109 E South St · Kinston, NC 28501

$115,000

3 bd · 1.0 ba · 862 sqft · SingleFamily public records · 9 Days on market

Built 1968 10,454 sqft lot

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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 +15.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.7/10.0
• 1% rule +3.5/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking for an affordable home that's already had the hard work done? Welcome to this completely renovated 2-bedroom, 1-bath home in the heart of Kinston, one of Eastern North Carolina's hidden gems. Built with character and updated for today's buyer, this move-in ready home features fresh paint, new flooring, new carpet, newly installed baseboard heat, and window A/C units. The sellers have gone beyond cosmetic updates by reinforcing the floors in the crawl space and installing a new vapor barrier, giving buyers added peace of mind. The brick exterior and metal roof offer durability and low-maintenance living, while the spacious backyard provides plenty of room for entertaining, gardening,

Key facts

• New carpet
• New flooring
• Completely renovated

Tags

• COMPLETELY RENOVATED
• NEW FLOORING
• NEW CARPET
• NEWLY INSTALLED BASEBOARD HEAT
• WINDOW A C UNITS
• REINFORCING THE FLOORS

Property features AI

Finance

• Other: Zoned residential
• Financial info: No investor or income/expense details provided
• HOA & community: No association amenities

Exterior

• Parking: Unpaved parking
• Security: No security features listed
• Utilities: Public water; Public sewer; Sewer and water connected
• Home design: Single-family residence; One story; Entry on level 1
• Construction: Brick, brick veneer and frame construction; Metal roof; Built on crawl space
• Exterior features: Front porch; No additional exterior features listed; Has a view

Interior

• Kitchen: Electric oven; Refrigerator; Eat-in kitchen
• Bedrooms: Total of 5 rooms (bedroom count not separately listed)
• Flooring: Carpet; Laminate; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating; Electric heating; Wall/window air conditioning units
• Interior features: Ceiling fans; Eat-in kitchen; Window coverings; No basement (crawl space)
• Laundry & utility: Washer (washer hookup in kitchen); Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $41 ($488/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 $98k (14.6% below list).
• Recommended offer: $98k (14.6% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.8% in Kinston — 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 55/100 on livability (#640 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime F, amenities F, commute F.
• Lenoir County Public Schools (rural): math 29% / reading 32% proficiency, ranked #147 of 178 in NC (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Southeast Elementary (math 8% / reading 17%, grade F, #1,362 of 1,410 statewide, top 97%, 190 students, 97% FRL); Rochelle Middle (math 9% / reading 20%, grade F, #462 of 475 statewide, top 98%, 466 students, 98% FRL); Kinston High (math 22% / reading 37%, grade F, #459 of 535 statewide, top 87%, 713 students, 100% FRL) — zoned schools average 98% FRL vs 65% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 95 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 148 units permitted in Lenoir County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Lenoir County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 12 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 $33k; list at $115k implies a 248% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,220 (14.6% below list)

Questions for the listing agent

1. Built in 1968 — 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. 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?
5. 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?
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: 0.85% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.52%
• DSCR: 1.07
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -13.9%
• Equity multiple: 0.50×
• Total profit: $-16,064
• Equity at exit: $17,147

10-year hold

• IRR: -5.1%
• Equity multiple: 0.67×
• Total profit: $-10,738
• Equity at exit: $9,943

Cash invested: $32,200 (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 28501

• Home prices YoY: -18.9%
• Active inventory: 95
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $982 high
• Mortgage (P&I): −$603
• Tax from tax record: −$84 /mo · $1,011/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$206
• Net cashflow: $41

Break-even live

Break-even rent $931

Max offer price $115,000

Occupancy floor 91%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
619 S Heritage St Kinston, NC	1.0–2.0	2.0	1025	$1,042	$1.02	13d	4	0.13mi
503 N Queen St Kinston, NC	1.0–2.0	2.0	759	$723	$0.95	13d	8	0.71mi
1204 Desmond St Kinston, NC	3.0	1.0	1100	$1,340	$1.22	20d	1	0.97mi
705 Harvey St Kinston, NC	2.0	1.0	896	$700	$0.78	20d	1	1.03mi
100 Wingate Dr Kinston, NC	2.0–3.0	1.0–1.5	930	$975	$1.05	20d	1	1.43mi
1313 McAdoo St Kinston, NC	1.0–3.0	1.0–2.0	644	$814	$1.26	13d	6	1.48mi

