3948 Main Avenue Dr NW

Long View, NC 28601

$170,000C-

2 bd · 1.0 ba · 1,152 sqft · Built 1946 · SingleFamily · Active · 293 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,434/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$224
• HOA: −$0
• Vac / Maint / Mgmt: −$301
• Net cashflow: $17/mo
• Annual: $202/yr
• Cap rate: 6.88%
• Cash-on-cash: 2.10%
• DSCR: 1.09
• 1% rule: 0.84%
• Cash to close: $47,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $170k.
• At list price, monthly cash flow is $17 ($202/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 $143k (15.7% below list).
• It's been on market 293 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $143k (15.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#416 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B; Watch: amenities F, commute F, employment F.
• Burke County Schools (rural): math 43% / reading 47% proficiency, ranked #89 of 178 in NC (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ray Childers Elementary (math 40% / reading 39%, grade F, #694 of 1,410 statewide, top 53%, 457 students, 75% FRL); East Burke Middle (math 43% / reading 54%, grade C-, #127 of 475 statewide, top 28%, 645 students, 71% FRL); East Burke High (math 67% / reading 52%, grade C+, #216 of 535 statewide, top 43%, 879 students, 64% FRL) — zoned schools average 70% FRL vs 52% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo; built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.9%/yr); 422 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 422 units permitted in Burke County in 2024 (94 in 5+ unit buildings).
• Burke County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe flood risk; 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

• It's been on market 293 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1946 — 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.
• 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.