1229 Hargis Ln #1229 · Bear Grass, NC 27892

$175,000

3 bd · 2.0 ba · 1,338 sqft · SingleFamily public records · 1 Days on market

Built 2004 0.75 ac lot

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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 +8.0/30.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• DSCR +2.1/10.0
• 1% rule +1.7/10.0

Listing remarks

A micro minnie farm!!!! Bring the garden, the chickens and the pets!!!! Life in the country, but close to EVERYTHING you need and want!!!! NO BUSY STREETS!!!!! Enjoy life on a dirt road while soaking in the idyllic scenery of woods and farmland!!! The front porch is THE 4 season hangout spot to enjoy all that nature has to offer! The spacious primary bedroom and bathroom have total privacy from the other 2 bedrooms and bathroom which are located on the opposite side of the home. Spacious pantry and laundry room which are conveniently located close to the garage for easy entry to the house with that BIG load of groceries. HUGE garage for cars, storage or extra living space--- you decide.

Key facts

• 0.75 acre lot
• 2 garage spots
• Built 2004

Property features AI

Exterior

• Parking: Detached gravel driveway; Attached 2-car garage (2 garage spaces, total 2 parking spaces)
• Utilities: Well water; No listed utilities
• Home design: Single family residence; One-story home; Entry level: 1
• Construction: Brick, fiber cement, and frame construction; Brick/mortar foundation; Shingle roof; Built on a 0.75-acre lot (approx. 136 x 240)
• Exterior features: Covered porch and rear porch; Back yard fencing; Has a view

Interior

• Kitchen: Dishwasher; Electric range; Microwave
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating (electric); Central air conditioning; Ceiling fans
• Interior features: Ceiling fan(s); Total of 7 rooms
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $-177 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $144k (17.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $117k (33.3% below list).
• Recommended offer: $117k (33.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 61/100 on livability (#480 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Martin County Schools (rural): math 24% / reading 34% proficiency, ranked #150 of 178 in NC (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Rodgers Elementary (math 62% / reading 62%, grade B, #179 of 1,410 statewide, top 14%, 220 students, 99% FRL); Riverside Middle (math 18% / reading 33%, grade F, #388 of 475 statewide, top 83%, 364 students, 99% FRL); Riverside High (math 22% / reading 37%, grade F, #459 of 535 statewide, top 87%, 447 students, 99% FRL) — zoned schools average 99% FRL vs 62% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 73 active listings in the ZIP.

Forward outlook

• In year one you build about $10k of equity ($1k loan paydown + $9k appreciation (5.1% local appreciation)).
• Martin County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $116,758 (33.3% 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. 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 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?
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: 0.67% ✗
• Cap rate: 5.08%
• Cash-on-cash: -4.32%
• DSCR: 0.81
• GRM: 12.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.13% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.6%
• Equity multiple: 1.62×
• Total profit: $30,294
• Equity at exit: $100,502

10-year hold

• IRR: 11.1%
• Equity multiple: 3.05×
• Total profit: $100,659
• Equity at exit: $174,564

Cash invested: $49,000 (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 27892

• Home prices YoY: 3.0%
• Active inventory: 73
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $1,168 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$108 /mo · $1,299/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$245
• Net cashflow: $-177

Break-even live

Break-even rent $1,391

Max offer price $143,817

Occupancy floor —

Sensitivity live

Price	-10% $-77	-5% $-127	+0% $-177	+5% $-226	+10% $-276
Rent	-10% $-269	-5% $-223	+0% $-177	+5% $-130	+10% $-84
Rate	-1.0pp $-88	-0.5pp $-132	base $-177	+0.5pp $-222	+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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-25
   listed $175,000 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: $1,299 · $108/mo
• Projected year-2 tax: $1,435 · $120/mo
• Expected delta: +$136/yr (+$11/mo · 10.4%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,011
• − Mortgage interest: −$9,803
• − Property taxes: −$1,299
• − Insurance: −$875
• − Repairs & maintenance: −$1,121
• − Management: −$1,121
• − Depreciation: −$5,091
• Taxable loss: −$5,299
• Est. tax savings @ 24.0%: +$1,272
• After-tax cash flow: $-847/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: Martin County Schools
• NCES district ID: 3702880
• Math proficiency: 24% ▼ -2.00%
• Reading proficiency: 34% ▲ 1.00%
• Median HH income: $35,403
• Composite: 23.94/100
• National rank: #7781
• State rank: #150 of 178 in NC

Livability — Bear Grass

• Score: 61/100
• State rank: #480
• US rank: #17553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 13,387

Population outlook (Martin County) Hauer SSP2

• Today (2025): 21,018 people
• By 2030: 19,693 · -6.3%
• By 2040: 16,793 · -20.1%
• By 2050: 14,171 · -32.6%
• By 2075: 9,804 · -53.4%
• By 2100: 6,894 · -67.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 53% Black 38% Two or more races 5% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 2% Serbian 1% Iranian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 94% English-only · Spanish 5% Chinese 1%

Political lean MEDSL · Martin

• 2024 margin: R (+10.3) · D 44.6% · R 54.9%
• 2008→2024 swing: -15.0pp toward R · 2008: 4.6pp · 2024: -10.3pp
• All cycles: 2024: R+10.3 2020: R+5.0 2016: R+0.5 2012: D+4.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.13%
• Current HPI: 178.4817
• 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

1 event — show timeline

• 2026-05-25 Listed $175,000 Hive MLS

Property tax history

+0.5%/yr

Latest (2025): $1,299 · +32.1% YoY. Source: county tax records.