1833 Sardonyx Rd #3 · Fayetteville, NC 28303

$135,000

2 bd · 2.0 ba · 1,200 sqft · Condo public records · 34 Days on market

Built 1994 $169/mo HOA · 14% of rent

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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 +12.9/30.0
• ARV discount +7.5/15.0
• 1% rule +4.2/10.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

COZY AND WELL MAINTAINED SECOND LEVEL CONDO IN BEAUTIFUL GATED COMMUNITY OF KAREN LAKE, CONVENIENTLY LOCATED AND EASILY ACCESSIBLE TO ALL POINTS IN FAYETTEVILLE AND FORT BRAGG. COVERED FRONT ENTRANCE. OUTSIDE STORAGE OFF BALCONY. KITCHEN WITH BREAKFAST BAR. FIREPLACE WITH GAS LOGS IN GREAT ROOM. LAUNDRY AREA IN BATHROOM. WASHER AND DRYER CONVEY "AS IS". LISTING GOES ACTIVE THURSDAY, JULY 7TH.

Key facts

• Gated community
• Exterior storage
• Private balcony

Tags

• GATED COMMUNITY
• COVERED FRONT ENTRANCE
• PRIVATE BALCONY
• EXTERIOR STORAGE
• KITCHEN WITH BREAKFAST BAR
• IN-UNIT LAUNDRY AREA

Property features AI

Finance

• HOA & community: Homeowners association with a monthly fee of $169; Community amenities: pool, gated entry, clubhouse

Exterior

• Parking: No garage
• Security: Gated community
• Utilities: Public water; Public sewer
• Home design: One-story condominium; Level topography; Paved road access
• Construction: Wood siding
• Exterior features: Covered patio; Storage; Storm door(s)

Interior

• Kitchen: Refrigerator; Dishwasher; Microwave; Range
• Bedrooms: Total of 4 rooms (includes bedrooms and living spaces)
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Central air; Electric cooling; Ceiling fan(s)
• Interior features: Ceiling fans; Walk-in closets; Gas log fireplace (1)
• Laundry & utility: In-unit washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $135k.

Deal economics

• At list price, monthly cash flow is $-11 ($-132/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (1.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (8.4% below list).
• Recommended offer: $124k (8.4% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.9% in Fayetteville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 75/100 on livability (#45 in NC, #4,031 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Cumberland County Schools (urban): math 32% / reading 41% proficiency, ranked #126 of 178 in NC (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Vanstory Hills Elementary (math 46% / reading 50%, grade D, #477 of 1,410 statewide, top 35%, 469 students, 99% FRL); R Max Abbott Middle (math 31% / reading 45%, grade F, #251 of 475 statewide, top 54%, 759 students, 99% FRL); Terry Sanford High (math 49% / reading 52%, grade D+, #306 of 535 statewide, top 57%, 1,224 students, 59% FRL) — zoned schools average 86% FRL vs 55% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.0%/yr); 280 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,125 units permitted in Cumberland County in 2024 (104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.
• Current owner paid $90k; list at $135k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 73% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,611 (8.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 8% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.92% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.35%
• DSCR: 0.98
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.01% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.40×
• Total profit: $-22,514
• Equity at exit: $20,129

10-year hold

• IRR: -8.6%
• Equity multiple: 0.46×
• Total profit: $-20,247
• Equity at exit: $11,672

Cash invested: $37,800 (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 28303

• Home prices YoY: -25.4%
• Rents YoY: 3.0%
• Active inventory: 280
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,236 high
• Mortgage (P&I): −$708
• Tax from tax record: −$54 /mo · $652/yr
• Insurance: −$56
• HOA: −$169
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $-11

