121 Mullins Ave · Fayetteville, NC 28301

$99,000

2 bd · 1.0 ba · 777 sqft · SingleFamily public records · 10 Days on market

Built 1950 Est $92k · 7% over

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Why this score? — see what drove the C 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 +24.6/30.0
• DSCR +7.9/10.0
• 1% rule +6.4/10.0
• ARV discount +4.3/15.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Schools +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the opportunity to own this well-maintained investment property at 121 Mullins, offering immediate income potential and flexible purchasing options. Recent improvements include a new roof installed in 2025. The property is currently occupied by a tenant on a month-to-month lease, offering buyers flexibility to continue generating rental income or take possession as an owner occupant.

Key facts

• New roof
• Built 1950
• Listed 10 days

Tags

• NEW ROOF

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Residential property
• Exterior features: Front porch

Interior

• Kitchen: Refrigerator; Cooktop; Range
• Flooring: Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central electric air conditioning
• Interior features: Eat-in kitchen; Crawl space basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $204 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Cap rate 8.8% vs local median 4.9% 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: Beaver Dam Elementary (math 70% / reading 70%, grade A-, #95 of 1,410 statewide, top 7%, 86 students, 96% FRL); Luther Nick Jeralds Middle (math 13% / reading 24%, grade F, #436 of 475 statewide, top 93%, 616 students, 100% FRL); Terry Sanford High (math 49% / reading 52%, grade D+, #306 of 535 statewide, top 57%, 1,224 students, 59% FRL) — zoned schools average 85% FRL vs 55% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.5%/yr); 132 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 1,125 units permitted in Cumberland County in 2024 (104 in 5+ unit buildings).
• This rent runs 34% of the median local income ($39k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 78% 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 $99,000

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 8.76%
• Cash-on-cash: 8.82%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $92,463
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
140 Kensington Cir	0.19mi	2/1.0	800 (+3%)	10mo	$131,500	$164	78
1207 Hillsboro St	0.24mi	2/1.0	830 (+7%)	2mo	$150,000	$181	76
276 N Windsor Dr	0.41mi	2/1.0	775 (-0%)	6mo	$92,000	$119	76
1203 North St	0.29mi	2/1.0	715 (-8%)	1mo	$126,628	$177	72
151 Kensington Cir	0.17mi	2/1.0	857 (+10%)	5mo	$57,500	$67	71
1211 West Dr	0.44mi	2/1.0	810 (+4%)	20mo	$55,000	$68	56
2007 Overlook Dr	0.59mi	3/1.0 (+1)	786 (+1%)	18mo	$85,000	$108	51
306 Plum St	0.52mi	2/1.0	720 (-7%)	21mo	$130,000	$181	46
822 E Orange St	0.64mi	3/1.0 (+1)	863 (+11%)	13mo	$35,000	$41	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.49% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-2,485
• Equity at exit: $14,761

10-year hold

• IRR: 7.9%
• Equity multiple: 1.61×
• Total profit: $16,932
• Equity at exit: $8,560

Cash invested: $27,720 (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 28301

• Home prices YoY: -12.5%
• Rents YoY: 3.5%
• Active inventory: 132
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,125 high
• Mortgage (P&I): −$519
• Tax from tax record: −$124 /mo · $1,491/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$236
• Net cashflow: $204

