87 Flat Rock St

Wadesboro, NC 28170

$69,900B+

2 bd · 1.0 ba · 1,062 sqft · Built 1949 · SingleFamily · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,399/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$61
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $677/mo
• Annual: $8,130/yr
• Cap rate: 17.92%
• Cash-on-cash: 41.54%
• DSCR: 2.85
• 1% rule: 2.00%
• Cash to close: $19,572

Investor read

• This is a 2-bed/1.0-bath single-family listed at $70k. Condition is rated fair.
• At list price, monthly cash flow is $677 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 123 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($483 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 41/100 on livability (#728 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing C-, crime F, amenities F.
• Anson County Schools (rural): math 20% / reading 32% proficiency, ranked #159 of 178 in NC (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Wadesboro Primary (math 5% / reading 5%, grade F, #1,405 of 1,410 statewide, top 100%, 290 students, 99% FRL); Anson Middle (math 16% / reading 31%, grade F, #402 of 475 statewide, top 85%, 701 students, 100% FRL); Anson High School (math 22% / reading 22%, grade F, #484 of 535 statewide, top 91%, 655 students, 98% FRL) — zoned schools average 99% FRL vs 67% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 100 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 55 units permitted in Anson County in 2024 (0 in 5+ unit buildings).
• Anson County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 51% 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.
• Cap rate 17.9% vs local median 5.0% in Wadesboro — 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 123 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Roof — Signs of aging and potential for leaks
• Moderate: Siding — Wear and tear visible
• Major: Landscaping — Overgrown and unkempt
• Moderate: Floors — Worn and in need of refinishing