9238 Nc Hwy 90 Hwy E

Stony Point, NC 28678

$245,000C-

5 bd · 1.0 ba · 1,696 sqft · Built 1925 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,287/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$159
• HOA: −$0
• Vac / Maint / Mgmt: −$480
• Net cashflow: $363/mo
• Annual: $4,361/yr
• Cap rate: 8.07%
• Cash-on-cash: 6.36%
• DSCR: 1.28
• 1% rule: 0.93%
• Cash to close: $68,600

Investor read

• This is a 5-bed/1.0-bath single-family listed at $245k.
• At list price, monthly cash flow is $363 ($4k/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 $229k (6.6% below list).
• It's been on market 15 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $229k (6.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#436 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Alexander County Schools (rural): math 52% / reading 55% proficiency, ranked #52 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Stony Point Elementary (math 57% / reading 47%, grade C-, #354 of 1,410 statewide, top 28%, 207 students, 83% FRL); Alexander Central High (math 67% / reading 60%, grade B-, #175 of 535 statewide, top 33%, 1,312 students, 47% FRL) — zoned schools average 65% FRL vs 43% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; 113 units permitted in Alexander County in 2024 (0 in 5+ unit buildings).
• Alexander County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $117k; list at $245k implies a 109% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1925 — 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 D-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.
• 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.