Real Estate Investing in Ellerbe, North Carolina (28338)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 28338 (Ellerbe, NC)? Our answer, based on the numbers below.
Solid choice — stable market with a reasonable entry point and good rental backup if you ever need to move.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 16.0% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Ellerbe, NC (28338)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 28338 Ellerbe
ZIP 28338 inside Richmond County looks affordable on the surface — median value of $149K — but the discount exists for reasons that a careful buyer should understand before committing.
The investment case in 28338 is notable only for operators who understand what they are buying. A $149K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
ZIP 28338's metrics run below Richmond County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
Demographically, 28338 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
trends toward the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Ellerbe:
Market Trends
Home Value History (with trend line)
📊 How Does 28338 Compare?
| Metric | 28338 | Ellerbe | Rockingham, NC | North Carolina |
|---|---|---|---|---|
| Home Value | $149,489 | $149,489 | N/A | $330,565 |
| 5-Year CAGR | 4.5% | 4.5% | N/A | 7.8% |
| Avg Rent | $837 | $837 | N/A | - |
| Cap Rate | 4.4% | 4.4% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 28338 (Ellerbe, NC). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $149,489 |
| Monthly Rent | $837 |
| Price-to-Rent | 14.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.7% |
| Cap Rate | 4.4% |
| 5-Year IRR | 8.9% |
📈 Home Appreciation
| 1-Year | +3.8% ▲ |
| 3-Year CAGR | +2.6% ▲ |
| 5-Year CAGR | +4.5% ▲ |
| 10-Year CAGR | N/A |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 28338
Population: 3,320
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 28338
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 981 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What kind of market is Ellerbe, NC for investors?
Investors tracking Ellerbe, NC will find a 3.0/5 rating supported by $149K median home values and $837/mo rents. That profile suits long-term holders targeting steady returns.
What is the typical rental rate in Ellerbe, NC?
The typical rental in Ellerbe, NC commands about $837/mo monthly. That rent profile stable cash flow against the $149K purchase basis.
How much should I expect to pay for a home in Ellerbe, NC?
Typical homes in Ellerbe, NC go for around $149K. The 5-year CAGR of 0.0% reliable price movement.
Are eviction rules reasonable in Ellerbe, NC?
For rental operators, Ellerbe, NC rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
Is Ellerbe, NC better for rentals, flips, or BRRRR?
For Ellerbe, NC, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
You know 28338 now. You don’t know where it ranks.
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