319 Waylon Ct

Lexington, NC 27295

$302,990D-

4 bd · 3.0 ba · 2,454 sqft · Built 2026 · SingleFamily · Active · 133 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,904/mo
• Mortgage (P&I): −$1,589
• Tax + insurance: −$505
• HOA: −$50
• Vac / Maint / Mgmt: −$400
• Net cashflow: $-640/mo
• Annual: $-7,675/yr
• Cap rate: 3.76%
• Cash-on-cash: -9.05%
• DSCR: 0.60
• 1% rule: 0.63%
• Cash to close: $84,837

Investor read

• This is a 4-bed/3.0-bath single-family listed at $303k. Condition is rated excellent.
• At list price, monthly cash flow is $-640 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $210k (30.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (37.2% below list).
• It's been on market 133 days — a 12% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $190k (37.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#89 in NC) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, amenities D-, employment F.
• Davidson County Schools (rural): math 50% / reading 50% proficiency, ranked #62 of 178 in NC (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tyro Elementary (math 42% / reading 32%, grade F, #771 of 1,410 statewide, top 57%, 413 students, 62% FRL); Tyro Middle (math 34% / reading 44%, grade F, #238 of 475 statewide, top 51%, 561 students, 58% FRL); West Davidson High (math 57% / reading 52%, grade C-, #270 of 535 statewide, top 52%, 725 students, 50% FRL) — zoned schools average 57% FRL vs 39% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 569 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 990 units permitted in Davidson County in 2024 (54 in 5+ unit buildings).
• Davidson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• This rent runs 36% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 133 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?