Listing history 8 events

1. 2026-06-19
   days on market $115,000 Active 9 DOM
2. 2026-06-18
   days on market $115,000 Active 8 DOM
3. 2026-06-17
   days on market $115,000 Active 7 DOM
4. 2026-06-16
   days on market $115,000 Active 6 DOM
5. 2026-06-15
   days on market $115,000 Active 5 DOM
6. 2026-06-14
   days on market $115,000 Active 3 DOM
7. 2026-06-12
   remarks 699-char remark
8. 2026-06-12
   listed $115,000 Active 2 DOM

ⓘ 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: $1,011 · $84/mo
• Projected year-2 tax: $1,011 · $84/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥105°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,786
• − Mortgage interest: −$6,442
• − Property taxes: −$1,011
• − Insurance: −$575
• − Repairs & maintenance: −$943
• − Management: −$943
• − Depreciation: −$3,345
• Taxable loss: −$1,473
• Est. tax savings @ 24.0%: +$353
• After-tax cash flow: $842/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: Lenoir County Public Schools
• NCES district ID: 3702610
• Math proficiency: 29% ▲ 1.00%
• Reading proficiency: 32% ▼ -4.00%
• Median HH income: $34,958
• Composite: 25.17/100
• National rank: #7515
• State rank: #147 of 178 in NC

Livability — Kinston

• Score: 55/100
• State rank: #640
• US rank: #23267

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kinston, NC
• City population: 20,407
• Population (ZIP): 18,112

Population outlook (Lenoir County) Hauer SSP2

• Today (2025): 55,002 people
• By 2030: 53,048 · -3.6%
• By 2040: 49,041 · -10.8%
• By 2050: 45,136 · -17.9%
• By 2075: 36,547 · -33.6%
• By 2100: 27,731 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (62%)
• Race & ethnicity: Black 62% White 26% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Serbian 1% Italian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 5%

Political lean MEDSL · Lenoir

• 2024 margin: Lean R (+6.8) · D 46.2% · R 53.0%
• 2008→2024 swing: -6.7pp toward R · 2008: -0.1pp · 2024: -6.8pp
• All cycles: 2024: R+6.8 2020: R+3.5 2016: R+6.3 2012: R+1.5 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -45.17%
• Current HPI: 193.3213
• 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

+2775.0% since first listed

33 events — show timeline

• 2026-06-10 Listed $115,000 Hive MLS
• 2026-04-30 Listing Removed — Hive MLS
• 2026-03-30 Price Changed $76,300 Hive MLS
• 2026-03-30 Price Changed $764,300 Hive MLS
• 2026-03-26 Relisted — Hive MLS
• 2026-03-26 Listing Removed — Hive MLS
• 2026-03-16 Price Changed $76,400 Hive MLS
• 2026-02-21 Relisted — Hive MLS
• 2026-02-21 Price Changed $76,600 Hive MLS
• 2026-02-20 Listing Removed — Hive MLS
• 2026-02-09 Price Changed $76,700 Hive MLS
• 2026-01-14 Price Changed $76,800 Hive MLS
• 2025-12-31 Relisted — Hive MLS
• 2025-12-29 Listing Removed — Hive MLS
• 2025-11-18 Price Changed $76,900 Hive MLS
• 2025-10-29 Relisted — Hive MLS
• 2025-09-09 Relisted — Hive MLS
• 2025-09-02 Price Changed $76,999 Hive MLS
• 2025-08-06 Listed $79,900 Hive MLS
• 2025-07-08 Listing Removed — Hive MLS
• 2025-04-08 Relisted — Hive MLS
• 2025-03-31 Listing Removed — Hive MLS
• 2024-12-07 Price Changed $117,900 Hive MLS
• 2024-12-03 Relisted — Hive MLS
• 2024-11-30 Listing Removed — Hive MLS
• 2024-08-28 Price Changed $119,000 Hive MLS
• 2024-07-30 Relisted — Hive MLS
• 2024-05-14 Price Changed $124,900 Hive MLS
• 2023-11-09 Listed $129,900 Hive MLS
• 2023-06-29 Sold (MLS) $33,000 Hive MLS
• 2023-06-24 Pending — Hive MLS
• 2023-06-08 Listed $45,900 Hive MLS
• 2018-02-27 Sold (Public Records) $4,000 Public Records

Property tax history

+20.9%/yr

Latest (2025): $1,011 · +658.7% YoY. Source: county tax records.