106 Paris Ave

Greenville, NC 27834

$85,000B+

3 bd · 1.0 ba · 1,158 sqft · Built 1930 · SingleFamily · Pending · 182 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,276/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$96
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $466/mo
• Annual: $5,594/yr
• Cap rate: 12.87%
• Cash-on-cash: 23.50%
• DSCR: 2.05
• 1% rule: 1.50%
• Cash to close: $23,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $85k.
• At list price, monthly cash flow is $466 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• It's been on market 182 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#30 in NC, #2,977 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, employment F.
• Pitt County Schools (rural): math 41% / reading 44% proficiency, ranked #100 of 178 in NC (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Greenville Elementary (math 8% / reading 12%, grade F, #1,385 of 1,410 statewide, top 99%, 281 students, 96% FRL); C M Eppes Middle (math 24% / reading 32%, grade F, #360 of 475 statewide, top 77%, 626 students, 99% FRL); Junius H Rose High (math 52% / reading 61%, grade C, #261 of 535 statewide, top 49%, 1,525 students, 50% FRL) — zoned schools average 82% FRL vs 56% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.4%/yr); 350 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).
• Pitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $40k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $85k implies a 325% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% 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.
• Cap rate 12.9% vs local median 3.8% in Greenville — 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.

Questions for listing agent

• It's been on market 182 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.