635 Carolina Avenue
Rocky Mount, NC 27801 · Duplex · 2 units
635 Carolina Avenue
At $29,500 per advertised unit, the entry price is unusually low. There may be a rental-rehab opportunity if systems, title, unit status and renovation costs check out.
Published listing event: Listed Oct. 28, 2026 · Active public feed.
Listing identifier: NCRMLS 100613112.
What has not been proven
- Described as a renovation project. No contractor scope or inspection is available.
- R6 zoning is reported; verify lawful two-unit use with the city, not just the MLS label.
- Heating and cooling are listed as “Other.” Confirm electrical, plumbing, roof, foundation and utility metering.
- Cash is listed as the sale term. Confirm bridge/rehab lender eligibility before offering.
Questions for the listing agent and contractor
- Can both units be inspected and rented legally?
- What is the itemized cost to make each unit habitable?
- Are there independent utility meters, open permits, liens or code violations?
- What do truly comparable renovated duplexes sell and rent for within the immediate neighborhood?
Rehab costs drive the decision
Asking price $59,000 plus a hypothetical 5% purchase-cost allowance ($2,950), before borrowing and holding costs:
| Rehab budget | Purchase + closing allowance + rehab | Gap vs illustrative $82,500 refinance proceeds |
|---|---|---|
| $30,000 | $91,950 | $9,450 |
| $50,000 | $111,950 | $29,450 |
| $75,000 | $136,950 | $54,450 |
The $82,500 example is 75% of a hypothetical $110,000 post-repair valuation. Neither the value nor 75% financing is guaranteed. This is a stress test, not a lender quote or an ARV conclusion.
Hypothetical stabilized rental screen
| Assumed monthly rent | Annual gross scheduled rent | Illustrative net after expenses and reserves, before debt |
|---|---|---|
| $700/unit | $16,800 | $7,154 |
| $800/unit | $19,200 | $8,699 |
| $900/unit | $21,600 | $10,245 |
Model assumptions (not standardized NOI): two rented units; 8% vacancy; management, maintenance and capital reserves each 10% of collected income; listing-reported 2026 property tax $965.38; placeholder insurance $1,800/year and landlord utilities $900/year. These inputs are NOT quotes. Excludes debt service, refinancing cost, upfront construction carrying cost and unmodeled special assessments.
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