308 Chuck Wagon Way Unit 115p

Benson, NC 27504

$356,595F

5 bd · 3.0 ba · 2,300 sqft · Built 2026 · SingleFamily · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,209/mo
• Mortgage (P&I): −$2,054
• Tax + insurance: −$653
• HOA: −$50
• Vac / Maint / Mgmt: −$464
• Net cashflow: $-1,011/mo
• Annual: $-12,134/yr
• Cap rate: 3.19%
• Cash-on-cash: -11.06%
• DSCR: 0.51
• 1% rule: 0.56%
• Cash to close: $109,664

Investor read

• This is a 5-bed/3.0-bath single-family listed at $357k. Condition is rated good.
• 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).
• It's been on market 53 days — a 3% lower offer ($346k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $221k (38.0% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Johnston County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• This rent runs 40% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 53 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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.