355 Camellia St

Jackson Heights, NC 28504

$119,000C+

3 bd · 0.5 ba · 1,670 sqft · Built 1959 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,330/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$174
• HOA: −$0
• Vac / Maint / Mgmt: −$279
• Net cashflow: $253/mo
• Annual: $3,033/yr
• Cap rate: 8.84%
• Cash-on-cash: 9.10%
• DSCR: 1.40
• 1% rule: 1.12%
• Cash to close: $33,320

Investor read

• This is a 3-bed/0.5-bath single-family listed at $119k.
• At list price, monthly cash flow is $253 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 50/100 on livability (#704 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment D-.
• Lenoir County Public Schools (rural): math 29% / reading 32% proficiency, ranked #147 of 178 in NC (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Moss Hill Elementary (math 40% / reading 43%, grade F, #673 of 1,410 statewide, top 48%, 389 students, 99% FRL); Woodington Middle (math 31% / reading 43%, grade F, #262 of 475 statewide, top 57%, 577 students, 100% FRL); South Lenoir High (math 52% / reading 42%, grade D-, #334 of 535 statewide, top 64%, 771 students, 99% FRL) — zoned schools average 99% FRL vs 65% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 127 active listings in the ZIP; 148 units permitted in Lenoir County in 2024 (0 in 5+ unit buildings).
• Lenoir County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.