531 Spring Forest Rd Unit B · Greenville, NC 27834

$132,000

2 bd · 2.0 ba · 947 sqft · Condo public records · 250 Days on market

Built 2003 $226/mo HOA · 18% of rent

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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 +10.3/30.0
• ARV discount +7.5/15.0
• 1% rule +4.7/10.0
• Rent growth +3.9/5.0
• Livability +3.9/5.0
• Schools +3.6/10.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

First floor unit with LVP flooring thru out. NO CARPET for those allergy sufferers. 2 bedroom 2 bath home Perfect for someone wanting one level living. Generous living and dining room area. Kitchen with ample cabinets and pantry. Master suite features double closets and a triple window for loads of natural light. Large covered patio for entertaining. Unit has an exterior closet close to the front door for added storage. New siding was just installed on the building for a fresh, updated look. Extremely convenient to Vidant medical district. Perfect for medical professional or investor. Owner is a licensed real estate broker.

Key facts

• Functional kitchen
• Near shopping
• Comfortable layout

Tags

• STRONG RETURN POTENTIAL
• COMFORTABLE LAYOUT
• FUNCTIONAL KITCHEN
• WELL SIZED BEDROOMS
• CONVENIENTLY LOCATED
• NEAR SHOPPING

Property features AI

Finance

• HOA & community: Homeowners association with annual fee of $2,712 (approximately $226/month); Community spa / hot tub

Exterior

• Parking: Parking lot
• Utilities: City water connected; Sewer connected
• Home design: Residential condominium; Located in the Spring Forest subdivision; Zoning: R-15
• Construction: Aluminum siding, brick, vinyl siding, and frame construction; Combination foundation; Shingle roof; Built as a condominium
• Exterior features: Covered porch/patio; No fencing; Paved road access

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating; Heat pump
• Interior features: Window coverings; Total of 4 rooms

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $132k.

Deal economics

• At list price, monthly cash flow is $-73 ($-872/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (3.3% below list).
• Recommended offer: $116k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.6% 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.

Location & tenants

• 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: Lakeforest Elementary (math 22% / reading 30%, grade F, #1,085 of 1,410 statewide, top 77%, 804 students, 98% FRL); C M Eppes Middle (math 24% / reading 32%, grade F, #360 of 475 statewide, top 77%, 626 students, 99% FRL); South Central (math 42% / reading 51%, grade D-, #344 of 535 statewide, top 64%, 1,675 students, 55% FRL) — zoned schools average 84% FRL vs 56% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 350 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).
• This rent runs 31% of the median local income ($49k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $913 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 250 days — a 12% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $80k; list at $132k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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.

Recommended offer $116,160 (12.0% 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 250 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 5.63%
• Cash-on-cash: -2.36%
• DSCR: 0.90
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.44% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.39×
• Total profit: $-22,684
• Equity at exit: $19,682

10-year hold

• IRR: -4.1%
• Equity multiple: 0.69×
• Total profit: $-11,365
• Equity at exit: $11,413

Cash invested: $36,960 (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 27834

• Rents YoY: 5.4%
• Active inventory: 350
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,276 high
• Mortgage (P&I): −$692
• Tax from tax record: −$108 /mo · $1,291/yr
• Insurance: −$55
• HOA: −$226
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $-73

Break-even live

Break-even rent $1,368

Max offer price $119,169

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: $33,000
• Closing costs: $3,960
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
935 Spring Forest Rd Greenville, NC	2.0	2.0	1000	$1,299	$1.30	20d	4	0.44mi
904 Gabriel Dr Greenville, NC	1.0–2.0	1.0–2.0	966	$1,875	$1.94	20d	17	0.53mi
1150 Cross Creek Cir Greenville, NC	2.0	2.0	1100	$1,200	$1.09	20d	1	0.79mi
1301 Westpointe Dr Greenville, NC	2.0–3.0	1.0–2.0	1074	$1,050	$0.98	20d	1	0.80mi
1113 Grovemont Dr Unit G7 Greenville, NC	2.0	1.5	1040	$1,200	$1.15	20d	1	0.91mi
1604 W Arlington Blvd Greenville, NC	1.0–2.0	1.0	624	$1,125	$1.80	13d	11	0.97mi
2613 Whitaker Dr Greenville, NC	2.0	1.0	853	$1,004	$1.18	20d	1	0.97mi
2140 Flagstone Ct Unit J6 Greenville, NC	2.0	1.5	1043	$1,200	$1.15	20d	1	1.11mi
2152 Flagstone Ct Greenville, NC	2.0	1.5	1044	$1,150	$1.10	20d	1	1.17mi
1200 Peyton Cir Unit A Greenville, NC	2.0	2.0	1100	$1,150	$1.05	20d	1	1.21mi
640 Brighton Park Dr Greenville, NC	1.0–2.0	1.0–2.0	815	$1,548	$1.90	13d	36	1.34mi
1005 Allen Ridge Dr Greenville, NC	2.0–3.0	2.0	1134	$1,764	$1.56	13d	13	1.38mi
1548 Manning Forest Dr Unit M7 Greenville, NC	2.0	1.5	1094	$1,300	$1.19	13d	1	1.39mi
945 B's Barbeque Rd Unit A Greenville, NC	2.0	1.5	900	$900	$1.00	20d	1	1.41mi
400 Arbor St Greenville, NC	2.0	1.0	860	$1,850	$2.15	20d	1	1.44mi
1902 Myrtle St Unit 1902-A Greenville, NC	2.0	1.0	848	$850	$1.00	20d	1	1.45mi
920 B's Barbeque Rd Unit A Greenville, NC	2.0	2.0	1028	$995	$0.97	20d	1	1.46mi
301 Shiloh Dr Unit A Greenville, NC	2.0	1.0	864	$950	$1.10	20d	1	1.47mi
300 Higgs St Unit 300-B Greenville, NC	2.0	1.0	756	$900	$1.19	20d	1	1.48mi

