1128 Southwood Dr #4 · Fayetteville, NC 28304

$75,000

2 bd · 2.0 ba · 864 sqft · Condo public records · 178 Days on market

Built 1984 $150/mo HOA · 14% of rent

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.5/30.0
• 1% rule +9.3/10.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +3.3/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Whether you are an looking for an rental investment opportunity or just need a small space to call your own, this property has what you are looking for. First floor two bedroom two bath Super cute condo close to major roads for easy access to Ft Bragg and Fayetteville. Great investment for rental property or perfect for your little place to call your own. Recently updated kitchen with new cabinets and counters. New paint throughout. Laminate flooring in living room, kitchen and hallways, carpet is only in bedrooms. HOA maintains outside of building and grounds.

Key facts

• $150 HOA
• Built 1984
• Listed 178 days

Property features AI

Finance

• Other: Located in the Southwood Condos subdivision; Directions: Use GPS; near Seventy-First High, Walmart Neighborhood Store, Raeford Rd. Access via Applecross to Southwood Dr.
• HOA & community: Homeowners association with a $150 monthly fee; HOA covers grounds maintenance; Community street lights

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Residential condominium
• Construction: Frame construction
• Exterior features: Covered patio

Interior

• Kitchen: Dishwasher, Electric range, Refrigerator, Range hood
• Bedrooms: Total of 4 rooms (bedrooms and living areas combined)
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning (electric); Electric forced-air heating
• Interior features: Dishwasher; Electric range; Refrigerator; Range hood
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $75k.

Deal economics

• At list price, monthly cash flow is $199 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 4.9% in Fayetteville — 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.

Location & tenants

• Location reads 75/100 on livability (#45 in NC, #4,031 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Cumberland County Schools (urban): math 32% / reading 41% proficiency, ranked #126 of 178 in NC (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lewis Chapel Middle (math 15% / reading 27%, grade F, #424 of 475 statewide, top 90%, 578 students, 100% FRL); Seventy-First High (math 45% / reading 44%, grade F, #352 of 535 statewide, top 68%, 1,366 students, 70% FRL) — zoned schools average 85% FRL vs 55% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 302 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 1,125 units permitted in Cumberland County in 2024 (104 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $21k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 178 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask is 7438% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 75% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $66,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.43% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.37%
• DSCR: 1.51
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.17% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $802
• Equity at exit: $11,183

10-year hold

• IRR: 10.9%
• Equity multiple: 1.86×
• Total profit: $18,161
• Equity at exit: $6,485

Cash invested: $21,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28304

• Home prices YoY: -21.7%
• Rents YoY: 3.2%
• Active inventory: 302
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,070 high
• Mortgage (P&I): −$393
• Tax from tax record: −$72 /mo · $859/yr
• Insurance: −$31
• HOA: −$150
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $199

Break-even live

Break-even rent $818

Max offer price $75,000

Occupancy floor 76%

Sensitivity live

Price	-10% $241	-5% $220	+0% $199	+5% $178	+10% $157
Rent	-10% $115	-5% $157	+0% $199	+5% $241	+10% $284
Rate	-1.0pp $237	-0.5pp $218	base $199	+0.5pp $180	+1.0pp $160

