2926 Mulberry Ln Unit E · Greenville, NC 27858

$135,000

2 bd · 2.0 ba · 1,233 sqft · Condo public records · 97 Days on market

Built 1995 $160/mo HOA · 12% of rent

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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 +11.8/30.0
• ARV discount +7.5/15.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Schools +3.6/10.0
• DSCR +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

CONVENIENT CONDOMINIUM LOCATION IN GREENVILLE WITH AN OPEN FLOOR PLAN . HOME HAS TWO BEDROOMS AND TWO BATHS . RECENT UPDATES, ALL NEW FLOORING AND NEW PAINT. APPLIANCES CONVEY.

Key facts

• $160 HOA
• Community pool
• Built 1995

Tags

• FORBES WOODS SUBDIVISION
• SHORT WALK TO GROCERY STORES

Property features AI

Finance

• Other: Subdivision: Forbes Woods; Zoning: R6
• HOA & community: Homeowners association with annual fee (paid annually); Association amenities include maintenance structure, management, and water; Community amenities: pool, sidewalks, street lights

Exterior

• Parking: Assigned parking in a paved parking lot
• Security: Smoke detector(s)
• Utilities: Public water; Sewer available; Natural gas connected; Cable available
• Home design: Condominium; One-level living (entry level 1); One story total
• Construction: Brick veneer, vinyl siding, and frame construction; Shingle roof; Slab foundation; Built as part of a residential condominium complex
• Exterior features: Balcony; Paved roads within community; Community view

Interior

• Kitchen: Electric oven; Refrigerator; Dishwasher; Microwave; Disposal; Vented exhaust fan; Electric water heater
• Bedrooms: Second-floor unit (Unit E is on the 2nd floor)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air; Heat pump (heating and cooling); Electric heating; Natural gas available
• Interior features: Walk-in closet(s); Vaulted ceilings; Ceiling fan(s); Insulated windows; Unfurnished
• Laundry & utility: Washer hookup; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $-36 ($-435/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (4.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (4.9% below list).
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 3.8% in Greenville — 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 77/100 on livability (#30 in NC, #2,977 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, employment F.
• Pitt County Schools (rural): math 41% / reading 44% proficiency, ranked #100 of 178 in NC (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Elmhurst Elementary (math 27% / reading 37%, grade F, #908 of 1,410 statewide, top 67%, 460 students, 58% FRL); E B Aycock Middle (math 27% / reading 30%, grade F, #355 of 475 statewide, top 76%, 661 students, 99% FRL); Junius H Rose High (math 52% / reading 61%, grade C, #261 of 535 statewide, top 49%, 1,525 students, 50% FRL).
• Market conditions: Rents rising fast (+5.3%/yr); 294 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $34k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $122,850 (9.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 5.97%
• Cash-on-cash: -1.15%
• DSCR: 0.95
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.28% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.44×
• Total profit: $-21,078
• Equity at exit: $20,129

10-year hold

• IRR: -2.8%
• Equity multiple: 0.79×
• Total profit: $-7,998
• Equity at exit: $11,672

Cash invested: $37,800 (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 27858

• Rents YoY: 5.3%
• Active inventory: 294
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,284 high
• Mortgage (P&I): −$708
• Tax from tax record: −$127 /mo · $1,518/yr
• Insurance: −$56
• HOA: −$160
• Vacancy / Maint / Mgmt: −$270
• Net cashflow: $-36

Break-even live

Break-even rent $1,330

Max offer price $128,600

Occupancy floor 98%

Sensitivity live

Price	-10% $40	-5% $2	+0% $-36	+5% $-74	+10% $-113
Rent	-10% $-138	-5% $-87	+0% $-36	+5% $14	+10% $65
Rate	-1.0pp $32	-0.5pp $-2	base $-36	+0.5pp $-71	+1.0pp $-107

