Swayback - 2 Bedrooms Plan

Dana, NC 28731

$217,300D

2 bd · 1.5 ba · 540 sqft · Built — · SingleFamily · Active · 675 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,900/mo
• Mortgage (P&I): −$1,140
• Tax + insurance: −$362
• HOA: −$0
• Vac / Maint / Mgmt: −$399
• Net cashflow: $-1/mo
• Annual: $-13/yr
• Cap rate: 6.29%
• Cash-on-cash: -0.02%
• DSCR: 1.00
• 1% rule: 0.87%
• Cash to close: $60,844

Investor read

• This is a 2-bed/1.5-bath single-family listed at $217k.
• At list price, monthly cash flow is $-1 ($-13/yr) — negative.
• To cash-flow at today's rent, offer at most $217k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (12.6% below list).
• It's been on market 675 days — a 12% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $190k (12.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#511 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D, schools F, amenities F.
• Henderson County Schools (suburban): math 48% / reading 52% proficiency, ranked #64 of 178 in NC (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 178 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• Henderson County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 6.3% vs local median 3.2% in Dana — 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?
• It's been on market 675 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• 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?
• 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.