517 W Pine St

Maiden, NC 28650

$243,900F

2 bd · 1.0 ba · 628 sqft · Built 2025 · SingleFamily · Active · 249 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,237/mo
• Mortgage (P&I): −$1,279
• Tax + insurance: −$163
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $-465/mo
• Annual: $-5,574/yr
• Cap rate: 4.01%
• Cash-on-cash: -8.16%
• DSCR: 0.64
• 1% rule: 0.51%
• Cash to close: $68,292

Investor read

• This is a 2-bed/1.0-bath single-family listed at $244k.
• At list price, monthly cash flow is $-465 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (33.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (49.3% below list).
• It's been on market 249 days — a 12% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (49.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#84 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D, amenities F, commute F.
• Catawba County Schools (rural): math 54% / reading 51% proficiency, ranked #54 of 178 in NC (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 142 active listings in the ZIP; 2,016 units permitted in Catawba County in 2024 (255 in 5+ unit buildings).
• Catawba County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $16k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $16k; list at $244k implies a 1424% gain — meaningful room to come down on a strong offer.
• 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 4.0% vs local median 3.1% in Maiden — 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 249 days. Have you received any prior offers? Is the seller open to a 49% 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 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?
• 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.
• 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.