404 N Massey St · Selma, NC 27576

$204,900

2 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 47 Days on market

Built 1915 10,454 sqft lot Est $194k · 6% over

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Why this score? — see what drove the F 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 +12.4/30.0
• ARV discount +4.9/15.0
• DSCR +3.7/10.0
• Schools +3.5/10.0
• Livability +2.8/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 2 bedroom 2 bath home sits on a large lot in the heart of West Selma's Historic district. It is walking distance to the school, shopping, the library and more. Ready to update, flip or use as a rental. Original flooring, vinyl replacement windows, some work has been completed by the owner. The large lot can not be subdivided but there is plenty of room to add on to the current home. There is no central heat or air in the home.

Key facts

• Extra yard space
• Granite countertops
• Corner lot

Tags

• LUXURY VINYL PLANK FLOORING
• GRANITE COUNTERTOPS
• CORNER LOT
• EXTRA YARD SPACE

Property features AI

Exterior

• Parking: Other parking
• Utilities: Sewer connected; Water connected
• Home design: Single family residence; One story; Entry level on main floor
• Construction: Concrete construction; Built with 'See Remarks' noted for additional construction details
• Exterior features: Front porch; Has a view; Shingle roof; No fencing indicated

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air and heat pump cooling
• Interior features: Ceiling fan(s); Eat-in kitchen; 3 total rooms

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $205k.

Deal economics

• At list price, monthly cash flow is $-34 ($-413/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $154k (24.7% below list).
• Recommended offer: $154k (24.7% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 4.0% in Selma — 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 55/100 on livability (#641 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety B+, housing B; Watch: crime F, amenities F, commute F.
• Johnston County Public Schools (rural): math 39% / reading 42% proficiency, ranked #105 of 178 in NC (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Selma Elementary (math 26% / reading 19%, grade F, #1,175 of 1,410 statewide, top 84%, 754 students, 100% FRL); Selma Middle School (math 17% / reading 19%, grade F, #441 of 475 statewide, top 93%, 359 students, 99% FRL); Smithfield-Selma High (math 25% / reading 37%, grade F, #454 of 535 statewide, top 85%, 1,503 students, 69% FRL) — zoned schools average 89% FRL vs 41% district-wide (49 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 24% at this address vs 40% district-wide (-17 pts) — the specific schools serving this property underperform the Johnston County Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: 277 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 2,783 units permitted in Johnston County in 2024 (6 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.
• Johnston County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y 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 $90k; list at $205k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 74% 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 $154,328 (24.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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. 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?
8. 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.
9. 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.
10. 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: 0.75% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $193,536
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
405 N Sharpe St	0.25mi	2/1.0	1,008 (0%)	2mo	$95,000	$94	87
404 N Massey St	0.00mi	3/2.0 (+1)	1,078 (+7%)	1mo	$195,000	$181	79
208 S Webb St	0.40mi	3/1.0 (+1)	1,027 (+2%)	2mo	$215,000	$209	71
206 S Ethel St	0.51mi	2/1.0	950 (-6%)	2mo	$88,000	$93	64
403 W Noble St	0.42mi	3/1.0 (+1)	1,068 (+6%)	1mo	$211,000	$198	64
208 S Ethel St	0.53mi	2/1.0	950 (-6%)	2mo	$88,000	$93	64
210 S Brevard St	0.48mi	3/1.0 (+1)	1,058 (+5%)	1mo	$220,000	$208	63
313 S Ethel St	0.57mi	3/1.5 (+1)	1,024 (+2%)	3mo	$169,900	$166	61
803 Hare St	0.58mi	3/1.0 (+1)	980 (-3%)	5mo	$169,000	$172	59
303 Graves St	0.37mi	3/1.0 (+1)	1,138 (+13%)	3mo	$218,900	$192	54
208 N Sellers St	0.36mi	3/2.0 (+1)	1,122 (+11%)	4mo	$240,000	$214	52
800 E Lizzie St	0.55mi	3/1.0 (+1)	864 (-14%)	0mo	$177,000	$205	45

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: -17.5%
• Equity multiple: 0.38×
• Total profit: $-35,471
• Equity at exit: $30,551

10-year hold

• IRR: -9.7%
• Equity multiple: 0.41×
• Total profit: $-34,021
• Equity at exit: $17,716

Cash invested: $57,372 (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 27576

• Home prices YoY: -23.1%
• Active inventory: 277
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $1,543 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$94 /mo · $1,125/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$324
• Net cashflow: $-34

Break-even live

Break-even rent $1,587

Max offer price $198,820

Occupancy floor 97%

Sensitivity live

Price	-10% $82	-5% $24	+0% $-34	+5% $-92	+10% $-150
Rent	-10% $-156	-5% $-95	+0% $-34	+5% $27	+10% $88
Rate	-1.0pp $69	-0.5pp $18	base $-34	+0.5pp $-88	+1.0pp $-142

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
114 Boykin Ave Selma, NC	3.0	3.0	1238	$1,699	$1.37	25d	1	0.55mi
408 Merriman Dr Selma, NC	3.0	2.5	1263	$1,650	$1.31	5d	1	0.59mi
1013 W Oak St Selma, NC	2.0	1.0	992	$1,300	$1.31	25d	1	0.60mi
400 Reid Cir Selma, NC	3.0	2.0	1092	$1,580	$1.45	13d	1	0.79mi
102 Prancer Cir Selma, NC	3.0	2.0	1247	$1,700	$1.36	5d	1	1.00mi

Listing history 12 events

1. 2026-04-30
   status Pending
2. 2026-04-21
   status Active
3. 2026-04-20
   status Pending
4. 2026-04-17
   price $204,900
5. 2026-03-13
   listed $214,900 Active
6. 2022-08-23
   soldstatus $90,000
7. 2022-08-22
   soldstatus $83,600 Closed 435-char remark

   Show marketing remark (435 chars)

   This 2 bedroom 2 bath home sits on a large lot in the heart of West Selma's Historic district. It is walking distance to the school, shopping, the library and more. Ready to update, flip or use as a rental. Original flooring, vinyl replacement windows, some work has been completed by the owner. The large lot can not be subdivided but there is plenty of room to add on to the current home. There is no central heat or air in the home.

