602 Herrington Rd · Elizabeth City, NC 27909

$45,000

3 bd · 1.5 ba · 1,732 sqft · Other public records · 275 Days on market

Built 1920 3,485 sqft lot ↓ 56% 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 +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 3-bedroom, 1.5-bath fixer-upper is full of potential! With a solid foundation and great layout, it's the perfect opportunity for buyers looking to put their personal touch on a home. While the home needs some updates, the open concept gives you the freedom to reimagine the space to fit your style. With a little creativity, this home can be transformed into your dream space. Rest easy knowing that a brand-new water heater has been installed, ensuring reliable hot water supply throughout the home. New HVAC Unit also.

Key facts

• Recent upgrades
• Water heater
• Solid foundation

Tags

• SOLID FOUNDATION
• OPEN-CONCEPT LAYOUT
• RECENT UPGRADES
• BRAND-NEW HVAC SYSTEM
• WATER HEATER

Property features AI

Exterior

• Parking: On-street parking; Unpaved parking areas; Off-street parking
• Utilities: Public water; Sewer available; Water available
• Home design: Single-family residence; Two levels; Residential property
• Construction: Vinyl siding; Frame construction; Built with a crawl space
• Exterior features: Shingle roof; No patio or porch; No fencing; Paved road frontage; Frontage on city street and state road

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Central air conditioning; Electric heating; Heat pump
• Interior features: Crawl space basement; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $45k.

Deal economics

• At list price, monthly cash flow is $905 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 32.2% 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: J C Sawyer Elementary (math 12% / reading 27%, grade F, #1,242 of 1,410 statewide, top 90%, 368 students, 99% FRL); Elizabeth City Middle (math 16% / reading 31%, grade F, #402 of 475 statewide, top 85%, 515 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 (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.0%/yr); 343 active listings in the ZIP; 153 units permitted in Pasquotank County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Pasquotank County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 275 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $25k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe 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 $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 275 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 1920 — 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: 3.59% ✓
• Cap rate: 32.19%
• Cash-on-cash: 92.50%
• DSCR: 5.12
• GRM: 2.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.02% rent growth · sell at horizon

5-year hold

• IRR: 87.9%
• Equity multiple: 5.13×
• Total profit: $52,071
• Equity at exit: $6,710

10-year hold

• IRR: 91.2%
• Equity multiple: 11.06×
• Total profit: $126,808
• Equity at exit: $3,891

Cash invested: $12,600 (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 27909

• Rents YoY: 4.0%
• Active inventory: 343
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $1,614 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$49 /mo · $592/yr
• Insurance: −$19
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $905

Break-even live

Break-even rent $469

Max offer price $45,000

Occupancy floor 39%

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-19
   days on market $45,000 Active 275 DOM
2. 2026-06-18
   days on market $45,000 Active 274 DOM
3. 2026-06-17
   days on market $45,000 Active 273 DOM
4. 2026-06-16
   days on market $45,000 Active 272 DOM
5. 2026-06-15
   days on market $45,000 Active 271 DOM
6. 2026-06-14
   days on market $45,000 Active 269 DOM
7. 2026-06-12
   pricedays on market $45,000 Active 268 DOM
8. 2026-06-09
   days on market $79,000 Active 265 DOM
9. 2026-06-08
   days on market $79,000 Active 264 DOM
10. 2026-06-07
    days on market $79,000 Active 263 DOM
11. 2026-06-05
    days on market $79,000 Active 260 DOM
12. 2026-06-03
    days on market $79,000 Active 259 DOM
13. 2026-06-02
    days on market $79,000 Active 258 DOM
14. 2026-06-01
    days on market $79,000 Active 257 DOM
15. 2026-05-31
    days on market $79,000 Active 256 DOM
16. 2026-05-30
    days on market $79,000 Active 255 DOM
17. 2026-03-24
    status Active
18. 2026-03-21
    historical Active Under Contract
19. 2025-09-19
    price $79,000
20. 2025-09-18
    status Active
21. 2025-07-22
    status Pending
22. 2025-07-21
    listed $70,000 Active
23. 2025-02-17
    soldstatus $70,000 Closed 525-char remark

