275 Waterdown Dr #7 · Fayetteville, NC 28314

$144,000

2 bd · 3.0 ba · 1,257 sqft · Condo public records · 16 Days on market

Built 1995 $243/mo HOA · 17% 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 +13.3/30.0
• ARV discount +7.5/15.0
• 1% rule +4.7/10.0
• DSCR +4.0/10.0
• 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

Low-maintenance living in a nice second floor condo , 1257 SqF with two bedrooms , big walk-in closet and 2 full baths, located in one of the best central location in Fayetteville. Open and functional layout design. Newly painted entire unit. Newly installed waterproofed laminate floor in the dining room , living room and hallway . New carpet in two bedrooms. New stainless steel refrigerator. Very close to Fayetteville Creek shopping Center and Fort Bragg. Community amenities include a pool, playground/park area, tennis court, street lights and yard maintenance. Ready to move in condition.

Key facts

• $243 HOA
• Parking
• Community pool

Property features AI

Finance

• Other: Unit number 7; Located in Cumberland County; Concrete and paved roads to the property
• HOA & community: Association: The Crossing at Morganton; Monthly association fee; Association amenities include barbecue, car wash area, hot water, laundry, management, park, playground, sport court, tennis courts, and trash service; Association fee covers structure maintenance, road maintenance, snow removal, storm water maintenance, and trash; Road maintenance agreement in place; Community features: pool and sidewalks

Exterior

• Parking: Open parking (1 space); Additional parking and parking lot available; Public park and reserved park place nearby
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: One-level property; Entry on level 2; Faces west; 2+ common walls (attached unit); Updated / remodeled condition
• Construction: Brick veneer construction; Shingle roof; Slab foundation; Built as a unit in a multi-unit building
• Exterior features: Covered porch and balcony; Outdoor grill; Storage; Playground; Tennis court(s); Fenced; Playground; Balcony

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Range / Electric oven; Free-standing electric range; Range hood; Refrigerator; Stainless steel appliances; Laminate counters
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Carpet; Tile; Wood
• Bathrooms: 2 full bathrooms; Whirlpool tub and separate shower; Double vanity
• Heating & cooling: Central heating; Hot water heating (natural gas); Heat pump; Central air; Ceiling fan(s); Electric cooling; Exhaust fan
• Interior features: Ceiling fans; Double vanity; Entrance foyer; Laminate counters; Separate shower; Walk-in closet(s); Whirlpool tub; Factory-built gas-log fireplace with screen; Storm door(s); Blinds and storm windows
• Laundry & utility: In-unit laundry; Laundry closet; Electric dryer hookup; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $144k.

Deal economics

• At list price, monthly cash flow is $0 ($2/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (2.6% below list).
• Recommended offer: $140k (2.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.8% 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: 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 $996 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($142k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $78k; list at $144k implies a 83% gain — meaningful room to come down on a strong offer.

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 $140,316 (2.6% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 6.29%
• Cash-on-cash: 0.01%
• DSCR: 1.00
• GRM: 8.6

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: -16.1%
• Equity multiple: 0.43×
• Total profit: $-23,076
• Equity at exit: $21,471

10-year hold

• IRR: -7.4%
• Equity multiple: 0.53×
• Total profit: $-19,070
• Equity at exit: $12,450

Cash invested: $40,320 (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: 8.6×

Monthly cashflow live

• Estimated rent: $1,403 high
• Mortgage (P&I): −$755
• Tax from tax record: −$50 /mo · $602/yr
• Insurance: −$60
• HOA: −$243
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $0

Break-even live

Break-even rent $1,403

Max offer price $144,000

Occupancy floor 95%

Sensitivity live

Price	-10% $82	-5% $41	+0% $0	+5% $-41	+10% $-81
Rent	-10% $-111	-5% $-55	+0% $0	+5% $56	+10% $111
Rate	-1.0pp $73	-0.5pp $37	base $0	+0.5pp $-37	+1.0pp $-75

