309 Fairchild Way

Albemarle, NC 28001

$290,000F

3 bd · 3.0 ba · 1,559 sqft · Built 2024 · SingleFamily · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,697/mo
• Mortgage (P&I): −$1,521
• Tax + insurance: −$366
• HOA: −$50
• Vac / Maint / Mgmt: −$356
• Net cashflow: $-596/mo
• Annual: $-7,149/yr
• Cap rate: 3.83%
• Cash-on-cash: -8.80%
• DSCR: 0.61
• 1% rule: 0.59%
• Cash to close: $81,200

Investor read

• This is a 3-bed/3.0-bath single-family listed at $290k.
• At list price, monthly cash flow is $-596 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (36.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $170k (41.5% below list).
• It's been on market 55 days — a 3% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $170k (41.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#167 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Stanly County Schools (rural): math 38% / reading 42% proficiency, ranked #113 of 178 in NC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Aquadale Elementary (math 47% / reading 42%, grade F, #574 of 1,410 statewide, top 43%, 352 students, 99% FRL); South Stanly High (math 47% / reading 52%, grade D, #311 of 535 statewide, top 60%, 442 students, 48% FRL) — zoned schools average 74% FRL vs 46% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 277 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 367 units permitted in Stanly County in 2024 (0 in 5+ unit buildings).
• Stanly County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y 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.

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 55 days. Have you received any prior offers? Is the seller open to a 41% 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 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?
• Crime grade is D 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.