1231 Four Wood Dr

Vander, NC 28312

$319,900D

3 bd · 3.0 ba · 1,975 sqft · Built 1995 · SingleFamily · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,074/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$322
• HOA: −$0
• Vac / Maint / Mgmt: −$436
• Net cashflow: $-361/mo
• Annual: $-4,338/yr
• Cap rate: 4.94%
• Cash-on-cash: -4.84%
• DSCR: 0.78
• 1% rule: 0.65%
• Cash to close: $89,572

Investor read

• This is a 3-bed/3.0-bath single-family listed at $320k.
• At list price, monthly cash flow is $-361 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $256k (20.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (35.2% below list).
• It's been on market 111 days — a 9% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $207k (35.2% below list) — sets the bar for 1% rule.
• In year one you build about $34k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Location reads 55/100 on livability (#645 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, employment B+; Watch: amenities F, commute F, housing F.
• Cumberland County Schools (urban): math 32% / reading 41% proficiency, ranked #126 of 178 in NC (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Eastover-Central Elementary (math 52% / reading 62%, grade C+, #249 of 1,410 statewide, top 20%, 397 students, 43% FRL); Mac Williams Middle (math 40% / reading 50%, grade D, #160 of 475 statewide, top 35%, 1,151 students, 58% FRL); Cape Fear High (math 75% / reading 47%, grade C+, #202 of 535 statewide, top 39%, 1,529 students, 50% FRL) — zoned schools at 50% FRL track the district average.
• Zoned-school proficiency averages 54% at this address vs 36% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Cumberland County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 222 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,125 units permitted in Cumberland County in 2024 (104 in 5+ unit buildings).
• Current owner paid $151k; list at $320k implies a 112% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$55k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.9% vs local median 3.9% in Vander — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 111 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?
• 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.