129 Ridgecrest Ave

Marble, NC 28905

$175,000D

3 bd · 2.0 ba · 2,042 sqft · Built 1968 · SingleFamily · Pending · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,278/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$120
• HOA: −$0
• Vac / Maint / Mgmt: −$268
• Net cashflow: $-28/mo
• Annual: $-338/yr
• Cap rate: 6.10%
• Cash-on-cash: -0.69%
• DSCR: 0.97
• 1% rule: 0.73%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $175k.
• At list price, monthly cash flow is $-28 ($-338/yr) — negative.
• To cash-flow at today's rent, offer at most $170k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $128k (27.0% below list).
• It's been on market 110 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (27.0% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.8% local appreciation)).
• 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: Murphy Elementary (math 52% / reading 47%, grade D, #417 of 1,410 statewide, top 32%, 536 students, 99% FRL); Murphy Middle (math 42% / reading 48%, grade D, #160 of 475 statewide, top 35%, 316 students, 64% FRL); Murphy High (math 42% / reading 57%, grade D, #311 of 535 statewide, top 60%, 489 students, 55% FRL) — zoned schools average 73% FRL vs 56% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 87 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 $127k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.1% 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

• 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 110 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1968 — 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 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?