702 W Main St · Benson, NC 27504

$209,900

3 bd · 1.0 ba · 1,240 sqft · SingleFamily public records · 71 Days on market

Built 1927 6,969 sqft lot Est $260k · 19% 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 +16.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• 1% rule +3.8/10.0
• 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

Timeless 1927 Charm Meets Modern Comfort in Historic Benson. Step back in time without sacrificing modern luxury. This stunningly remodeled 1927 bungalow captures the soulful character of the roaring twenties while offering the crisp, clean finishes today's buyers crave. Nestled on a picturesque street in the heart of Historic Benson, this home is a masterclass in ''old world charm meets new world convenience. '' From the moment you step onto the expansive front porch--perfect for morning coffee or evening sunsets--you'll feel the history. Inside, you are greeted by gleaming original hardwood floors that flow seamlessly throughout the entire home. The living room serves as a cozy sanctua

Key facts

• Separate entrance
• 1927 bungalow
• Private home office

Tags

• 1927 BUNGALOW
• ORIGINAL HARDWOOD FLOORS
• WOOD BURNING FIREPLACE
• BUTCHER BLOCK COUNTERTOPS
• PRIVATE HOME OFFICE
• SEPARATE ENTRANCE

Property features AI

Finance

• Other: Lot size about 0.16 acres
• Financial info: Annual tax listed (for reference)
• HOA & community: No association; Not a senior community

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-story house
• Construction: Vinyl siding; Block and brick/mortar foundation; Shingle roof; Built as a house
• Exterior features: Public maintained road access; Residential zoning

Interior

• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Wood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Central electric air conditioning
• Interior features: Wood flooring

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $131 ($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 $185k (11.8% below list).
• Recommended offer: $185k (11.8% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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: Benson Elementary (math 27% / reading 32%, grade F, #975 of 1,410 statewide, top 71%, 608 students, 74% FRL); Benson Middle (math 27% / reading 32%, grade F, #343 of 475 statewide, top 73%, 511 students, 69% FRL); South Johnston High (math 27% / reading 27%, grade F, #468 of 535 statewide, top 88%, 1,331 students, 56% FRL) — zoned schools average 66% FRL vs 41% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 342 active listings in the ZIP; 2,783 units permitted in Johnston County in 2024 (6 in 5+ unit buildings).
• This rent runs 33% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 71 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 2 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.
• Current owner paid $55k; list at $210k implies a 282% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 73% 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 $185,037 (11.8% below list)

Questions for the listing agent

1. It's been on market 71 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 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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?
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: 0.88% ✗
• Cap rate: 7.04%
• Cash-on-cash: 2.68%
• DSCR: 1.12
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $260,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
316 W Parrish Dr	0.32mi	2/1.0 (-1)	1,308 (+6%)	1mo	$299,000	$229	70
416 W Martin St	0.24mi	3/2.0	1,360 (+10%)	4mo	$285,000	$210	65
303 W Parrish Dr	0.42mi	2/1.5 (-1)	1,281 (+3%)	5mo	$232,000	$181	64
451 N Lincoln St	0.23mi	3/2.0	1,341 (+8%)	11mo	$295,000	$220	63
325 W Woodall St	0.37mi	3/2.0	1,288 (+4%)	18mo	$279,900	$217	57
14 Atlantic Ave	0.68mi	3/2.0	1,300 (+5%)	6mo	$265,000	$204	52
202 W Hill St	0.53mi	3/2.0	1,314 (+6%)	13mo	$280,000	$213	50
323 W Harnett St	0.31mi	3/2.0	1,378 (+11%)	21mo	$295,000	$214	45
207 W Brocklyn St	0.58mi	3/1.0	1,068 (-14%)	8mo	$105,000	$98	43
403 S Market St	0.75mi	3/1.5	1,100 (-11%)	6mo	$190,000	$173	40
104 Jj Dr	0.63mi	3/2.0	1,399 (+13%)	12mo	$285,000	$204	35
115 Jj Dr	0.51mi	3/2.0	1,402 (+13%)	20mo	$280,000	$200	33

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: -12.1%
• Equity multiple: 0.56×
• Total profit: $-25,712
• Equity at exit: $31,297

10-year hold

• IRR: -3.0%
• Equity multiple: 0.80×
• Total profit: $-11,828
• Equity at exit: $18,148

Cash invested: $58,772 (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: 342
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,850 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$143 /mo · $1,711/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $131

Break-even live

Break-even rent $1,684

Max offer price $209,900

Occupancy floor 88%

Sensitivity live

Price	-10% $250	-5% $190	+0% $131	+5% $72	+10% $12
Rent	-10% $-15	-5% $58	+0% $131	+5% $204	+10% $277
Rate	-1.0pp $237	-0.5pp $184	base $131	+0.5pp $77	+1.0pp $21

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   status $209,900 Pending 71 DOM
2. 2026-06-18
   days on market $209,900 Active 71 DOM
3. 2026-06-17
   days on market $209,900 Active 70 DOM
4. 2026-06-16
   days on market $209,900 Active 69 DOM
5. 2026-06-15
   days on market $209,900 Active 68 DOM
6. 2026-06-13
   days on market $209,900 Active 66 DOM
7. 2026-06-13
   days on market $209,900 Active 65 DOM
8. 2026-06-09
   days on market $209,900 Active 62 DOM
9. 2026-06-08
   days on market $209,900 Active 61 DOM
10. 2026-06-07
    days on market $209,900 Active 60 DOM
11. 2026-06-05
    days on market $209,900 Active 57 DOM
12. 2026-06-03
    days on market $209,900 Active 56 DOM
13. 2026-06-02
    days on market $209,900 Active 55 DOM
14. 2026-06-01
    days on market $209,900 Active 54 DOM
15. 2026-05-31
    days on market $209,900 Active 53 DOM
16. 2026-04-29
    price $209,900
17. 2026-04-08
    listed $214,900 Active
18. 2026-04-04
    historical
19. 2026-02-24
    price $239,900
20. 2025-07-29
    listed $249,900 Active
21. 1996-07-01
    soldstatus $55,000

ⓘ 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: $1,711 · $143/mo
• Projected year-2 tax: $1,721 · $143/mo
• Expected delta: +$11/yr (+$1/mo · 0.6%)

ⓘ 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 73% 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: $22,204
• − Mortgage interest: −$11,758
• − Property taxes: −$1,711
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − Depreciation: −$6,106
• Taxable loss: −$1,972
• Est. tax savings @ 24.0%: +$473
• After-tax cash flow: $2,046/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

+281.6% since first listed

6 events — show timeline

• 2026-04-29 Price Changed $209,900 TMLS
• 2026-04-08 Listed $214,900 TMLS
• 2026-04-04 Listing Removed — TMLS
• 2026-02-24 Price Changed $239,900 TMLS
• 2025-07-29 Listed $249,900 TMLS
• 1996-07-01 Sold (Public Records) $55,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $1,711 · +55.4% YoY. Source: county tax records.