17 Knoll Dr

Columbus, NC 28722

$239,900C+

3 bd · 3.0 ba · 2,329 sqft · Built 1975 · Condo · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,300/mo
• Mortgage (P&I): −$1,258
• Tax + insurance: −$195
• HOA: −$84
• Vac / Maint / Mgmt: −$483
• Net cashflow: $280/mo
• Annual: $3,365/yr
• Cap rate: 7.70%
• Cash-on-cash: 5.01%
• DSCR: 1.22
• 1% rule: 0.96%
• Cash to close: $67,172

Investor read

• This is a 3-bed/3.0-bath condo listed at $240k.
• At list price, monthly cash flow is $280 ($3k/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 $230k (4.1% below list).
• It's been on market 79 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (6.0% below list) — sets the bar for market timing.
• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#53 in NC, #4,439 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Polk County Schools (rural): math 58% / reading 62% proficiency, ranked #32 of 178 in NC (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Polk Central Elementary School (math 72% / reading 62%, grade B+, #120 of 1,410 statewide, top 9%, 341 students, 99% FRL); Polk County High School (math 72% / reading 67%, grade B, #121 of 535 statewide, top 24%, 579 students, 52% FRL) — zoned schools average 76% FRL vs 50% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 143 units permitted in Polk County in 2024 (0 in 5+ unit buildings).
• Polk County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask is 10% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% vs local median 3.2% in Columbus — 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

• It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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 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.