204 W Hill St · Benson, NC 27504

$184,000

3 bd · 1.0 ba · 1,260 sqft · SingleFamily public records · 47 Days on market

Built 1905 6,534 sqft lot Est $261k · 29% under

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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 +25.6/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +5.6/10.0
• Schools +3.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cozy meets function in this quaint bungalow in the heart of downtown Benson. Whether you are seeking an affordable house to call home or investment property to rent out, this charming home has it all. There is plenty of space with three bedrooms and large hallway that can function as a den or office if needed. The kitchen offers tons of cabinet storage and plenty of room to dine. Step outside and enjoy the sunshine on the large deck overlooking a fully fenced-in backyard. This home is just minutes from I-95 & I-40 and is walking distance to shops and restaurants in Benson. This home has previously rented for $1300 - $1350 per month. Repairs have been made and repair list available.

Key facts

• Large deck
• 6,534 sq ft lot
• Built 1905

Tags

• LARGE DECK
• FULLY FENCED BACKYARD
• WALKING DISTANCE TO SHOPS

Property features AI

Finance

• Other: Located on a public maintained city street in Johnston County
• HOA & community: No association

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Electricity connected
• Home design: Single-story house; Wood siding; Shingle roof
• Construction: Wood siding construction; Shingle roof
• Exterior features: Fenced backyard; Shed(s) on property; Lot dimensions approximately 46 x 152 x 46 x 153

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: Three bedrooms (all on the main level)
• Flooring: Luxury vinyl; Living area approximately 1,194
• Bathrooms: One full bathroom
• Heating & cooling: Electric heating with heat pump; Central air conditioning
• Interior features: Bathtub/shower combination; Eat-in kitchen
• Laundry & utility: Dedicated laundry room

🏷️ Possibly a rental listed for sale. The $184,000 price doesn't fit this home's estimated sale value (~$260,820) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $184k.

Deal economics

• At list price, monthly cash flow is $437 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $184k).
• Recommended offer: $178k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.2% in Benson — 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 68/100 on livability (#205 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities D-, commute F.
• Johnston County Public Schools (rural): math 39% / reading 42% proficiency, ranked #105 of 178 in NC (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Johnston High (math 27% / reading 27%, grade F, #468 of 535 statewide, top 88%, 1,331 students, 56% FRL) — zoned schools average 56% FRL vs 41% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 27% at this address vs 40% district-wide (-14 pts) — the specific schools serving this property underperform the Johnston County Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: 336 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,783 units permitted in Johnston County in 2024 (6 in 5+ unit buildings).

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.
• Johnston County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 3y 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.
• Current owner paid $13k; list at $184k implies a 1315% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 69% 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 $178,480 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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. 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.
7. 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.
8. 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: 1.06% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.17%
• DSCR: 1.45
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $260,820
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
202 W Hill St	0.01mi	3/2.0	1,314 (+4%)	13mo	$280,000	$213	77
316 W Parrish Dr	0.27mi	2/1.0 (-1)	1,308 (+4%)	1mo	$299,000	$229	75
303 W Parrish Dr	0.25mi	2/1.5 (-1)	1,281 (+2%)	5mo	$232,000	$181	74
603 E Hill St	0.50mi	3/1.5	1,221 (-3%)	7mo	$232,500	$190	64
307 E Holmes St	0.39mi	3/2.0	1,360 (+8%)	2mo	$259,500	$191	63
416 W Martin St	0.39mi	3/2.0	1,360 (+8%)	4mo	$285,000	$210	61
305 E Holmes St	0.38mi	2/1.0 (-1)	1,200 (-5%)	12mo	$255,000	$213	59
107 Oak Park Dr	0.70mi	3/2.0	1,304 (+4%)	0mo	$270,000	$207	57
401 N Lincoln St	0.42mi	3/2.0	1,428 (+13%)	0mo	$245,500	$172	54
451 N Lincoln St	0.50mi	3/2.0	1,341 (+6%)	11mo	$295,000	$220	53
403 S Market St	0.44mi	3/1.5	1,100 (-13%)	6mo	$190,000	$173	52
1702 Nc 242 N	0.66mi	4/2.0 (+1)	1,366 (+8%)	15mo	$280,000	$205	34

