226 King St · Hertford, NC 27944

$90,000

3 bd · 1.5 ba · 1,180 sqft · Other public records · 84 Days on market

Built 1938 7,405 sqft 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Surprising and roomy! Home has charm with opportunities to update and personalize. 3 BR, 1.5 BA, living room, large eat-in kitchen with peninsula bar. Some new flooring and freshly painted rooms. First time buyers will love the care taken with the house including a roof replacement, home warranty protection, dehumidifier installed. Detached garage for parking and storage. Front porch and large back screened porch offer outdoor enjoyment. Walking distance to downtown shops and eateries and just a few blocks from public docks and boat launch. Investors take note!

Key facts

• Screened back porch
• Public water access
• Front porch

Tags

• EAT-IN KITCHEN
• SCREENED BACK PORCH
• FRONT PORCH
• DETACHED GARAGE
• PUBLIC WATER ACCESS
• BOAT LAUNCH

Property features AI

Exterior

• Parking: Unpaved parking; 1 total parking space; 1-car garage
• Security: Security system
• Utilities: Public water; Natural gas connected; Sewer available; Water available
• Home design: Single-family residence; One story; Entry level: 1
• Construction: Vinyl siding and frame construction; Crawl space / no basement
• Exterior features: Front porch; No fencing; Composition roof

Interior

• Kitchen: Refrigerator
• Bedrooms: 5 total rooms (includes bedrooms and living spaces)
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Heat pump; Natural gas heating; Central air conditioning
• Interior features: Ceiling fan(s); Security system; Has view
• Laundry & utility: Washer

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath other listed at $90k.

Deal economics

• At list price, monthly cash flow is $751 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 58/100 on livability (#570 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment 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.
• Zoned schools: Perquimans Central (391 students, 65% FRL); Perquimans County Middle (math 39% / reading 48%, grade D, #182 of 475 statewide, top 40%, 366 students, 59% FRL); Perquimans County High (math 47% / reading 42%, grade F, #352 of 535 statewide, top 68%, 518 students, 59% FRL).
• 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 $10k of equity ($622 loan paydown + $9k 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.
• 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

• It's been on market 84 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $35k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $90k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• 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 $84,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1938 — 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. 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?
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: 1.91% ✓
• Cap rate: 16.31%
• Cash-on-cash: 35.77%
• DSCR: 2.59
• GRM: 4.4

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: 51.7%
• Equity multiple: 4.84×
• Total profit: $96,870
• Equity at exit: $81,079

10-year hold

• IRR: 45.4%
• Equity multiple: 10.83×
• Total profit: $247,683
• Equity at exit: $174,850

Cash invested: $25,200 (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: 4.4×

Monthly cashflow live

• Estimated rent: $1,720 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$98 /mo · $1,180/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $751

Break-even live

Break-even rent $769

Max offer price $90,000

Occupancy floor 51%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $90,000 Active 84 DOM
2. 2026-06-18
   days on market $90,000 Active 83 DOM
3. 2026-06-17
   days on market $90,000 Active 82 DOM
4. 2026-06-16
   days on market $90,000 Active 81 DOM
5. 2026-06-15
   days on market $90,000 Active 80 DOM
6. 2026-06-14
   days on market $90,000 Active 78 DOM
7. 2026-06-12
   days on market $90,000 Active 77 DOM
8. 2026-06-09
   pricedays on market $90,000 Active 74 DOM
9. 2026-06-08
   days on market $110,000 Active 73 DOM
10. 2026-06-07
    days on market $110,000 Active 72 DOM
11. 2026-06-03
    days on market $110,000 Active 68 DOM
12. 2026-06-02
    days on market $110,000 Active 67 DOM
13. 2026-06-01
    days on market $110,000 Active 66 DOM
14. 2026-05-31
    days on market $110,000 Active 65 DOM
15. 2026-05-30
    days on market $110,000 Active 64 DOM
16. 2026-05-20
    price $110,000
17. 2026-03-27
    listed $125,000 Active
18. 2020-07-10
    soldstatus $50,000 567-char remark

    Show marketing remark (567 chars)

    Surprising and roomy! Home has charm with opportunities to update and personalize. 3 BR, 1.5 BA, living room, large eat-in kitchen with peninsula bar. Some new flooring and freshly painted rooms. First time buyers will love the care taken with the house including a roof replacement, home warranty protection, dehumidifier installed. Detached garage for parking and storage. Front porch and large back screened porch offer outdoor enjoyment. Walking distance to downtown shops and eateries and just a few blocks from public docks and boat launch. Investors take note!

19. 2020-01-21
    listed $65,000 567-char remark

    Show marketing remark (567 chars)

    Surprising and roomy! Home has charm with opportunities to update and personalize. 3 BR, 1.5 BA, living room, large eat-in kitchen with peninsula bar. Some new flooring and freshly painted rooms. First time buyers will love the care taken with the house including a roof replacement, home warranty protection, dehumidifier installed. Detached garage for parking and storage. Front porch and large back screened porch offer outdoor enjoyment. Walking distance to downtown shops and eateries and just a few blocks from public docks and boat launch. Investors take note!

ⓘ 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: $1,180 · $98/mo
• Projected year-2 tax: $1,180 · $98/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 9/10 Extreme 7 d/yr ≥108°F today · 17 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: $20,641
• − Mortgage interest: −$5,041
• − Property taxes: −$1,180
• − Insurance: −$450
• − Repairs & maintenance: −$1,651
• − Management: −$1,651
• − Depreciation: −$2,618
• Taxable income: $8,049
• Est. tax owed @ 24.0%: −$1,932
• After-tax cash flow: $7,081/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 — Hertford

• Score: 58/100
• State rank: #570
• US rank: #21148

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hertford, NC
• 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

+69.2% since first listed

4 events — show timeline

• 2026-05-20 Price Changed $110,000 Hive MLS
• 2026-03-27 Listed $125,000 Hive MLS
• 2020-07-10 Sold (MLS) $50,000 Hive MLS
• 2020-01-21 Listed $65,000 Hive MLS

Property tax history

+4.6%/yr

Latest (2025): $1,180 · +0.0% YoY. Source: county tax records.