Penny Hill is located just across the Edgecombe County line in Pitt County; just to the east of the Tar River on SH33. You will pass Thigpen Road ("T"ing to the left) before reaching a point where the river swings very near to the highway. This is the Penny Hill area.
(GPS coordfinates are 35.761944, -77.514444 WGS84)
You will likely be interested in the cemetery as well, which is located just south, down the road on the right.
(GPS coordfinates are 35.758333, -77.513611 WGS84)
There are several other interesting cemeteries and landmarks along the highway when heading south out of Tarboro. In fact, a large quantity of the land north of the Edgecombe County/Pitt County line and east of the Tar River was once owned by our THIGPEN ancestors.
I suggest you locate a USGS map of the area - the older the better - and try to locate as many dwellings and landmarks as possible before your trip. The area is rich in history and ruins.