209 Greenacres Rd

Snow Hill, NC 28580

$115,000C-

3 bd · 1.0 ba · 1,000 sqft · Built 1979 · SingleFamily · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $918/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$193
• Net cashflow: $-60/mo
• Annual: $-725/yr
• Cap rate: 6.36%
• Cash-on-cash: 0.23%
• DSCR: 1.01
• 1% rule: 0.80%
• Cash to close: $32,200

Investor read

• This is a 3-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $-60 ($-725/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (9.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $92k (20.2% below list).
• It's been on market 68 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (20.2% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($795 loan paydown + $3k appreciation (2.9% local appreciation)).
• Location reads 65/100 on livability (#319 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B; Watch: amenities F, commute F, employment F.
• Greene County Schools (rural): math 25% / reading 32% proficiency, ranked #151 of 178 in NC (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 77% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Snow Hill Primary (374 students, 99% FRL); Greene County Middle (math 21% / reading 32%, grade F, #381 of 475 statewide, top 81%, 680 students, 100% FRL); Greene Central High (math 42% / reading 32%, grade F, #414 of 535 statewide, top 79%, 752 students, 100% FRL) — zoned schools average 99% FRL vs 77% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 35 active listings in the ZIP; 52 units permitted in Greene County in 2024 (0 in 5+ unit buildings).
• Greene County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 10y ago 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.
• Current owner paid $67k; list at $115k implies a 72% gain — meaningful room to come down on a strong offer.
• At projected returns (2.9% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 68 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.