1329 Landsdowne Dr

Conover, NC 28613

$120,000B-

3 bd · 1.0 ba · 1,240 sqft · Built 1972 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,567/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$329
• Net cashflow: $488/mo
• Annual: $5,853/yr
• Cap rate: 11.17%
• Cash-on-cash: 17.42%
• DSCR: 1.78
• 1% rule: 1.31%
• Cash to close: $33,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $488 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#206 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities F, commute F.
• Newton Conover City Schools (suburban): math 49% / reading 47% proficiency, ranked #74 of 178 in NC (top 42%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Shuford Elementary (math 62% / reading 52%, grade C+, #249 of 1,410 statewide, top 20%, 421 students, 56% FRL); Newton-Conover High (math 57% / reading 52%, grade C-, #270 of 535 statewide, top 52%, 758 students, 59% FRL) — zoned schools at 58% FRL track the district average.
• Market conditions: 168 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 2,016 units permitted in Catawba County in 2024 (255 in 5+ unit buildings).
• Catawba County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.2% vs local median 3.4% in Conover — 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 1972 — 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?
• 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.