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1122 Southwood Dr #3 Fayetteville, NC	1.0	1.0	641	$900	$1.40	24d	1	0.01mi
1122 Southwood Dr #4 Fayetteville, NC	1.0	1.0	641	$875	$1.37	24d	1	0.01mi
6408 Starbrook Dr #5 Fayetteville, NC	2.0	2.0	860	$995	$1.16	24d	1	0.07mi
6400 Starbrook Dr #1 Fayetteville, NC	2.0	2.0	860	$1,000	$1.16	24d	1	0.08mi
6400 Starbrook Dr #7 Fayetteville, NC	1.0	1.0	641	$900	$1.40	14d	1	0.08mi
6403 Starbrook Dr #7 Fayetteville, NC	1.0	1.0	641	$900	$1.40	24d	1	0.10mi
1222 Southwood Dr Fayetteville, NC	2.0	1.5	801	$875	$1.09	24d	1	0.15mi
6421 Applecross Ave Fayetteville, NC	1.0	1.0	621	$749	$1.21	24d	1	0.18mi
3325 Oak Forest Dr Fayetteville, NC	1.0–3.0	1.0–2.0	1112	$1,441	$1.30	14d	66	0.20mi
6332 Marykirk Dr Unit A Fayetteville, NC	2.0	1.5	925	$1,150	$1.24	24d	1	0.43mi
6333 Marykirk Dr Unit A Fayetteville, NC	2.0	1.5	1080	$1,075	$1.00	24d	1	0.44mi
6324 Marykirk Dr Unit B Fayetteville, NC	1.0	1.0	792	$875	$1.10	24d	1	0.48mi
6324 Marykirk Dr Unit A Fayetteville, NC	2.0	1.5	792	$900	$1.14	24d	1	0.48mi
944 Lark Dr Fayetteville, NC	3.0	2.0	1100	$1,395	$1.27	14d	1	0.50mi
6320 Marykirk Dr Unit C Fayetteville, NC	1.0	1.0	710	$875	$1.23	24d	1	0.50mi
1437 Artesian Ct Fayetteville, NC	2.0	1.5	850	$1,000	$1.18	14d	1	0.52mi
6340 Ginger Cir Fayetteville, NC	3.0	1.5	1052	$1,400	$1.33	24d	1	0.56mi
1070 Rulnick St Fayetteville, NC	3.0	1.0	1014	$1,200	$1.18	24d	1	0.76mi
6517 Portsmouth Dr Fayetteville, NC	3.0	1.5	1125	$1,250	$1.11	24d	1	0.77mi
1411 Furnish Dr Fayetteville, NC	3.0	2.0	1100	$1,350	$1.23	24d	1	0.79mi
1053 Rulnick St Unit C Fayetteville, NC	1.0	1.0	795	$800	$1.01	24d	1	0.80mi
1051 Rulnick St Unit D Fayetteville, NC	1.0	1.0	795	$800	$1.01	22d	1	0.80mi
3001 Stone Carriage Cir Fayetteville, NC	1.0–3.0	1.0–2.0	1098	$1,448	$1.32	14d	12	0.88mi
1216 Weeping Willow Way Unit 229 Fayetteville, NC	3.0	2.0	960	$969	$1.01	14d	1	1.07mi
5713 Aftonshire Dr Fayetteville, NC	2.0	2.5	1025	$995	$0.97	14d	1	1.08mi
5744 Aftonshire Dr Fayetteville, NC	2.0	1.5	945	$999	$1.06	24d	1	1.09mi
6309 Lynette Cir Fayetteville, NC	3.0	1.5	1014	$1,300	$1.28	24d	1	1.11mi
5876 Aftonshire Dr Fayetteville, NC	2.0	1.5	1024	$1,015	$0.99	24d	1	1.13mi
1413 Tangora Ln Fayetteville, NC	2.0	1.5	945	$979	$1.04	14d	1	1.14mi
5864 Aftonshire Dr Fayetteville, NC	2.0	2.0	1100	$1,100	$1.00	24d	1	1.15mi
1425 Tangora Ln Unit 1427 Fayetteville, NC	1.0	1.0	616	$750	$1.22	24d	1	1.15mi
1427 Tangora Ln Fayetteville, NC	1.0	1.0	616	$750	$1.22	24d	1	1.16mi
5842 Aftonshire Dr Fayetteville, NC	2.0	1.5	1010	$1,000	$0.99	24d	1	1.19mi
1775 Michelle Ct Fayetteville, NC	1.0	1.0	616	$899	$1.46	24d	1	1.21mi
1783 Roberta Ct Fayetteville, NC	1.0	1.0	550	$899	$1.63	24d	1	1.25mi
1131 Capeharbor Ct Fayetteville, NC	2.0	2.0	1100	$1,345	$1.22	14d	14	1.26mi
3500 Carlson Bay Ct Fayetteville, NC	1.0–3.0	1.0–2.0	850	$1,150	$1.35	14d	4	1.29mi
910 Greenleaf Dr Fayetteville, NC	1.0	1.0	650	$944	$1.45	14d	8	1.32mi
910 Greenleaf Dr Fayetteville, NC	1.0	1.0	650	$975	$1.50	24d	8	1.32mi
812 Crescent Commons Way Fayetteville, NC	1.0–2.0	1.0–2.0	963	$1,385	$1.44	14d	10	1.44mi

HOA detail condo

• Monthly dues: $150 · $1,800/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $75,000 Active 178 DOM
2. 2026-06-17
   days on market $75,000 Active 177 DOM
3. 2026-06-16
   days on market $75,000 Active 176 DOM
4. 2026-06-15
   days on market $75,000 Active 175 DOM
5. 2026-06-14
   days on market $75,000 Active 173 DOM
6. 2026-06-13
   days on market $75,000 Active 172 DOM
7. 2026-06-10
   days on market $75,000 Active 170 DOM
8. 2026-06-09
   days on market $75,000 Active 169 DOM
9. 2026-06-08
   days on market $75,000 Active 168 DOM
10. 2026-06-07
    days on market $75,000 Active 167 DOM
11. 2026-06-03
    days on market $75,000 Active 163 DOM
12. 2026-06-02
    days on market $75,000 Active 162 DOM
13. 2026-06-01
    days on market $75,000 Active 161 DOM
14. 2026-05-31
    days on market $75,000 Active 160 DOM
15. 2026-05-30
    days on market $75,000 Active 159 DOM
16. 2026-01-27
    historical $995
17. 2026-01-08
    listed $995
18. 2025-12-19
    listed $75,000 Active
19. 2022-12-29
    soldstatus $73,000 Closed 567-char remark

