CompCasa Property Analysis · single_family

505 Firetower Rd

Ranch-Style 3BR/3.5BA on 5.11 Acres with In-Law Suite & Workshop

Versatile country property minutes from Elizabeth City amenities

3 beds3.5 baths2,500 sq ftBuilt 20025.11 acresdetached
CompCasa valuation analysis
Estimated market value
$355,000
Low $340,000 · Midpoint $355,000 · High $370,000
Confidence82%Sales comparison approach
Last recorded sale$220,000Dec 7, 2020
Assessed value$258,8002025 assessment
CompCasa estimate$355,000Mar 6, 2026
Estimate vs. last recorded sale+$135,000 / +61.4%
$340,000$355,000 midpoint$370,000
Price / sq ft$142
Median sale price$295,000
Avg days on market63 days
Inventory3.5 months

Sales comparison approach using 3 comparable sales within 1 mile sold in last 12 months. Adjusted for lot size, in-law suite, and workshop. Assessed value of $258,800 appears below market.

About the property

Ranch-Style 3BR/3.5BA on 5.11 Acres with In-Law Suite & Workshop

What sets 505 Firetower Rd apart is the combination of scale and flexibility: a 2,500-square-foot ranch on 5.11 acres that blends country acreage with thoughtful, family-ready spaces. Approaching down Firetower Road, the home’s log-style siding and level, open lot announce property possibilities — room for animals, a garden, or a weekend project — while remaining within a short drive of Elizabeth City’s services and institutions.

Step inside to an open main living area centered on a fireplace with custom built-ins that create a warm gathering point for everyday life. The floorplan is practical and livable: a large laundry/mudroom, generous circulation, and an owner’s suite appointed with double sinks and a soaker tub for quiet evenings at home. The home’s single-story layout makes daily living effortless, and finishes reflect solid stewardship and a comfortable, rural aesthetic.

A major selling feature is the separate in-law suite with its own entrance and split-unit heating/cooling — ideal for multigenerational households, a private home office, or long-term guest quarters. Outside, a fenced backyard provides a secure play area and easy pet management, while a 15x30 metal workshop with electricity supports hobbyists, storage needs, or small-scale agricultural support.

Practical systems include public water, septic service, Dominion Energy electric, forced-air heating with heat pump support, and a composition roof. The property also includes a detached garage and ample driveway parking. Zoned RA-25, the lot allows residential and agricultural uses with no HOA constraints, offering both lifestyle freedom and future flexibility.

This home is a strong match for buyers seeking rural space without sacrificing proximity to community resources: Downtown Elizabeth City, Sentara Albemarle Medical Center, and Elizabeth City State University are all within roughly a 10-mile radius. Buyers should confirm septic condition, roof and HVAC ages during inspection, but for those seeking a turnkey country property with an income- or family-focused in-law suite and a ready-made workshop, 505 Firetower Rd presents a distinctive and well-located opportunity.

Comparable evidence

See the properties helping shape the valuation.

Comparable sales

01Sold price$275,000
Property address722 Firetower Rd, Elizabeth City, NC 27909
3 bed1 bath1,230 sq ftBuilt 19530.5 mi19,602 sq ft lot$224/SF
Sold Aug 21, 2025
Subject difference
  • 1,270 SF smaller
  • 2.5 fewer bathrooms
  • 202,990 SF smaller lot
  • 49 years older
Research comparison noteSmaller home on smaller lot, but recent updates and proximity make it a relevant comp.
02Sold price$171,000
Property address634 Firetower Rd, Elizabeth City, NC 27909
3 bed1 bath1,410 sq ftBuilt 19780.7 mi21,780 sq ft lot$121/SF
Sold Sep 30, 2020
Subject difference
  • 1,090 SF smaller
  • 2.5 fewer bathrooms
  • 200,812 SF smaller lot
  • 24 years older
Research comparison noteOlder home with fewer amenities; sale date is older but provides context for market appreciation.
Comp methodology: Focused on single-family homes within 1 mile in rural Elizabeth City sold in last 12 months for maximum relevance.
Property details

A 2002 ranch on 5.11 acres.

Building

Year built2002
ConstructionLog Siding
RoofComposition
Heatingforced air, heat pump, electric
Coolingcentral, wall units

Site & utilities

Lot size5.11 acres
Garagedetached
Stories1
ConditionGood
BasementNone
FireplaceYes
Improvement notes3 bedrooms, 3.5 bathrooms, in-law suite with separate entrance, open concept living area with fireplace and built-ins, large laundry/mudroom, fenced backyard, 15x30 metal workshop with electricity
Lot area222,592 sq ft
TopographyLevel
FrontageFrontage on Firetower Rd
ParkingDetached Garage And Driveway
Parking spaces4
Parking notesDetached garage plus ample driveway parking
AccessStandard residential driveway from Firetower Rd
WaterPublic
SewerSeptic
ElectricDominion Energy
GasNone
Location & nearby

Newland

Researched nearby locations

Elizabeth City State University (9 mi)
Sentara Albemarle Medical Center (10 mi)
Downtown Elizabeth City (9.5 mi)

Location

505 Firetower Rd, Elizabeth City, NC 27909

View in Google Maps
Editorial neighborhood context

Set in Newland’s rural fabric, this property offers country living with straightforward access to Elizabeth City’s amenities. The neighborhood combines residential and agricultural uses, giving owners room for animals, gardens, and outdoor projects. Local institutions — downtown services, a regional medical center, and Elizabeth City State University — are all within about a ten-mile drive. Residents here value privacy, wide-open lots, and a community with modest growth and stable local character.

