10910 Nc 222 Hwy W

Middlesex, NC 27557

$350,000D+

4 bd · 2.0 ba · 2,464 sqft · Built 2003 · SingleFamily · Active · 219 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,395/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$321
• HOA: −$0
• Vac / Maint / Mgmt: −$503
• Net cashflow: $-264/mo
• Annual: $-3,173/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.24%
• DSCR: 0.86
• 1% rule: 0.68%
• Cash to close: $98,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $350k.
• At list price, monthly cash flow is $-264 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $303k (13.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (31.6% below list).
• It's been on market 219 days — a 12% lower offer ($308k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $240k (31.6% below list) — sets the bar for 1% rule.
• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (7.7% local appreciation)).
• Location reads 59/100 on livability (#551 in NC) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, employment F.
• Johnston County Public Schools (rural): math 39% / reading 42% proficiency, ranked #105 of 178 in NC (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Corinth-Holders Elementary (math 31% / reading 33%, grade F, #908 of 1,410 statewide, top 67%, 550 students, 60% FRL); Archer Lodge Middle (math 43% / reading 47%, grade D, #160 of 475 statewide, top 35%, 1,219 students, 40% FRL); Corinth Holders High (math 50% / reading 61%, grade C, #265 of 535 statewide, top 50%, 2,219 students, 32% FRL) — zoned schools at 44% FRL track the district average.
• Market conditions: 178 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,783 units permitted in Johnston County in 2024 (6 in 5+ unit buildings).
• Johnston County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 23y 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 ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 69% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.4% vs local median 3.2% in Middlesex — 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 219 days. Have you received any prior offers? Is the seller open to a 32% 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.