121 Happy Home Rd · Arrowhead Beach, NC 27980

$99,900

3 bd · 1.0 ba · 1,268 sqft · SingleFamily public records · 125 Days on market

Built 1955 0.60 ac lot

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Why this score? — see what drove the B+ 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 +29.4/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

INCLUDES 119 HAPPY HOME an additional . 11 acres! 25'x208' lot which makes this a total of . 64 acres of land. Whether you are looking for an investment property or permanent home this is one you want to look at. There are all kinds of possibilities for this lovingly cared for home. If you have dreamed of living close to downtown Edenton and not far from the Chowan River this is the place for you. There is so much potential in this 1258 square foot home. The outside already boosts a metal roof and new windows. Just come in and make it your own!

Key facts

• Metal roof
• Over an acre of land
• New windows

Tags

• OVER AN ACRE OF LAND
• CLOSE TO DOWNTOWN EDENTON
• NOT FAR FROM THE CHOWAN RIVER
• METAL ROOF
• NEW WINDOWS

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Septic tank; Cable available; Water connected
• Home design: Single family residence; One story; Entry at main level
• Construction: Wood siding and frame construction; Block foundation; Built with metal roof
• Exterior features: Covered front porch; Shed(s); Metal roof; No fencing

Interior

• Flooring: Carpet; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall/window air conditioning unit(s); Propane heating; Wall furnace; Electric heating
• Interior features: Window coverings; Has view; 8 total rooms

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $353 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Edenton-Chowan Schools (rural): math 37% / reading 42% proficiency, ranked #118 of 178 in NC (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chowan Middle (math 29% / reading 42%, grade F, #279 of 475 statewide, top 60%, 428 students, 68% FRL); John A Holmes High (math 57% / reading 47%, grade D+, #292 of 535 statewide, top 56%, 592 students, 57% FRL).
• Market conditions: 10 active listings in the ZIP; 48 units permitted in Chowan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $11k of equity ($691 loan paydown + $10k appreciation (10.0% local appreciation)).
• Chowan County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• 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 $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.24% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.16%
• DSCR: 1.67
• GRM: 6.7

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: 35.5%
• Equity multiple: 3.75×
• Total profit: $76,899
• Equity at exit: $89,998

10-year hold

• IRR: 30.5%
• Equity multiple: 8.46×
• Total profit: $208,711
• Equity at exit: $194,084

Cash invested: $27,972 (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 27980

• Home prices YoY: 7.9%
• Active inventory: 10
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,240 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$61 /mo · $726/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $353

Break-even live

Break-even rent $792

Max offer price $99,900

Occupancy floor 66%

Sensitivity live

Price	-10% $410	-5% $382	+0% $353	+5% $325	+10% $297
Rent	-10% $256	-5% $304	+0% $353	+5% $402	+10% $451
Rate	-1.0pp $404	-0.5pp $379	base $353	+0.5pp $328	+1.0pp $301

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $99,900 Active 125 DOM
2. 2026-06-18
   days on market $99,900 Active 123 DOM
3. 2026-06-17
   days on market $99,900 Active 122 DOM
4. 2026-06-16
   days on market $99,900 Active 121 DOM
5. 2026-06-15
   days on market $99,900 Active 120 DOM
6. 2026-06-13
   days on market $99,900 Active 118 DOM
7. 2026-06-12
   days on market $99,900 Active 117 DOM
8. 2026-06-09
   days on market $99,900 Active 114 DOM
9. 2026-06-08
   days on market $99,900 Active 113 DOM
10. 2026-06-07
    days on market $99,900 Active 112 DOM
11. 2026-06-07
    days on market $99,900 Active 111 DOM
12. 2026-06-04
    days on market $99,900 Active 108 DOM
13. 2026-06-02
    days on market $99,900 Active 107 DOM
14. 2026-06-01
    days on market $99,900 Active 106 DOM
15. 2026-05-31
    days on market $99,900 Active 105 DOM
16. 2026-03-18
    price $99,900
17. 2026-02-15
    listed $110,000 Active
18. 2025-12-09
    historical
19. 2025-12-04
    listed $65,000 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: $726 · $61/mo
• Projected year-2 tax: $819 · $68/mo
• Expected delta: +$93/yr (+$8/mo · 12.8%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $14,878
• − Mortgage interest: −$5,596
• − Property taxes: −$726
• − Insurance: −$500
• − Repairs & maintenance: −$1,190
• − Management: −$1,190
• − Depreciation: −$2,906
• Taxable income: $2,770
• Est. tax owed @ 24.0%: −$665
• After-tax cash flow: $3,577/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: Edenton-Chowan Schools
• NCES district ID: 3700840
• Math proficiency: 37% ▼ -2.00%
• Reading proficiency: 42% ▲ 3.00%
• Median HH income: $38,516
• Composite: 32.97/100
• National rank: #5586
• State rank: #118 of 178 in NC

Livability — Arrowhead Beach

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 1,719

Population outlook (Chowan County) Hauer SSP2

• Today (2025): 13,627 people
• By 2030: 13,099 · -3.9%
• By 2040: 11,899 · -12.7%
• By 2050: 10,858 · -20.3%
• By 2075: 9,010 · -33.9%
• By 2100: 7,463 · -45.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Black 29% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Serbian 5% Lithuanian 4% Romanian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Chowan

• 2024 margin: Strong R (+22.5) · D 38.4% · R 60.9%
• 2008→2024 swing: -21.3pp toward R · 2008: -1.1pp · 2024: -22.5pp
• All cycles: 2024: R+22.5 2020: R+15.7 2016: R+14.3 2012: R+4.9 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.70%
• Current HPI: 146.02
• 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

+53.7% since first listed

4 events — show timeline

• 2026-03-18 Price Changed $99,900 Hive MLS
• 2026-02-15 Listed $110,000 Hive MLS
• 2025-12-09 Listing Removed — Hive MLS
• 2025-12-04 Listed $65,000 Hive MLS

Property tax history

+10.8%/yr

Latest (2025): $726 · +0.0% YoY. Source: county tax records.