Park Dr

Swansboro, NC 28539

$67,500B

1 bd · 1.0 ba · 400 sqft · Built 2024 · Land · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,080/mo
• Mortgage (P&I): −$354
• Tax + insurance: −$112
• HOA: −$0
• Vac / Maint / Mgmt: −$227
• Net cashflow: $387/mo
• Annual: $4,645/yr
• Cap rate: 13.17%
• Cash-on-cash: 24.58%
• DSCR: 2.09
• 1% rule: 1.60%
• Cash to close: $18,900

Investor read

• This is a 1-bed/1.0-bath land listed at $68k.
• At list price, monthly cash flow is $387 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $467 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#32 in NC, #3,124 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities F, commute F.
• Onslow County Schools (other): math 42% / reading 49% proficiency, ranked #84 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.6%/yr); 333 active listings in the ZIP; 1,246 units permitted in Onslow County in 2024 (0 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 2.6% rent growth), your $19k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.2% vs local median 3.4% in Swansboro — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.