115 Mullins Ave · Fayetteville, NC 28301

$90,000

2 bd · 1.0 ba · 1,016 sqft · SingleFamily public records · 3 Days on market

Built 1949 9,148 sqft lot Est $82k · 9% over

---

Why this score? — see what drove the C+ 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).

• Cash flow +27.7/30.0
• DSCR +9.7/10.0
• 1% rule +7.9/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• ARV discount +3.3/15.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rare find under $100,000! Welcome to this wonderful investment opportunity, this home boasts 2 beds 1 bath with 2 sheds on site. Fully fenced front and backyard makes for great entertaining and privacy. Close to shopping and schools, come see this one before it's gone!

Key facts

• 2 sheds on site
• 9,148 sq ft lot
• Built 1949

Tags

• 2 SHEDS ON SITE
• CLOSE TO SHOPPING AND SCHOOLS

Property features AI

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story
• Construction: Cement siding
• Exterior features: Fully fenced yard; Shed(s) on property; Cleared lot; Paved road access

Interior

• Kitchen: Refrigerator; Freezer; Dishwasher; Electric range
• Bedrooms: 5 total rooms (includes bedroom count in room total)
• Flooring: Hardwood; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump heating; Ceiling fans for cooling; Attic fan
• Interior features: Ceiling fans throughout; Crawl space basement
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 9.9% vs local median 4.8% in Fayetteville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#45 in NC, #4,031 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Cumberland County Schools (urban): math 32% / reading 41% proficiency, ranked #126 of 178 in NC (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Teresa C Berrien Elementary (math 2% / reading 12%); Luther Nick Jeralds Middle (math 13% / reading 24%, grade F, #436 of 475 statewide, top 93%, 616 students, 100% FRL); Terry Sanford High (math 49% / reading 52%, grade D+, #306 of 535 statewide, top 57%, 1,224 students, 59% FRL) — zoned schools average 79% FRL vs 55% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.5%/yr); 135 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,125 units permitted in Cumberland County in 2024 (104 in 5+ unit buildings).
• This rent runs 35% of the median local income ($39k/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 $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 12y 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.
• Current owner paid $25k; list at $90k implies a 260% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.29% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.88%
• DSCR: 1.57
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $82,296
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1203 Hillsboro St	0.21mi	2/1.0	1,077 (+6%)	0mo	$72,500	$67	80
218 Sunset Ave	0.54mi	2/1.0	1,004 (-1%)	6mo	$70,000	$70	68
310 Brookwood Ave	0.29mi	3/1.0 (+1)	970 (-4%)	8mo	$50,100	$52	68
1101 Fontana St	0.56mi	3/1.0 (+1)	1,014 (-0%)	1mo	$85,000	$84	68
218 Langdon St	0.47mi	3/1.0 (+1)	1,012 (-0%)	6mo	$134,000	$132	68
1917 Dogwood St	0.60mi	3/1.0 (+1)	1,050 (+3%)	2mo	$85,000	$81	60
1406 Edgecombe Ave	0.59mi	2/1.0	896 (-12%)	3mo	$85,000	$95	50
2051 Osceola Dr	0.73mi	3/1.0 (+1)	950 (-6%)	7mo	$88,000	$93	44
2104 Rosehill Rd	0.74mi	3/1.0 (+1)	942 (-7%)	6mo	$46,500	$49	43
2062 Osceola Dr	0.73mi	3/1.0 (+1)	925 (-9%)	6mo	$65,000	$70	41
2061 Osceola Dr	0.75mi	3/1.0 (+1)	928 (-9%)	6mo	$78,000	$84	40
2066 Osceola Dr	0.74mi	3/1.0 (+1)	1,108 (+9%)	9mo	$81,000	$73	38

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 · 3.49% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $3,253
• Equity at exit: $13,419

10-year hold

• IRR: 13.4%
• Equity multiple: 2.09×
• Total profit: $27,522
• Equity at exit: $7,782

