280 Old Cornwallis Rd · Princeton, NC 27569

$140,650

2 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 246 Days on market

Built 1940 1.24 ac lot Est $131k · 7% over ↓ 3% since listing

---

Why this score? — see what drove the C 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 +26.1/30.0
• DSCR +8.8/10.0
• 1% rule +6.0/10.0
• ARV discount +4.2/15.0
• Livability +3.6/5.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BEAUTIFUL 1.24-ACRE LOT in the HIGHLY DESIRED PRINCETON SCHOOL DISTRICT! This property offers the perfect blend of country living and convenience, with COUNTY WATER and a SEPTIC SYSTEM already in place. The lot currently has a tenant-occupied home, providing options for immediate income, future building, or investment. Enjoy the privacy of a spacious lot with NO HOA, while being just minutes from US-70 for an easy commute to Goldsboro, Smithfield, or Raleigh. Whether you're looking to build your dream home or invest in a versatile property, this location checks all the boxes. CASH OR CONVENTIONAL LOAN ONLY

Key facts

• 1.24 acre lot
• County water
• Tenant occupied home

Tags

• 1.24 ACRE LOT
• COUNTY WATER
• SEPTIC SYSTEM
• TENANT OCCUPIED HOME
• NO HOA
• MINUTES FROM US-70

Property features AI

Finance

• Other: Living area reported as 1,029; Above-grade finished area 1,029; No below-grade finished area
• Financial info: Annual tax noted (amount provided in listing data)
• HOA & community: No association

Exterior

• Utilities: Public water; Septic tank sewer
• Home design: Site-built single-story home
• Construction: Vinyl siding construction; Shingle roof; Site built structure; One level
• Exterior features: Shingle roof; Vinyl siding; Property on a 1.24-acre lot; Public maintained road access

Interior

• Bedrooms: 3 bedrooms, all on the main level
• Flooring: Other
• Bathrooms: 1 full bathroom
• Heating & cooling: Heating present (type: Other); No cooling
• Interior features: Other flooring

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $141k.

Deal economics

• At list price, monthly cash flow is $356 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $141k).
• Recommended offer: $124k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.3% in Princeton — 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 72/100 on livability (#82 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Johnston County Public Schools (rural): math 39% / reading 42% proficiency, ranked #105 of 178 in NC (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Princeton High (math 36% / reading 40%, grade F, #409 of 535 statewide, top 77%, 1,024 students, 49% FRL).
• Market conditions: 89 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,783 units permitted in Johnston County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $972 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Johnston County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 246 days — a 12% lower offer ($124k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 78% 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 $123,772 (12.0% below list)

Questions for the listing agent

1. It's been on market 246 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 1940 — 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 D-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: 1.10% ✓
• Cap rate: 9.33%
• Cash-on-cash: 10.86%
• DSCR: 1.48
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $131,040
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
280 Old Cornwallis Rd	0.00mi	3/1.0 (+1)	1,029 (-1%)	0mo	$130,000	$126	93

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-140
• Equity at exit: $20,971

10-year hold

• IRR: 9.5%
• Equity multiple: 1.73×
• Total profit: $28,933
• Equity at exit: $12,161

Cash invested: $39,382 (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 27569

• Home prices YoY: -8.2%
• Active inventory: 89
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,550 medium
• Mortgage (P&I): −$738
• Tax from tax record: −$72 /mo · $864/yr
• Insurance: −$59
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $356

Break-even live

Break-even rent $1,099

Max offer price $140,650

Occupancy floor 72%

Sensitivity live

Price	-10% $436	-5% $396	+0% $356	+5% $316	+10% $277
Rent	-10% $234	-5% $295	+0% $356	+5% $418	+10% $479
Rate	-1.0pp $427	-0.5pp $392	base $356	+0.5pp $320	+1.0pp $283

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: $35,162
• Closing costs: $4,220
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
106 Smith St Princeton, NC	3.0	2.0	1288	$1,550	$1.20	24d	1	1.18mi

Listing history 6 events

1. 2026-05-07
   status Pending

   Show marketing remark (613 chars)

   BEAUTIFUL 1.24-ACRE LOT in the HIGHLY DESIRED PRINCETON SCHOOL DISTRICT! This property offers the perfect blend of country living and convenience, with COUNTY WATER and a SEPTIC SYSTEM already in place. The lot currently has a tenant-occupied home, providing options for immediate income, future building, or investment. Enjoy the privacy of a spacious lot with NO HOA, while being just minutes from US-70 for an easy commute to Goldsboro, Smithfield, or Raleigh. Whether you're looking to build your dream home or invest in a versatile property, this location checks all the boxes. CASH OR CONVENTIONAL LOAN ONLY

2. 2026-05-07
   historical Active Under Contract 613-char remark

   Show marketing remark (613 chars)