    Show marketing remark (567 chars)

    Whether you are an looking for an rental investment opportunity or just need a small space to call your own, this property has what you are looking for. First floor two bedroom two bath Super cute condo close to major roads for easy access to Ft Bragg and Fayetteville. Great investment for rental property or perfect for your little place to call your own. Recently updated kitchen with new cabinets and counters. New paint throughout. Laminate flooring in living room, kitchen and hallways, carpet is only in bedrooms. HOA maintains outside of building and grounds.

20. 2022-11-01
    historical 567-char remark

    Show marketing remark (567 chars)

    Whether you are an looking for an rental investment opportunity or just need a small space to call your own, this property has what you are looking for. First floor two bedroom two bath Super cute condo close to major roads for easy access to Ft Bragg and Fayetteville. Great investment for rental property or perfect for your little place to call your own. Recently updated kitchen with new cabinets and counters. New paint throughout. Laminate flooring in living room, kitchen and hallways, carpet is only in bedrooms. HOA maintains outside of building and grounds.

21. 2022-10-12
    listed $75,000 567-char remark

    Show marketing remark (567 chars)

    Whether you are an looking for an rental investment opportunity or just need a small space to call your own, this property has what you are looking for. First floor two bedroom two bath Super cute condo close to major roads for easy access to Ft Bragg and Fayetteville. Great investment for rental property or perfect for your little place to call your own. Recently updated kitchen with new cabinets and counters. New paint throughout. Laminate flooring in living room, kitchen and hallways, carpet is only in bedrooms. HOA maintains outside of building and grounds.

22. 2017-06-26
    soldstatus $65,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $859 · $72/mo
• Projected year-2 tax: $859 · $72/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥107°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 75% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,839
• − Mortgage interest: −$4,201
• − Property taxes: −$859
• − Insurance: −$375
• − Repairs & maintenance: −$1,027
• − Management: −$1,027
• − HOA: −$1,800
• − Depreciation: −$2,182
• Taxable income: $1,367
• Est. tax owed @ 24.0%: −$328
• After-tax cash flow: $2,060/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Cumberland County Schools
• NCES district ID: 3700011
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 41% ▼ -1.00%
• Median HH income: $44,168
• Composite: 31.0/100
• National rank: #6096
• State rank: #126 of 178 in NC

Livability — Fayetteville

• Score: 75/100
• State rank: #45
• US rank: #4031

Category grades

Amenities B- Commute A+ Cost of living A+ Crime F Employment D- Housing A+ Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fayetteville, NC
• County: Cumberland County · 265,314 people
• City population: 226,118
• Metro: Fayetteville, NC
• Population (ZIP): 37,140
• Household income: $58,563
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 1667.0

Population outlook (Cumberland County) Hauer SSP2

• Today (2025): 330,855 people
• By 2030: 333,523 · +0.8%
• By 2040: 335,583 · +1.4%
• By 2050: 335,325 · +1.4%
• By 2075: 342,853 · +3.6%
• By 2100: 340,698 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 39% White 36% Hispanic / Latino 14% Two or more races 12% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 5%
• Common ancestry: Slovak 2% Italian 1% Serbian 1%
• Foreign-born: 8% · Canada, South Korea, Vietnam
• Languages at home: 87% English-only · Spanish 9% Tagalog/Filipino 1% French/Haitian/Cajun 1%

Political lean MEDSL · Cumberland

• 2024 margin: D (+13.4) · D 56.1% · R 42.7% · Other 1.2%
• 2008→2024 swing: -4.3pp toward R · 2008: 17.7pp · 2024: 13.4pp
• All cycles: 2024: D+13.4 2020: D+16.6 2016: D+16.0 2012: D+19.7 2008: D+17.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.90%
• Current HPI: 215.927
• Rent YoY: ▲ 3.17%
• Metro: Fayetteville, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

+15.4% since first listed

7 events — show timeline

• 2026-01-27 Rental Removed $995 TMLS
• 2026-01-08 Listed for Rent $995 TMLS
• 2025-12-19 Listed $75,000 LPRMLS
• 2022-12-29 Sold (MLS) $73,000 LPRMLS
• 2022-11-01 Delisted — LPRMLS
• 2022-10-12 Listed $75,000 LPRMLS
• 2017-06-26 Sold (Public Records) $65,000 Public Records

Property tax history

+0.7%/yr

Latest (2019): $859 · +0.0% YoY. Source: county tax records.