407 E Fremont St · Kenly, NC 27542

$189,000

2 bd · 1.0 ba · 784 sqft · SingleFamily public records · 27 Days on market

Built 1955 0.25 ac lot Est $165k · 15% over ↓ 16% 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 +15.5/30.0
• Appreciation +10.0/10.0
• DSCR +4.8/10.0
• Schools +3.5/10.0
• 1% rule +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.8/15.0

Listing remarks MLS

Welcome to ''Friendly Kenly, '' and this home fits the name perfectly. Located at 407 E Fremont Street, this well-maintained 2-bedroom, 1-bath home offers comfortable, easy living. The owners have taken great care of the property, including a remodeled bathroom, updated plumbing from the meter throughout the home, a durable metal roof, and a recently installed dishwasher. Outside is where this property really shines. Enjoy a spacious fenced-in backyard, a nice patio/sitting area perfect for relaxing or entertaining, and a large storage building/workshop complete with an additional covered carport area. The attached 2-car carport provides plenty of convenient parking and protection from the elements. Location is hard to beat--situated directly beside Kenly's park and its half-mile paved walking trail, and right next door to the newly constructed pickleball courts and disc golf course. Whether you enjoy staying active or simply taking in the outdoors, this spot offers it all just steps from your door. If you're looking for a low-maintenance home with great outdoor space and a prime in-town location, this one is a must-see.

Key facts

• Metal roof
• Remodeled bathroom
• Fenced-in backyard

Tags

• REMODELED BATHROOM
• UPDATED PLUMBING
• METAL ROOF
• FENCED-IN BACKYARD
• PATIO SITTING AREA
• STORAGE BUILDING WORKSHOP

Property features AI

Finance

• Other: Zoned residential
• HOA & community: No association; Community amenities include park and playground

Exterior

• Parking: 2-space carport (covered)
• Utilities: Public water; Public sewer; Sewer connected; Water connected
• Home design: Single-story house; One level
• Construction: Block foundation; Block and vinyl siding construction; Metal roof; Built with house structure type
• Exterior features: Front porch; Patio; Fenced backyard; Storage

Interior

• Kitchen: Dishwasher, electric oven, electric range, refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Tile; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Dishwasher; Electric oven; Electric range; Refrigerator; Tile flooring; Vinyl flooring

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $77 ($921/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 $159k (15.8% below list).
• Recommended offer: $159k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.5% in Kenly — 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 (#183 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment 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: Glendale-Kenly Elementary (math 44% / reading 43%, grade F, #618 of 1,410 statewide, top 44%, 472 students, 68% FRL); North Johnston Middle (math 26% / reading 36%, grade F, #326 of 475 statewide, top 69%, 600 students, 72% FRL); North Johnston High (math 27% / reading 37%, grade F, #445 of 535 statewide, top 84%, 787 students, 62% FRL) — zoned schools average 67% FRL vs 41% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 89 active listings in the ZIP; 2,783 units permitted in Johnston County in 2024 (6 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Johnston County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 3 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: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 78% 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 $159,202 (15.8% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.84% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.74%
• DSCR: 1.08
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $164,640
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
300 S Gardner Ave	0.64mi	2/1.0	828 (+6%)	2mo	$105,000	$127	59
307 N Church St	0.75mi	2/1.0	785 (+0%)	11mo	$164,999	$210	56
307 N Church St	0.75mi	2/1.0	785 (+0%)	11mo	$164,999	$210	56

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.5%
• Equity multiple: 3.04×
• Total profit: $107,770
• Equity at exit: $170,266

10-year hold

• IRR: 22.5%
• Equity multiple: 6.92×
• Total profit: $313,416
• Equity at exit: $367,185

Cash invested: $52,920 (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 27542

• Home prices YoY: 16.6%
• Active inventory: 89
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,592 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$111 /mo · $1,333/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$334
• Net cashflow: $77

Break-even live

Break-even rent $1,495

Max offer price $189,000

Occupancy floor 90%

Sensitivity live

Price	-10% $184	-5% $130	+0% $77	+5% $23	+10% $-30
Rent	-10% $-49	-5% $14	+0% $77	+5% $140	+10% $203
Rate	-1.0pp $172	-0.5pp $125	base $77	+0.5pp $28	+1.0pp $-22

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-04
   price $189,000 1138-char remark

   Show marketing remark (1138 chars)

   Welcome to ''Friendly Kenly, '' and this home fits the name perfectly. Located at 407 E Fremont Street, this well-maintained 2-bedroom, 1-bath home offers comfortable, easy living. The owners have taken great care of the property, including a remodeled bathroom, updated plumbing from the meter throughout the home, a durable metal roof, and a recently installed dishwasher. Outside is where this property really shines. Enjoy a spacious fenced-in backyard, a nice patio/sitting area perfect for relaxing or entertaining, and a large storage building/workshop complete with an additional covered carport area. The attached 2-car carport provides plenty of convenient parking and protection from the elements. Location is hard to beat--situated directly beside Kenly's park and its half-mile paved walking trail, and right next door to the newly constructed pickleball courts and disc golf course. Whether you enjoy staying active or simply taking in the outdoors, this spot offers it all just steps from your door. If you're looking for a low-maintenance home with great outdoor space and a prime in-town location, this one is a must-see.

