214 Myrtle Ln

South Mills, NC 27976

$396,160D-

3 bd · 2.0 ba · 1,440 sqft · Built 2026 · SingleFamily · Under Contract · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,997/mo
• Mortgage (P&I): −$2,078
• Tax + insurance: −$660
• HOA: −$65
• Vac / Maint / Mgmt: −$629
• Net cashflow: $-435/mo
• Annual: $-5,222/yr
• Cap rate: 4.97%
• Cash-on-cash: -4.71%
• DSCR: 0.79
• 1% rule: 0.76%
• Cash to close: $110,925

Investor read

• This is a 3-bed/2.0-bath single-family listed at $396k.
• At list price, monthly cash flow is $-435 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $333k (15.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (24.3% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $300k (24.3% below list) — sets the bar for 1% rule.
• In year one you build about $1k of equity ($3k loan paydown + $-2k appreciation (-0.4% local appreciation)).
• Location reads 57/100 on livability (#612 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing A; Watch: amenities F, commute F, employment F.
• Camden County Schools (rural): math 56% / reading 64% proficiency, ranked #29 of 178 in NC (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Grandy Primary (math 87% / reading 72%, grade A, #24 of 1,410 statewide, top 2%, 607 students, 32% FRL); Camden County High (math 62% / reading 62%, grade B-, #184 of 535 statewide, top 37%, 464 students, 25% FRL).
• Market conditions: 86 active listings in the ZIP; 105 units permitted in Camden County in 2024 (0 in 5+ unit buildings).
• Camden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts; this cycle's ask has dropped $24k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• 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?
• 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.
• 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.