121 Forest Pl

Aberdeen, NC 28315

$156,000B

3 bd · 1.0 ba · 1,300 sqft · Built 1979 · SingleFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,857/mo
• Mortgage (P&I): −$818
• Tax + insurance: −$118
• HOA: −$0
• Vac / Maint / Mgmt: −$390
• Net cashflow: $530/mo
• Annual: $6,366/yr
• Cap rate: 10.37%
• Cash-on-cash: 14.57%
• DSCR: 1.65
• 1% rule: 1.19%
• Cash to close: $43,680

Investor read

• This is a 3-bed/1.0-bath single-family listed at $156k.
• At list price, monthly cash flow is $530 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $156k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 67/100 on livability (#218 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: crime D+, amenities F, commute F.
• Moore County Schools (rural): math 48% / reading 54% proficiency, ranked #58 of 178 in NC (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Aberdeen Elementary (math 24% / reading 34%, grade F, #1,007 of 1,410 statewide, top 72%, 629 students, 73% FRL); Southern Middle (math 30% / reading 41%, grade F, #279 of 475 statewide, top 60%, 576 students, 53% FRL); Pinecrest High (math 66% / reading 72%, grade B, #131 of 535 statewide, top 25%, 2,221 students, 34% FRL).
• Market conditions: Rents falling (-3.1%/yr); 331 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 941 units permitted in Moore County in 2024 (0 in 5+ unit buildings).
• Moore County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major wind risk, 61% 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.
• Cap rate 10.4% vs local median 3.0% in Aberdeen — 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

• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.