502 Division St · Norlina, NC 27563

$149,000

2 bd · 1.0 ba · 1,146 sqft · SingleFamily public records · 19 Days on market

Built 1940 1.00 ac lot Est $142k · at est.

---

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 +16.5/30.0
• Appreciation +7.8/10.0
• ARV discount +5.3/15.0
• DSCR +5.1/10.0
• 1% rule +3.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0

Listing remarks MLS

Older home good for starter home or for investment for rental property. Hardwood floors with 3 bedrooms, and close to town. Has shed for storage. Great rocking chair front porch. Purchase property for as little as 3% down with HomPath financing or HomePath renovation financing. Reduced Price!!!

Key facts

• Covered front porch
• Recent repairs
• Convenient access

Tags

• COVERED FRONT PORCH
• NATURAL LIGHT
• RECENT REPAIRS
• CONVENIENT ACCESS

Property features AI

Finance

• Other: Property sits on 1.0 acre
• Financial info: Annual tax amount listed (financial details excluded per instructions)
• HOA & community: No homeowners association; Community trash service available

Exterior

• Parking: No parking details provided
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Site-built single-story home; Shingle roof
• Construction: Metal siding construction; Site built
• Exterior features: Shed(s) on the property; No additional exterior features listed

Interior

• Kitchen: Oven; Refrigerator
• Bedrooms: Three bedrooms (all on the main level)
• Flooring: Wood
• Bathrooms: One full bathroom
• Heating & cooling: Natural gas heating; Central air; Gas pack cooling
• Interior features: Oven and refrigerator included; Wood flooring
• Laundry & utility: No laundry hook-ups or dedicated laundry room listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $149k.

Deal economics

• At list price, monthly cash flow is $88 ($1k/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 $132k (11.7% below list).
• Recommended offer: $132k (11.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#185 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Warren County Schools (rural): math 11% / reading 25% proficiency, ranked #174 of 178 in NC (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Warren County High (math 15% / reading 27%, grade F, #488 of 535 statewide, top 91%, 384 students, 99% FRL) — zoned schools average 99% FRL vs 79% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 20 active listings in the ZIP; 255 units permitted in Warren County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (5.5% local appreciation)).
• Warren County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.5% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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 $149k implies a 352% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 41% 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 $131,553 (11.7% below list)

Questions for the listing agent

1. Built in 1940 — 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. 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?
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: 0.88% ✗
• Cap rate: 7.00%
• Cash-on-cash: 2.53%
• DSCR: 1.11
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $142,104
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 Division St	0.00mi	3/1.0 (+1)	1,152 (+0%)	0mo	$110,000	$95	94
720 Division St	0.34mi	2/2.0	1,207 (+5%)	8mo	$150,000	$124	65
108 N Rose St	0.44mi	3/1.0 (+1)	1,120 (-2%)	9mo	$89,500	$80	64
103 Rooker St	0.45mi	3/2.0 (+1)	1,033 (-10%)	1mo	$212,500	$206	53
102 Washington St	0.44mi	3/1.5 (+1)	1,247 (+9%)	13mo	$63,000	$51	47
211 Terrell St	0.64mi	3/2.0 (+1)	1,285 (+12%)	1mo	$284,900	$222	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.55% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.4%
• Equity multiple: 2.07×
• Total profit: $44,652
• Equity at exit: $89,478

10-year hold

• IRR: 16.4%
• Equity multiple: 4.07×
• Total profit: $128,050
• Equity at exit: $158,765

Cash invested: $41,720 (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 27563

• Home prices YoY: 3.2%
• Active inventory: 20
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,316 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$108 /mo · $1,295/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$276
• Net cashflow: $88

Break-even live

Break-even rent $1,204

Max offer price $149,000

Occupancy floor 88%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-20
   status Pending
2. 2026-05-01
   listed $149,000 Active
3. 2012-03-12
   soldstatus $33,000 295-char remark

   Show marketing remark (295 chars)

   Older home good for starter home or for investment for rental property. Hardwood floors with 3 bedrooms, and close to town. Has shed for storage. Great rocking chair front porch. Purchase property for as little as 3% down with HomPath financing or HomePath renovation financing. Reduced Price!!!

4. 2012-03-12
   soldstatus $33,000 295-char remark

   Show marketing remark (295 chars)

   Older home good for starter home or for investment for rental property. Hardwood floors with 3 bedrooms, and close to town. Has shed for storage. Great rocking chair front porch. Purchase property for as little as 3% down with HomPath financing or HomePath renovation financing. Reduced Price!!!

5. 2011-09-28
   listed $35,000 295-char remark

   Show marketing remark (295 chars)

   Older home good for starter home or for investment for rental property. Hardwood floors with 3 bedrooms, and close to town. Has shed for storage. Great rocking chair front porch. Purchase property for as little as 3% down with HomPath financing or HomePath renovation financing. Reduced Price!!!

