1502 Gillespie St · Fayetteville, NC 28306

$107,000

3 bd · 1.0 ba · 1,392 sqft · SingleFamily public records

Built 1953

---

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
• Livability +3.8/5.0
• Schools +3.1/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This charming house features 3 bedrooms and 1 bathroom. Close to downtown and MLK Freeway. Tenant occupied. Please do not disturb tenant.

Key facts

• Parking
• Built 1953

🏷️ Possibly a rental listed for sale. The $107,000 price doesn't fit this home's estimated sale value (~$232,464) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $107k.

Deal economics

• At list price, monthly cash flow is $529 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $107k).
• Cap rate 12.2% vs local median 4.9% in Fayetteville — 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.

Location & tenants

• Location reads 75/100 on livability (#45 in NC, #4,031 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Cumberland County Schools (urban): math 32% / reading 41% proficiency, ranked #126 of 178 in NC (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Douglas Byrd Middle (math 13% / reading 30%, grade F, #422 of 475 statewide, top 89%, 935 students, 100% FRL); Douglas Byrd High (math 22% / reading 42%, grade F, #445 of 535 statewide, top 84%, 940 students, 99% FRL) — zoned schools average 99% FRL vs 55% district-wide (45 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 401 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,125 units permitted in Cumberland County in 2024 (104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $740 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 0.9% rent growth), your $30k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $75k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 74% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $107,000

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.55% ✓
• Cap rate: 12.22%
• Cash-on-cash: 21.17%
• DSCR: 1.94
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $232,464
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1321 Hamlet St	0.06mi	3/2.0	1,368 (-2%)	23mo	$230,000	$168	72
1316 Hamlet St	0.08mi	3/2.0	1,212 (-13%)	3mo	$214,900	$177	68
1323 Camden Rd	0.46mi	3/2.0	1,475 (+6%)	17mo	$168,000	$114	51
406 E Jenkins St	0.51mi	3/1.5	1,581 (+14%)	5mo	$161,000	$102	47
522 Jernigan St	0.74mi	3/2.5	1,434 (+3%)	14mo	$239,000	$167	42
1537 Timberrock Ct	0.70mi	3/2.0	1,577 (+13%)	0mo	$250,000	$159	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.9% rent growth · sell at horizon

5-year hold

• IRR: 11.2%
• Equity multiple: 1.43×
• Total profit: $12,953
• Equity at exit: $15,954

10-year hold

• IRR: 18.4%
• Equity multiple: 2.38×
• Total profit: $41,353
• Equity at exit: $9,251

Cash invested: $29,960 (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 28306

• Home prices YoY: -17.7%
• Rents YoY: 0.9%
• Active inventory: 401
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,656 high
• Mortgage (P&I): −$561
• Tax from tax record: −$174 /mo · $2,084/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $529

Break-even live

Break-even rent $987

Max offer price $107,000

Occupancy floor 63%

Sensitivity live

Price	-10% $589	-5% $559	+0% $529	+5% $498	+10% $468
Rent	-10% $398	-5% $463	+0% $529	+5% $594	+10% $659
Rate	-1.0pp $583	-0.5pp $556	base $529	+0.5pp $501	+1.0pp $473

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: $26,750
• Closing costs: $3,210
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
522 Jernigan St Fayetteville, NC	3.0	2.5	1406	$1,650	$1.17	24d	1	0.75mi
2026 Progress St Fayetteville, NC	3.0	2.5	1500	$1,600	$1.07	14d	1	0.79mi
2123 Burnett Ave Fayetteville, NC	3.0	2.0	1100	$1,600	$1.45	24d	1	0.99mi
2610 Trenton Rd Fayetteville, NC	3.0	2.0	1762	$2,000	$1.14	14d	1	1.17mi
935 Fleetwood Dr Unit A Fayetteville, NC	3.0	2.5	1600	$1,650	$1.03	24d	1	1.18mi
2516 Cumberland Rd Fayetteville, NC	3.0	2.0	1442	$1,500	$1.04	24d	1	1.24mi
718 Dwain Dr Fayetteville, NC	3.0	1.0	962	$1,250	$1.30	24d	1	1.25mi
1319 Levy Dr Fayetteville, NC	3.0	2.0	1428	$1,700	$1.19	14d	1	1.30mi
1347 Levy Dr Fayetteville, NC	3.0	1.0	999	$1,000	$1.00	24d	1	1.44mi
452 Cityview Ln Fayetteville, NC	2.0	2.5	1088	$1,200	$1.10	24d	1	1.49mi