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: -1.1%
• Equity multiple: 0.96×
• Total profit: $-2,085
• Equity at exit: $27,435

10-year hold

• IRR: 8.6%
• Equity multiple: 1.65×
• Total profit: $33,689
• Equity at exit: $15,909

Cash invested: $51,520 (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 27504

• Home prices YoY: -14.5%
• Active inventory: 336
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,951 high
• Mortgage (P&I): −$965
• Tax from tax record: −$63 /mo · $754/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $437

Break-even live

Break-even rent $1,398

Max offer price $184,000

Occupancy floor 73%

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: $46,000
• Closing costs: $5,520
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
500 S Ryals St Benson, NC	3.0	2.5	1615	$1,850	$1.15	16d	1	0.45mi
504 S Ryals St Benson, NC	3.0	2.5	1615	$1,800	$1.11	16d	1	0.45mi
508 S Ryals St Benson, NC	3.0	2.5	1615	$1,800	$1.11	16d	1	0.46mi
510 S Ryals St Benson, NC	3.0	2.5	1615	$1,800	$1.11	16d	1	0.46mi
514 S Ryals St Benson, NC	3.0	2.5	1615	$1,800	$1.11	16d	1	0.46mi
516 S Ryals St Benson, NC	3.0	2.5	1615	$1,850	$1.15	16d	1	0.47mi
608 S Blackmon St Benson, NC	3.0	2.5	1563	$1,800	$1.15	24d	1	0.54mi
610 S Blackmon St Benson, NC	3.0	2.5	1563	$1,800	$1.15	24d	1	0.54mi

Listing history 43 events

1. 2026-06-18
   days on market $184,000 Active 47 DOM
2. 2026-06-17
   days on market $184,000 Active 46 DOM
3. 2026-06-16
   days on market $184,000 Active 45 DOM
4. 2026-06-15
   days on market $184,000 Active 44 DOM
5. 2026-06-13
   pricedays on market $184,000 Active 42 DOM
6. 2026-06-13
   days on market $189,000 Active 41 DOM
7. 2026-06-09
   days on market $189,000 Active 38 DOM
8. 2026-06-08
   days on market $189,000 Active 37 DOM
9. 2026-06-07
   days on market $189,000 Active 36 DOM
10. 2026-06-05
    days on market $189,000 Active 33 DOM
11. 2026-06-03
    days on market $189,000 Active 32 DOM
12. 2026-06-02
    days on market $189,000 Active 31 DOM
13. 2026-06-01
    days on market $189,000 Active 30 DOM
14. 2026-05-31
    days on market $189,000 Active 29 DOM
15. 2026-05-02
    listed $189,000 Active
16. 2026-04-30
    listed $189,000 Active 697-char remark

    Show marketing remark (697 chars)

    Cozy meets function in this quaint bungalow in the heart of downtown Benson. Whether you are seeking an affordable house to call home or investment property to rent out, this charming home has it all. There is plenty of space with three bedrooms and large hallway that can function as a den or office if needed. The kitchen offers tons of cabinet storage and plenty of room to dine. Step outside and enjoy the sunshine on the large deck overlooking a fully fenced-in backyard. This home is just minutes from I-95 & I-40 and is walking distance to shops and restaurants in Benson. This home has previously rented for $1300 - $1350 per month. Repairs have been made and repair list available.

17. 2026-03-31
    historical
18. 2026-02-23
    price $170,000
19. 2026-02-04
    price $159,900
20. 2026-02-03
    listed $153,750 Active
21. 2025-12-23
    status Active
22. 2025-11-29
    status Pending
23. 2025-11-29
    historical
24. 2025-11-17
    price $159,000
25. 2025-10-27
    listed $150,000 Active
26. 2025-09-17
    status Active
27. 2025-09-02
    status Pending
28. 2025-09-02
    historical
29. 2025-08-11
    price $139,000
30. 2025-07-10
    price $149,000
31. 2025-06-30
    price $159,000
32. 2025-05-12
    price $169,000
33. 2025-04-21
    price $175,000
34. 2025-02-12
    price $189,000
35. 2024-10-23
    price $199,000
36. 2024-10-12
    historical $1,350
37. 2024-10-04
    price $215,000
38. 2024-10-04
    listed $199,000 Active
39. 2024-09-06
    listed $1,350
40. 2023-09-16
    historical $1,350
41. 2023-09-08
    price $1,350
42. 2023-07-27
    listed $1,500
43. 2001-02-01
    soldstatus $13,000

