): −$1,521
• Tax est. 1.5%: −$362 /mo · $4,350/yr
• Insurance: −$121
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$100
• Vacancy / Maint / Mgmt: −$617
• Net cashflow: $-210

Break-even live

Break-even rent $3,203

Max offer price $259,585

Occupancy floor —

Sensitivity live

Price	-10% $-10	-5% $-110	+0% $-210	+5% $-310	+10% $-411
Rent	-10% $-442	-5% $-326	+0% $-210	+5% $-94	+10% $22
Rate	-1.0pp $-64	-0.5pp $-136	base $-210	+0.5pp $-285	+1.0pp $-362

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: $72,498
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $100 · $1,200/yr

Listing history 28 events

1. 2026-06-12
   statusdays on market $289,990 Under Contract 29 DOM
2. 2026-06-09
   days on market $289,990 Active 27 DOM
3. 2026-06-08
   days on market $289,990 Active 26 DOM
4. 2026-06-07
   days on market $289,990 Active 25 DOM
5. 2026-06-05
   days on market $289,990 Active 22 DOM
6. 2026-06-03
   days on market $289,990 Active 21 DOM
7. 2026-06-02
   days on market $289,990 Active 20 DOM
8. 2026-06-01
   days on market $289,990 Active 19 DOM
9. 2026-05-31
   days on market $289,990 Active 18 DOM
10. 2026-05-13
    listed $289,990 Active

    Show marketing remark (302 chars)

    Just released, new townhomes in South Mills. Low taxes = low payments. Own a 3 level townhome with all appliances, large deck, and backyard for the same price you pay in rent. This home includes a 1 car garage, two car driveway, backyard, open layout, 3 bedrooms and 2.5 baths. Come and visit us today!

11. 2026-05-13
    listed $289,990 Active 302-char remark

    Show marketing remark (302 chars)

    Just released, new townhomes in South Mills. Low taxes = low payments. Own a 3 level townhome with all appliances, large deck, and backyard for the same price you pay in rent. This home includes a 1 car garage, two car driveway, backyard, open layout, 3 bedrooms and 2.5 baths. Come and visit us today!

12. 2026-05-11
    price $289,990 949-char remark

    Show marketing remark (949 chars)

    Welcome Home to South Mills Towns in South Mills, NC! Discover this stunning, quick move-in townhome located just 7 miles from Chesapeake, VA. This 3-bedroom, 2.5 bathroom home offers 1,307 sq. ft. of beautifully designed living space. Step inside to find spacious finished rec room on the first floor. The main floor has an open concept kitchen, family room, and powder room. The kitchen features: spacious kitchen island, stainless steel appliances and a spacious island. The living room is perfect for entertaining with LVP flooring throughout entire main floor. Upstairs features 3 bedrooms, private owner's suite with en-suite bathroom and walk-in closet. Enjoy outdoor living with a spacious deck included and a private, personal backyard included. This vibrant new community offers a resort-style lifestyle with a pool, clubhouse, and more. Lower taxes = lower payments with still the convenience of Chesapeake, VA. Schedule your visit today!

13. 2026-05-11
    status Active 949-char remark

    Show marketing remark (949 chars)

    Welcome Home to South Mills Towns in South Mills, NC! Discover this stunning, quick move-in townhome located just 7 miles from Chesapeake, VA. This 3-bedroom, 2.5 bathroom home offers 1,307 sq. ft. of beautifully designed living space. Step inside to find spacious finished rec room on the first floor. The main floor has an open concept kitchen, family room, and powder room. The kitchen features: spacious kitchen island, stainless steel appliances and a spacious island. The living room is perfect for entertaining with LVP flooring throughout entire main floor. Upstairs features 3 bedrooms, private owner's suite with en-suite bathroom and walk-in closet. Enjoy outdoor living with a spacious deck included and a private, personal backyard included. This vibrant new community offers a resort-style lifestyle with a pool, clubhouse, and more. Lower taxes = lower payments with still the convenience of Chesapeake, VA. Schedule your visit today!

