Lt 3b Albemarle Villas

Winfall, NC 27944

$264,990D+

3 bd · 2.5 ba · 1,775 sqft · Built 2026 · Townhouse · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,500/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$442
• HOA: −$280
• Vac / Maint / Mgmt: −$525
• Net cashflow: $-136/mo
• Annual: $-1,635/yr
• Cap rate: 5.68%
• Cash-on-cash: -2.20%
• DSCR: 0.90
• 1% rule: 0.94%
• Cash to close: $74,197

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $265k. Condition is rated good.
• At list price, monthly cash flow is $-136 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $250k (5.7% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $245k (7.4% below list) — sets the bar for cash-flow.
• In year one you build about $28k of equity ($2k loan paydown + $26k appreciation (10.0% local appreciation)).
• Location reads 50/100 on livability (#705 in NC) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A; Watch: amenities F, commute F, employment F.
• Perquimans County Schools (rural): math 44% / reading 48% proficiency, ranked #83 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Perquimans Central (391 students, 65% FRL); Perquimans County Middle (math 39% / reading 48%, grade D, #182 of 475 statewide, top 40%, 366 students, 59% FRL); Perquimans County High (math 47% / reading 42%, grade F, #352 of 535 statewide, top 68%, 518 students, 59% FRL).
• Market conditions: 339 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 46 units permitted in Perquimans County in 2024 (0 in 5+ unit buildings).
• Perquimans County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.7% vs local median 3.6% in Winfall — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.