408 Old Farm Rd · Raeford, NC 28376

$264,000

3 bd · 2.0 ba · 1,940 sqft · SingleFamily public records · 115 Days on market

Built 1973 Est $307k · 14% under ↓ 2% since listing

---

Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +13.9/30.0
• ARV discount +13.7/15.0
• DSCR +4.2/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

PRICE REDUCED! This lovely three-bedroom, two-bathroom home in Raeford features a welcoming foyer, formal living room, dining area, charming kitchen, and a den with a fireplace and built-ins. Additionally, the large sunroom offers versatile space for a home office, game room, etc. This functional floor plan provides several cozy living areas throughout the home. Outside, you can enjoy the covered front porch, back patio, and deck overlooking a large, fenced yard—perfect for entertaining. This property is in a great location, just minutes from shopping, schools, and restaurants. Convenient to Ft Bragg and surrounding counties. Please note that the seller requires a two-week seller poss

Key facts

• Large sunroom
• Welcoming foyer
• Dining area

Tags

• WELCOMING FOYER
• FORMAL LIVING ROOM
• DINING AREA
• CHARMING KITCHEN
• DEN WITH FIREPLACE
• LARGE SUNROOM

Property features AI

Finance

• Other: Located in the Raeford subdivision

Exterior

• Parking: Detached 2-car garage; 2 covered parking spaces
• Security: Smoke detectors
• Utilities: Public water; Septic tank or holding tank sewer
• Home design: Single-family residence; Residential property
• Construction: Frame construction; Crawl space foundation
• Exterior features: Deck; Porch and front porch; Patio; Back yard fencing; Paved road access

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator
• Flooring: Carpet; Laminate; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas forced-air heating; Electric cooling; Ceiling fans
• Interior features: Built-in features; Ceiling fans; Entrance foyer; Den with fireplace
• Laundry & utility: Washer hookup in unit; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $264k.

Deal economics

• At list price, monthly cash flow is $27 ($326/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (24.8% below list).
• Recommended offer: $198k (24.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 5.1% in Raeford — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 76/100 on livability (#39 in NC, #3,562 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F, employment F.
• Hoke County Schools (suburban): math 35% / reading 40% proficiency, ranked #123 of 178 in NC (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Hoke Middle (math 23% / reading 32%, grade F, #368 of 475 statewide, top 78%, 576 students, 100% FRL); Hoke County High (math 42% / reading 44%, grade F, #372 of 535 statewide, top 69%, 2,060 students, 100% FRL) — zoned schools average 100% FRL vs 57% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.9%/yr); 575 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 685 units permitted in Hoke County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Hoke County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($240k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 68% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $198,489 (24.8% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.44%
• DSCR: 1.02
• GRM: 11.1

CMA / ARV

• ARV (on-the-fly): $306,520
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
338 Marengo (lot 15) Trl	0.61mi	3/2.5	1,888 (-3%)	1mo	$315,999	$167	65
280 Mayor Ct	0.52mi	4/2.5 (+1)	1,903 (-2%)	2mo	$283,500	$149	64
153 Abbey Ln	0.43mi	3/2.5	1,866 (-4%)	11mo	$282,900	$152	62
540 College Dr	0.30mi	3/2.0	1,746 (-10%)	9mo	$250,000	$143	62
486 Gable Dr	0.42mi	4/2.5 (+1)	1,809 (-7%)	2mo	$285,000	$158	60
290 Mayor Ct	0.54mi	4/2.5 (+1)	1,882 (-3%)	3mo	$283,500	$151	60
390 Marengo (lot 17) Trl	0.60mi	4/2.5 (+1)	1,990 (+3%)	1mo	$320,000	$161	60
303 N Dickson St	0.71mi	3/2.0	1,721 (-11%)	2mo	$285,000	$166	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.92% rent growth · sell at horizon

5-year hold

• IRR: -16.7%
• Equity multiple: 0.41×
• Total profit: $-43,329
• Equity at exit: $39,363

10-year hold

• IRR: -10.4%
• Equity multiple: 0.40×
• Total profit: $-44,660
• Equity at exit: $22,826

Cash invested: $73,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28376

• Home prices YoY: -24.0%
• Rents YoY: 1.9%
• Active inventory: 575
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $1,985 high
• Mortgage (P&I): −$1,384
• Tax from tax record: −$46 /mo · $558/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $27

Break-even live

Break-even rent $1,951

Max offer price $264,000

Occupancy floor 94%

Sensitivity live

Price	-10% $177	-5% $102	+0% $27	+5% $-48	+10% $-439
Rent	-10% $-130	-5% $-51	+0% $27	+5% $106	+10% $184
Rate	-1.0pp $160	-0.5pp $94	base $27	+0.5pp $-41	+1.0pp $-111

