18 Joines Court Ln

Sparta, NC 28627

$10,000C-

3 bd · 2.0 ba · 924 sqft · Built 1984 · Other · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $900/mo
• Mortgage (P&I): −$52
• Tax + insurance: −$17
• HOA: −$0
• Vac / Maint / Mgmt: −$189
• Net cashflow: $642/mo
• Annual: $7,700/yr
• Cap rate: 83.29%
• Cash-on-cash: 275.00%
• DSCR: 13.24
• 1% rule: 9.00%
• Cash to close: $2,800

Investor read

• This is a 3-bed/2.0-bath other listed at $10k.
• At list price, monthly cash flow is $642 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($900 rent vs $10k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $188 of equity ($69 loan paydown + $119 appreciation (1.2% local appreciation)).
• Location reads 75/100 on livability (#50 in NC, #4,236 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities D+, schools F, commute F.
• Alleghany County Schools (rural): math 41% / reading 44% proficiency, ranked #104 of 178 in NC (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 43 active listings in the ZIP; 91 units permitted in Alleghany County in 2024 (0 in 5+ unit buildings).
• Alleghany County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $3k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 83.3% vs local median 1.7% in Sparta — 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

• 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.