6. 2011-09-28
   listed $35,000 295-char remark

   Show marketing remark (295 chars)

   Older home good for starter home or for investment for rental property. Hardwood floors with 3 bedrooms, and close to town. Has shed for storage. Great rocking chair front porch. Purchase property for as little as 3% down with HomPath financing or HomePath renovation financing. Reduced Price!!!

7. 2004-07-09
   soldstatus $79,000 190-char remark

   Show marketing remark (190 chars)

   CHARMING OLDER HOME OFFERS 3 BEDROOMS, SEPARATE DINING ROOM WITH FRENCH DOORS, FIREPLACE WITH GAS LOGS IN LIVING ROOM, NICELY LANDSCAPED, WORKSHOP OUTBACK, CHILD'S WOODEN SWING SET TO REMAIN

8. 2004-07-09
   soldstatus $79,000 190-char remark

   Show marketing remark (190 chars)

   CHARMING OLDER HOME OFFERS 3 BEDROOMS, SEPARATE DINING ROOM WITH FRENCH DOORS, FIREPLACE WITH GAS LOGS IN LIVING ROOM, NICELY LANDSCAPED, WORKSHOP OUTBACK, CHILD'S WOODEN SWING SET TO REMAIN

9. 2004-07-09
   soldstatus $76,000

   Show marketing remark (190 chars)

   CHARMING OLDER HOME OFFERS 3 BEDROOMS, SEPARATE DINING ROOM WITH FRENCH DOORS, FIREPLACE WITH GAS LOGS IN LIVING ROOM, NICELY LANDSCAPED, WORKSHOP OUTBACK, CHILD'S WOODEN SWING SET TO REMAIN

10. 2004-04-14
    listed $79,000 190-char remark

    Show marketing remark (190 chars)

    CHARMING OLDER HOME OFFERS 3 BEDROOMS, SEPARATE DINING ROOM WITH FRENCH DOORS, FIREPLACE WITH GAS LOGS IN LIVING ROOM, NICELY LANDSCAPED, WORKSHOP OUTBACK, CHILD'S WOODEN SWING SET TO REMAIN

11. 2004-04-14
    listed $79,000 190-char remark

    Show marketing remark (190 chars)

    CHARMING OLDER HOME OFFERS 3 BEDROOMS, SEPARATE DINING ROOM WITH FRENCH DOORS, FIREPLACE WITH GAS LOGS IN LIVING ROOM, NICELY LANDSCAPED, WORKSHOP OUTBACK, CHILD'S WOODEN SWING SET TO REMAIN

ⓘ 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: $1,295 · $108/mo
• Projected year-2 tax: $1,295 · $108/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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 41% 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: $15,786
• − Mortgage interest: −$8,346
• − Property taxes: −$1,295
• − Insurance: −$745
• − Repairs & maintenance: −$1,263
• − Management: −$1,263
• − Depreciation: −$4,335
• Taxable loss: −$1,460
• Est. tax savings @ 24.0%: +$350
• After-tax cash flow: $1,405/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: Warren County Schools
• NCES district ID: 3704740
• Math proficiency: 11% ▼ -12.00%
• Reading proficiency: 25% ▼ -3.00%
• Median HH income: $33,433
• Composite: 14.62/100
• National rank: #9409
• State rank: #174 of 178 in NC

Livability — Norlina

• Score: 68/100
• State rank: #185
• US rank: #9302

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norlina, NC
• Population (ZIP): 5,300

Population outlook (Warren County) Hauer SSP2

• Today (2025): 18,664 people
• By 2030: 17,641 · -5.5%
• By 2040: 15,442 · -17.3%
• By 2050: 13,634 · -27.0%
• By 2075: 10,523 · -43.6%
• By 2100: 7,777 · -58.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Black (63%)
• Race & ethnicity: Black 63% White 31% Two or more races 4%
• Common ancestry: Lithuanian 2% Italian 1%
• Foreign-born: 0% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1% Russian/Polish/Slavic 1% Spanish 1%

Political lean MEDSL · Warren

• 2024 margin: D (+19.0) · D 58.8% · R 39.8% · Other 1.4%
• 2008→2024 swing: -20.5pp toward R · 2008: 39.5pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+25.7 2016: D+33.2 2012: D+36.0 2008: D+39.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.55%
• Current HPI: 181.0661
• 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

+88.6% since first listed

11 events — show timeline

• 2026-05-20 Pending — TMLS
• 2026-05-01 Listed $149,000 TMLS
• 2012-03-12 Sold (MLS) $33,000 AMLSNC
• 2012-03-12 Sold (MLS) $33,000 TMLS
• 2011-09-28 Listed $35,000 AMLSNC
• 2011-09-28 Listed $35,000 TMLS
• 2004-07-09 Sold (Public Records) $76,000 Public Records
• 2004-07-09 Sold (MLS) $79,000 AMLSNC
• 2004-07-09 Sold (MLS) $79,000 TMLS
• 2004-04-14 Listed $79,000 AMLSNC
• 2004-04-14 Listed $79,000 TMLS

Property tax history

+3.7%/yr

Latest (2025): $1,295 · +48.3% YoY. Source: county tax records.