224 Waterdown Dr #11 · Fayetteville, NC 28314

$138,500

2 bd · 2.0 ba · 1,173 sqft · Condo public records · 10 Days on market

Built 1993 $243/mo HOA · 18% of rent

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Why this score? — see what drove the D 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 +13.1/30.0
• ARV discount +7.5/15.0
• 1% rule +4.7/10.0
• DSCR +3.9/10.0
• 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

Updates and amenities. .. does it get better than that? This 2 bed/ 2 bath condo has been totally updated since 2020. With a new HVAC, paint, flooring, kitchen/bath cabinets and counters, this home has it all! When you add in all of the little details like newly installed motion sensored LED lighting, dimmers, ceiling fans and tons of smart home features, it does not get better than this! Do not miss out on this one, it will not last long!

Key facts

• $243 HOA
• Community pool
• Built 1993

Property features AI

Finance

• Other: Subdivision: THE CROSSINGS
• HOA & community: Homeowners association with a monthly fee of $243; Community pool and clubhouse

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer
• Home design: Residential condominium
• Construction: Vinyl siding
• Exterior features: Balcony; Covered porch; Playground; Tennis courts; Pool (community); Clubhouse (community); Cleared grounds

Interior

• Kitchen: Dishwasher; Range; Microwave; Refrigerator
• Bedrooms: Total rooms: 5
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating; Electric cooling; Ceiling fans
• Interior features: Ceiling fan(s); Gas log fireplace (1)
• Laundry & utility: Washer and dryer in unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $138k.

Deal economics

• At list price, monthly cash flow is $-6 ($-75/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (2.5% below list).
• Recommended offer: $135k (2.5% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.8% in Fayetteville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Morganton Road Elementary (math 27% / reading 42%, grade F, #835 of 1,410 statewide, top 62%, 499 students, 99% FRL); Westover Middle (math 20% / reading 30%, grade F, #396 of 475 statewide, top 84%, 784 students, 100% FRL); Westover High (math 42% / reading 39%, grade F, #387 of 535 statewide, top 73%, 1,202 students, 100% FRL) — zoned schools average 100% FRL vs 55% district-wide (45 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 435 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 $958 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 69% 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 $134,995 (2.5% below list)

Questions for the listing agent

1. 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?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 0.97% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.19%
• DSCR: 0.99
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.11% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.42×
• Total profit: $-22,601
• Equity at exit: $20,651

10-year hold

• IRR: -7.8%
• Equity multiple: 0.50×
• Total profit: $-19,208
• Equity at exit: $11,975

Cash invested: $38,780 (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 28314

• Home prices YoY: -15.7%
• Rents YoY: 3.1%
• Active inventory: 435
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,350 high
• Mortgage (P&I): −$726
• Tax from tax record: −$46 /mo · $549/yr
• Insurance: −$58
• HOA: −$243
• Vacancy / Maint / Mgmt: −$283
• Net cashflow: $-6

Break-even live

Break-even rent $1,358

Max offer price $137,392

Occupancy floor 95%

Sensitivity live

Price	-10% $72	-5% $33	+0% $-6	+5% $-45	+10% $-85
Rent	-10% $-113	-5% $-60	+0% $-6	+5% $47	+10% $100
Rate	-1.0pp $63	-0.5pp $29	base $-6	+0.5pp $-42	+1.0pp $-79

