97 Joines Park Rd

Sparta, NC 28627

$79,802B-

3 bd · 2.0 ba · 1,140 sqft · Built 2026 · Other · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $995/mo
• Mortgage (P&I): −$418
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $235/mo
• Annual: $2,818/yr
• Cap rate: 9.82%
• Cash-on-cash: 12.61%
• DSCR: 1.56
• 1% rule: 1.25%
• Cash to close: $22,345

Investor read

• This is a 3-bed/2.0-bath other listed at $80k. Condition is rated fair.
• At list price, monthly cash flow is $235 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($995 rent vs $80k).
• It's been on market 37 days — a 3% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($552 loan paydown + $949 appreciation (1.2% local appreciation)).
• Location reads 75/100 on livability (#50 in NC, #4,236 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities D+, schools F, commute F.
• Alleghany County Schools (rural): math 41% / reading 44% proficiency, ranked #104 of 178 in NC (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 44 active listings in the ZIP; 91 units permitted in Alleghany County in 2024 (0 in 5+ unit buildings).
• Alleghany County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 9.8% vs local median 1.7% in Sparta — 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

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: exterior siding — The siding shows some wear and tear.
• Minor: landscaping — The landscaping could benefit from some maintenance and improvement.