216 Crawford St

Bethel, NC 27812

$55,000B+

1 bd · 3.0 ba · 572 sqft · Built 1930 · MultiFamily · Pending · 171 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,019/mo
• Mortgage (P&I): −$288
• Tax + insurance: −$146
• HOA: −$0
• Vac / Maint / Mgmt: −$214
• Net cashflow: $371/mo
• Annual: $4,453/yr
• Cap rate: 14.39%
• Cash-on-cash: 28.92%
• DSCR: 2.29
• 1% rule: 1.85%
• Cash to close: $15,400

Investor read

• This is a 1-bed/3.0-bath multifamily listed at $55k.
• At list price, monthly cash flow is $371 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• It's been on market 171 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($380 loan paydown + $735 appreciation (1.3% local appreciation)).
• Location reads 67/100 on livability (#238 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Pitt County Schools (rural): math 41% / reading 44% proficiency, ranked #100 of 178 in NC (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Pitt High (math 52% / reading 37%, grade F, #352 of 535 statewide, top 68%, 814 students, 100% FRL) — zoned schools average 100% FRL vs 56% district-wide (44 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 2.7% of price; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).
• Pitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.3% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk; severe wind risk, 80% 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 171 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.