233 Alpine Acres Rd

Valle Crucis, NC 28692

$299,900D+

2 bd · 1.0 ba · 1,200 sqft · Built 1988 · SingleFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,883/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$195
• HOA: −$0
• Vac / Maint / Mgmt: −$395
• Net cashflow: $-280/mo
• Annual: $-3,365/yr
• Cap rate: 5.17%
• Cash-on-cash: -4.01%
• DSCR: 0.82
• 1% rule: 0.63%
• Cash to close: $83,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $300k.
• At list price, monthly cash flow is $-280 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $250k (16.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $188k (37.2% below list).
• It's been on market 35 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $188k (37.2% below list) — sets the bar for 1% rule.
• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (8.2% local appreciation)).
• Location reads 55/100 on livability (#659 in NC) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Watauga County Schools (rural): math 53% / reading 59% proficiency, ranked #47 of 178 in NC (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Valle Crucis Elementary (math 43% / reading 57%, grade D+, #409 of 1,410 statewide, top 29%, 342 students, 43% FRL); Watauga High (math 76% / reading 74%, grade A-, #91 of 535 statewide, top 17%, 1,272 students, 33% FRL).
• Market conditions: 85 active listings in the ZIP; 296 units permitted in Watauga County in 2024 (20 in 5+ unit buildings).
• Watauga County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 4y ago 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.
• Current owner paid $230k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.2% vs local median 0.8% in Valle Crucis — 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 35 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.