6423 Town Hall Pl

Harrisburg, NC 28075

$235,000D+

3 bd · 2.0 ba · 1,225 sqft · Built 2002 · Condo · Active · 240 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,526/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$286
• HOA: −$407
• Vac / Maint / Mgmt: −$530
• Net cashflow: $70/mo
• Annual: $835/yr
• Cap rate: 6.65%
• Cash-on-cash: 1.27%
• DSCR: 1.06
• 1% rule: 1.07%
• Cash to close: $65,800

Investor read

• This is a 3-bed/2.0-bath condo listed at $235k.
• At list price, monthly cash flow is $70 ($835/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• It's been on market 240 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#23 in NC, #2,104 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: cost of living C-, commute F.
• Cabarrus County Schools (rural): math 54% / reading 55% proficiency, ranked #44 of 178 in NC (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pitts School Road Elementary (math 56% / reading 52%, grade C, #328 of 1,410 statewide, top 24%, 844 students, 48% FRL); Jay M Robinson High (math 62% / reading 59%, grade C+, #210 of 535 statewide, top 40%, 1,080 students, 50% FRL).
• Market conditions: Rents rising fast (+9.0%/yr); 195 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 2,485 units permitted in Cabarrus County in 2024 (677 in 5+ unit buildings).
• Cabarrus County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 8y ago; this cycle's ask has dropped $35k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $66k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wind risk, 22% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.6% vs local median 3.1% in Harrisburg — 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

• It's been on market 240 days. Have you received any prior offers? Is the seller open to a 12% 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.