8337 Reedy Creek Rd

Charlotte, NC 28215

$199,900C+

3 bd · 2.0 ba · 1,650 sqft · Built 1967 · SingleFamily · Active · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,047/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$270
• HOA: −$0
• Vac / Maint / Mgmt: −$430
• Net cashflow: $299/mo
• Annual: $3,586/yr
• Cap rate: 8.09%
• Cash-on-cash: 6.41%
• DSCR: 1.29
• 1% rule: 1.02%
• Cash to close: $55,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $200k.
• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• It's been on market 117 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• 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 78/100 on livability (#26 in NC, #2,502 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Charlotte-Mecklenburg Schools (urban): math 42% / reading 46% proficiency, ranked #85 of 178 in NC (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Reedy Creek Elementary (math 25% / reading 34%, grade F, #975 of 1,410 statewide, top 71%, 1,007 students, 54% FRL); Northridge Middle (math 23% / reading 35%, grade F, #350 of 475 statewide, top 74%, 1,088 students, 58% FRL); Rocky River High School (math 31% / reading 35%, grade F, #438 of 535 statewide, top 82%, 1,643 students, 52% FRL).
• Zoned-school proficiency averages 30% at this address vs 44% district-wide (-14 pts) — the specific schools serving this property underperform the Charlotte-Mecklenburg Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.8%/yr); 566 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts 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.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.1% vs local median 3.1% in Charlotte — 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.
• This rent runs 35% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.