918 E Green St Unit G107

Franklinton, NC 27525

$190,000D

2 bd · 2.5 ba · 1,099 sqft · Built 2019 · Townhouse · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,533/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$317
• HOA: −$180
• Vac / Maint / Mgmt: −$322
• Net cashflow: $-282/mo
• Annual: $-3,387/yr
• Cap rate: 4.51%
• Cash-on-cash: -6.37%
• DSCR: 0.72
• 1% rule: 0.81%
• Cash to close: $53,200

Investor read

• This is a 2-bed/2.5-bath townhouse listed at $190k. Condition is rated good.
• At list price, monthly cash flow is $-282 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (21.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (19.3% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $149k (21.5% below list) — sets the bar for cash-flow.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (8.4% local appreciation)).
• Location reads 61/100 on livability (#491 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, schools F, amenities F.
• Franklin County Schools (rural): math 34% / reading 37% proficiency, ranked #128 of 178 in NC (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 249 active listings in the ZIP; 948 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 47% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.5% vs local median 3.1% in Franklinton — 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 D 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?
• 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.