2. 2026-05-04
   price $189,000

   Show marketing remark (1138 chars)

   Welcome to ''Friendly Kenly, '' and this home fits the name perfectly. Located at 407 E Fremont Street, this well-maintained 2-bedroom, 1-bath home offers comfortable, easy living. The owners have taken great care of the property, including a remodeled bathroom, updated plumbing from the meter throughout the home, a durable metal roof, and a recently installed dishwasher. Outside is where this property really shines. Enjoy a spacious fenced-in backyard, a nice patio/sitting area perfect for relaxing or entertaining, and a large storage building/workshop complete with an additional covered carport area. The attached 2-car carport provides plenty of convenient parking and protection from the elements. Location is hard to beat--situated directly beside Kenly's park and its half-mile paved walking trail, and right next door to the newly constructed pickleball courts and disc golf course. Whether you enjoy staying active or simply taking in the outdoors, this spot offers it all just steps from your door. If you're looking for a low-maintenance home with great outdoor space and a prime in-town location, this one is a must-see.

3. 2026-05-01
   listed $195,000 Active 1138-char remark

   Show marketing remark (1138 chars)

   Welcome to ''Friendly Kenly, '' and this home fits the name perfectly. Located at 407 E Fremont Street, this well-maintained 2-bedroom, 1-bath home offers comfortable, easy living. The owners have taken great care of the property, including a remodeled bathroom, updated plumbing from the meter throughout the home, a durable metal roof, and a recently installed dishwasher. Outside is where this property really shines. Enjoy a spacious fenced-in backyard, a nice patio/sitting area perfect for relaxing or entertaining, and a large storage building/workshop complete with an additional covered carport area. The attached 2-car carport provides plenty of convenient parking and protection from the elements. Location is hard to beat--situated directly beside Kenly's park and its half-mile paved walking trail, and right next door to the newly constructed pickleball courts and disc golf course. Whether you enjoy staying active or simply taking in the outdoors, this spot offers it all just steps from your door. If you're looking for a low-maintenance home with great outdoor space and a prime in-town location, this one is a must-see.

4. 2026-05-01
   listed $195,000 Active

   Show marketing remark (1138 chars)

   Welcome to ''Friendly Kenly, '' and this home fits the name perfectly. Located at 407 E Fremont Street, this well-maintained 2-bedroom, 1-bath home offers comfortable, easy living. The owners have taken great care of the property, including a remodeled bathroom, updated plumbing from the meter throughout the home, a durable metal roof, and a recently installed dishwasher. Outside is where this property really shines. Enjoy a spacious fenced-in backyard, a nice patio/sitting area perfect for relaxing or entertaining, and a large storage building/workshop complete with an additional covered carport area. The attached 2-car carport provides plenty of convenient parking and protection from the elements. Location is hard to beat--situated directly beside Kenly's park and its half-mile paved walking trail, and right next door to the newly constructed pickleball courts and disc golf course. Whether you enjoy staying active or simply taking in the outdoors, this spot offers it all just steps from your door. If you're looking for a low-maintenance home with great outdoor space and a prime in-town location, this one is a must-see.

5. 2025-12-01
   historical
6. 2025-09-14
   listed $225,000 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: $1,333 · $111/mo
• Projected year-2 tax: $1,550 · $129/mo
• Expected delta: +$217/yr (+$18/mo · 16.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% 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: $19,104
• − Mortgage interest: −$10,587
• − Property taxes: −$1,333
• − Insurance: −$945
• − Repairs & maintenance: −$1,528
• − Management: −$1,528
• − Depreciation: −$5,498
• Taxable loss: −$2,315
• Est. tax savings @ 24.0%: +$556
• After-tax cash flow: $1,477/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 — Kenly

• Score: 68/100
• State rank: #183
• US rank: #9261

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kenly, NC
• Population (ZIP): 9,441

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 (74%)
• Race & ethnicity: White 74% Black 13% Hispanic / Latino 9% Two or more races 9%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Scotch-Irish 3% Serbian 1% Scottish 1%
• Foreign-born: 4% · Canada
• Languages at home: 91% English-only · Spanish 9%

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: ▲ 40.03%
• Current HPI: 280.6408
• 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

-16.0% since first listed

6 events — show timeline

• 2026-05-04 Price Changed $189,000 Hive MLS
• 2026-05-04 Price Changed $189,000 TMLS
• 2026-05-01 Listed $195,000 TMLS
• 2026-05-01 Listed $195,000 Hive MLS
• 2025-12-01 Listing Removed — TMLS
• 2025-09-14 Listed $225,000 TMLS

Property tax history

+3.8%/yr

Latest (2025): $1,333 · +578.8% YoY. Source: county tax records.