52 Mockingbird Ln

Hayesville, NC 28904

$179,900C

2 bd · 1.5 ba · 1,140 sqft · Built 1989 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,870/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$300
• HOA: −$0
• Vac / Maint / Mgmt: −$393
• Net cashflow: $234/mo
• Annual: $2,810/yr
• Cap rate: 7.86%
• Cash-on-cash: 5.58%
• DSCR: 1.25
• 1% rule: 1.04%
• Cash to close: $50,372

Investor read

• This is a 2-bed/1.5-bath single-family listed at $180k.
• At list price, monthly cash flow is $234 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $3k of equity ($1k loan paydown + $2k appreciation (1.2% local appreciation)).
• Location reads 67/100 on livability (#209 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: housing C-, crime F, amenities F.
• Clay County Schools (rural): math 47% / reading 50% proficiency, ranked #73 of 178 in NC (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 694 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 143 units permitted in Clay County in 2024 (6 in 5+ unit buildings).
• Clay County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.9% vs local median 2.5% in Hayesville — 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.
• 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?
• 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.