223 E Vance St

Laurinburg, NC 28352

$122,900C+

3 bd · 1.0 ba · 1,521 sqft · Built 1956 · SingleFamily · Active · 530 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,352/mo
• Mortgage (P&I): −$645
• Tax + insurance: −$130
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $293/mo
• Annual: $3,518/yr
• Cap rate: 9.16%
• Cash-on-cash: 10.22%
• DSCR: 1.45
• 1% rule: 1.10%
• Cash to close: $34,412

Investor read

• This is a 3-bed/1.0-bath single-family listed at $123k.
• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $123k).
• It's been on market 530 days — a 12% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $850 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#632 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: health & safety C-, crime F, amenities F.
• Scotland County Schools (town): math 23% / reading 28% proficiency, ranked #160 of 178 in NC (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Scotland High School (math 45% / reading 44%, grade F, #352 of 535 statewide, top 68%, 1,445 students, 98% FRL) — zoned schools average 98% FRL vs 72% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 44% at this address vs 26% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Scotland County Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 158 active listings in the ZIP; 70 units permitted in Scotland County in 2024 (0 in 5+ unit buildings).
• Scotland County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $26k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 75% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.2% vs local median 5.1% in Laurinburg — 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 530 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 F 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?
• 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.