265 Thelma Rd

South Rosemary, NC 27870

$84,300C+

2 bd · 1.0 ba · 910 sqft · Built 1961 · SingleFamily · Under Contract

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,069/mo
• Mortgage (P&I): −$442
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $307/mo
• Annual: $3,680/yr
• Cap rate: 10.66%
• Cash-on-cash: 15.59%
• DSCR: 1.69
• 1% rule: 1.27%
• Cash to close: $23,604

Investor read

• This is a 2-bed/1.0-bath single-family listed at $84k.
• At list price, monthly cash flow is $307 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $84k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $583 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#546 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: schools F, amenities F, commute F.
• Halifax County Schools (rural): math 6% / reading 24% proficiency, ranked #177 of 178 in NC (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 147 active listings in the ZIP; 55 units permitted in Halifax County in 2024 (0 in 5+ unit buildings).
• Halifax County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; major wind risk, 63% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1961 — 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 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.
• 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.