402 Lyman (lot 271) Dr

Vander, NC 28312

$367,900D-

4 bd · 4.0 ba · 2,360 sqft · Built 2025 · SingleFamily · Pending · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,184/mo
• Mortgage (P&I): −$1,929
• Tax + insurance: −$310
• HOA: −$8
• Vac / Maint / Mgmt: −$459
• Net cashflow: $-522/mo
• Annual: $-6,264/yr
• Cap rate: 4.59%
• Cash-on-cash: -6.08%
• DSCR: 0.73
• 1% rule: 0.59%
• Cash to close: $103,012

Investor read

• This is a 4-bed/4.0-bath single-family listed at $368k.
• At list price, monthly cash flow is $-522 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $276k (25.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $218k (40.6% below list).
• It's been on market 97 days — a 9% lower offer ($335k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $218k (40.6% below list) — sets the bar for 1% rule.
• In year one you build about $39k of equity ($3k loan paydown + $37k appreciation (10.0% local appreciation)).
• Location reads 55/100 on livability (#645 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, employment B+; Watch: amenities F, commute F, housing F.
• Cumberland County Schools (urban): math 32% / reading 41% proficiency, ranked #126 of 178 in NC (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sunnyside Elementary (math 17% / reading 32%, grade F, #1,112 of 1,410 statewide, top 82%, 333 students, 99% FRL); Mac Williams Middle (math 40% / reading 50%, grade D, #160 of 475 statewide, top 35%, 1,151 students, 58% FRL); Cape Fear High (math 75% / reading 47%, grade C+, #202 of 535 statewide, top 39%, 1,529 students, 50% FRL).
• Market conditions: 222 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,125 units permitted in Cumberland County in 2024 (104 in 5+ unit buildings).
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 2, paydown + projected appreciation supports a ~$63k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 97 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.