ⓘ 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: $754 · $63/mo
• Projected year-2 tax: $1,509 · $126/mo
• Expected delta: +$754/yr (+$63/mo · 100.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,408
• − Mortgage interest: −$10,307
• − Property taxes: −$754
• − Insurance: −$920
• − Repairs & maintenance: −$1,873
• − Management: −$1,873
• − Depreciation: −$5,353
• Taxable income: $2,328
• Est. tax owed @ 24.0%: −$559
• After-tax cash flow: $4,680/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: Johnston County Public Schools
• NCES district ID: 3702370
• Math proficiency: 39% ▲ 4.00%
• Reading proficiency: 42% ▲ 2.00%
• Median HH income: $50,912
• Composite: 34.99/100
• National rank: #5052
• State rank: #105 of 178 in NC

Livability — Benson

• Score: 68/100
• State rank: #205
• US rank: #9985

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Benson, NC
• County: Johnston County · 175,441 people
• City population: 17,079
• Metro: Raleigh-Cary, NC
• Population (ZIP): 17,079
• Household income: $66,724
• Rent vs Own: 26.5% rent · 73.5% own
• Severe rent burden: 554.0

Population outlook (Johnston County) Hauer SSP2

• Today (2025): 222,440 people
• By 2030: 240,227 · +8.0%
• By 2040: 274,616 · +23.5%
• By 2050: 304,915 · +37.1%
• By 2075: 369,507 · +66.1%
• By 2100: 406,280 · +82.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 16% Black 15% Two or more races 10%
• Hispanic origin (detail): Mexican 13% Puerto Rican 2%
• Common ancestry: Serbian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 85% English-only · Spanish 15%

Political lean MEDSL · Johnston

• 2024 margin: Strong R (+21.5) · D 38.7% · R 60.2% · Other 1.1%
• 2008→2024 swing: +2.2pp toward D · 2008: -23.7pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+24.3 2016: R+30.7 2012: R+27.8 2008: R+23.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.79%
• Current HPI: 252.3984
• Rent YoY: —
• Metro: Raleigh-Cary, 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

+1353.8% since first listed

29 events — show timeline

• 2026-05-02 Listed $189,000 TMLS
• 2026-04-30 Listed $189,000 Hive MLS
• 2026-03-31 Listing Removed — TMLS
• 2026-02-23 Price Changed $170,000 TMLS
• 2026-02-04 Price Changed $159,900 TMLS
• 2026-02-03 Listed $153,750 TMLS
• 2025-12-23 Relisted — TMLS
• 2025-11-29 Pending — TMLS
• 2025-11-29 Listing Removed — TMLS
• 2025-11-17 Price Changed $159,000 TMLS
• 2025-10-27 Listed $150,000 TMLS
• 2025-09-17 Relisted — TMLS
• 2025-09-02 Pending — TMLS
• 2025-09-02 Listing Removed — TMLS
• 2025-08-11 Price Changed $139,000 TMLS
• 2025-07-10 Price Changed $149,000 TMLS
• 2025-06-30 Price Changed $159,000 TMLS
• 2025-05-12 Price Changed $169,000 TMLS
• 2025-04-21 Price Changed $175,000 TMLS
• 2025-02-12 Price Changed $189,000 TMLS
• 2024-10-23 Price Changed $199,000 TMLS
• 2024-10-12 Rental Removed $1,350 BUILDIUM
• 2024-10-04 Price Changed $215,000 TMLS
• 2024-10-04 Listed $199,000 TMLS
• 2024-09-06 Listed for Rent $1,350 BUILDIUM
• 2023-09-16 Rental Removed $1,350 BUILDIUM
• 2023-09-08 Price Changed $1,350 BUILDIUM
• 2023-07-27 Listed for Rent $1,500 BUILDIUM
• 2001-02-01 Sold (Public Records) $13,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $754 · +20.3% YoY. Source: county tax records.