103 Carolwoods Dr

Mooresville, NC 28115

$120,000B

3 bd · 2.0 ba · 1,836 sqft · Built 1995 · SingleFamily · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,947/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$409
• Net cashflow: $732/mo
• Annual: $8,780/yr
• Cap rate: 14.27%
• Cash-on-cash: 28.50%
• DSCR: 2.27
• 1% rule: 1.62%
• Cash to close: $33,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $732 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• It's been on market 33 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#66 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A-; Watch: amenities F, commute F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising (+1.6%/yr); 488 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $55k; list at $120k implies a 118% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.3% vs local median 2.9% in Mooresville — 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 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.