Break-even live

Break-even rent $1,250

Max offer price $133,050

Occupancy floor 96%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1937 Sardonyx Rd Fayetteville, NC	2.0	2.0	1200	$1,150	$0.96	23d	1	0.11mi
1276 N Forest Dr Fayetteville, NC	2.0	2.5	1200	$1,295	$1.08	23d	1	0.25mi
1199 Wrenwood Ct Fayetteville, NC	2.0	2.5	1224	$1,345	$1.10	23d	1	0.26mi
1198 Windham Ct Fayetteville, NC	2.0	2.5	1200	$1,100	$0.92	14d	1	0.27mi
1909 Tryon Dr #7 Fayetteville, NC	2.0	2.0	1060	$1,050	$0.99	23d	1	0.29mi
1160 Windham Ct Fayetteville, NC	2.0	2.5	1200	$1,250	$1.04	23d	1	0.30mi
4420 Blanton Rd Unit 4420-H Fayetteville, NC	2.0	1.5	990	$1,025	$1.04	14d	1	0.32mi
5109 Higgins St Fayetteville, NC	2.0	1.0	862	$1,000	$1.16	23d	1	0.36mi
1882 Tryon Dr #4 Fayetteville, NC	2.0	2.0	1063	$1,100	$1.03	14d	1	0.36mi
5112 Cannon St Fayetteville, NC	2.0	1.0	750	$949	$1.27	14d	1	0.39mi
1849 Tryon Dr Fayetteville, NC	2.0	2.0	1061	$998	$0.94	23d	2	0.39mi
1861 Tryon Dr Unit 3 Fayetteville, NC	2.0	2.0	1050	$995	$0.95	23d	1	0.40mi
1808 Tryon Dr Fayetteville, NC	2.0	2.0	1066	$995	$0.93	23d	1	0.49mi
844 Anita Rd Fayetteville, NC	2.0	1.0	850	$850	$1.00	14d	1	0.52mi
710 Villagio Pl Fayetteville, NC	1.0–2.0	1.0–2.0	984	$1,686	$1.71	14d	9	0.55mi
4916 Schmidt St Fayetteville, NC	2.0	1.0	801	$945	$1.18	23d	1	0.56mi
3374 Galleria Dr Fayetteville, NC	3.0	2.0	1350	$1,200	$0.89	23d	1	0.61mi
1907 Eichelberger Dr Fayetteville, NC	3.0	2.0	1463	$1,650	$1.13	23d	1	0.72mi
421 Squirrel St Unit A Fayetteville, NC	2.0	1.0	780	$900	$1.15	23d	1	0.79mi
1615 Morehead Ave Fayetteville, NC	3.0	2.0	1073	$1,400	$1.30	23d	1	0.88mi
4943 Fieldcrest Dr Unit B Fayetteville, NC	1.0	1.0	825	$799	$0.97	23d	1	0.88mi
4959 Fieldcrest Dr Fayetteville, NC	1.0	1.0	850	$725	$0.85	14d	1	0.90mi
4981 Galveston Dr Fayetteville, NC	2.0	1.5	750	$1,050	$1.40	23d	1	0.96mi
2056 Wheeling St Fayetteville, NC	3.0	2.5	1401	$1,595	$1.14	23d	1	0.97mi
1981 Wheeling St Fayetteville, NC	3.0	2.0	1400	$1,500	$1.07	23d	1	1.00mi
622 Dashland Dr Unit A Fayetteville, NC	1.0	1.0	700	$835	$1.19	14d	1	1.04mi
622 Dashland Dr Unit B Fayetteville, NC	2.0	1.5	750	$940	$1.25	14d	1	1.05mi
1914 King George Dr Fayetteville, NC	2.0	1.0	800	$850	$1.06	23d	1	1.10mi
1130 Annondale Way Fayetteville, NC	1.0–3.0	1.0–2.5	1180	$1,942	$1.65	14d	6	1.18mi
1350 Shaw Rd Fayetteville, NC	3.0	2.0	1339	$1,399	$1.04	14d	1	1.20mi
1404 Hibiscus Rd Fayetteville, NC	3.0	1.5	1418	$1,350	$0.95	21d	1	1.20mi
5745 Holland St Fayetteville, NC	3.0	1.0	1140	$1,650	$1.45	23d	1	1.24mi
3318 Rogers Dr Fayetteville, NC	3.0	2.0	1392	$1,750	$1.26	14d	1	1.24mi
908 William Clark Rd Fayetteville, NC	2.0	1.0	750	$975	$1.30	14d	1	1.29mi
1000 Antietam Crk Dr Fayetteville, NC	3.0	1.0–2.0	1059	$1,567	$1.48	23d	14	1.34mi
1156 Acorn St Fayetteville, NC	2.0	1.0	800	$1,000	$1.25	23d	1	1.41mi
1025 Hirschfeld Dr Fayetteville, NC	1.0–3.0	1.0–2.0	1112	$1,730	$1.56	14d	17	1.44mi
2110 Rogers Dr Fayetteville, NC	1.0	1.0	700	$895	$1.28	23d	1	1.49mi

HOA detail condo

• Monthly dues: $169 · $2,028/yr
• Likely covers: gassecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $135,000 Active 34 DOM
2. 2026-06-17
   days on market $135,000 Active 33 DOM
3. 2026-06-16
   days on market $135,000 Active 32 DOM
4. 2026-06-15
   days on market $135,000 Active 31 DOM
5. 2026-06-14
   days on market $135,000 Active 29 DOM
6. 2026-06-13
   days on market $135,000 Active 28 DOM
7. 2026-06-10
   days on market $135,000 Active 26 DOM
8. 2026-06-09
   days on market $135,000 Active 25 DOM
9. 2026-06-08
   days on market $135,000 Active 24 DOM
10. 2026-06-07
    days on market $135,000 Active 23 DOM
11. 2026-06-03
    days on market $135,000 Active 19 DOM
12. 2026-06-02
    days on market $135,000 Active 18 DOM
13. 2026-06-01
    days on market $135,000 Active 17 DOM
14. 2026-05-31
    days on market $135,000 Active 16 DOM
15. 2026-05-30
    days on market $135,000 Active 15 DOM
16. 2026-05-15
    listed $135,000 Active
17. 2022-08-05
    soldstatus $90,000 405-char remark

