1954 Lakeview Rd

Asheboro, NC 27203

$800,000C+

None bd · None ba · — sqft · Built 1979 · MultiFamily · Active · 73 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,664/mo
• Mortgage (P&I): −$4,195
• Tax + insurance: −$1,333
• HOA: −$0
• Vac / Maint / Mgmt: −$2,029
• Net cashflow: $2,106/mo
• Annual: $25,271/yr
• Cap rate: 9.45%
• Cash-on-cash: 11.28%
• DSCR: 1.50
• 1% rule: 1.21%
• Cash to close: $224,000

Investor read

• This is a 10 × 1-bed/1-bath units multifamily listed at $800k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $211/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $800k).
• It's been on market 73 days — a 6% lower offer ($752k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $752k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#85 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime F, amenities F, employment F.
• Asheboro City Schools (town): math 29% / reading 33% proficiency, ranked #145 of 178 in NC (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Balfour Elementary (math 23% / reading 29%, grade F, #1,085 of 1,410 statewide, top 77%, 516 students, 81% FRL); North Asheboro Middle (math 16% / reading 29%, grade F, #410 of 475 statewide, top 87%, 487 students, 85% FRL); Asheboro High (math 48% / reading 49%, grade D, #326 of 535 statewide, top 61%, 1,339 students, 69% FRL).
• Market conditions: Rents rising (+3.8%/yr); 91 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 789 units permitted in Randolph County in 2024 (168 in 5+ unit buildings).
• Randolph County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $224k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wind risk, 26% 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.
• Cap rate 9.5% vs local median 2.9% in Asheboro — 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.
• At $9,664/mo this rent would consume 250% of the median local household income ($46k/yr) (locally 1201% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Major: exterior siding — The exterior siding and paint appear to be in poor condition, with visible wear and tear.
• Major: landscaping — The landscaping and curb appeal appear to be in poor condition, with overgrown grass and unkempt areas.