8. 2022-08-10
   historical Contingent 435-char remark

   Show marketing remark (435 chars)

   This 2 bedroom 2 bath home sits on a large lot in the heart of West Selma's Historic district. It is walking distance to the school, shopping, the library and more. Ready to update, flip or use as a rental. Original flooring, vinyl replacement windows, some work has been completed by the owner. The large lot can not be subdivided but there is plenty of room to add on to the current home. There is no central heat or air in the home.

9. 2022-08-02
   status Active 435-char remark

   Show marketing remark (435 chars)

   This 2 bedroom 2 bath home sits on a large lot in the heart of West Selma's Historic district. It is walking distance to the school, shopping, the library and more. Ready to update, flip or use as a rental. Original flooring, vinyl replacement windows, some work has been completed by the owner. The large lot can not be subdivided but there is plenty of room to add on to the current home. There is no central heat or air in the home.

10. 2022-07-22
    historical Contingent 435-char remark

    Show marketing remark (435 chars)

    This 2 bedroom 2 bath home sits on a large lot in the heart of West Selma's Historic district. It is walking distance to the school, shopping, the library and more. Ready to update, flip or use as a rental. Original flooring, vinyl replacement windows, some work has been completed by the owner. The large lot can not be subdivided but there is plenty of room to add on to the current home. There is no central heat or air in the home.

11. 2022-07-14
    listed $112,000 Active 435-char remark

    Show marketing remark (435 chars)

    This 2 bedroom 2 bath home sits on a large lot in the heart of West Selma's Historic district. It is walking distance to the school, shopping, the library and more. Ready to update, flip or use as a rental. Original flooring, vinyl replacement windows, some work has been completed by the owner. The large lot can not be subdivided but there is plenty of room to add on to the current home. There is no central heat or air in the home.

12. 1992-01-01
    soldstatus $21,000

ⓘ 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: $1,125 · $94/mo
• Projected year-2 tax: $1,680 · $140/mo
• Expected delta: +$556/yr (+$46/mo · 49.4%)

ⓘ 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 7/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,519
• − Mortgage interest: −$11,478
• − Property taxes: −$1,125
• − Insurance: −$1,024
• − Repairs & maintenance: −$1,482
• − Management: −$1,482
• − Depreciation: −$5,961
• Taxable loss: −$4,031
• Est. tax savings @ 24.0%: +$967
• After-tax cash flow: $554/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: Johnston County Public Schools
• NCES district ID: 3702370
• Math proficiency: 39% ▲ 4.00%
• Reading proficiency: 42% ▲ 2.00%
• Median HH income: $50,912
• Composite: 34.99/100
• National rank: #5052
• State rank: #105 of 178 in NC

Livability — Selma

• Score: 55/100
• State rank: #641
• US rank: #23364

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Selma, NC
• County: Johnston County · 175,441 people
• City population: 21,624
• Metro: Raleigh-Cary, NC
• Population (ZIP): 21,624
• Household income: $66,831
• Rent vs Own: 33.8% rent · 66.2% own
• Severe rent burden: 649.0

Population outlook (Johnston County) Hauer SSP2

• Today (2025): 222,440 people
• By 2030: 240,227 · +8.0%
• By 2040: 274,616 · +23.5%
• By 2050: 304,915 · +37.1%
• By 2075: 369,507 · +66.1%
• By 2100: 406,280 · +82.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 49% Hispanic / Latino 27% Black 21% Two or more races 6% Native American 2%
• Hispanic origin (detail): Mexican 18% Puerto Rican 3%
• Common ancestry: Slovak 1% Serbian 1% Iranian 1%
• Foreign-born: 12% · Canada
• Languages at home: 76% English-only · Spanish 23% German/W. Germanic 1%

Political lean MEDSL · Johnston

• 2024 margin: Strong R (+21.5) · D 38.7% · R 60.2% · Other 1.1%
• 2008→2024 swing: +2.2pp toward D · 2008: -23.7pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+24.3 2016: R+30.7 2012: R+27.8 2008: R+23.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.48%
• Current HPI: 234.1407
• Rent YoY: —
• Metro: Raleigh-Cary, 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

+875.7% since first listed

12 events — show timeline

• 2026-04-30 Pending — Hive MLS
• 2026-04-21 Relisted — Hive MLS
• 2026-04-20 Pending — Hive MLS
• 2026-04-17 Price Changed $204,900 Hive MLS
• 2026-03-13 Listed $214,900 Hive MLS
• 2022-08-23 Sold (Public Records) $90,000 Public Records
• 2022-08-22 Sold (MLS) $83,600 TMLS
• 2022-08-10 Contingent — TMLS
• 2022-08-02 Relisted — TMLS
• 2022-07-22 Contingent — TMLS
• 2022-07-14 Listed $112,000 TMLS
• 1992-01-01 Sold (Public Records) $21,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $1,125 · +55.4% YoY. Source: county tax records.