906 Cypress St · Rockingham, NC 28379

$115,900

3 bd · 1.0 ba · 1,056 sqft · SingleFamily public records · 65 Days on market

Built 1979 0.35 ac lot Est $128k · 9% under ↓ 6% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +11.7/15.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Livability +3.2/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Nestled in the heart of Rockingham, this charming 3-bedroom home offers the convenience of town with a setting that feels pleasantly tucked away from the bustle. With an inviting front porch perfect for relaxing in the evenings, the home welcomes you into a spacious living room that flows into a comfortably laid-out kitchen. A handy storage room at the rear adds extra functionality. Offered as-is, this property presents a great opportunity for buyers to add their own updates and personal touch while taking advantage of an attractive price point for a 3-bedroom home.

Key facts

• Front porch
• Spacious living room
• 0.35 acre lot

Tags

• FRONT PORCH
• SPACIOUS LIVING ROOM
• CONVENIENT STORAGE ROOM

Property features AI

Finance

• Other: Zoning: R-12

Exterior

• Parking: Concrete parking
• Utilities: Utilities: see remarks
• Home design: Single-family residence; One story, entry level 1; Residential property
• Construction: Vinyl siding and frame construction; Shingle roof; Brick/mortar foundation; Built on a 0.35-acre lot (approx. 100 x 153 x 100 x 154)
• Exterior features: Covered porch; Has a view; Paved road access; Frontage: see remarks

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Central air; Electric heating; Heat pump
• Interior features: 6 total rooms; Central air conditioning; Electric heating with heat pump

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $116k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $116k).
• Recommended offer: $109k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 6.0% in Rockingham — 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 63/100 on livability (#403 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety B+; Watch: crime F, amenities F, commute 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: Rockingham Middle (math 24% / reading 35%, grade F, #343 of 475 statewide, top 73%, 616 students, 100% 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 (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 155 active listings in the ZIP; 54 units permitted in Richmond County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $801 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Richmond County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($109k) 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.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $108,946 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — 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 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?
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: 1.32% ✓
• Cap rate: 11.41%
• Cash-on-cash: 18.28%
• DSCR: 1.81
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $127,776
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
301 Beaverwood Ct	0.09mi	3/1.5	1,056 (0%)	6mo	$110,000	$104	88
1012 Walnut Ln	0.33mi	3/1.0	972 (-8%)	3mo	$150,000	$154	69
1109 Laurel Ave	0.49mi	3/1.5	954 (-10%)	5mo	$144,850	$152	55
1033 Oak Ave	0.32mi	3/1.0	911 (-14%)	10mo	$136,000	$149	54
213 9th Avenue Aleo Ave	0.56mi	2/1.0 (-1)	1,078 (+2%)	15mo	$44,900	$42	53
213 Hilltop Dr	0.67mi	3/1.0	1,120 (+6%)	7mo	$152,500	$136	53
131 Mill St	0.42mi	4/1.0 (+1)	1,150 (+9%)	12mo	$119,000	$103	50
120 Stilwell St	0.66mi	2/1.0 (-1)	1,020 (-3%)	11mo	$95,000	$93	49
117 Flowers St	0.72mi	2/1.0 (-1)	988 (-6%)	5mo	$120,000	$121	47
128 Watkins Ave	0.63mi	3/1.0	1,196 (+13%)	6mo	$124,525	$104	43
57 Aleo Seventh Ave	0.50mi	3/1.5	1,176 (+11%)	15mo	$52,000	$44	43
1136 Rockingham Rd	0.53mi	3/1.0	912 (-14%)	14mo	$229,900	$252	41

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: 9.9%
• Equity multiple: 1.39×
• Total profit: $12,678
• Equity at exit: $17,281

10-year hold

• IRR: 19.0%
• Equity multiple: 2.59×
• Total profit: $51,457
• Equity at exit: $10,021

Cash invested: $32,452 (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 28379

• Home prices YoY: -32.4%
• Active inventory: 155
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,525 medium
• Mortgage (P&I): −$608
• Tax from tax record: −$54 /mo · $652/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $494

Break-even live

Break-even rent $899

Max offer price $115,900

Occupancy floor 63%

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: $28,975
• Closing costs: $3,477
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-19
   days on market $115,900 Active 65 DOM
2. 2026-06-18
   days on market $115,900 Active 64 DOM
3. 2026-06-17
   days on market $115,900 Active 63 DOM
4. 2026-06-16
   days on market $115,900 Active 62 DOM
5. 2026-06-15
   days on market $115,900 Active 61 DOM
6. 2026-06-14
   days on market $115,900 Active 59 DOM
7. 2026-06-13
   days on market $115,900 Active 58 DOM
8. 2026-06-10
   days on market $115,900 Active 56 DOM
9. 2026-06-09
   days on market $115,900 Active 55 DOM
10. 2026-06-08
    days on market $115,900 Active 54 DOM
11. 2026-06-07
    days on market $115,900 Active 53 DOM
12. 2026-06-05
    days on market $115,900 Active 50 DOM
13. 2026-06-03
    days on market $115,900 Active 49 DOM
14. 2026-06-02
    days on market $115,900 Active 48 DOM
15. 2026-06-01
    days on market $115,900 Active 47 DOM
16. 2026-05-31
    days on market $115,900 Active 46 DOM
17. 2026-05-30
    days on market $115,900 Active 45 DOM
18. 2026-04-15
    listed $115,900 Active
19. 2026-03-16
    historical
20. 2025-10-17
    listed $123,900 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: $652 · $54/mo
• Projected year-2 tax: $950 · $79/mo
• Expected delta: +$299/yr (+$25/mo · 45.8%)

ⓘ 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 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,301
• − Mortgage interest: −$6,492
• − Property taxes: −$652
• − Insurance: −$580
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − Depreciation: −$3,372
• Taxable income: $4,278
• Est. tax owed @ 24.0%: −$1,027
• After-tax cash flow: $4,907/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 — Rockingham

• Score: 63/100
• State rank: #403
• US rank: #15356

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockingham, NC
• City population: 24,068
• Population (ZIP): 24,068

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 0.58)
• Race & ethnicity: White 56% Black 32% Hispanic / Latino 8% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Serbian 2% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 7%

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: ▼ -97.10%
• Current HPI: 203.0628
• 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

-6.5% since first listed

3 events — show timeline

• 2026-04-15 Listed $115,900 Hive MLS
• 2026-03-16 Listing Removed — Hive MLS
• 2025-10-17 Listed $123,900 Hive MLS

Property tax history

+1.3%/yr

Latest (2025): $652 · -2.1% YoY. Source: county tax records.