53 Old E C Womack Rd

Broadway, NC 27330

$157,700C+

2 bd · 2.0 ba · 1,028 sqft · Built 1962 · SingleFamily · Active · 224 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,538/mo
• Mortgage (P&I): −$827
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$323
• Net cashflow: $250/mo
• Annual: $3,003/yr
• Cap rate: 8.20%
• Cash-on-cash: 6.80%
• DSCR: 1.30
• 1% rule: 0.98%
• Cash to close: $44,156

Investor read

• This is a 2-bed/2.0-bath single-family listed at $158k.
• At list price, monthly cash flow is $250 ($3k/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 $154k (2.5% below list).
• It's been on market 224 days — a 12% lower offer ($139k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $139k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#87 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Lee County Schools (rural): math 31% / reading 39% proficiency, ranked #131 of 178 in NC (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Tramway Elementary (math 45% / reading 47%, grade D-, #551 of 1,410 statewide, top 40%, 545 students, 47% FRL); East Lee Middle (math 21% / reading 37%, grade F, #350 of 475 statewide, top 74%, 531 students, 71% FRL); Lee County High (math 39% / reading 44%, grade F, #381 of 535 statewide, top 72%, 1,508 students, 60% FRL) — zoned schools at 59% FRL track the district average.
• Market conditions: Rents rising fast (+4.7%/yr); 528 active listings in the ZIP; 602 units permitted in Lee County in 2024 (0 in 5+ unit buildings).
• Lee County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts; this cycle's ask has dropped $30k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $158k implies a 531% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 57% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.2% vs local median 3.0% in Broadway — 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.
• This rent runs 30% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 224 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.