385 Vengeance Creek Rd

Marble, NC 28906

$189,000D

2 bd · 2.0 ba · 1,080 sqft · Built 2004 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,433/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$112
• HOA: −$0
• Vac / Maint / Mgmt: −$301
• Net cashflow: $29/mo
• Annual: $343/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.65%
• DSCR: 1.03
• 1% rule: 0.76%
• Cash to close: $52,920

Investor read

• This is a 2-bed/2.0-bath single-family listed at $189k.
• At list price, monthly cash flow is $29 ($343/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 (24.2% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $143k (24.2% 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 $6k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#509 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Cherokee County Schools (rural): math 42% / reading 47% proficiency, ranked #90 of 178 in NC (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Andrews Middle (math 39% / reading 41%, grade F, #222 of 475 statewide, top 49%, 187 students, 70% FRL); Andrews High (math 50% / reading 64%, grade C, #248 of 535 statewide, top 48%, 225 students, 63% FRL).
• Market conditions: 1119 active listings in the ZIP; 232 units permitted in Cherokee County in 2024 (0 in 5+ unit buildings).
• Cherokee County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $72k; list at $189k implies a 162% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 2.4% in Marble — 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.

Questions for listing agent

• 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?
• 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.
• 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.
• 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.