308 Chuck Wagon Way Unit 115p · Benson, NC 27504

$356,595

5 bd · 3.0 ba · 2,300 sqft · SingleFamily · 53 Days on market

Built 2026 Good condition 0.26 ac lot Garage $50/mo HOA · 2% of rent

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• Cash flow +4.5/30.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Schools +2.9/10.0
• Rent growth +2.5/5.0
• 1% rule +0.6/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Introducing The Whitney, a proposed semi-custom home offering approximately 2,307 square feet, 5 bedrooms, and 3.5 bathrooms designed for flexibility, functionality, and modern living. This thoughtfully crafted floorplan features open-concept spaces and opportunities to personalize finishes and upgraded features to fit your lifestyle. The main level welcomes you with a private secondary bedroom suite near the entry, creating flexible living options, and opens into a spacious Dining Area, well-appointed Kitchen, and expansive Great Room designed for gathering and everyday living. A built-in pantry, functional drop zone, and convenient access to the 2-car garage enhance daily convenience.

Key facts

• Built-in pantry
• Functional drop zone
• Expansive great room

Tags

• SPACIOUS DINING AREA
• WELL-APPOINTED KITCHEN
• EXPANSIVE GREAT ROOM
• BUILT-IN PANTRY
• FUNCTIONAL DROP ZONE
• VERSATILE LOFT

🏗️ New construction. The $356,595 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $391,656.

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $357k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $245k (31.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $221k (38.0% below list).
• Recommended offer: $221k (38.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#205 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities D-, commute F.
• Johnston County Public Schools (rural): math 39% / reading 42% proficiency, ranked #105 of 178 in NC (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Benson Elementary (math 27% / reading 32%, grade F, #975 of 1,410 statewide, top 71%, 608 students, 74% FRL); Benson Middle (math 27% / reading 32%, grade F, #343 of 475 statewide, top 73%, 511 students, 69% FRL); South Johnston High (math 27% / reading 27%, grade F, #468 of 535 statewide, top 88%, 1,331 students, 56% FRL) — zoned schools average 66% FRL vs 41% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 506 active listings in the ZIP; 2,783 units permitted in Johnston County in 2024 (6 in 5+ unit buildings).
• This rent runs 40% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Johnston County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($346k) is reasonable based on typical stale-listing flexibility.

Recommended offer $220,944 (38.0% below list)

Questions for the listing agent

1. 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?
2. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.56% ✗
• Cap rate: 3.19%
• Cash-on-cash: -11.06%
• DSCR: 0.51
• GRM: 14.8

CMA / ARV

• ARV (median comp): $391,656
• List price: $356,595
• Delta: -8.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
127 S Buggy Dr #158	0.07mi	5/3.0	2,300 (0%)	4mo	$362,000	$157	94
106 S Buggy Dr #70	0.17mi	5/3.0	2,300 (0%)	12mo	$359,900	$156	82
305 Chuck Wagon Way #146	0.03mi	4/2.5 (-1)	2,554 (+11%)	1mo	$384,900	$151	72
125 S Buggy Dr #159	0.07mi	4/2.5 (-1)	2,081 (-10%)	6mo	$340,890	$164	70
415 Plentiful Way #108	0.05mi	4/2.5 (-1)	2,538 (+10%)	6mo	$369,900	$146	68
140 Benson Village Dr #83	0.19mi	4/2.5 (-1)	2,378 (+3%)	13mo	$377,400	$159	68
517 W Brocklyn St #63	0.11mi	4/2.5 (-1)	2,541 (+10%)	9mo	$372,400	$147	62
104 S Buggy Dr #71	0.19mi	4/2.5 (-1)	2,081 (-10%)	8mo	$346,500	$167	62
142 Benson Village Dr #82	0.17mi	4/2.5 (-1)	2,098 (-9%)	13mo	$354,900	$169	60
208 W Church St	0.64mi	4/1.0 (-1)	2,582 (+12%)	10mo	$130,000	$50	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -36.4%
• Equity multiple: -0.17×
• Total profit: $-127,804
• Equity at exit: $58,397

10-year hold

• IRR: -50.8%
• Equity multiple: -0.77×
• Total profit: $-193,958
• Equity at exit: $33,863

Cash invested: $109,664 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 7 active · 5 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $413,000 ($156/sqft)
• Median days on market: 176 d
• This list price: 29% of active listings are priced below it
• ARV vs active asking: +8.9% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 27504

• Home prices YoY: -14.5%
• Active inventory: 506
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $2,209 medium
• Mortgage (P&I): −$2,054
• Tax est. 1.5%: −$490 /mo · $5,875/yr
• Insurance: −$163
• HOA: −$50
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $-1,011