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: $36,000
• Closing costs: $4,320
• 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	0.04mi
295 Warton Ln Fayetteville, NC	3.0	2.0	1307	$1,325	$1.01	15d	1	0.08mi
349 Waterdown Dr #5 Fayetteville, NC	3.0	2.0	1307	$1,350	$1.03	25d	1	0.20mi
230 Sawtooth Dr Fayetteville, NC	1.0–3.0	1.0–2.0	1040	$1,274	$1.22	15d	14	0.24mi
246 Partners Way Fayetteville, NC	2.0	2.0	1100	$1,295	$1.18	25d	1	0.28mi
3311 Woodhill Ln Fayetteville, NC	1.0–3.0	1.0–2.0	1195	$1,452	$1.21	15d	42	0.29mi
513 Lumberly Ln Fayetteville, NC	2.0	2.0	1124	$1,295	$1.15	25d	1	0.29mi
5725 Ivanhoe Ct Fayetteville, NC	1.0–3.0	1.0–2.0	962	$1,142	$1.19	15d	6	0.43mi
5200 Mawood St Fayetteville, NC	3.0	2.0	1300	$1,500	$1.15	15d	1	0.45mi
5650 Netherfield Pl Fayetteville, NC	1.0–3.0	1.0–2.0	1025	$1,132	$1.10	15d	38	0.46mi
5591 Bellflower St Fayetteville, NC	3.0	2.0	1273	$1,575	$1.24	15d	1	0.55mi
5800 Lagu Pl Fayetteville, NC	3.0	2.5	1722	$1,850	$1.07	15d	1	0.57mi
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	15d	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	15d	1	0.78mi
3374 Starboard Way Fayetteville, NC	3.0	2.5	1481	$2,150	$1.45	15d	1	1.01mi
457 Lands End Rd Fayetteville, NC	3.0	3.0	1545	$1,895	$1.23	25d	1	1.02mi
2056 Wheeling St Fayetteville, NC	3.0	2.5	1401	$1,595	$1.14	25d	1	1.06mi
6033 Santa Fe Dr Fayetteville, NC	3.0	1.5	1325	$1,500	$1.13	25d	1	1.07mi
425 Windermere Dr Fayetteville, NC	2.0	1.0	900	$950	$1.06	25d	1	1.08mi
419 Georgetown Cir Fayetteville, NC	2.0	2.5	1648	$1,500	$0.91	25d	1	1.11mi
3330 Harbour Pointe Pl #12 Fayetteville, NC	3.0	2.0	1401	$1,700	$1.21	15d	1	1.12mi
420 Andros Dr Unit 4 Fayetteville, NC	1.0	1.0	1810	$700	$0.39	15d	1	1.13mi
1000 Antietam Crk Dr Fayetteville, NC	3.0	1.0–2.0	1059	$1,567	$1.48	25d	14	1.13mi
6213 Sabine Dr Fayetteville, NC	3.0	1.5	1092	$1,175	$1.08	25d	1	1.26mi
1981 Wheeling St Fayetteville, NC	3.0	2.0	1400	$1,500	$1.07	25d	1	1.26mi
833 Fresno Dr Fayetteville, NC	3.0	1.5	1512	$1,300	$0.86	25d	1	1.31mi
5713 Waterwood Dr Fayetteville, NC	3.0	2.0	1440	$1,650	$1.15	23d	1	1.32mi
3050 Plantation Garden Blvd Fayetteville, NC	1.0–3.0	1.0–2.0	1158	$1,512	$1.30	15d	58	1.32mi
5761 Waterwood Dr Fayetteville, NC	3.0	2.0	1452	$1,600	$1.10	23d	1	1.33mi
321 Bahama Loop Fayetteville, NC	3.0	2.0	1759	$2,100	$1.19	15d	1	1.35mi
425 Woodstream Trl Fayetteville, NC	1.0–2.0	1.0–1.5	810	$1,330	$1.64	25d	12	1.37mi
5817 Horton Pl Fayetteville, NC	3.0	2.0	1680	$1,650	$0.98	25d	1	1.41mi
5831 Waters Edge Dr Fayetteville, NC	3.0	2.0	1344	$1,545	$1.15	25d	1	1.42mi
420 Mangum Ct Fayetteville, NC	3.0	2.0	1127	$1,550	$1.38	25d	1	1.47mi
425 Dunmore Rd Fayetteville, NC	3.0	2.0	1724	$1,800	$1.04	25d	1	1.48mi
812 Crescent Commons Way Fayetteville, NC	1.0–2.0	1.0–2.0	963	$1,385	$1.44	15d	10	1.48mi
111 Grande Oaks Dr Fayetteville, NC	1.0–3.0	1.0–2.0	1205	$1,412	$1.17	15d	46	1.49mi

HOA detail condo

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

Listing history 12 events

1. 2026-06-21
   days on market $144,000 Active 16 DOM
2. 2026-06-18
   days on market $144,000 Active 13 DOM
3. 2026-06-17
   days on market $144,000 Active 12 DOM
4. 2026-06-16
   days on market $144,000 Active 11 DOM
5. 2026-06-15
   days on market $144,000 Active 10 DOM
6. 2026-06-14
   days on market $144,000 Active 8 DOM
7. 2026-06-13
   days on market $144,000 Active 7 DOM
8. 2026-06-10
   days on market $144,000 Active 5 DOM
9. 2026-06-09
   days on market $144,000 Active 4 DOM
10. 2026-06-08
    days on market $144,000 Active 3 DOM
11. 2026-06-07
    remarks 601-char remark
12. 2026-06-07
    listed $144,000 Active 2 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: $602 · $50/mo
• Projected year-2 tax: $1,181 · $98/mo
• Expected delta: +$579/yr (+$48/mo · 96.2%)

ⓘ 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 ≥107°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: $16,838
• − Mortgage interest: −$8,066
• − Property taxes: −$602
• − Insurance: −$720
• − Repairs & maintenance: −$1,347
• − Management: −$1,347
• − HOA: −$2,916
• − Depreciation: −$4,189
• Taxable loss: −$2,349
• Est. tax savings @ 24.0%: +$564
• After-tax cash flow: $566/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

+102.8% since first listed

5 events — show timeline

• 2026-06-05 Price Changed $144,000 TMLS
• 2026-06-05 Listed $149,000 TMLS
• 2026-06-05 Coming Soon $149,000 TMLS
• 2006-04-27 Sold (Public Records) $78,500 Public Records
• 2001-05-25 Sold (Public Records) $71,000 Public Records

Property tax history

-11.3%/yr

Latest (2019): $602 · +0.0% YoY. Source: county tax records.