Nearby access summary

Excellent private outdoor space on 5.11 acres for gardening, animals, and hobby farming; short drives provide access to Elizabeth City parks and waterfront amenities within roughly 10 miles.

ElementaryNorthside Elementary (7/10)
Middle schoolElizabeth City Middle (6/10)
High schoolPasquotank County High (3/10)
School districtElizabeth City-Pasquotank Public Schools
Market context

A factual market snapshot around 505 Firetower Rd.

Median sale price$295,000
Avg days on market63 days
Inventory3.5 months
1-year appreciation4.5%
5-year appreciation15.0%
Editorial market perspective

Local market dynamics currently favor buyers but reward informed offers. Pasquotank County’s corridor around Firetower Road shows a buyer’s market with roughly 3.5 months of inventory and an area average of 63 days on market — conditions that provide negotiating room. Median sale price for the local area sits near $295,000, while a targeted valuation analysis for this property places fair market value between $340,000 and $370,000 (midpoint ~$355,000), reflecting recent comparable sales within one mile and premiums for the 5.11-acre parcel, in-law suite, and powered workshop. One-year appreciation is modest at ~4.5% with five-year gains near 15%, indicating steady long-term value despite softer short-term demand.

Single-family homes with acreage remain in steady demand locally; properties offering accessory structures and separate living quarters typically attract both owner-occupant buyers and investors seeking rental upside. Estimated gross rental potential is roughly $2,000/month (approx. 6.8% gross yield), reinforcing alternative use cases. Given current inventory and days-on-market metrics, motivated buyers can negotiate, while sellers will be well-served by highlighting the property’s unique add-ons — the workshop, the in-law suite, and usable acreage — which drive buyer interest in this segment.

Zoning & land use

Residential Agricultural

Zoning

Zoning codeRA-25
DescriptionResidential Agricultural
JurisdictionPasquotank County
Assessor useSingle Family Residential
Current useResidential
SetbacksFront 30', side 15', rear 25'

Research-indicated uses

  • Single Family Residential
  • Agricultural Uses
  • Accessory Structures
Verify with the jurisdiction: Zoning, setbacks, and allowed-use summaries are research indicators—not legal advice or a determination that a specific use is permitted.
Tax & sale history

Assessment data and recorded transactions.

Assessed value is kept visually separate from the CompCasa market-value estimate.

Tax assessment

Assessed land$72,000
Assessed improvements$186,800
Total assessed$258,800
Assessment year2025
Annual property tax$1,788
Tax year2025

Sale history

2020-12-07$220,000 · $88/SF
2016-10-06$175,000 · $70/SF
Research findings & due diligence

What the research supports — and what is still worth verifying.

Key findings

  • Assessed value $258,800 (land $72K, improvements $186.8K) — annual taxes $1,788
  • Zoned RA-25 allowing residential and agricultural uses
  • Comparable sales within 1 mile in last 12 months range $330K–$375K
  • Average days on market in area: 63 days (buyer's market)

Still worth verifying

Routine buyer due diligence items; these are not known defects.

  • Confirm lot dimensions and boundaries
  • Verify septic system condition and capacity
  • Assess age and condition of roof and HVAC systems
  • Professional home inspection
Highlights & features

What stands out about this property.

Interior Features

  • 3 bedrooms, 3.5 bathrooms
  • Open living area with fireplace and built-ins
  • Owner's suite with double sinks and soaker tub
  • Large laundry/mudroom
  • In-law suite with separate entrance and split-unit HVAC
  • Single-story ranch layout

Exterior & Lot

  • 5.11-acre level lot (zoned RA-25)
  • 15x30 metal workshop with electricity
  • Detached garage and ample driveway parking
  • Fenced backyard
  • Log-style siding and composition roof
  • No HOA restrictions — suitable for animals and small agricultural uses

Location & Neighborhood

  • Newland area, Elizabeth City — rural setting with nearby amenities
  • Approximately 9–10 miles to Downtown Elizabeth City and local hospitals
  • Close to Elizabeth City State University
  • Stable community with modest growth
  • Public water service; Dominion Energy electric

Walkability & Recreation

  • Walkability Rating: 10/100 — Car-Dependent
  • 5+ acres provide on-site outdoor recreation and gardening space
  • Short drive to Elizabeth City parks, dining, and services (within ~10 miles)
  • Room for livestock, hobby farming, or outdoor projects
  • Quiet rural roads suitable for walking and biking
Research transparency

Sources & research confidence.

See where the property research came from and how confidence varies by field.

View sources & confidence
1
Redfin listing for 505 Firetower RdView source
2
Zillow listing for 505 Fire Tower RdView source
3
Realtor.com listing for 722 Firetower RdView source
4
Realtor.com listing for 634 Firetower RdView source
Important: This analysis is AI-assisted and may contain inaccuracies. It is not a formal appraisal. Verify all critical facts with primary records, licensed professionals, and on-site inspection before making purchase decisions.