211 Roy Eaker Rd

Cherryville, NC 28021

$325,000F

2 bd · 2.0 ba · 2,364 sqft · Built 1956 · SingleFamily · Pending · 286 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,309/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$348
• HOA: −$0
• Vac / Maint / Mgmt: −$275
• Net cashflow: $-1,018/mo
• Annual: $-12,219/yr
• Cap rate: 2.53%
• Cash-on-cash: -13.43%
• DSCR: 0.40
• 1% rule: 0.40%
• Cash to close: $91,000

Investor read

• This is a 2-bed/2.0-bath single-family listed at $325k.
• At list price, monthly cash flow is $-1k ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $145k (55.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (59.7% below list).
• It's been on market 286 days — a 12% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (59.7% 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 $10k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#59 in NC, #4,744 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Gaston County Schools (suburban): math 44% / reading 42% proficiency, ranked #93 of 178 in NC (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cherryville Elementary (math 52% / reading 37%, grade F, #574 of 1,410 statewide, top 43%, 383 students, 67% FRL); John Chavis Middle School (math 43% / reading 38%, grade F, #215 of 475 statewide, top 46%, 413 students, 70% FRL); Cherryville High (math 62% / reading 57%, grade C+, #216 of 535 statewide, top 43%, 492 students, 59% FRL) — zoned schools average 65% FRL vs 37% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 128 active listings in the ZIP; 2,069 units permitted in Gaston County in 2024 (142 in 5+ unit buildings).
• Gaston County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts; this cycle's ask has dropped $64k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 2.5% vs local median 3.9% in Cherryville — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 286 days. Have you received any prior offers? Is the seller open to a 60% concession, seller financing, or rate buy-down credit?
• Built in 1956 — 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 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.