490 Little River Farm Blvd Unit 101a · Carthage, NC 28327

$115,000

2 bd · 2.0 ba · 990 sqft · Condo public records · 91 Days on market

Built 2003 $238/mo HOA · 16% of rent

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Why this score? — see what drove the C+ 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 +25.2/30.0
• 1% rule +8.3/10.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Rent growth +3.5/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This handsome condominium complex first floor, lake view, condo can be a single family residence or add two other units as short term or long term rental investment. Spacious bedrooms, combined Livingroom, Dining and Kitchen. New flooring, blinds and fully furnished . Location, location, location only 9 minutes away from Hospital in Pinehurst and all recreation shopping of Pinehurst. 11 minutes to Carthage. Relax on your private porch in Rocking Chairs. Pets allowed.

Key facts

• Private porch
• New flooring
• Lake view

Tags

• LAKE VIEW
• NEW FLOORING
• PRIVATE PORCH

Property features AI

Finance

• Other: Subdivision: Little River Fa
• HOA & community: Homeowners association with annual fee (approximately $2,856 annually / $238 monthly); Community sidewalks and street lights

Exterior

• Parking: Lighted, paved parking
• Utilities: Public water; Sewer available and connected; Water connected; Cable available
• Home design: Condominium; Residential property; Two levels; Private road frontage
• Construction: Brick, stone, fiber cement, and frame construction; Shingle roof; Slab foundation; Built within recent years (year built not provided)
• Exterior features: Porch; In-ground pool (see remarks); Level lot; Has view; Paved road

Interior

• Kitchen: Refrigerator; Dishwasher; Electric range; Microwave
• Bedrooms: 3 total rooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Electric heating; Forced air; Has cooling; Has heating
• Interior features: Eat-in kitchen; Window coverings; Furnished
• Laundry & utility: Gas water heater; Tankless water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.3% in Carthage — 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 62/100 on livability (#450 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: employment C-, health & safety C-, amenities F.
• Moore County Schools (rural): math 48% / reading 54% proficiency, ranked #58 of 178 in NC (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sandhills Farm Life Elementary (math 42% / reading 57%, grade D, #417 of 1,410 statewide, top 32%, 394 students, 27% FRL); New Century Middle (math 47% / reading 55%, grade C, #106 of 475 statewide, top 22%, 625 students, 32% FRL); Union Pines High (math 63% / reading 70%, grade B, #150 of 535 statewide, top 28%, 1,438 students, 34% FRL).
• Market conditions: Rents rising fast (+4.0%/yr); 231 active listings in the ZIP; solid renter incomes; 941 units permitted in Moore County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Moore County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $100k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $104,650 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.33% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.63%
• DSCR: 1.43
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.04% rent growth · sell at horizon

5-year hold

• IRR: -0.3%
• Equity multiple: 0.99×
• Total profit: $-434
• Equity at exit: $17,147

10-year hold

• IRR: 10.6%
• Equity multiple: 1.87×
• Total profit: $28,106
• Equity at exit: $9,943

Cash invested: $32,200 (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 28327

• Home prices YoY: -33.0%
• Rents YoY: 4.0%
• Active inventory: 231
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,535 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$65 /mo · $781/yr
• Insurance: −$48
• HOA: −$238
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $258

Break-even live

Break-even rent $1,208

Max offer price $115,000

Occupancy floor 78%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $238 · $2,856/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-19
   days on market $115,000 Active 91 DOM
2. 2026-06-18
   days on market $115,000 Active 90 DOM
3. 2026-06-17
   days on market $115,000 Active 89 DOM
4. 2026-06-16
   days on market $115,000 Active 88 DOM
5. 2026-06-15
   days on market $115,000 Active 87 DOM
6. 2026-06-14
   days on market $115,000 Active 85 DOM
7. 2026-06-13
   days on market $115,000 Active 84 DOM
8. 2026-06-10
   days on market $115,000 Active 82 DOM
9. 2026-06-09
   days on market $115,000 Active 81 DOM
10. 2026-06-08
    days on market $115,000 Active 80 DOM
11. 2026-06-07
    days on market $115,000 Active 79 DOM
12. 2026-06-05
    days on market $115,000 Active 76 DOM
13. 2026-06-02
    days on market $115,000 Active 74 DOM
14. 2026-06-01
    days on market $115,000 Active 73 DOM
15. 2026-05-31
    days on market $115,000 Active 72 DOM
16. 2026-05-30
    days on market $115,000 Active 71 DOM
17. 2026-03-19
    listed $115,000 Active
18. 2021-11-01
    soldstatus $100,000

ⓘ 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: $781 · $65/mo
• Projected year-2 tax: $943 · $79/mo
• Expected delta: +$162/yr (+$13/mo · 20.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,417
• − Mortgage interest: −$6,442
• − Property taxes: −$781
• − Insurance: −$575
• − Repairs & maintenance: −$1,473
• − Management: −$1,473
• − HOA: −$2,856
• − Depreciation: −$3,345
• Taxable income: $1,471
• Est. tax owed @ 24.0%: −$353
• After-tax cash flow: $2,748/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: Moore County Schools
• NCES district ID: 3703090
• Math proficiency: 48% ▲ 5.00%
• Reading proficiency: 54% ▲ 5.00%
• Median HH income: $50,333
• Composite: 43.63/100
• National rank: #2967
• State rank: #58 of 178 in NC

Livability — Carthage

• Score: 62/100
• State rank: #450
• US rank: #16574

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carthage, NC
• County: Moore County · 75,247 people
• City population: 19,386
• Metro: Pinehurst-Southern Pines, NC
• Population (ZIP): 19,386
• Household income: $87,434
• Rent vs Own: 19.5% rent · 80.5% own
• Severe rent burden: 156.0

Population outlook (Moore County) Hauer SSP2

• Today (2025): 106,902 people
• By 2030: 113,134 · +5.8%
• By 2040: 125,682 · +17.6%
• By 2050: 137,811 · +28.9%
• By 2075: 164,387 · +53.8%
• By 2100: 175,595 · +64.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Black 6% Two or more races 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Slovak 5% Italian 3% Serbian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Moore

• 2024 margin: Strong R (+29.5) · D 34.8% · R 64.3%
• 2008→2024 swing: -8.1pp toward R · 2008: -21.4pp · 2024: -29.5pp
• All cycles: 2024: R+29.5 2020: R+27.4 2016: R+29.6 2012: R+28.1 2008: R+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.86%
• Current HPI: 190.6404
• Rent YoY: ▲ 4.04%
• Metro: Pinehurst-Southern Pines, 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

+15.0% since first listed

2 events — show timeline

• 2026-03-19 Listed $115,000 Hive MLS
• 2021-11-01 Sold (Public Records) $100,000 Public Records

Property tax history

-4.6%/yr

Latest (2024): $781 · -2.3% YoY. Source: county tax records.