36 Lambert Ln

West Canton, NC 28716

$119,000C+

2 bd · 1.0 ba · 576 sqft · Built 1950 · SingleFamily · Active · 161 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,331/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$104
• HOA: −$0
• Vac / Maint / Mgmt: −$280
• Net cashflow: $324/mo
• Annual: $3,884/yr
• Cap rate: 9.56%
• Cash-on-cash: 11.66%
• DSCR: 1.52
• 1% rule: 1.12%
• Cash to close: $33,320

Investor read

• This is a 2-bed/1.0-bath single-family listed at $119k.
• At list price, monthly cash flow is $324 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• It's been on market 161 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#614 in NC) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing B; Watch: amenities F, commute F, employment F.
• Haywood County Schools (suburban): math 55% / reading 53% proficiency, ranked #50 of 178 in NC (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bethel Elementary (math 72% / reading 62%, grade B+, #120 of 1,410 statewide, top 9%, 526 students, 99% FRL); Pisgah High (math 57% / reading 62%, grade C+, #216 of 535 statewide, top 43%, 927 students, 55% FRL) — zoned schools average 77% FRL vs 49% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 163 active listings in the ZIP; 537 units permitted in Haywood County in 2024 (150 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.6% vs local median 4.0% in West Canton — 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.

Questions for listing agent

• It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.