1033 Pine Ridge Ct

Skippers Corner, NC 28429

$399,700F

4 bd · 2.5 ba · 1,983 sqft · Built 2026 · Land · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,714/mo
• Mortgage (P&I): −$2,096
• Tax + insurance: −$666
• HOA: −$0
• Vac / Maint / Mgmt: −$570
• Net cashflow: $-618/mo
• Annual: $-7,418/yr
• Cap rate: 4.44%
• Cash-on-cash: -6.63%
• DSCR: 0.71
• 1% rule: 0.68%
• Cash to close: $111,916

Investor read

• This is a 4-bed/2.5-bath land listed at $400k.
• At list price, monthly cash flow is $-618 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $310k (22.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $271k (32.1% below list).
• It's been on market 34 days — a 3% lower offer ($388k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $271k (32.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#459 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A-, housing A-; Watch: health & safety D, amenities F, commute F.
• New Hanover County Schools (urban): math 48% / reading 53% proficiency, ranked #61 of 178 in NC (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Castle Hayne Elementary (math 47% / reading 53%, grade D+, #409 of 1,410 statewide, top 29%, 459 students, 99% FRL); Holly Shelter Middle (math 39% / reading 43%, grade F, #209 of 475 statewide, top 45%, 858 students, 100% FRL); Emsley A Laney High (math 62% / reading 63%, grade B-, #179 of 535 statewide, top 34%, 2,220 students, 42% FRL) — zoned schools average 80% FRL vs 42% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 191 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).
• New Hanover County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $245k; list at $400k implies a 63% gain — meaningful room to come down on a strong offer.
• Cap rate 4.4% vs local median 1.1% in Skippers Corner — 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 $2,714/mo this rent would consume 45% of the median local household income ($72k/yr) (locally 110% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 34 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• 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?
• 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.