489 Eagle Mills Rd

Harmony, NC 27020

$254,900D-

3 bd · 2.0 ba · 1,685 sqft · Built 2025 · SingleFamily · Active · 126 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,650/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$425
• HOA: −$0
• Vac / Maint / Mgmt: −$347
• Net cashflow: $-458/mo
• Annual: $-5,495/yr
• Cap rate: 4.14%
• Cash-on-cash: -7.70%
• DSCR: 0.66
• 1% rule: 0.65%
• Cash to close: $71,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $255k.
• At list price, monthly cash flow is $-458 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (26.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (35.3% below list).
• It's been on market 126 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (35.3% below list) — sets the bar for 1% rule.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#408 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Union Grove Elementary (math 42% / reading 42%, grade F, #633 of 1,410 statewide, top 48%, 233 students, 55% FRL); North Iredell Middle (math 36% / reading 43%, grade F, #232 of 475 statewide, top 50%, 551 students, 56% FRL); North Iredell High (math 37% / reading 51%, grade F, #367 of 535 statewide, top 69%, 962 students, 48% FRL) — zoned schools average 53% FRL vs 38% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 30 active listings in the ZIP; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts 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.
• By year 2, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.1% vs local median 2.5% in Harmony — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 126 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• Crime grade is D 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.