221 E Elm St

Bladenboro, NC 28320

$72,500B

4 bd · 2.0 ba · 1,344 sqft · Built 1910 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,185/mo
• Mortgage (P&I): −$380
• Tax + insurance: −$485
• HOA: −$0
• Vac / Maint / Mgmt: −$249
• Net cashflow: $71/mo
• Annual: $857/yr
• Cap rate: 14.54%
• Cash-on-cash: 29.44%
• DSCR: 2.31
• 1% rule: 1.63%
• Cash to close: $20,300

Investor read

• This is a 4-bed/2.0-bath single-family listed at $72k.
• At list price, monthly cash flow is $71 ($857/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $72k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $297 of equity ($501 loan paydown + $-204 appreciation (-0.3% local appreciation)).
• Location reads 64/100 on livability (#339 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Bladen County Schools (rural): math 20% / reading 31% proficiency, ranked #161 of 178 in NC (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bladenboro Primary (math 22% / reading 32%, grade F, #1,033 of 1,410 statewide, top 76%, 403 students, 99% FRL); Bladenboro Middle (math 15% / reading 30%, grade F, #410 of 475 statewide, top 87%, 277 students, 99% FRL); West Bladen High (math 37% / reading 47%, grade F, #374 of 535 statewide, top 71%, 701 students, 100% FRL) — zoned schools average 99% FRL vs 70% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 42 active listings in the ZIP; 159 units permitted in Bladen County in 2024 (0 in 5+ unit buildings).
• Bladen County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.3% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.