372 Waylon Ct

Lexington, NC 27295

$299,990F

4 bd · 2.0 ba · 1,670 sqft · Built 2026 · SingleFamily · Active · 86 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,018/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$50
• Vac / Maint / Mgmt: −$424
• Net cashflow: $-529/mo
• Annual: $-6,345/yr
• Cap rate: 4.18%
• Cash-on-cash: -7.55%
• DSCR: 0.66
• 1% rule: 0.67%
• Cash to close: $83,997

Investor read

• This is a 4-bed/2.0-bath single-family listed at $300k. Condition is rated good.
• At list price, monthly cash flow is $-529 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (25.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (32.7% below list).
• It's been on market 86 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $202k (32.7% 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 $9k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#89 in NC) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, amenities D-, employment F.
• Davidson County Schools (rural): math 50% / reading 50% proficiency, ranked #62 of 178 in NC (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tyro Elementary (math 42% / reading 32%, grade F, #771 of 1,410 statewide, top 57%, 413 students, 62% FRL); Tyro Middle (math 34% / reading 44%, grade F, #238 of 475 statewide, top 51%, 561 students, 58% FRL); West Davidson High (math 57% / reading 52%, grade C-, #270 of 535 statewide, top 52%, 725 students, 50% FRL) — zoned schools average 57% FRL vs 39% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 671 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 990 units permitted in Davidson County in 2024 (54 in 5+ unit buildings).
• Davidson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask is 6% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• This rent runs 38% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 86 days. Have you received any prior offers? Is the seller open to a 33% 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 D-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?
• 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?