646 N Plank Rd · Gulf, NC 27330

$139,900

4 bd · 1.0 ba · 1,393 sqft · SingleFamily public records · 34 Days on market

Built 1958 1.11 ac 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
• Rent growth +3.7/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Livability +1.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity. This 3 bedroom, 1 bath home needs some TLC but could be a good income producer. This property is now under auction terms. All offers should be submitted through www. Auction.com. This property is subject to a 5% buyerâs premium pursuant to the Auction Terms & Conditions (minimums may apply). Please note that the commission percentages may change.

Key facts

• 1.11 acre lot
• Built 1958
• Listed 34 days

Property features AI

Finance

• Other: Lot size about 1.11 acres; Living area about 1,362; Levels: One
• HOA & community: No association; Not a senior community

Exterior

• Parking: No open parking listed
• Utilities: Public water; Septic tank sewer
• Home design: One-story house; Entry level: One
• Construction: Shingle roof; Foundation: Other; Construction materials: Unknown; Built as a house
• Exterior features: Private and public maintained road access; Zoned RA

Interior

• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Electric cooling
• Interior features: Laminate flooring

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $766 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 36/100 on livability (#738 in NC) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: cost of living A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Lee County Schools (rural): math 31% / reading 39% proficiency, ranked #131 of 178 in NC (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Lee Middle (math 25% / reading 39%, grade F, #317 of 475 statewide, top 68%, 607 students, 70% FRL); Southern Lee High School (math 43% / reading 46%, grade F, #352 of 535 statewide, top 68%, 1,234 students, 61% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 526 active listings in the ZIP; 602 units permitted in Lee County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lee County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $39k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $140k implies a 460% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 44% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.50% ✓
• Cap rate: 12.86%
• Cash-on-cash: 23.46%
• DSCR: 2.04
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.66% rent growth · sell at horizon

5-year hold

• IRR: 18.3%
• Equity multiple: 1.76×
• Total profit: $29,671
• Equity at exit: $20,860

10-year hold

• IRR: 27.8%
• Equity multiple: 3.65×
• Total profit: $103,768
• Equity at exit: $12,096

Cash invested: $39,172 (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 27330

• Home prices YoY: -19.4%
• Rents YoY: 4.7%
• Active inventory: 526
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,104 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$105 /mo · $1,257/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $766

Break-even live

Break-even rent $1,135

Max offer price $139,900

Occupancy floor 59%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-05
   statusdays on market $139,900 Pending 34 DOM
2. 2026-06-03
   days on market $139,900 Active 33 DOM
3. 2026-06-02
   days on market $139,900 Active 32 DOM
4. 2026-06-01
   days on market $139,900 Active 31 DOM
5. 2026-05-31
   days on market $139,900 Active 30 DOM
6. 2026-05-30
   days on market $139,900 Active 29 DOM
7. 2026-05-19
   price $159,900
8. 2026-05-09
   status Active
9. 2026-04-10
   status Pending
10. 2026-04-02
    listed $179,000 Active
11. 2015-09-28
    soldstatus $25,000 390-char remark

    Show marketing remark (390 chars)

    Great investment opportunity. This 3 bedroom, 1 bath home needs some TLC but could be a good income producer. This property is now under auction terms. All offers should be submitted through www. Auction.com. This property is subject to a 5% buyerâs premium pursuant to the Auction Terms & Conditions (minimums may apply). Please note that the commission percentages may change.

12. 2015-06-25
    listed $29,900 390-char remark

    Show marketing remark (390 chars)

    Great investment opportunity. This 3 bedroom, 1 bath home needs some TLC but could be a good income producer. This property is now under auction terms. All offers should be submitted through www. Auction.com. This property is subject to a 5% buyerâs premium pursuant to the Auction Terms & Conditions (minimums may apply). Please note that the commission percentages may change.

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

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $1,257 · $105/mo
• Projected year-2 tax: $1,257 · $105/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 44% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,254
• − Mortgage interest: −$7,837
• − Property taxes: −$1,257
• − Insurance: −$700
• − Repairs & maintenance: −$2,020
• − Management: −$2,020
• − Depreciation: −$4,070
• Taxable income: $7,351
• Est. tax owed @ 24.0%: −$1,764
• After-tax cash flow: $7,426/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: Lee County Schools
• NCES district ID: 3702560
• Math proficiency: 31% ▼ -6.00%
• Reading proficiency: 39% ▬ 0.00%
• Median HH income: $45,300
• Composite: 29.87/100
• National rank: #6403
• State rank: #131 of 178 in NC

Livability — Gulf

• Score: 36/100
• State rank: #738
• US rank: #27671

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lee County · 76,725 people
• City population: 74
• Metro: Sanford, NC
• Population (ZIP): 39,778
• Household income: $61,300
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 928.0

Population outlook (Lee County) Hauer SSP2

• Today (2025): 63,008 people
• By 2030: 64,443 · +2.3%
• By 2040: 66,898 · +6.2%
• By 2050: 68,310 · +8.4%
• By 2075: 70,920 · +12.6%
• By 2100: 70,402 · +11.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 54% Hispanic / Latino 21% Black 19% Two or more races 10% Asian 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 2%
• Common ancestry: Slovak 4% Serbian 2% Italian 1%
• Foreign-born: 10% · Canada
• Languages at home: 81% English-only · Spanish 17%

Political lean MEDSL · Lee

• 2024 margin: R (+17.5) · D 40.8% · R 58.3%
• 2008→2024 swing: -9.1pp toward R · 2008: -8.4pp · 2024: -17.5pp
• All cycles: 2024: R+17.5 2020: R+14.9 2016: R+13.2 2012: R+10.2 2008: R+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.62%
• Current HPI: 302.3589
• Rent YoY: ▲ 4.66%
• Metro: Sanford, 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

+434.8% since first listed

6 events — show timeline

• 2026-05-19 Price Changed $159,900 TMLS
• 2026-05-09 Relisted — TMLS
• 2026-04-10 Pending — TMLS
• 2026-04-02 Listed $179,000 TMLS
• 2015-09-28 Sold (MLS) $25,000 LPRMLS
• 2015-06-25 Listed $29,900 LPRMLS

Property tax history

+8.2%/yr

Latest (2025): $1,257 · +0.8% YoY. Source: county tax records.