334 Case St

Columbus, NC 28722

$389,900D+

3 bd · 3.0 ba · 2,433 sqft · Built 1978 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,300/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$410
• HOA: −$0
• Vac / Maint / Mgmt: −$483
• Net cashflow: $-637/mo
• Annual: $-7,648/yr
• Cap rate: 4.33%
• Cash-on-cash: -7.01%
• DSCR: 0.69
• 1% rule: 0.59%
• Cash to close: $109,172

Investor read

• This is a 3-bed/3.0-bath single-family listed at $390k.
• At list price, monthly cash flow is $-637 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (28.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (41.0% below list).
• It's been on market 18 days — a 2% lower offer ($384k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $230k (41.0% below list) — sets the bar for 1% rule.
• In year one you build about $42k of equity ($3k loan paydown + $39k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#53 in NC, #4,439 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Polk County Schools (rural): math 58% / reading 62% proficiency, ranked #32 of 178 in NC (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tryon Elementary School (math 67% / reading 62%, grade B, #147 of 1,410 statewide, top 11%, 407 students, 99% FRL); Polk County Middle School (math 46% / reading 59%, grade C+, #94 of 475 statewide, top 20%, 475 students, 56% FRL); Polk County High School (math 72% / reading 67%, grade B, #121 of 535 statewide, top 24%, 579 students, 52% FRL) — zoned schools average 69% FRL vs 50% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 129 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 143 units permitted in Polk County in 2024 (0 in 5+ unit buildings).
• Polk County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 4y ago; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $320k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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 4.3% vs local median 3.2% in Columbus — 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

• 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?
• Built in 1978 — 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?
• 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?
• 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.