1101 Old Us Highway 421

North Wilkesboro, NC 28697

$99,950B-

2 bd · 1.0 ba · 528 sqft · Built 1935 · SingleFamily · Pending · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,076/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$66
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $259/mo
• Annual: $3,112/yr
• Cap rate: 9.41%
• Cash-on-cash: 11.12%
• DSCR: 1.49
• 1% rule: 1.08%
• Cash to close: $27,986

Investor read

• This is a 2-bed/1.0-bath single-family listed at $100k.
• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 39 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.1%/yr); year-one equity from $692 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#293 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Wilkes County Schools (rural): math 55% / reading 50% proficiency, ranked #59 of 178 in NC (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 98 active listings in the ZIP; 134 units permitted in Wilkes County in 2024 (0 in 5+ unit buildings).
• Wilkes County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 9y 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 $14k; list at $100k implies a 640% gain — meaningful room to come down on a strong offer.
• At projected returns (-2.1% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.4% vs local median 2.7% in North Wilkesboro — 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 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.