104 Fleishman St · Fayetteville, NC 28303

$44,000

2 bd · 1.0 ba · 780 sqft · SingleFamily public records · 199 Days on market

Built 1946 6,098 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investors Special! Property is located near Amazon Distribution Center. Fixer upper with great potential for investors or anyone looking for a great deal! Property is being sold as-is and needs WORK! Motivated seller!

Key facts

• 6,098 sq ft lot
• Built 1946
• Listed 199 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Vinyl siding construction
• Exterior features: Mixed Residential (MR5) zoning

Interior

• Flooring: Other
• Bathrooms: 1 full bathroom
• Heating & cooling: No heating system specified
• Interior features: Crawl space basement; Other flooring

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $44k.

Deal economics

• At list price, monthly cash flow is $597 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $44k).
• Recommended offer: $39k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.6% vs local median 4.9% in Fayetteville — 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.

Location & tenants

• Location reads 75/100 on livability (#45 in NC, #4,031 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Cumberland County Schools (urban): math 32% / reading 41% proficiency, ranked #126 of 178 in NC (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: R Max Abbott Middle (math 31% / reading 45%, grade F, #251 of 475 statewide, top 54%, 759 students, 99% FRL); Terry Sanford High (math 49% / reading 52%, grade D+, #306 of 535 statewide, top 57%, 1,224 students, 59% FRL) — zoned schools average 79% FRL vs 55% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.0%/yr); 280 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,125 units permitted in Cumberland County in 2024 (104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $304 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 199 days — a 12% lower offer ($39k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $18k (30%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $38,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 2.59% ✓
• Cap rate: 22.57%
• Cash-on-cash: 58.14%
• DSCR: 3.59
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $138,060
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
117 Grooms St	0.18mi	2/1.0	744 (-5%)	11mo	$119,000	$160	75
5218 Gavins St	0.22mi	2/2.0	760 (-3%)	11mo	$120,000	$158	72
5003 Higgins St	0.46mi	2/1.0	768 (-2%)	9mo	$136,000	$177	69
113 Grooms St	0.18mi	2/1.0	750 (-4%)	20mo	$137,000	$183	69
433 Ferrell Dr	0.68mi	2/1.0	784 (+0%)	22mo	$119,800	$153	49
213 Gertrude St	0.58mi	3/1.0 (+1)	806 (+3%)	17mo	$142,800	$177	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.01% rent growth · sell at horizon

5-year hold

• IRR: 56.7%
• Equity multiple: 3.51×
• Total profit: $30,918
• Equity at exit: $6,561

10-year hold

• IRR: 61.7%
• Equity multiple: 7.17×
• Total profit: $75,996
• Equity at exit: $3,804

Cash invested: $12,320 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28303

• Home prices YoY: -25.4%
• Rents YoY: 3.0%
• Active inventory: 280
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,141 high
• Mortgage (P&I): −$231
• Tax est. 1.5%: −$55 /mo · $660/yr
• Insurance: −$18
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $597

Break-even live

Break-even rent $385

Max offer price $44,000

Occupancy floor 43%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $11,000
• Closing costs: $1,320
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
215 Andy St Fayetteville, NC	1.0	1.0	600	$850	$1.42	23d	1	0.32mi
5112 Cannon St Fayetteville, NC	2.0	1.0	750	$949	$1.27	14d	1	0.34mi
5109 Higgins St Fayetteville, NC	2.0	1.0	862	$1,000	$1.16	23d	1	0.37mi
421 Squirrel St Unit A Fayetteville, NC	2.0	1.0	780	$900	$1.15	23d	1	0.44mi
1130 Annondale Way Fayetteville, NC	1.0–3.0	1.0–2.5	1180	$1,942	$1.65	14d	6	0.48mi
4916 Schmidt St Fayetteville, NC	2.0	1.0	801	$945	$1.18	23d	1	0.53mi
4959 Fieldcrest Dr Fayetteville, NC	1.0	1.0	850	$725	$0.85	14d	1	0.53mi
209 Gertrude St Fayetteville, NC	1.0	1.0	600	$1,000	$1.67	23d	1	0.56mi
211 Gertrude St Fayetteville, NC	1.0	1.0	600	$1,000	$1.67	23d	1	0.56mi
4943 Fieldcrest Dr Unit B Fayetteville, NC	1.0	1.0	825	$799	$0.97	23d	1	0.58mi
4981 Galveston Dr Fayetteville, NC	2.0	1.5	750	$1,050	$1.40	23d	1	0.59mi
844 Anita Rd Fayetteville, NC	2.0	1.0	850	$850	$1.00	14d	1	0.78mi
622 Dashland Dr Unit A Fayetteville, NC	1.0	1.0	700	$835	$1.19	14d	1	0.79mi
622 Dashland Dr Unit B Fayetteville, NC	2.0	1.5	750	$940	$1.25	14d	1	0.79mi
1025 Hirschfeld Dr Fayetteville, NC	1.0–3.0	1.0–2.0	1112	$1,730	$1.56	14d	17	0.80mi
117 N Helen St Unit 117 Fayetteville, NC	2.0	1.0	600	$1,500	$2.50	23d	1	0.81mi
1000 Antietam Crk Dr Fayetteville, NC	3.0	1.0–2.0	1059	$1,567	$1.48	23d	14	0.84mi
3050 Plantation Garden Blvd Fayetteville, NC	1.0–3.0	1.0–2.0	1158	$1,512	$1.30	14d	58	0.92mi
1909 Tryon Dr #7 Fayetteville, NC	2.0	2.0	1060	$1,050	$0.99	23d	1	0.98mi
4420 Blanton Rd Unit 4420-H Fayetteville, NC	2.0	1.5	990	$1,025	$1.04	14d	1	1.02mi
1882 Tryon Dr #4 Fayetteville, NC	2.0	2.0	1063	$1,100	$1.03	14d	1	1.04mi
1861 Tryon Dr Unit 3 Fayetteville, NC	2.0	2.0	1050	$995	$0.95	23d	1	1.09mi
1849 Tryon Dr Fayetteville, NC	2.0	2.0	1061	$998	$0.94	23d	2	1.09mi
710 Villagio Pl Fayetteville, NC	1.0–2.0	1.0–2.0	984	$1,686	$1.71	14d	9	1.16mi
1808 Tryon Dr Fayetteville, NC	2.0	2.0	1066	$995	$0.93	23d	1	1.16mi
5414 Plateau Rd Fayetteville, NC	3.0	2.0	1116	$1,595	$1.43	23d	1	1.32mi
513 Lumberly Ln Fayetteville, NC	2.0	2.0	1124	$1,295	$1.15	23d	1	1.48mi

