2004 S Church St · Rocky Mount, NC 27803

$145,000

8 bd · 6.0 ba · 3,840 sqft · MultiFamily public records · 80 Days on market

Built 1972 0.30 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.9/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Investor Special! Quadruplex in Rocky Mount Calling all investors - incredible opportunity with huge upside! This four-unit property offers a total of 3,968 sq ft across four spacious 2 bedroom, 1.5 bath units (each 992 sq ft). Property needs a full rehab and will not qualify for conventional financing - cash or hard money only. The heavy lifting has already been done: both a professional appraisal and renovation estimate are in hand, and the seller is willing to complete the rehab turn-key for approximately $150,000 (depending on finishes). Appraised Value (Sales Comparison): $312,000 Appraised Value (Income Approach): $339,000 Section 8 Approved Rent: $1,130 per unit Projected

Key facts

• 0.3 acre lot
• 8 parking spots
• Built 1972

Property features AI

Finance

• Financial info: 4 total units
• HOA & community: No association

Exterior

• Parking: Common open parking with 8 spaces
• Utilities: Public water; Public sewer
• Home design: Multi-family quadruplex; Two levels
• Construction: Brick veneer and vinyl siding; Shingle roof; Slab foundation; 1 building
• Exterior features: Covered rear porch

Interior

• Bedrooms: No bedrooms listed (property configured as multi-family units)
• Flooring: Combination flooring
• Bathrooms: 4 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Combination flooring; Property listed as fixer condition
• Laundry & utility: Tenants pay all utilities; Owner responsible for grounds care

What this means for you Summary

Snapshot

• This is a 4 × 2.0-bed/1.5-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $693/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 29.2% vs local median 4.5% in Rocky Mount — 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 70/100 on livability (#134 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, employment F.
• Nash-Rocky Mount Schools (rural): math 20% / reading 32% proficiency, ranked #155 of 178 in NC (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Rocky Mount Middle (math 7% / reading 26%, grade F, #449 of 475 statewide, top 96%, 407 students, 97% FRL); Rocky Mount High (math 27% / reading 36%, grade F, #449 of 535 statewide, top 85%, 1,072 students, 76% FRL) — zoned schools average 86% FRL vs 59% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.5%/yr); 171 active listings in the ZIP; 500 units permitted in Nash County in 2024 (0 in 5+ unit buildings).
• At $4,619/mo this rent would consume 92% of the median local household income ($60k/yr) (locally 641% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Nash County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $41k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $14k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $145k implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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?
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: 3.19% ✓
• Cap rate: 29.24%
• Cash-on-cash: 81.94%
• DSCR: 4.65
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.51% rent growth · sell at horizon

5-year hold

• IRR: 84.9%
• Equity multiple: 5.06×
• Total profit: $165,016
• Equity at exit: $21,620

10-year hold

• IRR: 88.7%
• Equity multiple: 11.41×
• Total profit: $422,674
• Equity at exit: $12,537

Cash invested: $40,600 (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 27803

• Rents YoY: 5.5%
• Active inventory: 171
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $4,619 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$56 /mo · $672/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$970
• Net cashflow: $2,772

Break-even live

Break-even rent $1,110

Max offer price $145,000

Occupancy floor 35%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2.0	1.5	$4,620
Total (4 units)			$4,619

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-13
   statusdays on market $145,000 Pending 80 DOM
2. 2026-06-10
   days on market $145,000 Active 78 DOM
3. 2026-06-09
   days on market $145,000 Active 77 DOM
4. 2026-06-08
   days on market $145,000 Active 76 DOM
5. 2026-06-07
   days on market $145,000 Active 75 DOM
6. 2026-06-03
   days on market $145,000 Active 71 DOM
7. 2026-06-02
   days on market $145,000 Active 70 DOM
8. 2026-06-01
   days on market $145,000 Active 69 DOM
9. 2026-05-31
   days on market $145,000 Active 68 DOM
10. 2026-05-30
    days on market $145,000 Active 67 DOM
11. 2026-04-18
    status Active
12. 2026-04-18
    price $145,000
13. 2026-04-08
    historical Active Under Contract
14. 2026-03-24
    listed $159,000 Active
15. 2026-03-23
    historical
16. 2026-02-18
    price $174,000
17. 2025-09-27
    listed $189,000 Active
18. 2025-04-09
    soldstatus $69,500

ⓘ 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: $672 · $56/mo
• Projected year-2 tax: $1,189 · $99/mo
• Expected delta: +$517/yr (+$43/mo · 76.9%)

ⓘ 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 8/10 Severe 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,428
• − Mortgage interest: −$8,122
• − Property taxes: −$672
• − Insurance: −$725
• − Repairs & maintenance: −$4,434
• − Management: −$4,434
• − Depreciation: −$4,218
• Taxable income: $32,822
• Est. tax owed @ 24.0%: −$7,877
• After-tax cash flow: $25,389/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: Nash-Rocky Mount Schools
• NCES district ID: 3703270
• Math proficiency: 20% ▼ -3.00%
• Reading proficiency: 32% ▲ 1.00%
• Median HH income: $41,553
• Composite: 22.04/100
• National rank: #8198
• State rank: #155 of 178 in NC

Livability — Rocky Mount

• Score: 70/100
• State rank: #134
• US rank: #7692

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rocky Mount, NC
• County: Nash County · 50,768 people
• City population: 70,300
• Metro: Rocky Mount, NC
• Population (ZIP): 20,055
• Household income: $60,124
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 641.0

Population outlook (Nash County) Hauer SSP2

• Today (2025): 91,107 people
• By 2030: 89,193 · -2.1%
• By 2040: 84,959 · -6.7%
• By 2050: 80,517 · -11.6%
• By 2075: 72,941 · -19.9%
• By 2100: 63,602 · -30.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 46% Black 44% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Iranian 1% Italian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 5% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Nash

• 2024 margin: Toss-up / Even · D 48.7% · R 50.5%
• 2008→2024 swing: -0.4pp no change · 2008: -1.3pp · 2024: -1.8pp
• All cycles: 2024: R+1.8 2020: D+0.2 2016: R+0.2 2012: D+0.9 2008: R+1.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -162.95%
• Current HPI: 190.0204
• Rent YoY: ▲ 5.51%
• Metro: Rocky Mount, 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

+108.6% since first listed

8 events — show timeline

• 2026-04-18 Relisted — TMLS
• 2026-04-18 Price Changed $145,000 TMLS
• 2026-04-08 Contingent — TMLS
• 2026-03-24 Listed $159,000 TMLS
• 2026-03-23 Listing Removed — TMLS
• 2026-02-18 Price Changed $174,000 TMLS
• 2025-09-27 Listed $189,000 TMLS
• 2025-04-09 Sold (Public Records) $69,500 Public Records

Property tax history

+14.2%/yr

Latest (2025): $672 · +0.0% YoY. Source: county tax records.