Break-even live

Break-even rent $867

Max offer price $99,000

Occupancy floor 77%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
113 Mullins Ave Fayetteville, NC	2.0	1.0	1000	$1,025	$1.02	23d	1	0.04mi
122 Kensington Cir Fayetteville, NC	3.0	1.0	856	$1,250	$1.46	23d	1	0.12mi
302 Brookwood Ave Fayetteville, NC	2.0	1.0	979	$1,250	$1.28	14d	1	0.26mi
210 Colonial Dr Fayetteville, NC	1.0	1.0	625	$749	$1.20	14d	1	0.30mi
1608 Fayette Ave Fayetteville, NC	2.0	1.0	900	$875	$0.97	23d	1	0.31mi
1608 Fayette Ave Fayetteville, NC	2.0	1.0	900	$875	$0.97	14d	1	0.31mi
112 Quincy St Fayetteville, NC	3.0	1.0	1080	$1,320	$1.22	14d	1	0.34mi
1606 Gibson St Fayetteville, NC	3.0	1.5	1014	$1,000	$0.99	23d	1	0.34mi
282 Windsor Dr Fayetteville, NC	3.0	1.0	855	$1,000	$1.17	23d	1	0.38mi
307 Hawthorne Rd Fayetteville, NC	3.0	1.0	886	$1,125	$1.27	14d	1	0.40mi
1847 Blake St Fayetteville, NC	3.0	2.0	900	$990	$1.10	14d	1	0.44mi
1847 Blake St Fayetteville, NC	3.0	2.0	900	$990	$1.10	23d	1	0.44mi
398 Bainbridge Ct Fayetteville, NC	3.0	2.0	900	$990	$1.10	14d	1	0.57mi
398 Bainbridge Ct Fayetteville, NC	3.0	2.0	900	$990	$1.10	23d	1	0.57mi
100 Sycamore Ct Fayetteville, NC	2.0	1.0	800	$875	$1.09	23d	1	0.70mi
2015 Blake St Fayetteville, NC	2.0	1.0	700	$995	$1.42	23d	1	0.73mi
110 Facility Dr #2015 Fayetteville, NC	2.0	1.0	700	$995	$1.42	23d	1	0.73mi
2061 Osceola Dr Fayetteville, NC	3.0	1.0	928	$1,300	$1.40	23d	1	0.76mi
1704 Newark Ave Fayetteville, NC	2.0	1.0	1100	$850	$0.77	23d	1	1.16mi
216 Brainerd Ave Fayetteville, NC	2.0	1.0	818	$1,150	$1.41	23d	1	1.18mi
806 Lakeland St Fayetteville, NC	3.0	1.0	864	$1,400	$1.62	23d	1	1.22mi
2737 Kentberry Ave Fayetteville, NC	2.0–3.0	2.0	1209	$1,300	$1.08	14d	5	1.36mi
1401 Briarcliff Dr Unit B Fayetteville, NC	1.0	1.0	1001	$875	$0.87	23d	1	1.43mi
620 Forest Rd Fayetteville, NC	2.0	1.0	1000	$975	$0.97	23d	2	1.47mi
450 Hay St Fayetteville, NC	1.0–2.0	1.0–2.0	799	$1,745	$2.18	14d	3	1.49mi

Listing history 9 events

1. 2026-06-18
   days on market $99,000 Active 10 DOM
2. 2026-06-17
   days on market $99,000 Active 9 DOM
3. 2026-06-16
   days on market $99,000 Active 8 DOM
4. 2026-06-15
   days on market $99,000 Active 7 DOM
5. 2026-06-14
   days on market $99,000 Active 5 DOM
6. 2026-06-13
   days on market $99,000 Active 4 DOM
7. 2026-06-10
   days on market $99,000 Active 2 DOM
8. 2026-06-09
   remarks 398-char remark
9. 2026-06-09
   listed $99,000 Active 1 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: $1,491 · $124/mo
• Projected year-2 tax: $1,491 · $124/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% 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: $13,496
• − Mortgage interest: −$5,546
• − Property taxes: −$1,491
• − Insurance: −$495
• − Repairs & maintenance: −$1,080
• − Management: −$1,080
• − Depreciation: −$2,880
• Taxable income: $925
• Est. tax owed @ 24.0%: −$222
• After-tax cash flow: $2,224/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): 16,798
• Household income: $39,198
• Rent vs Own: 64.7% rent · 35.3% own
• Severe rent burden: 1389.0

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: Predominantly Black (68%)
• Race & ethnicity: Black 68% White 19% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Serbian 1% Slovak 1% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% French/Haitian/Cajun 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: ▼ -37.92%
• Current HPI: 265.98
• Rent YoY: ▲ 3.49%
• 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

+36.6% since first listed

2 events — show timeline

• 2026-06-08 Listed $99,000 LPRMLS
• 2022-05-14 Listed $72,500 LPRMLS

Property tax history

+6.6%/yr

Latest (2025): $1,491 · +53.2% YoY. Source: county tax records.