203 Mill Rd · Elizabeth City, NC 27944

$299,900

3 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 20 Days on market

Built 2012

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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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.3/30.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.4/10.0
• 1% rule +0.7/10.0

Listing remarks

Beautifully remodeled from top to bottom, this charming home is move-in ready with thoughtful updates throughout with the exception of one bedroom used as a closet. , ready for your personal touch. Enjoy peace of mind with a brand - new metal roof, new siding, and 10 newly installed windows, including two single-hung windows with panel in the spacious primary bedroom and eight energy- efficient double& apos; hung windows throughout the rest of the home. Inside, the home features updated finishes, newly installed stove, dishwasher, and a warm, welcoming layout designed for comfortable living. Step outside and enjoy the inviting wraparound L-shape porch, beautifully landscape yard, and an

Key facts

• New metal roof
• Landscape yard
• New siding

Tags

• NEW METAL ROOF
• NEW SIDING
• NEWLY INSTALLED WINDOWS
• WRAPAROUND L-SHAPE PORCH
• LANDSCAPE YARD
• OUTDOOR SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $300k.

Deal economics

• At list price, monthly cash flow is $-404 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $229k (23.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (42.6% below list).
• Recommended offer: $172k (42.6% below list) — sets the bar for 1% rule.
• Cap rate 4.7% vs local median 2.9% in Elizabeth City — 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 71/100 on livability (#119 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, schools F, commute F.
• Perquimans County Schools (rural): math 44% / reading 48% proficiency, ranked #83 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 339 active listings in the ZIP; 46 units permitted in Perquimans County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Perquimans County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$52k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $92k; list at $300k implies a 227% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $172,049 (42.6% 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 D 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: 0.57% ✗
• Cap rate: 4.68%
• Cash-on-cash: -5.77%
• DSCR: 0.74
• GRM: 14.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.2%
• Equity multiple: 2.64×
• Total profit: $137,437
• Equity at exit: $270,174

10-year hold

• IRR: 18.4%
• Equity multiple: 6.06×
• Total profit: $424,639
• Equity at exit: $582,640

Cash invested: $83,972 (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 27944

• Home prices YoY: 9.5%
• Active inventory: 339
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $1,720 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$66 /mo · $786/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $-404

Break-even live

Break-even rent $2,232

Max offer price $228,529

Occupancy floor —

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $299,900 Active 20 DOM
2. 2026-06-18
   days on market $299,900 Active 19 DOM
3. 2026-06-17
   days on market $299,900 Active 18 DOM
4. 2026-06-17
   price $299,900 Active 17 DOM
5. 2026-06-16
   days on market $350,000 Active 17 DOM
6. 2026-06-15
   days on market $350,000 Active 16 DOM
7. 2026-06-14
   days on market $350,000 Active 14 DOM
8. 2026-06-12
   days on market $350,000 Active 13 DOM
9. 2026-06-09
   days on market $350,000 Active 10 DOM
10. 2026-06-08
    days on market $350,000 Active 9 DOM
11. 2026-06-07
    days on market $350,000 Active 8 DOM
12. 2026-06-03
    days on market $350,000 Active 4 DOM
13. 2026-06-02
    days on market $350,000 Active 3 DOM
14. 2026-06-01
    days on market $350,000 Active 2 DOM
15. 2026-05-31
    remarks 695-char remark
16. 2026-05-31
    listed $350,000 Active 1 DOM

ⓘ 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: $786 · $66/mo
• Projected year-2 tax: $2,459 · $205/mo
• Expected delta: +$1,673/yr (+$139/mo · 212.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% 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: $20,646
• − Mortgage interest: −$16,799
• − Property taxes: −$786
• − Insurance: −$1,500
• − Repairs & maintenance: −$1,652
• − Management: −$1,652
• − Depreciation: −$8,724
• Taxable loss: −$10,467
• Est. tax savings @ 24.0%: +$2,512
• After-tax cash flow: $-2,336/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: Perquimans County Schools
• NCES district ID: 3703600
• Math proficiency: 44% ▲ 6.00%
• Reading proficiency: 48% ▲ 7.00%
• Median HH income: $42,593
• Composite: 38.75/100
• National rank: #4124
• State rank: #83 of 178 in NC

Livability — Elizabeth City

• Score: 71/100
• State rank: #119
• US rank: #7304

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 40,869
• Population (ZIP): 11,255

Population outlook (Perquimans County) Hauer SSP2

• Today (2025): 13,018 people
• By 2030: 12,716 · -2.3%
• By 2040: 11,895 · -8.6%
• By 2050: 10,981 · -15.6%
• By 2075: 8,931 · -31.4%
• By 2100: 7,101 · -45.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Black 20% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 3% Serbian 2% Slovak 2%
• Foreign-born: 3% · Canada, China, Dominican Republic
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Perquimans

• 2024 margin: Solid R (+39.4) · D 29.7% · R 69.1% · Other 1.2%
• 2008→2024 swing: -25.4pp toward R · 2008: -13.9pp · 2024: -39.4pp
• All cycles: 2024: R+39.4 2020: R+32.2 2016: R+28.1 2012: R+16.1 2008: R+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 22.77%
• Current HPI: 261.91
• 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

+282.1% since first listed

2 events — show timeline

• 2026-05-31 Listed $350,000 FSBO.com
• 2008-05-30 Sold (Public Records) $91,600 Public Records

Property tax history

+2.6%/yr

Latest (2025): $786 · +0.0% YoY. Source: county tax records.