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2928 Mulberry Ln Unit 2928E Greenville, NC	2.0	2.0	1233	$1,300	$1.05	15d	1	0.02mi
3306 Mulberry Ln Unit A Greenville, NC	2.0	2.0	1450	$1,400	$0.97	15d	1	0.25mi
3308 Mulberry Ln Unit F Greenville, NC	2.0	2.0	1475	$1,250	$0.85	23d	1	0.27mi
1111 Turtle Creek Rd Unit E Greenville, NC	2.0	2.0	1400	$1,400	$1.00	23d	1	0.36mi
14a Merry Ln Greenville, NC	1.0–3.0	1.0–2.5	1150	$1,222	$1.06	15d	14	0.39mi
2591 Thackery Rd Unit E Greenville, NC	2.0	2.0	1475	$1,250	$0.85	23d	1	0.39mi
41 Upton Ct Greenville, NC	2.0	2.5	1100	$1,350	$1.23	23d	1	0.44mi
218 Cape Point Ln Unit A Greenville, NC	2.0	2.5	1116	$1,275	$1.14	23d	1	0.47mi
222 Cape Point Ln Unit B Greenville, NC	2.0	2.5	1116	$1,250	$1.12	23d	1	0.48mi
16 Upton Ct Greenville, NC	2.0	2.0	1100	$1,250	$1.14	23d	1	0.51mi
19 Upton Ct Greenville, NC	2.0	1.5	1056	$1,200	$1.14	23d	1	0.51mi
2700 Thackery Rd Unit 2700 Greenville, NC	2.0	1.5	948	$1,200	$1.27	23d	1	0.52mi
1936 Tara Ct #104 Greenville, NC	2.0	2.0	1132	$1,200	$1.06	23d	1	0.53mi
2221 Hyde Dr Greenville, NC	1.0–2.0	1.5–2.0	1163	$1,520	$1.31	15d	7	0.53mi
2505 Charles Blvd Greenville, NC	2.0	1.5	990	$935	$0.94	23d	1	0.63mi
2421 Charles Blvd Greenville, NC	2.0	1.5	990	$935	$0.94	23d	1	0.66mi
2004 Tower Pl Unit H Greenville, NC	2.0	1.0	800	$895	$1.12	23d	1	0.73mi
1213 E Fire Tower Rd Unit L Greenville, NC	1.0	1.0	705	$825	$1.17	23d	1	0.89mi
1207 E Fire Tower Rd Unit C Greenville, NC	1.0	1.0	705	$825	$1.17	23d	1	0.96mi
3300 Evans St Greenville, NC	1.0–2.0	1.0	700	$1,050	$1.50	23d	1	1.14mi
1798 Scarborough Rd Greenville, NC	3.0	2.0	1208	$1,800	$1.49	23d	1	1.22mi
1204 White Hall Rd Winterville, NC	3.0	2.0	1392	$1,795	$1.29	23d	1	1.22mi
2200 Bellamy Cir Greenville, NC	2.0–4.0	2.0–4.0	1120	$1,250	$1.12	23d	45	1.30mi
3260 Landmark St Greenville, NC	2.0	1.5	1042	$1,000	$0.96	23d	1	1.34mi
220 Orlando Way Unit C Greenville, NC	1.0	1.0	880	$1,100	$1.25	23d	1	1.39mi
212 Orlando Way Unit C Greenville, NC	1.0	1.0	880	$1,100	$1.25	23d	1	1.42mi
3278 Colony Ct Greenville, NC	1.0–3.0	1.0–2.0	1170	$1,188	$1.01	23d	1	1.43mi
2225 Locksley Woods Dr Unit C Greenville, NC	2.0	2.0	1367	$1,450	$1.06	23d	1	1.45mi
352 Haven Dr Greenville, NC	2.0	1.5	1042	$995	$0.95	23d	1	1.50mi

HOA detail condo

• Monthly dues: $160 · $1,920/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-19
   status $135,000 Pending 97 DOM
2. 2026-06-18
   days on market $135,000 Active 97 DOM
3. 2026-06-17
   days on market $135,000 Active 96 DOM
4. 2026-06-17
   price $135,000 Active 95 DOM
5. 2026-06-16
   days on market $145,000 Active 95 DOM
6. 2026-06-15
   days on market $145,000 Active 94 DOM
7. 2026-06-13
   days on market $145,000 Active 91 DOM
8. 2026-06-10
   days on market $145,000 Active 89 DOM
9. 2026-06-09
   days on market $145,000 Active 88 DOM
10. 2026-06-09
    price $145,000 Active 87 DOM
11. 2026-06-08
    days on market $155,000 Active 87 DOM
12. 2026-06-07
    days on market $155,000 Active 86 DOM
13. 2026-06-05
    days on market $155,000 Active 83 DOM
14. 2026-06-03
    days on market $155,000 Active 82 DOM
15. 2026-06-02
    days on market $155,000 Active 81 DOM
16. 2026-06-01
    days on market $155,000 Active 80 DOM
17. 2026-05-31
    days on market $155,000 Active 79 DOM
18. 2026-05-30
    days on market $155,000 Active 78 DOM
19. 2026-04-20
    price $155,000
20. 2026-04-08
    price $165,000
21. 2026-03-12
    listed $169,000 Active
22. 2021-03-15
    soldstatus $99,900 176-char remark

    Show marketing remark (176 chars)

    CONVENIENT CONDOMINIUM LOCATION IN GREENVILLE WITH AN OPEN FLOOR PLAN . HOME HAS TWO BEDROOMS AND TWO BATHS . RECENT UPDATES, ALL NEW FLOORING AND NEW PAINT. APPLIANCES CONVEY.

23. 2021-03-12
    soldstatus $100,000
24. 2021-02-09
    listed $99,900 176-char remark

    Show marketing remark (176 chars)

    CONVENIENT CONDOMINIUM LOCATION IN GREENVILLE WITH AN OPEN FLOOR PLAN . HOME HAS TWO BEDROOMS AND TWO BATHS . RECENT UPDATES, ALL NEW FLOORING AND NEW PAINT. APPLIANCES CONVEY.

