510 Little River Farm Blvd Unit B104 · Carthage, NC 28327

$125,000

2 bd · 2.0 ba · 980 sqft · Condo · 138 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 +18.0/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• DSCR +5.6/10.0
• 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

1ST FLOOR END UNIT . CASH ONLY WITH CASH FLOW PURCHASE!! ON THE RENTAL PROGRAM. THE CONDOS ARE TURNKEY, FULLY FURNISHED & IN A RENTAL POOL MANAGED IN-HOUSE. NEW ROOF 6/12/2024, NEW Luxry Vinyl Planking FLOORING THROUGHOUT UNIT AND PAINT IN 2024. BUILDING IS BESIDE CLUBHOUSE. .. ON SHORT TERM RENTALS. GREAT 2ND HOME THAT IS POSSIBLE TAX DEDUCTIBLE SEE CPA FOR INFO. BUYER MUST HONOR ALL RENTALS ON THE BOOKS. PRICE INCLUDES 3 FLAT SCREEN TVs . MUST HONOR $72 PER MONTH CABLE TV & INTERNET BULK PROGRAM & PAY POOL MAINTENANCE FEES OF APPROX. $50 PER MO DURING SEASON. 1 BUILDING FROM FABULOUS POOL. WATER FOR BUILDING IS HEATED IN ASSOCIATION BOILER ROOM B & LP GAS BILL IS S

Key facts

• 1st floor end unit
• Fabulous pool
• Beside clubhouse

Tags

• 1ST FLOOR END UNIT
• TURNKEY FULLY FURNISHED
• NEW ROOF
• BESIDE CLUBHOUSE
• FABULOUS POOL
• HEATED WATER FOR BUILDING

Property features AI

Finance

• Other: Subdivision: Little River Fa; Private paved road frontage
• HOA & community: Homeowners association with clubhouse and management; HOA fee paid annually (derived monthly $238)

Exterior

• Parking: Shared paved driveway; Lighted parking area
• Security: Fire sprinkler system; Smoke detectors
• Utilities: Public water; Sewer available; Water available
• Home design: Residential condominium; Two levels; Entry level: 1; Has view
• Construction: Concrete, fiber cement, and frame construction; Shingle roof; Slab foundation; Built as a condominium
• Exterior features: Balcony; Pond view; In-ground pool (see remarks); Sidewalks; Street lights

Interior

• Kitchen: Electric oven; Refrigerator; Ice maker; Dishwasher; Microwave; Garbage disposal
• Bedrooms: 3 total rooms (includes bedrooms and living areas)
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating; Forced air; Heat pump
• Interior features: Window coverings; Furnished; Fire sprinkler system; Smoke detectors
• Laundry & utility: Tankless gas water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $125k.

Deal economics

• At list price, monthly cash flow is $107 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% 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 $864 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.22% ✓
• Cap rate: 7.32%
• Cash-on-cash: 3.65%
• DSCR: 1.16
• GRM: 6.8

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: -9.0%
• Equity multiple: 0.67×
• Total profit: $-11,679
• Equity at exit: $18,638

10-year hold

• IRR: 2.3%
• Equity multiple: 1.17×
• Total profit: $6,038
• Equity at exit: $10,808

Cash invested: $35,000 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,530 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$238
• Vacancy / Maint / Mgmt: −$321
• Net cashflow: $107

Break-even live

Break-even rent $1,395

Max offer price $125,000

Occupancy floor 88%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 17 events

1. 2026-06-19
   days on market $125,000 Active 138 DOM
2. 2026-06-18
   days on market $125,000 Active 137 DOM
3. 2026-06-17
   days on market $125,000 Active 136 DOM
4. 2026-06-16
   days on market $125,000 Active 135 DOM
5. 2026-06-15
   days on market $125,000 Active 134 DOM
6. 2026-06-14
   days on market $125,000 Active 132 DOM
7. 2026-06-13
   days on market $125,000 Active 131 DOM
8. 2026-06-10
   days on market $125,000 Active 129 DOM
9. 2026-06-09
   days on market $125,000 Active 128 DOM
10. 2026-06-08
    days on market $125,000 Active 127 DOM
11. 2026-06-07
    days on market $125,000 Active 126 DOM
12. 2026-06-05
    days on market $125,000 Active 123 DOM
13. 2026-06-02
    days on market $125,000 Active 121 DOM
14. 2026-06-01
    days on market $125,000 Active 120 DOM
15. 2026-05-31
    days on market $125,000 Active 119 DOM
16. 2026-05-30
    days on market $125,000 Active 118 DOM
17. 2026-02-01
    listed $125,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $18,356
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,468
• − Management: −$1,468
• − HOA: −$2,856
• − Depreciation: −$3,636
• Taxable loss: −$575
• Est. tax savings @ 24.0%: +$138
• After-tax cash flow: $1,417/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

1 event — show timeline

• 2026-02-01 Listed $125,000 Hive MLS