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $66,000
• Closing costs: $7,920
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
113 N Wright St Raeford, NC	3.0	2.0	1585	$1,550	$0.98	15d	1	0.74mi
203 Williford Dr Raeford, NC	4.0	2.5	2128	$2,200	$1.03	24d	1	0.95mi
198 Peeler Raeford, NC	4.0	2.5	1886	$2,150	$1.14	24d	1	1.21mi
123 Main St Raeford, NC	4.0	2.5	1913	$2,200	$1.15	24d	1	1.23mi
125 Burgess Ln Raeford, NC	3.0	2.5	1460	$1,600	$1.10	24d	1	1.33mi
122 Sherman Ct Unit 122 Raeford, NC	3.0	2.5	1400	$1,600	$1.14	24d	1	1.35mi

Listing history 19 events

1. 2026-06-21
   days on market $264,000 Active 115 DOM
2. 2026-06-18
   days on market $264,000 Active 112 DOM
3. 2026-06-17
   days on market $264,000 Active 111 DOM
4. 2026-06-16
   days on market $264,000 Active 110 DOM
5. 2026-06-15
   days on market $264,000 Active 109 DOM
6. 2026-06-14
   days on market $264,000 Active 107 DOM
7. 2026-06-13
   days on market $264,000 Active 106 DOM
8. 2026-06-10
   days on market $264,000 Active 104 DOM
9. 2026-06-09
   days on market $264,000 Active 103 DOM
10. 2026-06-08
    days on market $264,000 Active 102 DOM
11. 2026-06-07
    days on market $264,000 Active 101 DOM
12. 2026-06-05
    days on market $264,000 Active 98 DOM
13. 2026-06-03
    days on market $264,000 Active 97 DOM
14. 2026-06-02
    days on market $264,000 Active 96 DOM
15. 2026-06-01
    days on market $264,000 Active 95 DOM
16. 2026-05-31
    days on market $264,000 Active 94 DOM
17. 2026-05-30
    days on market $264,000 Active 93 DOM
18. 2026-05-18
    price $264,000
19. 2026-02-26
    listed $269,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $558 · $46/mo
• Projected year-2 tax: $2,165 · $180/mo
• Expected delta: +$1,607/yr (+$134/mo · 288.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,819
• − Mortgage interest: −$14,788
• − Property taxes: −$558
• − Insurance: −$1,320
• − Repairs & maintenance: −$1,905
• − Management: −$1,905
• − Depreciation: −$7,680
• Taxable loss: −$4,338
• Est. tax savings @ 24.0%: +$1,041
• After-tax cash flow: $1,367/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hoke County Schools
• NCES district ID: 3702250
• Math proficiency: 35% ▼ -1.00%
• Reading proficiency: 40% ▲ 1.00%
• Median HH income: $43,896
• Composite: 31.82/100
• National rank: #5880
• State rank: #123 of 178 in NC

Livability — Raeford

• Score: 76/100
• State rank: #39
• US rank: #3562

Category grades

Amenities D Commute F Cost of living A+ Crime A Employment F Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Raeford, NC
• County: Hoke County · 44,880 people
• City population: 44,880
• Metro: Fayetteville, NC
• Population (ZIP): 44,880
• Household income: $66,471
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 897.0

Population outlook (Hoke County) Hauer SSP2

• Today (2025): 63,354 people
• By 2030: 68,361 · +7.9%
• By 2040: 78,074 · +23.2%
• By 2050: 86,384 · +36.4%
• By 2075: 99,517 · +57.1%
• By 2100: 98,939 · +56.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 38% Black 35% Hispanic / Latino 15% Two or more races 9% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 4%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 8% French/Haitian/Cajun 1%

Political lean MEDSL · Hoke

• 2024 margin: Lean D (+5.9) · D 52.4% · R 46.4% · Other 1.2%
• 2008→2024 swing: -12.8pp toward R · 2008: 18.8pp · 2024: 5.9pp
• All cycles: 2024: D+5.9 2020: D+10.9 2016: D+10.8 2012: D+19.0 2008: D+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.30%
• Current HPI: 169.1801
• Rent YoY: ▲ 1.92%
• Metro: Fayetteville, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

-1.9% since first listed

2 events — show timeline

• 2026-05-18 Price Changed $264,000 LPRMLS
• 2026-02-26 Listed $269,000 LPRMLS

Property tax history

-5.6%/yr

Latest (2025): $558 · +0.0% YoY. Source: county tax records.