25. 2018-08-03
    soldstatus $78,500 394-char remark

    Show marketing remark (394 chars)

    CONVENIENT CONDOMINIUM LOCATION IN THE HEART OF GREENVILLE / OPEN FLOOR PLAN / SPLIT DESIGN WITH TWO BEDROOMS AND TWO BATHS / MASTER SUITE WITH SEPARATE SHOWER AND TUB IN THE MASTER BATH / COZY COVERED PORCH / READY FOR OCCUPANCE TODAY / CONVENIENT AMENITIES INCLUDING COMMUNITY POOL / JUST SECONDS FROM FINE DINING AND SHOPPING / CONVENIENT TO EAST CAROLINA UNIVERSITY AND VIDANT HEALTH CENTER

26. 2018-08-03
    soldstatus $78,500

    Show marketing remark (394 chars)

    CONVENIENT CONDOMINIUM LOCATION IN THE HEART OF GREENVILLE / OPEN FLOOR PLAN / SPLIT DESIGN WITH TWO BEDROOMS AND TWO BATHS / MASTER SUITE WITH SEPARATE SHOWER AND TUB IN THE MASTER BATH / COZY COVERED PORCH / READY FOR OCCUPANCE TODAY / CONVENIENT AMENITIES INCLUDING COMMUNITY POOL / JUST SECONDS FROM FINE DINING AND SHOPPING / CONVENIENT TO EAST CAROLINA UNIVERSITY AND VIDANT HEALTH CENTER

27. 2018-05-26
    listed $79,900 394-char remark

    Show marketing remark (394 chars)

    CONVENIENT CONDOMINIUM LOCATION IN THE HEART OF GREENVILLE / OPEN FLOOR PLAN / SPLIT DESIGN WITH TWO BEDROOMS AND TWO BATHS / MASTER SUITE WITH SEPARATE SHOWER AND TUB IN THE MASTER BATH / COZY COVERED PORCH / READY FOR OCCUPANCE TODAY / CONVENIENT AMENITIES INCLUDING COMMUNITY POOL / JUST SECONDS FROM FINE DINING AND SHOPPING / CONVENIENT TO EAST CAROLINA UNIVERSITY AND VIDANT HEALTH CENTER

28. 2016-07-15
    historical
29. 2016-04-28
    listed $76,000
30. 2003-11-01
    soldstatus $74,000

ⓘ 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: $1,518 · $127/mo
• Projected year-2 tax: $1,518 · $127/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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $15,410
• − Mortgage interest: −$7,562
• − Property taxes: −$1,518
• − Insurance: −$675
• − Repairs & maintenance: −$1,233
• − Management: −$1,233
• − HOA: −$1,920
• − Depreciation: −$3,927
• Taxable loss: −$2,658
• Est. tax savings @ 24.0%: +$638
• After-tax cash flow: $203/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: Pitt County Schools
• NCES district ID: 3700012
• Math proficiency: 41% ▬ 0.00%
• Reading proficiency: 44% ▲ 2.00%
• Median HH income: $40,631
• Composite: 35.67/100
• National rank: #4877
• State rank: #100 of 178 in NC

Livability — Greenville

• Score: 77/100
• State rank: #30
• US rank: #2977

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenville, NC
• County: Pitt County · 142,592 people
• City population: 115,121
• Metro: Greenville, NC
• Population (ZIP): 58,774
• Household income: $59,713
• Rent vs Own: 57.1% rent · 42.9% own
• Severe rent burden: 4499.0

Population outlook (Pitt County) Hauer SSP2

• Today (2025): 194,585 people
• By 2030: 203,756 · +4.7%
• By 2040: 220,807 · +13.5%
• By 2050: 236,614 · +21.6%
• By 2075: 275,940 · +41.8%
• By 2100: 300,058 · +54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 20% Hispanic / Latino 6% Two or more races 5% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Serbian 3% Italian 2% Slovak 2%
• Foreign-born: 5% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 5% Other Asian/Pacific 1%

Political lean MEDSL · Pitt

• 2024 margin: Lean D (+6.0) · D 52.5% · R 46.5% · Other 1.1%
• 2008→2024 swing: -2.8pp toward R · 2008: 8.8pp · 2024: 6.0pp
• All cycles: 2024: D+6.0 2020: D+9.4 2016: D+7.4 2012: D+6.7 2008: D+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -217.60%
• Current HPI: 175.2236
• Rent YoY: ▲ 5.28%
• Metro: Greenville, 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

+109.5% since first listed

12 events — show timeline

• 2026-04-20 Price Changed $155,000 Hive MLS
• 2026-04-08 Price Changed $165,000 Hive MLS
• 2026-03-12 Listed $169,000 Hive MLS
• 2021-03-15 Sold (MLS) $99,900 Hive MLS
• 2021-03-12 Sold (Public Records) $100,000 Public Records
• 2021-02-09 Listed $99,900 Hive MLS
• 2018-08-03 Sold (Public Records) $78,500 Public Records
• 2018-08-03 Sold (MLS) $78,500 Hive MLS
• 2018-05-26 Listed $79,900 Hive MLS
• 2016-07-15 Listing Removed — Hive MLS
• 2016-04-28 Listed $76,000 Hive MLS
• 2003-11-01 Sold (Public Records) $74,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $1,518 · +0.8% YoY. Source: county tax records.