Break-even live

Break-even rent $3,489

Max offer price $245,337

Occupancy floor —

Sensitivity live

Price	-10% $-741	-5% $-876	+0% $-1,011	+5% $-1,147	+10% $-1,282
Rent	-10% $-1,186	-5% $-1,098	+0% $-1,011	+5% $-924	+10% $-837
Rate	-1.0pp $-814	-0.5pp $-912	base $-1,011	+0.5pp $-1,113	+1.0pp $-1,216

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $97,914
• Closing costs: $11,750
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Finance

• Other: Unit number 115pZoning: RCounty: Johnston
• HOA & community: Annual association fee of $600Association covers grounds maintenance and road maintenanceAssociation: Block & Associates Realty

Exterior

• Parking: Attached garageConcrete drivewayGarage with door openerGarage faces front2 garage spaces (2 total parking)
• Utilities: Public waterPublic sewer
• Home design: Site-built houseTwo levelsNew construction / Under constructionBuilt by True Homes (Whitney 2290 model)Vinyl siding
• Construction: Vinyl siding constructionSlab foundationAsphalt roof
• Exterior features: Front porchPatioSlab foundationAsphalt roofLot approximately 0.26 acresPrivate maintained paved roadPool in the community

Interior

• Kitchen: DishwasherDisposalElectric rangeMicrowavePlumbed for ice makerStainless steel appliances
• Bedrooms: 5 bedrooms total1 bedroom on the main level
• Flooring: CarpetCeramic tileLaminateVinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Electric heat pumpCentral air conditioning
• Interior features: Entrance foyerHigh ceilingsKitchen islandOpen floorplanPantryQuartz countersSmooth ceilingsWalk-in shower
• Laundry & utility: Laundry roomUpper-level laundryWasher hookupElectric dryer hookupElectric water heater

Listing history 42 events

1. 2026-07-24
   days on market $356,595 Active 53 DOM
2. 2026-07-23
   days on market $356,595 Active 52 DOM
3. 2026-07-22
   days on market $356,595 Active 51 DOM
4. 2026-07-21
   days on market $356,595 Active 50 DOM
5. 2026-07-20
   days on market $356,595 Active 49 DOM
6. 2026-07-18
   days on market $356,595 Active 47 DOM
7. 2026-07-18
   days on market $356,595 Active 46 DOM
8. 2026-07-16
   days on market $356,595 Active 45 DOM
9. 2026-07-15
   days on market $356,595 Active 44 DOM
10. 2026-07-14
    days on market $356,595 Active 43 DOM
11. 2026-07-13
    days on market $356,595 Active 42 DOM
12. 2026-07-13
    days on market $356,595 Active 41 DOM
13. 2026-07-11
    days on market $356,595 Active 40 DOM
14. 2026-07-10
    days on market $356,595 Active 39 DOM
15. 2026-07-09
    days on market $356,595 Active 38 DOM
16. 2026-07-07
    days on market $356,595 Active 36 DOM
17. 2026-07-06
    days on market $356,595 Active 35 DOM
18. 2026-07-05
    days on market $356,595 Active 34 DOM
19. 2026-07-03
    days on market $356,595 Active 32 DOM
20. 2026-07-02
    days on market $356,595 Active 31 DOM
21. 2026-07-01
    days on market $356,595 Active 30 DOM
22. 2026-06-30
    days on market $356,595 Active 29 DOM
23. 2026-06-29
    days on market $356,595 Active 28 DOM
24. 2026-06-28
    days on market $356,595 Active 27 DOM
25. 2026-06-27
    days on market $356,595 Active 26 DOM
26. 2026-06-27
    days on market $356,595 Active 25 DOM
27. 2026-06-25
    days on market $356,595 Active 23 DOM
28. 2026-06-22
    days on market $356,595 Active 21 DOM
29. 2026-06-21
    days on market $356,595 Active 20 DOM
30. 2026-06-18
    days on market $356,595 Active 17 DOM
31. 2026-06-17
    days on market $356,595 Active 16 DOM
32. 2026-06-16
    days on market $356,595 Active 15 DOM
33. 2026-06-15
    days on market $356,595 Active 14 DOM
34. 2026-06-13
    days on market $356,595 Active 12 DOM
35. 2026-06-13
    days on market $356,595 Active 11 DOM
36. 2026-06-09
    days on market $356,595 Active 8 DOM
37. 2026-06-08
    days on market $356,595 Active 7 DOM
38. 2026-06-07
    days on market $356,595 Active 6 DOM
39. 2026-06-05
    days on market $356,595 Active 3 DOM
40. 2026-06-03
    days on market $356,595 Active 2 DOM
41. 2026-06-01
    remarks 699-char remark
42. 2026-06-01
    listed $356,595 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $26,513
• − Mortgage interest: −$21,939
• − Property taxes: −$5,875
• − Insurance: −$1,958
• − Repairs & maintenance: −$2,121
• − Management: −$2,121
• − HOA: −$600
• − Depreciation: −$11,394
• Taxable loss: −$19,494
• Est. tax savings @ 24.0%: +$4,679
• After-tax cash flow: $-7,456/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 6 photos