   BEAUTIFUL 1.24-ACRE LOT in the HIGHLY DESIRED PRINCETON SCHOOL DISTRICT! This property offers the perfect blend of country living and convenience, with COUNTY WATER and a SEPTIC SYSTEM already in place. The lot currently has a tenant-occupied home, providing options for immediate income, future building, or investment. Enjoy the privacy of a spacious lot with NO HOA, while being just minutes from US-70 for an easy commute to Goldsboro, Smithfield, or Raleigh. Whether you're looking to build your dream home or invest in a versatile property, this location checks all the boxes. CASH OR CONVENTIONAL LOAN ONLY

3. 2025-12-23
   price $140,650 613-char remark

   Show marketing remark (613 chars)

   BEAUTIFUL 1.24-ACRE LOT in the HIGHLY DESIRED PRINCETON SCHOOL DISTRICT! This property offers the perfect blend of country living and convenience, with COUNTY WATER and a SEPTIC SYSTEM already in place. The lot currently has a tenant-occupied home, providing options for immediate income, future building, or investment. Enjoy the privacy of a spacious lot with NO HOA, while being just minutes from US-70 for an easy commute to Goldsboro, Smithfield, or Raleigh. Whether you're looking to build your dream home or invest in a versatile property, this location checks all the boxes. CASH OR CONVENTIONAL LOAN ONLY

4. 2025-12-23
   price $140,650

   Show marketing remark (613 chars)

   BEAUTIFUL 1.24-ACRE LOT in the HIGHLY DESIRED PRINCETON SCHOOL DISTRICT! This property offers the perfect blend of country living and convenience, with COUNTY WATER and a SEPTIC SYSTEM already in place. The lot currently has a tenant-occupied home, providing options for immediate income, future building, or investment. Enjoy the privacy of a spacious lot with NO HOA, while being just minutes from US-70 for an easy commute to Goldsboro, Smithfield, or Raleigh. Whether you're looking to build your dream home or invest in a versatile property, this location checks all the boxes. CASH OR CONVENTIONAL LOAN ONLY

5. 2025-09-03
   listed $145,000 Active
6. 2025-08-28
   listed $145,000 Active 613-char remark

   Show marketing remark (613 chars)

   BEAUTIFUL 1.24-ACRE LOT in the HIGHLY DESIRED PRINCETON SCHOOL DISTRICT! This property offers the perfect blend of country living and convenience, with COUNTY WATER and a SEPTIC SYSTEM already in place. The lot currently has a tenant-occupied home, providing options for immediate income, future building, or investment. Enjoy the privacy of a spacious lot with NO HOA, while being just minutes from US-70 for an easy commute to Goldsboro, Smithfield, or Raleigh. Whether you're looking to build your dream home or invest in a versatile property, this location checks all the boxes. CASH OR CONVENTIONAL LOAN ONLY

ⓘ 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: $864 · $72/mo
• Projected year-2 tax: $1,153 · $96/mo
• Expected delta: +$289/yr (+$24/mo · 33.4%)

ⓘ 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 7/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,600
• − Mortgage interest: −$7,879
• − Property taxes: −$864
• − Insurance: −$703
• − Repairs & maintenance: −$1,488
• − Management: −$1,488
• − Depreciation: −$4,092
• Taxable income: $2,086
• Est. tax owed @ 24.0%: −$501
• After-tax cash flow: $3,775/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: Johnston County Public Schools
• NCES district ID: 3702370
• Math proficiency: 39% ▲ 4.00%
• Reading proficiency: 42% ▲ 2.00%
• Median HH income: $50,912
• Composite: 34.99/100
• National rank: #5052
• State rank: #105 of 178 in NC

Livability — Princeton

• Score: 72/100
• State rank: #82
• US rank: #5811

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,396

Population outlook (Johnston County) Hauer SSP2

• Today (2025): 222,440 people
• By 2030: 240,227 · +8.0%
• By 2040: 274,616 · +23.5%
• By 2050: 304,915 · +37.1%
• By 2075: 369,507 · +66.1%
• By 2100: 406,280 · +82.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 14% Black 6% Two or more races 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Serbian 3% Italian 3% Lithuanian 1%
• Foreign-born: 6% · Canada
• Languages at home: 87% English-only · Spanish 10% Other Asian/Pacific 2%

Political lean MEDSL · Johnston

• 2024 margin: Strong R (+21.5) · D 38.7% · R 60.2% · Other 1.1%
• 2008→2024 swing: +2.2pp toward D · 2008: -23.7pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+24.3 2016: R+30.7 2012: R+27.8 2008: R+23.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -19.10%
• Current HPI: 213.7616
• 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

-3.0% since first listed

6 events — show timeline

• 2026-05-07 Pending — TMLS
• 2026-05-07 Contingent — Hive MLS
• 2025-12-23 Price Changed $140,650 Hive MLS
• 2025-12-23 Price Changed $140,650 TMLS
• 2025-09-03 Listed $145,000 TMLS
• 2025-08-28 Listed $145,000 Hive MLS

Property tax history

+4.4%/yr

Latest (2025): $864 · +56.6% YoY. Source: county tax records.