Cash invested: $25,200 (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 →

ZIP-level market 28301

• Home prices YoY: -12.5%
• Rents YoY: 3.5%
• Active inventory: 135
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,157 high
• Mortgage (P&I): −$472
• Tax from tax record: −$134 /mo · $1,609/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $271

Break-even live

Break-even rent $815

Max offer price $90,000

Occupancy floor 72%

Sensitivity live

Price	-10% $322	-5% $296	+0% $271	+5% $245	+10% $220
Rent	-10% $179	-5% $225	+0% $271	+5% $316	+10% $362
Rate	-1.0pp $316	-0.5pp $293	base $271	+0.5pp $247	+1.0pp $224

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
113 Mullins Ave Fayetteville, NC	2.0	1.0	1000	$1,025	$1.02	25d	1	0.02mi
122 Kensington Cir Fayetteville, NC	3.0	1.0	856	$1,250	$1.46	25d	1	0.14mi
302 Brookwood Ave Fayetteville, NC	2.0	1.0	979	$1,250	$1.28	15d	1	0.29mi
1608 Fayette Ave Fayetteville, NC	2.0	1.0	900	$875	$0.97	15d	1	0.30mi
1608 Fayette Ave Fayetteville, NC	2.0	1.0	900	$875	$0.97	25d	1	0.30mi
112 Quincy St Fayetteville, NC	3.0	1.0	1080	$1,320	$1.22	15d	1	0.30mi
282 Windsor Dr Fayetteville, NC	3.0	1.0	855	$1,000	$1.17	25d	1	0.34mi
307 Hawthorne Rd Fayetteville, NC	3.0	1.0	886	$1,125	$1.27	15d	1	0.34mi
1606 Gibson St Fayetteville, NC	3.0	1.5	1014	$1,000	$0.99	25d	1	0.38mi
1847 Blake St Fayetteville, NC	3.0	2.0	900	$990	$1.10	15d	1	0.45mi
1847 Blake St Fayetteville, NC	3.0	2.0	900	$990	$1.10	25d	1	0.45mi
398 Bainbridge Ct Fayetteville, NC	3.0	2.0	900	$990	$1.10	15d	1	0.58mi
398 Bainbridge Ct Fayetteville, NC	3.0	2.0	900	$990	$1.10	25d	1	0.58mi
100 Sycamore Ct Fayetteville, NC	2.0	1.0	800	$875	$1.09	25d	1	0.72mi
2015 Blake St Fayetteville, NC	2.0	1.0	700	$995	$1.42	25d	1	0.73mi
110 Facility Dr #2015 Fayetteville, NC	2.0	1.0	700	$995	$1.42	25d	1	0.74mi
2061 Osceola Dr Fayetteville, NC	3.0	1.0	928	$1,300	$1.40	25d	1	0.75mi
1704 Newark Ave Fayetteville, NC	2.0	1.0	1100	$850	$0.77	25d	1	1.11mi
806 Lakeland St Fayetteville, NC	3.0	1.0	864	$1,400	$1.62	25d	1	1.17mi
216 Brainerd Ave Fayetteville, NC	2.0	1.0	818	$1,150	$1.41	25d	1	1.20mi
508 Stone Way Ct Fayetteville, NC	3.0	2.0	1261	$1,900	$1.51	25d	1	1.21mi
118 Circle Ct Fayetteville, NC	3.0	2.0	1496	$1,550	$1.04	15d	1	1.25mi
2678 Rivercliff Rd Fayetteville, NC	3.0	2.0	1260	$1,500	$1.19	25d	1	1.29mi
501 Lambert St Fayetteville, NC	2.0	2.0	1200	$1,230	$1.02	15d	3	1.37mi
1401 Briarcliff Dr Unit B Fayetteville, NC	1.0	1.0	1001	$875	$0.87	25d	1	1.37mi
2737 Kentberry Ave Fayetteville, NC	2.0–3.0	2.0	1209	$1,300	$1.08	15d	5	1.37mi
1228 Woodland Dr Unit 1 Fayetteville, NC	2.0	2.0	1465	$1,595	$1.09	15d	1	1.39mi
539 Crooked Creek Ct Fayetteville, NC	3.0	2.0	1258	$1,395	$1.11	25d	1	1.39mi
620 Forest Rd Fayetteville, NC	2.0	1.0	1000	$975	$0.97	25d	2	1.42mi
1021 W Rowan St Unit H Fayetteville, NC	2.0	1.5	930	$850	$0.91	25d	1	1.47mi
450 Hay St Fayetteville, NC	1.0–2.0	1.0–2.0	799	$1,745	$2.18	15d	3	1.48mi

