2312 Painted Trl

Catawba, NC 28609

$279,525F

3 bd · 2.0 ba · 1,501 sqft · Built 2026 · SingleFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,193/mo
• Mortgage (P&I): −$1,466
• Tax + insurance: −$466
• HOA: −$0
• Vac / Maint / Mgmt: −$460
• Net cashflow: $-200/mo
• Annual: $-2,395/yr
• Cap rate: 5.44%
• Cash-on-cash: -3.06%
• DSCR: 0.86
• 1% rule: 0.78%
• Cash to close: $78,267

Investor read

• This is a 3-bed/2.0-bath single-family listed at $280k. Condition is rated poor.
• At list price, monthly cash flow is $-200 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $251k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (21.6% below list).
• It's been on market 24 days — a 2% lower offer ($275k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $219k (21.6% 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 $8k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#494 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, health & safety B; Watch: crime F, amenities F, commute F.
• Catawba County Schools (rural): math 54% / reading 51% proficiency, ranked #54 of 178 in NC (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Catawba Elementary School (math 38% / reading 34%, grade F, #812 of 1,410 statewide, top 58%, 404 students, 70% FRL); Mill Creek Middle (math 55% / reading 53%, grade B-, #86 of 475 statewide, top 18%, 412 students, 40% FRL); Bandys High (math 72% / reading 72%, grade B+, #107 of 535 statewide, top 21%, 864 students, 33% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: 93 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,016 units permitted in Catawba County in 2024 (255 in 5+ unit buildings).
• Catawba County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.
• Cap rate 5.4% vs local median 3.7% in Catawba — 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?
• 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.
• 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.
• 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)

• Major: roof — No visible roof in photos
• Major: exterior siding — No visible exterior siding in photos
• Major: interior walls/paint — No visible interior walls/paint in photos
• Major: HVAC/mechanical — No visible HVAC/mechanical in photos
• Major: landscaping/curb appeal — No visible landscaping/curb appeal in photos