9526 Caycee Dr

Kannapolis, NC 28036

$284,000D

3 bd · 2.0 ba · 1,475 sqft · Built 2026 · SingleFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,371/mo
• Mortgage (P&I): −$1,489
• Tax + insurance: −$473
• HOA: −$0
• Vac / Maint / Mgmt: −$498
• Net cashflow: $-90/mo
• Annual: $-1,075/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.35%
• DSCR: 0.94
• 1% rule: 0.83%
• Cash to close: $79,520

Investor read

• This is a 3-bed/2.0-bath single-family listed at $284k. Condition is rated excellent.
• At list price, monthly cash flow is $-90 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $271k (4.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (16.5% below list).
• It's been on market 23 days — a 2% lower offer ($280k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $237k (16.5% 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 64/100 on livability (#354 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D+, amenities F, commute F.
• Cabarrus County Schools (rural): math 54% / reading 55% proficiency, ranked #44 of 178 in NC (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Charles E Boger Elementary (math 52% / reading 48%, grade D+, #409 of 1,410 statewide, top 29%, 870 students, 46% FRL); Harris Road Middle (math 73% / reading 76%, grade A, #12 of 475 statewide, top 2%, 1,235 students, 16% FRL); Cox Mill High School (math 80% / reading 76%, grade A-, #85 of 535 statewide, top 16%, 1,762 students, 14% FRL).
• Zoned-school proficiency averages 68% at this address vs 54% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Cabarrus County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+3.9%/yr); 240 active listings in the ZIP; high-income renter base; 2,485 units permitted in Cabarrus County in 2024 (677 in 5+ unit buildings).
• Cabarrus County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.9% vs local median 3.5% in Kannapolis — 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?
• 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.
• 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.