204 Easterling St · Ellerbe, NC 28338

$99,900

3 bd · 1.5 ba · 885 sqft · SingleFamily public records · 59 Days on market

Built 1991 0.34 ac lot Est $146k · 32% under

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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 +20.4/30.0
• ARV discount +15.0/15.0
• DSCR +6.5/10.0
• Appreciation +6.2/10.0
• 1% rule +4.6/10.0
• Livability +3.4/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Subject to court approval and a 10-day upset bid period. Property is being sold as-is, where-is. All personal property currently on-site will convey with the sale. Charming opportunity in the heart of Ellerbe! This home offers small-town living with convenient access to US-220, making for an easy commute to Rockingham, Asheboro, and surrounding areas. Situated on a manageable lot, this property presents a great opportunity for first-time buyers, investors, or those looking to downsize. Enjoy the quiet setting while still being close to local shops, dining, and everyday conveniences. Property is identified as 134 Easterling Ave per Richmond County GIS/911, while the home is physically marked

Key facts

• Manageable lot
• Quiet setting
• Close to local shops

Tags

• CONVENIENT ACCESS TO US-220
• MANAGEABLE LOT
• QUIET SETTING
• CLOSE TO LOCAL SHOPS

Property features AI

Exterior

• Parking: 1-space carport
• Utilities: Public water; Public sewer; Other utilities
• Home design: Single family residence; One-story (entry level 1)
• Construction: Brick and frame construction; Shingle roof; Built on crawl space
• Exterior features: Front porch; Partial fencing; Has a view; Asphalt parking surface

Interior

• Bedrooms: 7 total rooms (includes all living spaces)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Propane heating; Cooling present (other type)
• Interior features: Electric water heater; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $129 ($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 $96k (4.0% below list).
• Recommended offer: $96k (4.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 67/100 on livability (#245 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: amenities F, commute F, employment F.
• Richmond County Schools (town): math 30% / reading 36% proficiency, ranked #139 of 178 in NC (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mineral Springs Elementary (math 37% / reading 42%, grade F, #694 of 1,410 statewide, top 53%, 371 students, 99% FRL); Ellerbe Middle (math 29% / reading 42%, grade F, #279 of 475 statewide, top 60%, 212 students, 99% FRL); Richmond Senior High (math 58% / reading 38%, grade D, #329 of 535 statewide, top 62%, 1,286 students, 99% FRL) — zoned schools average 99% FRL vs 70% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 17 active listings in the ZIP; 54 units permitted in Richmond County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($691 loan paydown + $2k appreciation (2.4% local appreciation)).
• Richmond County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $29k; list at $100k implies a 244% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 63% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $95,892 (4.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 7.84%
• Cash-on-cash: 5.53%
• DSCR: 1.25
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $146,025
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1471 Greenlake Rd	0.43mi	2/1.0 (-1)	910 (+3%)	2mo	$142,000	$156	66
101 5th St	0.31mi	2/1.0 (-1)	860 (-3%)	14mo	$142,000	$165	62

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.37% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.0%
• Equity multiple: 1.60×
• Total profit: $16,917
• Equity at exit: $41,397

10-year hold

• IRR: 13.6%
• Equity multiple: 2.89×
• Total profit: $52,917
• Equity at exit: $61,184

Cash invested: $27,972 (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 28338

• Home prices YoY: 1.6%
• Active inventory: 17
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $959 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$63 /mo · $756/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$201
• Net cashflow: $129

Break-even live

Break-even rent $796

Max offer price $99,900

Occupancy floor 82%

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $99,900 Active 59 DOM
2. 2026-06-18
   days on market $99,900 Active 58 DOM
3. 2026-06-17
   days on market $99,900 Active 57 DOM
4. 2026-06-16
   days on market $99,900 Active 56 DOM
5. 2026-06-15
   days on market $99,900 Active 55 DOM
6. 2026-06-14
   days on market $99,900 Active 53 DOM
7. 2026-06-13
   days on market $99,900 Active 52 DOM
8. 2026-06-10
   days on market $99,900 Active 50 DOM
9. 2026-06-09
   days on market $99,900 Active 49 DOM
10. 2026-06-08
    days on market $99,900 Active 48 DOM
11. 2026-06-07
    days on market $99,900 Active 47 DOM
12. 2026-06-05
    days on market $99,900 Active 44 DOM
13. 2026-06-03
    days on market $99,900 Active 43 DOM
14. 2026-06-02
    days on market $99,900 Active 42 DOM
15. 2026-06-01
    days on market $99,900 Active 41 DOM
16. 2026-05-31
    days on market $99,900 Active 40 DOM
17. 2026-05-30
    days on market $99,900 Active 39 DOM
18. 2026-04-20
    listed $99,900 Active
19. 1991-09-12
    soldstatus $29,000

ⓘ 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: $756 · $63/mo
• Projected year-2 tax: $819 · $68/mo
• Expected delta: +$63/yr (+$5/mo · 8.3%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,507
• − Mortgage interest: −$5,596
• − Property taxes: −$756
• − Insurance: −$500
• − Repairs & maintenance: −$921
• − Management: −$921
• − Depreciation: −$2,906
• Taxable loss: −$92
• Est. tax savings @ 24.0%: +$22
• After-tax cash flow: $1,570/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: Richmond County Schools
• NCES district ID: 3703870
• Math proficiency: 30% ▼ -12.00%
• Reading proficiency: 36% ▼ -3.00%
• Median HH income: $32,224
• Composite: 26.97/100
• National rank: #7076
• State rank: #139 of 178 in NC

Livability — Ellerbe

• Score: 67/100
• State rank: #245
• US rank: #11013

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ellerbe, NC
• Population (ZIP): 3,320

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 42,892 people
• By 2030: 41,257 · -3.8%
• By 2040: 37,629 · -12.3%
• By 2050: 33,655 · -21.5%
• By 2075: 23,992 · -44.1%
• By 2100: 14,782 · -65.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 61% Black 18% Hispanic / Latino 15% Two or more races 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Serbian 2% Slovak 2% Iranian 1%
• Foreign-born: 6% · Canada
• Languages at home: 83% English-only · Spanish 17%

Political lean MEDSL · Richmond

• 2024 margin: Strong R (+20.9) · D 39.2% · R 60.1%
• 2008→2024 swing: -22.4pp toward R · 2008: 1.5pp · 2024: -20.9pp
• All cycles: 2024: R+20.9 2020: R+14.8 2016: R+10.1 2012: D+2.7 2008: D+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.37%
• Current HPI: 153.3745
• 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

+244.5% since first listed

2 events — show timeline

• 2026-04-20 Listed $99,900 Hive MLS
• 1991-09-12 Sold (Public Records) $29,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $756 · -2.2% YoY. Source: county tax records.