Good 80/100 None rehab

This home is in excellent condition with a modern kitchen and well-maintained exterior. It has the potential for minor updates to enhance its curb appeal and market value.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhanced landscaping can improve curb appeal and attract potential buyers/tenants. ↑
• Both Adding smart home features — Smart home features can increase the home's appeal and market value. ↑
• Both Upgrading the kitchen appliances — Modern, high-end appliances can make the kitchen more functional and attractive to potential buyers/tenants. ↑

F Composite school gradezoned avg 29/100

Zoned Schools

Elementary Benson Elementary F NC #975/1,410 Nat'l #26,716/41,679 Middle Benson Middle F NC #343/475 Nat'l #9,020/14,009 High South Johnston High F NC #468/535 Nat'l #11,887/17,239

Schools (NCES district)

• District: Johnston County Public Schools
• NCES district ID: 3702370
• Math proficiency: 39% ▲ 4.00%
• Reading proficiency: 42% ▲ 2.00%
• Median HH income: $50,912
• Composite: 34.99/100
• National rank: #5052
• State rank: #105 of 178 in NC

C Composite livability gradescore 68/100

Livability — Benson

• Score: 68/100
• State rank: #205
• US rank: #9985

Category grades

Amenities D- Commute F Cost of living A+ Crime F Employment C+ Housing A+ Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Johnston County · 222,440 people
• City population: 17,079
• Metro: Raleigh-Cary, NC
• Population (ZIP): 17,079
• Household income: $66,724
• Rent vs Own: 26.5% rent · 73.5% own
• Severe rent burden: 11% of renters

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Population outlook (Johnston County) Hauer SSP2

• Today (2025): 222,440 people
• By 2030: 240,227 · +8.0%
• By 2040: 274,616 · +23.5%
• By 2050: 304,915 · +37.1%
• By 2075: 369,507 · +66.1%
• By 2100: 406,280 · +82.6%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 16% Black 15% Two or more races 10%
• Hispanic origin (detail): Mexican 13% Puerto Rican 2%
• Common ancestry: Serbian 2% Slovak 2% Lithuanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 85% English-only · Spanish 15%

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Political lean MEDSL · Johnston

• 2024 margin: Strong R (+21.5) · D 38.7% · R 60.2% · Other 1.1%
• 2008→2024 swing: +2.2pp toward D · 2008: -23.7pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+24.3 2016: R+30.7 2012: R+27.8 2008: R+23.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.79%
• Current HPI: 252.3984
• Rent YoY: —
• Metro: Raleigh-Cary, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

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Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Property features AI

Finance

• Other: Unit number 115pZoning: RCounty: Johnston
• HOA & community: Annual association fee of $600Association covers grounds maintenance and road maintenanceAssociation: Block & Associates Realty

Exterior

• Parking: Attached garageConcrete drivewayGarage with door openerGarage faces front2 garage spaces (2 total parking)
• Utilities: Public waterPublic sewer
• Home design: Site-built houseTwo levelsNew construction / Under constructionBuilt by True Homes (Whitney 2290 model)Vinyl siding
• Construction: Vinyl siding constructionSlab foundationAsphalt roof
• Exterior features: Front porchPatioSlab foundationAsphalt roofLot approximately 0.26 acresPrivate maintained paved roadPool in the community

Interior

• Kitchen: DishwasherDisposalElectric rangeMicrowavePlumbed for ice makerStainless steel appliances
• Bedrooms: 5 bedrooms total1 bedroom on the main level
• Flooring: CarpetCeramic tileLaminateVinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Electric heat pumpCentral air conditioning
• Interior features: Entrance foyerHigh ceilingsKitchen islandOpen floorplanPantryQuartz countersSmooth ceilingsWalk-in shower
• Laundry & utility: Laundry roomUpper-level laundryWasher hookupElectric dryer hookupElectric water heater

Price history

1 event — show timeline

• 2026-06-01 Listed $356,595 TMLS