131 Dauphine St

Mamers, NC 27526

$264,000F

3 bd · 2.0 ba · 1,064 sqft · Built 2025 · Land · Active · 341 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,942/mo
• Mortgage (P&I): −$1,384
• Tax + insurance: −$440
• HOA: −$3
• Vac / Maint / Mgmt: −$408
• Net cashflow: $-293/mo
• Annual: $-3,522/yr
• Cap rate: 4.96%
• Cash-on-cash: -4.76%
• DSCR: 0.79
• 1% rule: 0.74%
• Cash to close: $73,920

Investor read

• This is a 3-bed/2.0-bath land listed at $264k.
• At list price, monthly cash flow is $-293 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $222k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (26.5% below list).
• It's been on market 341 days — a 12% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (26.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#391 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, amenities F.
• Harnett County Schools (rural): math 31% / reading 39% proficiency, ranked #130 of 178 in NC (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lafayette Elementary (math 50% / reading 49%, grade D, #417 of 1,410 statewide, top 32%, 625 students, 39% FRL); Harnett Central Middle (math 25% / reading 38%, grade F, #323 of 475 statewide, top 68%, 1,024 students, 63% FRL); Harnett County Early College (math 70%, 102 students, 39% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: Rents rising (+3.1%/yr); 1165 active listings in the ZIP; high-income renter base; 2,080 units permitted in Harnett County in 2024 (12 in 5+ unit buildings).
• Harnett County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 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.
• Current owner paid $40k; list at $264k implies a 560% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 61% 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 5.0% vs local median 2.6% in Mamers — 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 341 days. Have you received any prior offers? Is the seller open to a 26% 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 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?
• 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.