814 Cardwell St · Elizabeth City, NC 27909

$120,000

2 bd · 1.0 ba · 768 sqft · Other public records · 20 Days on market

Built 1961 10,019 sqft lot

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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 +26.9/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming and full of potential, this 2-bedroom, 1-bath home offers cozy living in the heart of Elizabeth City! With 768 square feet of thoughtfully designed space, this property is perfect for first-time buyers, downsizers, or investors looking to add to their portfolio. Enjoy a functional layout, easy maintenance, and a convenient location close to shopping, dining, schools, and downtown amenities. Whether you're looking for an affordable place to call home or a great investment opportunity, this property is worth a look. Schedule your showing today!

Key facts

• 0.23 acre lot
• Built 1961
• Listed 20 days

Property features AI

Finance

• Other: Zoning: EC; Lot approximately 0.23 acres (100 x 100 x 100 x 100); Subdivision: Moore Heights

Exterior

• Parking: Unpaved off-street parking
• Utilities: Public water; Public sewer; Water and sewer connected
• Home design: Single-family residence; One story, entry level on first floor
• Construction: Vinyl siding and frame construction; Built with crawl space foundation
• Exterior features: Porch; Shingle roof; No pool; Has a view; Road frontage on city street and state road

Interior

• Kitchen: Range; Refrigerator; Dishwasher not listed
• Bathrooms: 1 full bathroom
• Heating & cooling: Electric heating; Other heating; Multiple cooling units
• Interior features: Washer, Dryer, Refrigerator, Range, Electric water heater; Crawl space basement; Total of 5 rooms
• Laundry & utility: Washer and Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $120k.

Deal economics

• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 2.9% in Elizabeth City — 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 71/100 on livability (#119 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, commute F, employment F.
• Elizabeth City-Pasquotank Public Schools (rural): math 21% / reading 34% proficiency, ranked #152 of 178 in NC (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Northside Elementary (math 27% / reading 37%, grade F, #908 of 1,410 statewide, top 67%, 409 students, 99% FRL); Elizabeth City Middle (math 16% / reading 31%, grade F, #402 of 475 statewide, top 85%, 515 students, 99% FRL); Pasquotank County High (math 27% / reading 37%, grade F, #445 of 535 statewide, top 84%, 628 students, 100% FRL) — zoned schools average 99% FRL vs 56% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.0%/yr); 351 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 153 units permitted in Pasquotank County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pasquotank County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $34k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% 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 $118,200 (1.5% below list)

Questions for the listing agent

1. Built in 1961 — 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 D 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. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 9.60%
• Cash-on-cash: 11.82%
• DSCR: 1.53
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.02% rent growth · sell at horizon

5-year hold

• IRR: 2.3%
• Equity multiple: 1.09×
• Total profit: $3,052
• Equity at exit: $17,892

10-year hold

• IRR: 12.8%
• Equity multiple: 2.06×
• Total profit: $35,764
• Equity at exit: $10,375

Cash invested: $33,600 (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 27909

• Rents YoY: 4.0%
• Active inventory: 351
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,391 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$89 /mo · $1,062/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $331

Break-even live

Break-even rent $972

Max offer price $120,000

Occupancy floor 71%

Sensitivity live

Price	-10% $399	-5% $365	+0% $331	+5% $297	+10% $263
Rent	-10% $221	-5% $276	+0% $331	+5% $386	+10% $441
Rate	-1.0pp $391	-0.5pp $361	base $331	+0.5pp $300	+1.0pp $268

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
828 Westway St Elizabeth City, NC	2.0	1.0–1.5	713	$1,339	$1.88	2d	12	0.28mi
805 Hunter St Elizabeth City, NC	3.0	1.0	924	$1,250	$1.35	13d	1	1.24mi
225 N Water St Unit 304 Elizabeth City, NC	1.0	1.0	575	$1,425	$2.48	8d	1	1.27mi
225 N Water St Unit 208 Elizabeth City, NC	1.0	1.0	610	$1,400	$2.30	24d	1	1.27mi

Listing history 6 events

1. 2026-06-03
   days on market $120,000 Active 20 DOM
2. 2026-06-02
   days on market $120,000 Active 19 DOM
3. 2026-06-01
   days on market $120,000 Active 18 DOM
4. 2026-05-31
   days on market $120,000 Active 17 DOM
5. 2026-05-30
   days on market $120,000 Active 16 DOM
6. 2026-05-14
   listed $125,000 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: $1,062 · $89/mo
• Projected year-2 tax: $1,062 · $89/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% 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: $16,689
• − Mortgage interest: −$6,722
• − Property taxes: −$1,062
• − Insurance: −$600
• − Repairs & maintenance: −$1,335
• − Management: −$1,335
• − Depreciation: −$3,491
• Taxable income: $2,143
• Est. tax owed @ 24.0%: −$514
• After-tax cash flow: $3,456/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: Elizabeth City-Pasquotank Public Schools
• NCES district ID: 3703540
• Math proficiency: 21% ▼ -7.00%
• Reading proficiency: 34% ▼ -1.00%
• Median HH income: $45,294
• Composite: 23.63/100
• National rank: #7847
• State rank: #152 of 178 in NC

Livability — Elizabeth City

• Score: 71/100
• State rank: #119
• US rank: #7304

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elizabeth City, NC
• County: Pasquotank County · 40,869 people
• City population: 40,869
• Metro: Elizabeth City, NC
• Population (ZIP): 40,869
• Household income: $66,732
• Rent vs Own: 32.5% rent · 67.5% own
• Severe rent burden: 1160.0

Population outlook (Pasquotank County) Hauer SSP2

• Today (2025): 38,172 people
• By 2030: 36,890 · -3.4%
• By 2040: 33,845 · -11.3%
• By 2050: 31,086 · -18.6%
• By 2075: 27,191 · -28.8%
• By 2100: 26,093 · -31.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 54% Black 35% Hispanic / Latino 6% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Slovak 2% Romanian 1% Lithuanian 1%
• Foreign-born: 3% · Canada, Vietnam
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1% Vietnamese 1%

Political lean MEDSL · Pasquotank

• 2024 margin: Toss-up / Even · D 47.1% · R 52.0%
• 2008→2024 swing: -18.6pp toward R · 2008: 13.7pp · 2024: -4.9pp
• All cycles: 2024: R+4.9 2020: D+0.3 2016: D+2.2 2012: D+15.9 2008: D+13.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -141.03%
• Current HPI: 164.7511
• Rent YoY: ▲ 4.02%
• Metro: Elizabeth City, 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

1 event — show timeline

• 2026-05-14 Listed $125,000 Hive MLS

Property tax history

-2.6%/yr

Latest (2025): $1,062 · +4.7% YoY. Source: county tax records.