2204 Sweet Bay Dr Unit B · Greenville, NC 27834

$210,000

3 bd · 2.5 ba · 1,576 sqft · Other public records · 101 Days on market

Built 2009 5,663 sqft lot $42/mo HOA · 2% of rent ↓ 4% since listing

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Why this score? — see what drove the D+ 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 +4.6/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

In a prime location near the medical facilities, this beautiful 3-bedroom, 2.5-bathroom duplex boasts a spacious open floor plan perfect for hosting. The covered patio in the backyard offers an ideal setting to unwind and enjoy the outdoors.

Key facts

• $42 HOA
• Built 2009
• Listed 101 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath other listed at $210k.

Deal economics

• At list price, monthly cash flow is $157 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (4.4% below list).
• Recommended offer: $191k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 3.8% in Greenville — 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 77/100 on livability (#30 in NC, #2,977 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, employment 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: Lakeforest Elementary (math 22% / reading 30%, grade F, #1,085 of 1,410 statewide, top 77%, 804 students, 98% 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: Rents rising fast (+5.4%/yr); 356 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).
• At $2,007/mo this rent would consume 49% of the median local household income ($49k/yr) (locally 3319% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $191,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.96% ✗
• Cap rate: 7.19%
• Cash-on-cash: 3.19%
• DSCR: 1.14
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.44% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.68×
• Total profit: $-18,995
• Equity at exit: $31,312

10-year hold

• IRR: 3.8%
• Equity multiple: 1.31×
• Total profit: $18,140
• Equity at exit: $18,157

Cash invested: $58,800 (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 27834

• Rents YoY: 5.4%
• Active inventory: 356
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,007 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$198 /mo · $2,381/yr
• Insurance: −$88
• HOA: −$42
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $157

Break-even live

Break-even rent $1,809

Max offer price $210,000

Occupancy floor 87%

Sensitivity live

Price	-10% $275	-5% $216	+0% $157	+5% $97	+10% $38
Rent	-10% $-2	-5% $77	+0% $157	+5% $236	+10% $315
Rate	-1.0pp $262	-0.5pp $210	base $157	+0.5pp $102	+1.0pp $47

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4129 Laurel Ridge Dr Unit F Greenville, NC	2.0	3.5	1050	$2,500	$2.38	22d	1	0.09mi
4129 Laurel Ridge Dr Greenville, NC	2.0	4.0	1050	$2,500	$2.38	22d	1	0.09mi
4511 Laurel Ridge Dr Unit B Greenville, NC	3.0	2.5	1619	$1,950	$1.20	22d	1	0.10mi
1005 Allen Ridge Dr Greenville, NC	2.0–3.0	2.0	1134	$1,999	$1.76	15d	13	0.23mi
974 Ellery Dr Greenville, NC	3.0	2.0	1901	$1,995	$1.05	22d	1	0.27mi
2221 Brookville Dr Unit B Greenville, NC	3.0	2.0	1508	$1,700	$1.13	22d	1	0.32mi
2308 Sweet Bay Dr Unit B Greenville, NC	3.0	2.0	1446	$1,925	$1.33	22d	1	0.41mi
2500 Brookville Dr Greenville, NC	3.0	2.0	1423	$1,800	$1.26	15d	1	0.55mi
1632 Cambria Dr Unit B Greenville, NC	3.0	3.0	1919	$2,000	$1.04	22d	1	0.55mi
1951 Cambria Dr Unit B Greenville, NC	3.0	3.0	1552	$1,800	$1.16	22d	1	0.74mi
1548 Manning Forest Dr Unit M7 Greenville, NC	2.0	1.5	1094	$1,300	$1.19	15d	1	0.81mi
828 Sarah Rebecca Dr Greenville, NC	3.0	2.5	1636	$2,000	$1.22	22d	1	1.19mi
3709 Nantucket Rd Unit A Greenville, NC	3.0	2.0	1427	$1,700	$1.19	15d	1	1.45mi

HOA detail

• Monthly dues: $42 · $504/yr

Listing history 11 events

1. 2026-06-08
   status $210,000 Pending 101 DOM
2. 2026-06-07
   days on market $210,000 Active 101 DOM
3. 2026-06-05
   days on market $210,000 Active 98 DOM
4. 2026-06-03
   days on market $210,000 Active 97 DOM
5. 2026-06-02
   days on market $210,000 Active 96 DOM
6. 2026-06-01
   days on market $210,000 Active 95 DOM
7. 2026-05-31
   days on market $210,000 Active 94 DOM
8. 2026-05-30
   days on market $210,000 Active 93 DOM
9. 2026-04-14
   status Pending
10. 2026-01-28
    price $220,000
11. 2026-01-14
    listed $230,000 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: $2,381 · $198/mo
• Projected year-2 tax: $2,381 · $198/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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 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: $24,086
• − Mortgage interest: −$11,763
• − Property taxes: −$2,381
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,927
• − Management: −$1,927
• − HOA: −$504
• − Depreciation: −$6,109
• Taxable loss: −$1,574
• Est. tax savings @ 24.0%: +$378
• After-tax cash flow: $2,256/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 — Greenville

• Score: 77/100
• State rank: #30
• US rank: #2977

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenville, NC
• County: Pitt County · 142,592 people
• City population: 115,121
• Metro: Greenville, NC
• Population (ZIP): 56,347
• Household income: $48,935
• Rent vs Own: 62.6% rent · 37.4% own
• Severe rent burden: 3319.0

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 0.59)
• Race & ethnicity: Black 54% White 33% Hispanic / Latino 8% Two or more races 3% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 1% Slovak 1% Romanian 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Spanish 6% Other Asian/Pacific 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: ▼ -187.99%
• Current HPI: 190.6869
• Rent YoY: ▲ 5.44%
• Metro: Greenville, 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

-4.3% since first listed

3 events — show timeline

• 2026-04-14 Pending — Hive MLS
• 2026-01-28 Price Changed $220,000 Hive MLS
• 2026-01-14 Listed $230,000 Hive MLS

Property tax history

+5.2%/yr

Latest (2025): $2,381 · +0.5% YoY. Source: county tax records.