1073 Ed Little Rd

Lansing, NC 28693

$199,000D

3 bd · 3.0 ba · 2,352 sqft · Built 1999 · SingleFamily · Active · 262 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,519/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$302
• HOA: −$0
• Vac / Maint / Mgmt: −$319
• Net cashflow: $-146/mo
• Annual: $-1,749/yr
• Cap rate: 5.81%
• Cash-on-cash: -1.71%
• DSCR: 0.92
• 1% rule: 0.76%
• Cash to close: $55,720

Investor read

• This is a 3-bed/3.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $-146 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (12.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (23.7% below list).
• It's been on market 262 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $152k (23.7% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.3% local appreciation)).
• Location reads 60/100 on livability (#514 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Ashe County Schools (rural): math 53% / reading 55% proficiency, ranked #53 of 178 in NC (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Blue Ridge Elementary (math 46% / reading 53%, grade D, #417 of 1,410 statewide, top 32%, 360 students, 71% FRL); Ashe County Middle (math 58% / reading 57%, grade B, #64 of 475 statewide, top 14%, 440 students, 64% FRL); Ashe County High (math 57% / reading 57%, grade C, #248 of 535 statewide, top 48%, 792 students, 54% FRL) — zoned schools average 63% FRL vs 46% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 17 active listings in the ZIP; 190 units permitted in Ashe County in 2024 (0 in 5+ unit buildings).
• Ashe County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $26k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.8% vs local median 1.7% in Lansing — 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.

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 262 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?