118 Pampas St

South Mills, NC 27976

$411,165D

5 bd · 2.5 ba · 2,203 sqft · Built 2026 · SingleFamily · Under Contract · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,300/mo
• Mortgage (P&I): −$2,156
• Tax + insurance: −$685
• HOA: −$65
• Vac / Maint / Mgmt: −$693
• Net cashflow: $-299/mo
• Annual: $-3,594/yr
• Cap rate: 5.42%
• Cash-on-cash: -3.12%
• DSCR: 0.86
• 1% rule: 0.80%
• Cash to close: $115,126

Investor read

• This is a 5-bed/2.5-bath single-family listed at $411k.
• At list price, monthly cash flow is $-299 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $368k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $330k (19.7% below list).
• It's been on market 69 days — a 6% lower offer ($386k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $330k (19.7% below list) — sets the bar for 1% rule.
• In year one you build about $1k of equity ($3k loan paydown + $-2k appreciation (-0.4% local appreciation)).
• Location reads 57/100 on livability (#612 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing A; Watch: amenities F, commute F, employment F.
• Camden County Schools (rural): math 56% / reading 64% proficiency, ranked #29 of 178 in NC (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Grandy Primary (math 87% / reading 72%, grade A, #24 of 1,410 statewide, top 2%, 607 students, 32% FRL); Camden Intermediate (math 50% / reading 61%, grade B-, #76 of 475 statewide, top 16%, 440 students, 24% FRL); Camden County High (math 62% / reading 62%, grade B-, #184 of 535 statewide, top 37%, 464 students, 25% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: 86 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 105 units permitted in Camden County in 2024 (0 in 5+ unit buildings).
• Camden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask is 5% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

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 69 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.