130 Susan Rd #2

Casar, NC 28020

$150,000D-

3 bd · 1.5 ba · 960 sqft · Built 2001 · SingleFamily · Active · 401 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $960/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$144
• HOA: −$0
• Vac / Maint / Mgmt: −$202
• Net cashflow: $-172/mo
• Annual: $-2,062/yr
• Cap rate: 4.92%
• Cash-on-cash: -4.91%
• DSCR: 0.78
• 1% rule: 0.64%
• Cash to close: $42,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $150k.
• At list price, monthly cash flow is $-172 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $120k (20.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (36.0% below list).
• It's been on market 401 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (36.0% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (4.0% local appreciation)).
• Location reads 59/100 on livability (#531 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Cleveland County Schools (rural): math 47% / reading 49% proficiency, ranked #76 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Casar Elementary (math 72% / reading 47%, grade B-, #205 of 1,410 statewide, top 16%, 278 students, 99% FRL); Burns High (math 42% / reading 59%, grade D+, #306 of 535 statewide, top 57%, 934 students, 60% FRL) — zoned schools average 79% FRL vs 59% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 15 active listings in the ZIP; 461 units permitted in Cleveland County in 2024 (38 in 5+ unit buildings).
• Cleveland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $30k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: 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 401 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• 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 D-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?
• 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.