14. 2025-12-11
    status Pending
15. 2025-11-21
    historical 949-char remark

    Show marketing remark (949 chars)

    Welcome Home to South Mills Towns in South Mills, NC! Discover this stunning, quick move-in townhome located just 7 miles from Chesapeake, VA. This 3-bedroom, 2.5 bathroom home offers 1,307 sq. ft. of beautifully designed living space. Step inside to find spacious finished rec room on the first floor. The main floor has an open concept kitchen, family room, and powder room. The kitchen features: spacious kitchen island, stainless steel appliances and a spacious island. The living room is perfect for entertaining with LVP flooring throughout entire main floor. Upstairs features 3 bedrooms, private owner's suite with en-suite bathroom and walk-in closet. Enjoy outdoor living with a spacious deck included and a private, personal backyard included. This vibrant new community offers a resort-style lifestyle with a pool, clubhouse, and more. Lower taxes = lower payments with still the convenience of Chesapeake, VA. Schedule your visit today!

16. 2025-11-02
    price $279,990 949-char remark

    Show marketing remark (949 chars)

    Welcome Home to South Mills Towns in South Mills, NC! Discover this stunning, quick move-in townhome located just 7 miles from Chesapeake, VA. This 3-bedroom, 2.5 bathroom home offers 1,307 sq. ft. of beautifully designed living space. Step inside to find spacious finished rec room on the first floor. The main floor has an open concept kitchen, family room, and powder room. The kitchen features: spacious kitchen island, stainless steel appliances and a spacious island. The living room is perfect for entertaining with LVP flooring throughout entire main floor. Upstairs features 3 bedrooms, private owner's suite with en-suite bathroom and walk-in closet. Enjoy outdoor living with a spacious deck included and a private, personal backyard included. This vibrant new community offers a resort-style lifestyle with a pool, clubhouse, and more. Lower taxes = lower payments with still the convenience of Chesapeake, VA. Schedule your visit today!

17. 2025-10-23
    price $288,990 949-char remark

    Show marketing remark (949 chars)

    Welcome Home to South Mills Towns in South Mills, NC! Discover this stunning, quick move-in townhome located just 7 miles from Chesapeake, VA. This 3-bedroom, 2.5 bathroom home offers 1,307 sq. ft. of beautifully designed living space. Step inside to find spacious finished rec room on the first floor. The main floor has an open concept kitchen, family room, and powder room. The kitchen features: spacious kitchen island, stainless steel appliances and a spacious island. The living room is perfect for entertaining with LVP flooring throughout entire main floor. Upstairs features 3 bedrooms, private owner's suite with en-suite bathroom and walk-in closet. Enjoy outdoor living with a spacious deck included and a private, personal backyard included. This vibrant new community offers a resort-style lifestyle with a pool, clubhouse, and more. Lower taxes = lower payments with still the convenience of Chesapeake, VA. Schedule your visit today!

18. 2025-10-22
    price $283,990 949-char remark

    Show marketing remark (949 chars)

    Welcome Home to South Mills Towns in South Mills, NC! Discover this stunning, quick move-in townhome located just 7 miles from Chesapeake, VA. This 3-bedroom, 2.5 bathroom home offers 1,307 sq. ft. of beautifully designed living space. Step inside to find spacious finished rec room on the first floor. The main floor has an open concept kitchen, family room, and powder room. The kitchen features: spacious kitchen island, stainless steel appliances and a spacious island. The living room is perfect for entertaining with LVP flooring throughout entire main floor. Upstairs features 3 bedrooms, private owner's suite with en-suite bathroom and walk-in closet. Enjoy outdoor living with a spacious deck included and a private, personal backyard included. This vibrant new community offers a resort-style lifestyle with a pool, clubhouse, and more. Lower taxes = lower payments with still the convenience of Chesapeake, VA. Schedule your visit today!

