100 Hickory St

Rhodhiss, NC 28667

$99,900B

4 bd · 1.0 ba · 1,612 sqft · Built 1904 · SingleFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,500/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$233
• HOA: −$0
• Vac / Maint / Mgmt: −$315
• Net cashflow: $428/mo
• Annual: $5,138/yr
• Cap rate: 12.23%
• Cash-on-cash: 21.22%
• DSCR: 1.94
• 1% rule: 1.50%
• Cash to close: $27,972

Investor read

• This is a 4-bed/1.0-bath single-family listed at $100k. Condition is rated poor.
• At list price, monthly cash flow is $428 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 65 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($691 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 60/100 on livability (#515 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Caldwell County Schools (suburban): math 38% / reading 46% proficiency, ranked #106 of 178 in NC (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Granite Falls Elementary (math 59% / reading 59%, grade B-, #228 of 1,410 statewide, top 16%, 582 students, 56% FRL); South Caldwell High (math 55% / reading 51%, grade C-, #281 of 535 statewide, top 53%, 1,317 students, 50% FRL) — zoned schools at 53% FRL track the district average.
• Zoned-school proficiency averages 56% at this address vs 42% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Caldwell County Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: flood insurance adds $66/mo; built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 217 units permitted in Caldwell County in 2024 (0 in 5+ unit buildings).
• Caldwell County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?

Repairs flagged (vision-AI assessment)

• Major: Exposed wiring in kitchen — Safety hazard
• Major: Exposed plumbing in bath — Safety hazard
• Major: Peeling paint and damaged siding — Structural integrity
• Major: Overgrown landscaping — Aesthetics
• Major: Exposed subflooring and missing flooring — Safety hazard
• Major: Exposed drywall and unfinished ceiling — Safety hazard