Listing history 22 events

1. 2026-06-18
   days on market $44,000 Active 199 DOM
2. 2026-06-17
   days on market $44,000 Active 198 DOM
3. 2026-06-16
   days on market $44,000 Active 197 DOM
4. 2026-06-15
   days on market $44,000 Active 196 DOM
5. 2026-06-14
   days on market $44,000 Active 194 DOM
6. 2026-06-13
   days on market $44,000 Active 193 DOM
7. 2026-06-10
   days on market $44,000 Active 191 DOM
8. 2026-06-09
   days on market $44,000 Active 190 DOM
9. 2026-06-08
   days on market $44,000 Active 189 DOM
10. 2026-06-07
    days on market $44,000 Active 188 DOM
11. 2026-06-03
    days on market $44,000 Active 184 DOM
12. 2026-06-02
    days on market $44,000 Active 183 DOM
13. 2026-06-01
    days on market $44,000 Active 182 DOM
14. 2026-05-31
    days on market $44,000 Active 181 DOM
15. 2026-05-30
    days on market $44,000 Active 180 DOM
16. 2026-05-20
    price $44,000
17. 2026-04-27
    price $45,000
18. 2026-03-06
    price $49,000
19. 2025-12-22
    price $49,500
20. 2025-12-01
    listed $62,500 Active
21. 2014-05-13
    historical
22. 2013-06-02
    listed $485,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,686
• − Mortgage interest: −$2,465
• − Property taxes: −$660
• − Insurance: −$220
• − Repairs & maintenance: −$1,095
• − Management: −$1,095
• − Depreciation: −$1,280
• Taxable income: $6,872
• Est. tax owed @ 24.0%: −$1,649
• After-tax cash flow: $5,514/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cumberland County Schools
• NCES district ID: 3700011
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $44,168
• Composite: 31.0/100
• National rank: #6096
• State rank: #126 of 178 in NC

Livability — Fayetteville

• Score: 75/100
• State rank: #45
• US rank: #4031

Category grades

Amenities B- Commute A+ Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fayetteville, NC
• County: Cumberland County · 265,314 people
• City population: 226,118
• Metro: Fayetteville, NC
• Population (ZIP): 30,965
• Household income: $58,223
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1370.0

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 330,855 people
• By 2030: 333,523 · +0.8%
• By 2040: 335,583 · +1.4%
• By 2050: 335,325 · +1.4%
• By 2075: 342,853 · +3.6%
• By 2100: 340,698 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 39% Black 37% Two or more races 11% Hispanic / Latino 10% Asian 4% Pacific Islander 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 3% Serbian 1% Lithuanian 1%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 7% Other Asian/Pacific 2% Korean 1%

Political lean MEDSL · Cumberland

• 2024 margin: D (+13.4) · D 56.1% · R 42.7% · Other 1.2%
• 2008→2024 swing: -4.3pp toward R · 2008: 17.7pp · 2024: 13.4pp
• All cycles: 2024: D+13.4 2020: D+16.6 2016: D+16.0 2012: D+19.7 2008: D+17.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.14%
• Current HPI: 226.5097
• Rent YoY: ▲ 3.01%
• Metro: Fayetteville, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

-90.9% since first listed

7 events — show timeline

• 2026-05-20 Price Changed $44,000 LPRMLS
• 2026-04-27 Price Changed $45,000 LPRMLS
• 2026-03-06 Price Changed $49,000 LPRMLS
• 2025-12-22 Price Changed $49,500 LPRMLS
• 2025-12-01 Listed $62,500 LPRMLS
• 2014-05-13 Listing Removed — TMLS
• 2013-06-02 Listed $485,000 TMLS

Property tax history

+0.7%/yr

Latest (2025): $8,846 · -10.1% YoY. Source: county tax records.