19. 2025-10-22
    price $288,990 949-char remark

    Show marketing remark (949 chars)

    Welcome Home to South Mills Towns in South Mills, NC! Discover this stunning, quick move-in townhome located just 7 miles from Chesapeake, VA. This 3-bedroom, 2.5 bathroom home offers 1,307 sq. ft. of beautifully designed living space. Step inside to find spacious finished rec room on the first floor. The main floor has an open concept kitchen, family room, and powder room. The kitchen features: spacious kitchen island, stainless steel appliances and a spacious island. The living room is perfect for entertaining with LVP flooring throughout entire main floor. Upstairs features 3 bedrooms, private owner's suite with en-suite bathroom and walk-in closet. Enjoy outdoor living with a spacious deck included and a private, personal backyard included. This vibrant new community offers a resort-style lifestyle with a pool, clubhouse, and more. Lower taxes = lower payments with still the convenience of Chesapeake, VA. Schedule your visit today!

20. 2025-10-21
    price $283,990 949-char remark

    Show marketing remark (949 chars)

    Welcome Home to South Mills Towns in South Mills, NC! Discover this stunning, quick move-in townhome located just 7 miles from Chesapeake, VA. This 3-bedroom, 2.5 bathroom home offers 1,307 sq. ft. of beautifully designed living space. Step inside to find spacious finished rec room on the first floor. The main floor has an open concept kitchen, family room, and powder room. The kitchen features: spacious kitchen island, stainless steel appliances and a spacious island. The living room is perfect for entertaining with LVP flooring throughout entire main floor. Upstairs features 3 bedrooms, private owner's suite with en-suite bathroom and walk-in closet. Enjoy outdoor living with a spacious deck included and a private, personal backyard included. This vibrant new community offers a resort-style lifestyle with a pool, clubhouse, and more. Lower taxes = lower payments with still the convenience of Chesapeake, VA. Schedule your visit today!

21. 2025-10-20
    status Pending
22. 2025-10-20
    historical
23. 2025-10-16
    status Under Contract
24. 2025-10-16
    historical
25. 2025-10-12
    price $281,990 949-char remark

    Show marketing remark (949 chars)

    Welcome Home to South Mills Towns in South Mills, NC! Discover this stunning, quick move-in townhome located just 7 miles from Chesapeake, VA. This 3-bedroom, 2.5 bathroom home offers 1,307 sq. ft. of beautifully designed living space. Step inside to find spacious finished rec room on the first floor. The main floor has an open concept kitchen, family room, and powder room. The kitchen features: spacious kitchen island, stainless steel appliances and a spacious island. The living room is perfect for entertaining with LVP flooring throughout entire main floor. Upstairs features 3 bedrooms, private owner's suite with en-suite bathroom and walk-in closet. Enjoy outdoor living with a spacious deck included and a private, personal backyard included. This vibrant new community offers a resort-style lifestyle with a pool, clubhouse, and more. Lower taxes = lower payments with still the convenience of Chesapeake, VA. Schedule your visit today!

26. 2025-10-10
    listed $279,990 Active
27. 2025-10-09
    listed $279,990 Active 949-char remark

    Show marketing remark (949 chars)

    Welcome Home to South Mills Towns in South Mills, NC! Discover this stunning, quick move-in townhome located just 7 miles from Chesapeake, VA. This 3-bedroom, 2.5 bathroom home offers 1,307 sq. ft. of beautifully designed living space. Step inside to find spacious finished rec room on the first floor. The main floor has an open concept kitchen, family room, and powder room. The kitchen features: spacious kitchen island, stainless steel appliances and a spacious island. The living room is perfect for entertaining with LVP flooring throughout entire main floor. Upstairs features 3 bedrooms, private owner's suite with en-suite bathroom and walk-in closet. Enjoy outdoor living with a spacious deck included and a private, personal backyard included. This vibrant new community offers a resort-style lifestyle with a pool, clubhouse, and more. Lower taxes = lower payments with still the convenience of Chesapeake, VA. Schedule your visit today!