Listing history 8 events

1. 2023-09-01
   status Pending
2. 2023-08-25
   historical
3. 2022-07-21
   historical
4. 2022-06-04
   listed $107,000
5. 2021-11-08
   soldstatus $74,900 137-char remark

   Show marketing remark (137 chars)

   This charming house features 3 bedrooms and 1 bathroom. Close to downtown and MLK Freeway. Tenant occupied. Please do not disturb tenant.

6. 2021-11-08
   soldstatus $75,000

   Show marketing remark (137 chars)

   This charming house features 3 bedrooms and 1 bathroom. Close to downtown and MLK Freeway. Tenant occupied. Please do not disturb tenant.

7. 2021-05-04
   listed $74,900 137-char remark

   Show marketing remark (137 chars)

   This charming house features 3 bedrooms and 1 bathroom. Close to downtown and MLK Freeway. Tenant occupied. Please do not disturb tenant.

8. 2016-07-01
   soldstatus $55,000

ⓘ 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: $2,084 · $174/mo
• Projected year-2 tax: $2,084 · $174/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 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,869
• − Mortgage interest: −$5,994
• − Property taxes: −$2,084
• − Insurance: −$535
• − Repairs & maintenance: −$1,590
• − Management: −$1,590
• − Depreciation: −$3,113
• Taxable income: $4,964
• Est. tax owed @ 24.0%: −$1,191
• After-tax cash flow: $5,152/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: Cumberland County Schools
• NCES district ID: 3700011
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $44,168
• Composite: 31.0/100
• National rank: #6096
• State rank: #126 of 178 in NC

Livability — Fayetteville

• Score: 75/100
• State rank: #45
• US rank: #4031

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fayetteville, NC
• County: Cumberland County · 265,314 people
• Metro: Fayetteville, NC
• Population (ZIP): 43,042
• Household income: $67,544
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 1386.0

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 330,855 people
• By 2030: 333,523 · +0.8%
• By 2040: 335,583 · +1.4%
• By 2050: 335,325 · +1.4%
• By 2075: 342,853 · +3.6%
• By 2100: 340,698 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 44% Black 33% Hispanic / Latino 13% Two or more races 8% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 5%
• Common ancestry: Italian 2% Slovak 1% Serbian 1%
• Foreign-born: 8% · Canada, South Korea, Jamaica
• Languages at home: 87% English-only · Spanish 9% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Cumberland

• 2024 margin: D (+13.4) · D 56.1% · R 42.7% · Other 1.2%
• 2008→2024 swing: -4.3pp toward R · 2008: 17.7pp · 2024: 13.4pp
• All cycles: 2024: D+13.4 2020: D+16.6 2016: D+16.0 2012: D+19.7 2008: D+17.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.69%
• Current HPI: 239.7281
• Rent YoY: ▲ 0.90%
• Metro: Fayetteville, 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

+94.5% since first listed

8 events — show timeline

• 2023-09-01 Pending — LPRMLS
• 2023-08-25 Delisted — LPRMLS
• 2022-07-21 Delisted — LPRMLS
• 2022-06-04 Listed $107,000 LPRMLS
• 2021-11-08 Sold (Public Records) $75,000 Public Records
• 2021-11-08 Sold (MLS) $74,900 LPRMLS
• 2021-05-04 Listed $74,900 LPRMLS
• 2016-07-01 Sold (Public Records) $55,000 Public Records

Property tax history

+8.8%/yr

Latest (2025): $2,084 · +66.0% YoY. Source: county tax records.