125 The Blvd

Eden, NC 27288

$205,000D

4 bd · 2.0 ba · 1,336 sqft · Built 1930 · MultiFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,853/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$342
• HOA: −$0
• Vac / Maint / Mgmt: −$389
• Net cashflow: $47/mo
• Annual: $566/yr
• Cap rate: 6.57%
• Cash-on-cash: 0.99%
• DSCR: 1.04
• 1% rule: 0.90%
• Cash to close: $57,400

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $205k. Condition is rated good.
• At list price, monthly cash flow is $47 ($566/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (9.6% below list).
• It's been on market 25 days — a 2% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (9.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#224 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Rockingham County Schools (rural): math 38% / reading 40% proficiency, ranked #120 of 178 in NC (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Leaksville-Spray Elementary (math 26% / reading 27%, grade F, #1,073 of 1,410 statewide, top 77%, 404 students, 99% FRL); J E Holmes Middle (math 31% / reading 37%, grade F, #294 of 475 statewide, top 63%, 627 students, 99% FRL); John M Morehead High (math 22% / reading 47%, grade F, #427 of 535 statewide, top 81%, 814 students, 64% FRL) — zoned schools average 87% FRL vs 52% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 214 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 344 units permitted in Rockingham County in 2024 (0 in 5+ unit buildings).
• Rockingham County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 6.6% vs local median 4.2% in Eden — 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.
• This rent runs 42% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.