28. 2025-10-01
    listed $279,990 Active

ⓘ 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 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°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: $35,248
• − Mortgage interest: −$16,244
• − Property taxes: −$4,350
• − Insurance: −$6,568
• − Repairs & maintenance: −$2,820
• − Management: −$2,820
• − HOA: −$1,200
• − Depreciation: −$8,436
• Taxable loss: −$7,190
• Est. tax savings @ 24.0%: +$1,726
• After-tax cash flow: $-796/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 · 1 photo

Excellent 100/100 None rehab

This townhome is in excellent condition with no visible repairs or maintenance needed. It is move-in ready and offers a great value for both resale and rental.

Value-add opportunities

• Both Painting — Fresh paint can enhance curb appeal and interior aesthetics
• Both Landscaping — Enhances curb appeal and can increase property value
• Both Interior cleaning — A clean interior can make the home more appealing to potential buyers or renters

Renovation cost estimate screening

Value-add ROI direction

• Both Painting — Fresh paint can enhance curb appeal and interior aesthetics ↑
• Both Landscaping — Enhances curb appeal and can increase property value ↑
• Both Interior cleaning — A clean interior can make the home more appealing to potential buyers or renters ↑

ⓘ 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: Elizabeth City-Pasquotank Public Schools
• NCES district ID: 3703540
• Math proficiency: 21% ▼ -7.00%
• Reading proficiency: 34% ▼ -1.00%
• Median HH income: $45,294
• Composite: 23.63/100
• National rank: #7847
• State rank: #152 of 178 in NC

Livability — Elizabeth City

• Score: 71/100
• State rank: #119
• US rank: #7304

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 40,869
• Population (ZIP): 4,237

Population outlook (Pasquotank County) Hauer SSP2

• Today (2025): 38,172 people
• By 2030: 36,890 · -3.4%
• By 2040: 33,845 · -11.3%
• By 2050: 31,086 · -18.6%
• By 2075: 27,191 · -28.8%
• By 2100: 26,093 · -31.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 8% Black 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Scotch-Irish 4% Portuguese 3% Romanian 3%
• Languages at home: 98% English-only · Arabic 1%

Political lean MEDSL · Pasquotank

• 2024 margin: Toss-up / Even · D 47.1% · R 52.0%
• 2008→2024 swing: -18.6pp toward R · 2008: 13.7pp · 2024: -4.9pp
• All cycles: 2024: R+4.9 2020: D+0.3 2016: D+2.2 2012: D+15.9 2008: D+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.39%
• Current HPI: 174.2102
• 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

+3.6% since first listed

19 events — show timeline

• 2026-05-13 Listed $289,990 Hive MLS
• 2026-05-13 Listed $289,990 REINMLS
• 2026-05-11 Relisted — Zillow
• 2026-05-11 Price Changed $289,990 Zillow
• 2025-12-11 Pending — Hive MLS
• 2025-11-21 Delisted — Zillow
• 2025-11-02 Price Changed $279,990 Zillow
• 2025-10-23 Price Changed $288,990 Zillow
• 2025-10-22 Price Changed $283,990 Zillow
• 2025-10-22 Price Changed $288,990 Zillow
• 2025-10-21 Price Changed $283,990 Zillow
• 2025-10-20 Pending — Hive MLS
• 2025-10-20 Listing Removed — Hive MLS
• 2025-10-16 Pending — REINMLS
• 2025-10-16 Listing Removed — REINMLS
• 2025-10-12 Price Changed $281,990 Zillow
• 2025-10-10 Listed $279,990 Hive MLS
• 2025-10-09 Listed $279,990 Zillow
• 2025-10-01 Listed $279,990 REINMLS