HOA detail condo

• Monthly dues: $226 · $2,712/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-10
   days on market $132,000 Active 250 DOM
2. 2026-06-09
   days on market $132,000 Active 249 DOM
3. 2026-06-08
   days on market $132,000 Active 248 DOM
4. 2026-06-07
   days on market $132,000 Active 247 DOM
5. 2026-06-05
   days on market $132,000 Active 244 DOM
6. 2026-06-03
   days on market $132,000 Active 243 DOM
7. 2026-06-02
   days on market $132,000 Active 242 DOM
8. 2026-06-01
   days on market $132,000 Active 241 DOM
9. 2026-05-31
   days on market $132,000 Active 240 DOM
10. 2026-05-30
    days on market $132,000 Active 239 DOM
11. 2026-04-08
    status Active
12. 2026-03-31
    historical
13. 2025-09-25
    listed $132,000 Active
14. 2021-03-12
    soldstatus $80,150 631-char remark

    Show marketing remark (631 chars)

    First floor unit with LVP flooring thru out. NO CARPET for those allergy sufferers. 2 bedroom 2 bath home Perfect for someone wanting one level living. Generous living and dining room area. Kitchen with ample cabinets and pantry. Master suite features double closets and a triple window for loads of natural light. Large covered patio for entertaining. Unit has an exterior closet close to the front door for added storage. New siding was just installed on the building for a fresh, updated look. Extremely convenient to Vidant medical district. Perfect for medical professional or investor. Owner is a licensed real estate broker.

15. 2021-03-12
    soldstatus $80,500

    Show marketing remark (631 chars)

    First floor unit with LVP flooring thru out. NO CARPET for those allergy sufferers. 2 bedroom 2 bath home Perfect for someone wanting one level living. Generous living and dining room area. Kitchen with ample cabinets and pantry. Master suite features double closets and a triple window for loads of natural light. Large covered patio for entertaining. Unit has an exterior closet close to the front door for added storage. New siding was just installed on the building for a fresh, updated look. Extremely convenient to Vidant medical district. Perfect for medical professional or investor. Owner is a licensed real estate broker.

16. 2021-01-25
    listed $75,000 631-char remark

    Show marketing remark (631 chars)

    First floor unit with LVP flooring thru out. NO CARPET for those allergy sufferers. 2 bedroom 2 bath home Perfect for someone wanting one level living. Generous living and dining room area. Kitchen with ample cabinets and pantry. Master suite features double closets and a triple window for loads of natural light. Large covered patio for entertaining. Unit has an exterior closet close to the front door for added storage. New siding was just installed on the building for a fresh, updated look. Extremely convenient to Vidant medical district. Perfect for medical professional or investor. Owner is a licensed real estate broker.

17. 2008-03-01
    soldstatus $65,000
18. 2004-07-01
    soldstatus $71,500

ⓘ 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: $1,291 · $108/mo
• Projected year-2 tax: $1,291 · $108/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,314
• − Mortgage interest: −$7,394
• − Property taxes: −$1,291
• − Insurance: −$660
• − Repairs & maintenance: −$1,225
• − Management: −$1,225
• − HOA: −$2,712
• − Depreciation: −$3,840
• Taxable loss: −$3,033
• Est. tax savings @ 24.0%: +$728
• After-tax cash flow: $-144/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: Pitt County Schools
• NCES district ID: 3700012
• Math proficiency: 41% ▬ 0.00%
• Reading proficiency: 44% ▲ 2.00%
• Median HH income: $40,631
• Composite: 35.67/100
• National rank: #4877
• State rank: #100 of 178 in NC

Livability — Greenville

• Score: 77/100
• State rank: #30
• US rank: #2977

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenville, NC
• County: Pitt County · 142,592 people
• City population: 115,121
• Metro: Greenville, NC
• Population (ZIP): 56,347
• Household income: $48,935
• Rent vs Own: 62.6% rent · 37.4% own
• Severe rent burden: 3319.0

Population outlook (Pitt County) Hauer SSP2

• Today (2025): 194,585 people
• By 2030: 203,756 · +4.7%
• By 2040: 220,807 · +13.5%
• By 2050: 236,614 · +21.6%
• By 2075: 275,940 · +41.8%
• By 2100: 300,058 · +54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: Black 54% White 33% Hispanic / Latino 8% Two or more races 3% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 1% Slovak 1% Romanian 1%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Spanish 6% Other Asian/Pacific 1%

Political lean MEDSL · Pitt

• 2024 margin: Lean D (+6.0) · D 52.5% · R 46.5% · Other 1.1%
• 2008→2024 swing: -2.8pp toward R · 2008: 8.8pp · 2024: 6.0pp
• All cycles: 2024: D+6.0 2020: D+9.4 2016: D+7.4 2012: D+6.7 2008: D+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -187.99%
• Current HPI: 190.6869
• Rent YoY: ▲ 5.44%
• Metro: Greenville, 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

+84.6% since first listed

8 events — show timeline

• 2026-04-08 Relisted — Hive MLS
• 2026-03-31 Listing Removed — Hive MLS
• 2025-09-25 Listed $132,000 Hive MLS
• 2021-03-12 Sold (Public Records) $80,500 Public Records
• 2021-03-12 Sold (MLS) $80,150 Hive MLS
• 2021-01-25 Listed $75,000 Hive MLS
• 2008-03-01 Sold (Public Records) $65,000 Public Records
• 2004-07-01 Sold (Public Records) $71,500 Public Records

Property tax history

+7.7%/yr

Latest (2025): $1,291 · +0.9% YoY. Source: county tax records.