127 Nelson Rd

Cordova, NC 28379

$150,000C-

3 bd · 2.0 ba · 1,200 sqft · Built 2023 · SingleFamily · Active · 136 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,544/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$250
• HOA: −$0
• Vac / Maint / Mgmt: −$324
• Net cashflow: $183/mo
• Annual: $2,195/yr
• Cap rate: 7.76%
• Cash-on-cash: 5.23%
• DSCR: 1.23
• 1% rule: 1.03%
• Cash to close: $42,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $150k. Condition is rated excellent.
• At list price, monthly cash flow is $183 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 136 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#431 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Richmond County Schools (town): math 30% / reading 36% proficiency, ranked #139 of 178 in NC (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: East Rockingham Elementary (math 28% / reading 32%, grade F, #965 of 1,410 statewide, top 69%, 514 students, 99% FRL); Cordova Middle (math 17% / reading 36%, grade F, #381 of 475 statewide, top 81%, 270 students, 99% FRL); Richmond Senior High (math 58% / reading 38%, grade D, #329 of 535 statewide, top 62%, 1,286 students, 99% FRL) — zoned schools average 99% FRL vs 70% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 154 active listings in the ZIP; 54 units permitted in Richmond County in 2024 (0 in 5+ unit buildings).
• Richmond County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: major wind risk, 65% 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.

Questions for listing agent

• It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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.