132 Southwood Dr · East Rockingham, NC 28379

$189,900

3 bd · 1.5 ba · 1,560 sqft · SingleFamily public records · 55 Days on market

Built 1960 0.40 ac lot Est $232k · 18% under ↓ 17% since listing

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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 +15.7/30.0
• ARV discount +15.0/15.0
• DSCR +4.8/10.0
• 1% rule +3.4/10.0
• Livability +2.9/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come check out this 3-bedroom, 2 bath brick home with a cozy fireplace in the extra living room, enjoy a convenient carport, fenced in back yard perfect for outdoor gatherings, in a classic ranch layout. Located in a quiet friendly neighborhood. Call today for your private showing.

Key facts

• Classic ranch layout
• Fenced in back yard
• Extra living room

Tags

• FENCED IN BACK YARD
• EXTRA LIVING ROOM
• CLASSIC RANCH LAYOUT

Property features AI

Exterior

• Parking: Other parking
• Utilities: Natural gas available and connected; Water connected; Sewer connected
• Home design: Single-family residence; One story; Entry level: 1
• Construction: Brick veneer and vinyl siding over frame construction
• Exterior features: Porch; Partial chain-link fencing; Shingle roof; Has view

Interior

• Bedrooms: Total rooms: 6
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Ceiling fans; Window coverings; Gas log fireplace

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $83 ($994/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 $159k (16.1% below list).
• Recommended offer: $159k (16.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 58/100 on livability (#579 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment 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: 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.
• Zoned-school proficiency averages 48% at this address vs 33% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Richmond County Schools average implies; a family-tenant draw the district grade alone would hide.
• 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 64% 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 $159,356 (16.1% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.84% ✗
• Cap rate: 6.82%
• Cash-on-cash: 1.87%
• DSCR: 1.08
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $232,440
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
126 Southwood Dr	0.04mi	3/1.5	1,517 (-3%)	23mo	$205,000	$135	75
106 Katie Ln	0.47mi	3/2.0	1,440 (-8%)	2mo	$215,000	$149	62
440 Old Cheraw Hwy	0.33mi	3/1.0	1,680 (+8%)	14mo	$78,000	$46	58
221 Farmstead Ct	0.54mi	3/2.0	1,483 (-5%)	21mo	$245,000	$165	47
214 Country Canyon Dr	0.75mi	3/2.0	1,568 (+0%)	19mo	$110,000	$70	46
237 Farmstead Ct	0.59mi	3/2.0	1,430 (-8%)	22mo	$247,000	$173	38

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: -13.4%
• Equity multiple: 0.52×
• Total profit: $-25,557
• Equity at exit: $28,315

10-year hold

• IRR: -4.5%
• Equity multiple: 0.70×
• Total profit: $-15,704
• Equity at exit: $16,419

Cash invested: $53,172 (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: 9.9×

Monthly cashflow live

• Estimated rent: $1,594 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$101 /mo · $1,213/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $83

Break-even live

Break-even rent $1,489

Max offer price $189,900

Occupancy floor 90%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-15
   status Pending
2. 2026-04-21
   price $189,900
3. 2026-04-20
   status Active
4. 2026-04-16
   status Pending
5. 2026-04-03
   price $209,900
6. 2026-03-24
   price $217,900
7. 2026-03-17
   listed $229,900 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: $1,213 · $101/mo
• Projected year-2 tax: $1,557 · $130/mo
• Expected delta: +$344/yr (+$29/mo · 28.3%)

ⓘ 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 4/10 Moderate
• 🌡 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: $19,123
• − Mortgage interest: −$10,637
• − Property taxes: −$1,213
• − Insurance: −$950
• − Repairs & maintenance: −$1,530
• − Management: −$1,530
• − Depreciation: −$5,524
• Taxable loss: −$2,261
• Est. tax savings @ 24.0%: +$543
• After-tax cash flow: $1,537/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 — East Rockingham

• Score: 58/100
• State rank: #579
• US rank: #21339

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Rockingham, NC
• 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

-17.4% since first listed

7 events — show timeline

• 2026-05-15 Pending — Hive MLS
• 2026-04-21 Price Changed $189,900 Hive MLS
• 2026-04-20 Relisted — Hive MLS
• 2026-04-16 Pending — Hive MLS
• 2026-04-03 Price Changed $209,900 Hive MLS
• 2026-03-24 Price Changed $217,900 Hive MLS
• 2026-03-17 Listed $229,900 Hive MLS

Property tax history

+2.1%/yr

Latest (2025): $1,213 · -2.0% YoY. Source: county tax records.