17038 E Nc 55 Hwy

Stonewall, NC 28515

$89,000B-

2 bd · 1.0 ba · 1,575 sqft · Built 1960 · SingleFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,388/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$215
• HOA: −$0
• Vac / Maint / Mgmt: −$292
• Net cashflow: $415/mo
• Annual: $4,981/yr
• Cap rate: 12.79%
• Cash-on-cash: 23.19%
• DSCR: 2.03
• 1% rule: 1.56%
• Cash to close: $24,920

Investor read

• This is a 2-bed/1.0-bath single-family listed at $89k. Condition is rated fair.
• At list price, monthly cash flow is $415 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• It's been on market 32 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($615 loan paydown + $3k appreciation (3.0% local appreciation)).
• Location reads 47/100 on livability (#718 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Pamlico County Schools (rural): math 38% / reading 43% proficiency, ranked #111 of 178 in NC (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Pamlico County Primary (math 32% / reading 52%, grade F, #633 of 1,410 statewide, top 48%, 345 students, 99% FRL); Pamlico County Middle (math 41% / reading 40%, grade F, #215 of 475 statewide, top 46%, 271 students, 98% FRL); Pamlico County High (math 47% / reading 47%, grade D-, #334 of 535 statewide, top 64%, 464 students, 54% FRL) — zoned schools average 84% FRL vs 56% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 23 active listings in the ZIP; 107 units permitted in Pamlico County in 2024 (0 in 5+ unit buildings).
• Pamlico County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% 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

• It's been on market 32 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?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Moderate: bathroom fixtures — simple and outdated
• Moderate: exterior siding — some discoloration
• Minor: landscaping — simple landscaping