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: $34,625
• Closing costs: $4,155
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
267 Waterdown Dr Fayetteville, NC	3.0	2.0	1307	$1,325	$1.01	25d	1	0.08mi
295 Warton Ln Fayetteville, NC	3.0	2.0	1307	$1,325	$1.01	16d	1	0.14mi
349 Waterdown Dr #5 Fayetteville, NC	3.0	2.0	1307	$1,350	$1.03	25d	1	0.19mi
230 Sawtooth Dr Fayetteville, NC	1.0–3.0	1.0–2.0	1040	$1,274	$1.22	16d	14	0.19mi
246 Partners Way Fayetteville, NC	2.0	2.0	1100	$1,295	$1.18	25d	1	0.23mi
3311 Woodhill Ln Fayetteville, NC	1.0–3.0	1.0–2.0	1195	$1,452	$1.21	16d	42	0.25mi
513 Lumberly Ln Fayetteville, NC	2.0	2.0	1124	$1,295	$1.15	25d	1	0.33mi
5725 Ivanhoe Ct Fayetteville, NC	1.0–3.0	1.0–2.0	962	$1,142	$1.19	16d	6	0.38mi
5650 Netherfield Pl Fayetteville, NC	1.0–3.0	1.0–2.0	1025	$1,132	$1.10	16d	38	0.40mi
5200 Mawood St Fayetteville, NC	3.0	2.0	1300	$1,500	$1.15	16d	1	0.51mi
5591 Bellflower St Fayetteville, NC	3.0	2.0	1273	$1,575	$1.24	16d	1	0.54mi
5508 Faith Dr Fayetteville, NC	1.0–3.0	1.5–3.0	1106	$1,306	$1.18	23d	16	0.65mi
5508 Faith Dr Fayetteville, NC	1.0–3.0	1.5–3.0	1106	$1,269	$1.15	16d	10	0.65mi
5414 Plateau Rd Fayetteville, NC	3.0	2.0	1116	$1,595	$1.43	25d	1	0.69mi
5410 Laramie Ct Fayetteville, NC	3.0	2.0	1446	$1,600	$1.11	16d	1	0.79mi
5444 Wichita Dr Fayetteville, NC	1.0	1.0	714	$925	$1.30	16d	1	0.79mi
3374 Starboard Way Fayetteville, NC	3.0	2.5	1481	$2,150	$1.45	16d	1	0.97mi
622 Dashland Dr Unit B Fayetteville, NC	2.0	1.5	750	$940	$1.25	16d	1	1.01mi
622 Dashland Dr Unit A Fayetteville, NC	1.0	1.0	700	$835	$1.19	16d	1	1.02mi
6033 Santa Fe Dr Fayetteville, NC	3.0	1.5	1325	$1,500	$1.13	25d	1	1.03mi
425 Windermere Dr Fayetteville, NC	2.0	1.0	900	$950	$1.06	25d	1	1.09mi
3330 Harbour Pointe Pl #12 Fayetteville, NC	3.0	2.0	1401	$1,700	$1.21	16d	1	1.09mi
2056 Wheeling St Fayetteville, NC	3.0	2.5	1401	$1,595	$1.14	25d	1	1.10mi
1000 Antietam Crk Dr Fayetteville, NC	3.0	1.0–2.0	1059	$1,567	$1.48	25d	14	1.15mi
6213 Sabine Dr Fayetteville, NC	3.0	1.5	1092	$1,175	$1.08	25d	1	1.21mi
4981 Galveston Dr Fayetteville, NC	2.0	1.5	750	$1,050	$1.40	25d	1	1.21mi
4943 Fieldcrest Dr Unit B Fayetteville, NC	1.0	1.0	825	$799	$0.97	25d	1	1.23mi
4959 Fieldcrest Dr Fayetteville, NC	1.0	1.0	850	$725	$0.85	16d	1	1.27mi
1981 Wheeling St Fayetteville, NC	3.0	2.0	1400	$1,500	$1.07	25d	1	1.29mi
5713 Waterwood Dr Fayetteville, NC	3.0	2.0	1440	$1,650	$1.15	23d	1	1.29mi
5761 Waterwood Dr Fayetteville, NC	3.0	2.0	1452	$1,600	$1.10	23d	1	1.30mi
3050 Plantation Garden Blvd Fayetteville, NC	1.0–3.0	1.0–2.0	1158	$1,512	$1.30	16d	58	1.33mi
421 Squirrel St Unit A Fayetteville, NC	2.0	1.0	780	$900	$1.15	25d	1	1.37mi
425 Woodstream Trl Fayetteville, NC	1.0–2.0	1.0–1.5	810	$1,330	$1.64	25d	12	1.37mi
5831 Waters Edge Dr Fayetteville, NC	3.0	2.0	1344	$1,545	$1.15	25d	1	1.38mi
4916 Schmidt St Fayetteville, NC	2.0	1.0	801	$945	$1.18	25d	1	1.43mi
111 Grande Oaks Dr Fayetteville, NC	1.0–3.0	1.0–2.0	1205	$1,412	$1.17	16d	46	1.43mi
420 Mangum Ct Fayetteville, NC	3.0	2.0	1127	$1,550	$1.38	25d	1	1.44mi
812 Crescent Commons Way Fayetteville, NC	1.0–2.0	1.0–2.0	963	$1,385	$1.44	16d	10	1.46mi

HOA detail condo

• Monthly dues: $243 · $2,916/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-21
   days on market $138,500 Active 10 DOM
2. 2026-06-18
   days on market $138,500 Active 7 DOM
3. 2026-06-17
   days on market $138,500 Active 6 DOM
4. 2026-06-16
   days on market $138,500 Active 5 DOM
5. 2026-06-15
   days on market $138,500 Active 4 DOM
6. 2026-06-14
   days on market $138,500 Active 2 DOM
7. 2026-06-13
   statusdays on market $138,500 Active 1 DOM
8. 2026-06-10
   days on market $138,500 Coming Soon 3 DOM
9. 2026-06-09
   days on market $138,500 Coming Soon 2 DOM
10. 2026-06-08
    remarks 693-char remark
11. 2026-06-08
    listed $138,500 Coming Soon 1 DOM

ⓘ 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: $549 · $46/mo
• Projected year-2 tax: $1,136 · $95/mo
• Expected delta: +$587/yr (+$49/mo · 107.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,199
• − Mortgage interest: −$7,758
• − Property taxes: −$549
• − Insurance: −$692
• − Repairs & maintenance: −$1,296
• − Management: −$1,296
• − HOA: −$2,916
• − Depreciation: −$4,029
• Taxable loss: −$2,337
• Est. tax savings @ 24.0%: +$561
• After-tax cash flow: $486/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): 55,834
• Household income: $62,249
• Rent vs Own: 52.6% rent · 47.4% own
• Severe rent burden: 2511.0

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: Diverse neighborhood (Simpson 0.67)
• Race & ethnicity: Black 49% White 25% Hispanic / Latino 16% Two or more races 11% Asian 3%
• Hispanic origin (detail): Mexican 5% Puerto Rican 6% Dominican 1%
• Common ancestry: Slovak 1% Romanian 1% Lithuanian 1%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 84% English-only · Spanish 10% Korean 1% Other Asian/Pacific 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: ▼ -43.20%
• Current HPI: 231.873
• Rent YoY: ▲ 3.11%
• 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

+97.9% since first listed

5 events — show timeline

• 2026-06-07 Coming Soon $138,500 LPRMLS
• 2022-09-19 Sold (MLS) $125,000 LPRMLS
• 2022-08-24 Listed $120,000 LPRMLS
• 2009-06-25 Sold (Public Records) $78,500 Public Records
• 2003-10-07 Sold (Public Records) $70,000 Public Records

Property tax history

-11.3%/yr

Latest (2019): $549 · +0.0% YoY. Source: county tax records.