118 Ryker Rd W

Moyock, NC 27958

$384,975D-

3 bd · 2.5 ba · 1,864 sqft · Built 2026 · Land · Under Contract · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,211/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$642
• HOA: −$105
• Vac / Maint / Mgmt: −$674
• Net cashflow: $-229/mo
• Annual: $-2,743/yr
• Cap rate: 5.58%
• Cash-on-cash: -2.54%
• DSCR: 0.89
• 1% rule: 0.83%
• Cash to close: $107,793

Investor read

• This is a 3-bed/2.5-bath land listed at $385k.
• At list price, monthly cash flow is $-229 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $352k (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $321k (16.6% below list).
• It's been on market 53 days — a 3% lower offer ($373k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $321k (16.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#313 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities F, commute F.
• Currituck County Schools (rural): math 45% / reading 51% proficiency, ranked #67 of 178 in NC (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shawboro Elementary School (math 54% / reading 53%, grade C, #335 of 1,410 statewide, top 24%, 606 students, 30% FRL); Currituck County High (math 52% / reading 64%, grade C, #243 of 535 statewide, top 46%, 1,057 students, 30% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: 292 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 429 units permitted in Currituck County in 2024 (0 in 5+ unit buildings).
• Currituck County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $200k; list at $385k implies a 92% gain — meaningful room to come down on a strong offer.
• Cap rate 5.6% vs local median 3.6% in Moyock — 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.
• This rent runs 34% of the median local income ($112k/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 53 days. Have you received any prior offers? Is the seller open to a 17% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.