    Show marketing remark (405 chars)

    COZY AND WELL MAINTAINED SECOND LEVEL CONDO IN BEAUTIFUL GATED COMMUNITY OF KAREN LAKE, CONVENIENTLY LOCATED AND EASILY ACCESSIBLE TO ALL POINTS IN FAYETTEVILLE AND FORT BRAGG. COVERED FRONT ENTRANCE. OUTSIDE STORAGE OFF BALCONY. KITCHEN WITH BREAKFAST BAR. FIREPLACE WITH GAS LOGS IN GREAT ROOM. LAUNDRY AREA IN BATHROOM. WASHER AND DRYER CONVEY "AS IS". LISTING GOES ACTIVE THURSDAY, JULY 7TH.

18. 2022-07-01
    listed $90,000 405-char remark

    Show marketing remark (405 chars)

    COZY AND WELL MAINTAINED SECOND LEVEL CONDO IN BEAUTIFUL GATED COMMUNITY OF KAREN LAKE, CONVENIENTLY LOCATED AND EASILY ACCESSIBLE TO ALL POINTS IN FAYETTEVILLE AND FORT BRAGG. COVERED FRONT ENTRANCE. OUTSIDE STORAGE OFF BALCONY. KITCHEN WITH BREAKFAST BAR. FIREPLACE WITH GAS LOGS IN GREAT ROOM. LAUNDRY AREA IN BATHROOM. WASHER AND DRYER CONVEY "AS IS". LISTING GOES ACTIVE THURSDAY, JULY 7TH.

19. 2019-09-20
    soldstatus $46,000
20. 2003-09-29
    soldstatus $70,000

ⓘ 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: $652 · $54/mo
• Projected year-2 tax: $1,107 · $92/mo
• Expected delta: +$455/yr (+$38/mo · 69.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 73% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,833
• − Mortgage interest: −$7,562
• − Property taxes: −$652
• − Insurance: −$675
• − Repairs & maintenance: −$1,187
• − Management: −$1,187
• − HOA: −$2,028
• − Depreciation: −$3,927
• Taxable loss: −$2,385
• Est. tax savings @ 24.0%: +$572
• After-tax cash flow: $440/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: Cumberland County Schools
• NCES district ID: 3700011
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $44,168
• Composite: 31.0/100
• National rank: #6096
• State rank: #126 of 178 in NC

Livability — Fayetteville

• Score: 75/100
• State rank: #45
• US rank: #4031

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fayetteville, NC
• County: Cumberland County · 265,314 people
• City population: 226,118
• Metro: Fayetteville, NC
• Population (ZIP): 30,965
• Household income: $58,223
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1370.0

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 330,855 people
• By 2030: 333,523 · +0.8%
• By 2040: 335,583 · +1.4%
• By 2050: 335,325 · +1.4%
• By 2075: 342,853 · +3.6%
• By 2100: 340,698 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 39% Black 37% Two or more races 11% Hispanic / Latino 10% Asian 4% Pacific Islander 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Slovak 3% Serbian 1% Lithuanian 1%
• Foreign-born: 9% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 7% Other Asian/Pacific 2% Korean 1%

Political lean MEDSL · Cumberland

• 2024 margin: D (+13.4) · D 56.1% · R 42.7% · Other 1.2%
• 2008→2024 swing: -4.3pp toward R · 2008: 17.7pp · 2024: 13.4pp
• All cycles: 2024: D+13.4 2020: D+16.6 2016: D+16.0 2012: D+19.7 2008: D+17.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.14%
• Current HPI: 226.5097
• Rent YoY: ▲ 3.01%
• 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

+92.9% since first listed

5 events — show timeline

• 2026-05-15 Listed $135,000 LPRMLS
• 2022-08-05 Sold (MLS) $90,000 LPRMLS
• 2022-07-01 Listed $90,000 LPRMLS
• 2019-09-20 Sold (Public Records) $46,000 Public Records
• 2003-09-29 Sold (Public Records) $70,000 Public Records

Property tax history

-7.8%/yr

Latest (2019): $652 · +0.0% YoY. Source: county tax records.