Listing history 3 events

1. 2026-06-21
   days on market $90,000 Active 3 DOM
2. 2026-06-18
   remarks 269-char remark
3. 2026-06-18
   listed $90,000 Active 1 DOM

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

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $1,609 · $134/mo
• Projected year-2 tax: $1,609 · $134/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,886
• − Mortgage interest: −$5,041
• − Property taxes: −$1,609
• − Insurance: −$450
• − Repairs & maintenance: −$1,111
• − Management: −$1,111
• − Depreciation: −$2,618
• Taxable income: $1,945
• Est. tax owed @ 24.0%: −$467
• After-tax cash flow: $2,780/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.

Schools (NCES district)

• District: Cumberland County Schools
• NCES district ID: 3700011
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $44,168
• Composite: 31.0/100
• National rank: #6096
• State rank: #126 of 178 in NC

Livability — Fayetteville

• Score: 75/100
• State rank: #45
• US rank: #4031

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fayetteville, NC
• County: Cumberland County · 265,314 people
• City population: 226,118
• Metro: Fayetteville, NC
• Population (ZIP): 16,798
• Household income: $39,198
• Rent vs Own: 64.7% rent · 35.3% own
• Severe rent burden: 1389.0

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 330,855 people
• By 2030: 333,523 · +0.8%
• By 2040: 335,583 · +1.4%
• By 2050: 335,325 · +1.4%
• By 2075: 342,853 · +3.6%
• By 2100: 340,698 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (68%)
• Race & ethnicity: Black 68% White 19% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Serbian 1% Slovak 1% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% French/Haitian/Cajun 1%

Political lean MEDSL · Cumberland

• 2024 margin: D (+13.4) · D 56.1% · R 42.7% · Other 1.2%
• 2008→2024 swing: -4.3pp toward R · 2008: 17.7pp · 2024: 13.4pp
• All cycles: 2024: D+13.4 2020: D+16.6 2016: D+16.0 2012: D+19.7 2008: D+17.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.92%
• Current HPI: 265.98
• Rent YoY: ▲ 3.49%
• Metro: Fayetteville, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

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

Price history

+157.1% since first listed

13 events — show timeline

• 2026-06-12 Listed $90,000 LPRMLS
• 2025-02-04 Listed $95,000 LPRMLS
• 2024-12-02 Price Changed $95,000 Hive MLS
• 2024-12-02 Price Changed $95,000 LPRMLS
• 2024-11-30 Relisted — LPRMLS
• 2024-11-30 Relisted — Hive MLS
• 2024-11-25 Pending — Hive MLS
• 2024-11-25 Pending — LPRMLS
• 2024-11-25 Listing Removed — Hive MLS
• 2024-10-16 Listed $110,000 LPRMLS
• 2024-10-16 Listed $110,000 Hive MLS
• 2015-08-12 Sold (MLS) $25,000 LPRMLS
• 2014-06-03 Listed $35,000 LPRMLS

Property tax history

+7.6%/yr

Latest (2025): $1,609 · +56.7% YoY. Source: county tax records.