204 Fairview St

Williamston, NC 27892

$152,000F

3 bd · 1.0 ba · 1,189 sqft · Built 1962 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,099/mo
• Mortgage (P&I): −$797
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$231
• Net cashflow: $-87/mo
• Annual: $-1,040/yr
• Cap rate: 5.61%
• Cash-on-cash: -2.44%
• DSCR: 0.89
• 1% rule: 0.72%
• Cash to close: $42,560

Investor read

• This is a 3-bed/1.0-bath single-family listed at $152k.
• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (10.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $110k (27.7% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $110k (27.7% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (5.1% local appreciation)).
• Location reads 58/100 on livability (#584 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime F, amenities F, commute F.
• Martin County Schools (rural): math 24% / reading 34% proficiency, ranked #150 of 178 in NC (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Williamston Primary (368 students, 99% FRL); Riverside Middle (math 18% / reading 33%, grade F, #388 of 475 statewide, top 83%, 364 students, 99% FRL); Riverside High (math 22% / reading 37%, grade F, #459 of 535 statewide, top 87%, 447 students, 99% FRL) — zoned schools average 99% FRL vs 62% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 73 active listings in the ZIP.
• Martin County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 9y 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 5, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% 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.

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?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.