103 S West Rd

Murfreesboro, NC 27855

$128,900D

2 bd · 1.0 ba · 1,008 sqft · Built 1968 · SingleFamily · Pending · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $944/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$83
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $-13/mo
• Annual: $-159/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.44%
• DSCR: 0.98
• 1% rule: 0.73%
• Cash to close: $36,092

Investor read

• This is a 2-bed/1.0-bath single-family listed at $129k.
• At list price, monthly cash flow is $-13 ($-159/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $94k (26.8% below list).
• It's been on market 71 days — a 6% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (26.8% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($891 loan paydown + $6k appreciation (4.9% local appreciation)).
• Location reads 67/100 on livability (#236 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: employment D+, crime F, amenities F.
• Hertford County Schools (town): math 14% / reading 26% proficiency, ranked #171 of 178 in NC (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Riverview Elementary (math 8% / reading 22%, grade F, #1,325 of 1,410 statewide, top 94%, 344 students, 99% FRL); Hertford County Middle (math 6% / reading 26%, grade F, #455 of 475 statewide, top 96%, 536 students, 99% FRL); Hertford County High (math 12% / reading 12%, grade F, #518 of 535 statewide, top 97%, 573 students, 100% FRL) — zoned schools average 99% FRL vs 74% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 35 active listings in the ZIP; 5 units permitted in Hertford County in 2024 (0 in 5+ unit buildings).
• Hertford County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $11k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $43k; list at $129k implies a 200% gain — meaningful room to come down on a strong offer.
• At projected returns (4.9% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 68% 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.

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?
• It's been on market 71 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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?