    Show marketing remark (525 chars)

    This 3-bedroom, 1.5-bath fixer-upper is full of potential! With a solid foundation and great layout, it's the perfect opportunity for buyers looking to put their personal touch on a home. While the home needs some updates, the open concept gives you the freedom to reimagine the space to fit your style. With a little creativity, this home can be transformed into your dream space. Rest easy knowing that a brand-new water heater has been installed, ensuring reliable hot water supply throughout the home. New HVAC Unit also.

24. 2025-02-11
    status Pending 525-char remark

    Show marketing remark (525 chars)

    This 3-bedroom, 1.5-bath fixer-upper is full of potential! With a solid foundation and great layout, it's the perfect opportunity for buyers looking to put their personal touch on a home. While the home needs some updates, the open concept gives you the freedom to reimagine the space to fit your style. With a little creativity, this home can be transformed into your dream space. Rest easy knowing that a brand-new water heater has been installed, ensuring reliable hot water supply throughout the home. New HVAC Unit also.

25. 2025-01-23
    listed $115,000 Active 525-char remark

    Show marketing remark (525 chars)

    This 3-bedroom, 1.5-bath fixer-upper is full of potential! With a solid foundation and great layout, it's the perfect opportunity for buyers looking to put their personal touch on a home. While the home needs some updates, the open concept gives you the freedom to reimagine the space to fit your style. With a little creativity, this home can be transformed into your dream space. Rest easy knowing that a brand-new water heater has been installed, ensuring reliable hot water supply throughout the home. New HVAC Unit also.

26. 2024-10-29
    historical
27. 2024-10-23
    historical
28. 2024-07-31
    price $140,000
29. 2024-07-31
    price $140,000
30. 2024-07-31
    price $140,000
31. 2024-05-30
    listed $180,000 Active
32. 2024-05-28
    listed $180,000 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: $592 · $49/mo
• Projected year-2 tax: $592 · $49/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 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 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: $19,372
• − Mortgage interest: −$2,521
• − Property taxes: −$592
• − Insurance: −$1,022
• − Repairs & maintenance: −$1,550
• − Management: −$1,550
• − Depreciation: −$1,309
• Taxable income: $10,828
• Est. tax owed @ 24.0%: −$2,599
• After-tax cash flow: $8,259/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: 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

• Census place: Elizabeth City, NC
• County: Pasquotank County · 40,869 people
• City population: 40,869
• Metro: Elizabeth City, NC
• Population (ZIP): 40,869
• Household income: $66,732
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 1160.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 54% Black 35% Hispanic / Latino 6% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 2% Romanian 1% Lithuanian 1%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1% Vietnamese 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: ▼ -141.03%
• Current HPI: 164.7511
• Rent YoY: ▲ 4.02%
• Metro: Elizabeth City, 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

-56.1% since first listed

16 events — show timeline

• 2026-03-24 Relisted — Hive MLS
• 2026-03-21 Contingent — Hive MLS
• 2025-09-19 Price Changed $79,000 Hive MLS
• 2025-09-18 Relisted — Hive MLS
• 2025-07-22 Pending — Hive MLS
• 2025-07-21 Listed $70,000 Hive MLS
• 2025-02-17 Sold (MLS) $70,000 Hive MLS
• 2025-02-11 Pending — Hive MLS
• 2025-01-23 Listed $115,000 Hive MLS
• 2024-10-29 Listing Removed — REINMLS
• 2024-10-23 Listing Removed — Hive MLS
• 2024-07-31 Price Changed $140,000 REINMLS
• 2024-07-31 Price Changed $140,000 OBMLS
• 2024-07-31 Price Changed $140,000 Hive MLS
• 2024-05-30 Listed $180,000 Hive MLS
• 2024-05-28 Listed $180,000 REINMLS

Property tax history

-2.2%/yr

Latest (2025): $592 · +8.8% YoY. Source: county tax records.