308 Sheffield Rd

Piney Green, NC 28546

$214,000F

3 bd · 1.0 ba · 960 sqft · Built 1975 · SingleFamily · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,464/mo
• Mortgage (P&I): −$1,122
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$308
• Net cashflow: $-118/mo
• Annual: $-1,418/yr
• Cap rate: 5.63%
• Cash-on-cash: -2.37%
• DSCR: 0.89
• 1% rule: 0.68%
• Cash to close: $59,920

Investor read

• This is a 3-bed/1.0-bath single-family listed at $214k.
• At list price, monthly cash flow is $-118 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $193k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (31.6% below list).
• It's been on market 33 days — a 3% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $146k (31.6% 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 (#524 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, employment D+, amenities F.
• Onslow County Schools (other): math 42% / reading 49% proficiency, ranked #84 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Morton Elementary (math 53% / reading 48%, grade D+, #403 of 1,410 statewide, top 29%, 682 students, 58% FRL); Hunters Creek Middle (math 32% / reading 44%, grade F, #251 of 475 statewide, top 54%, 922 students, 55% FRL); White Oak High (math 57% / reading 54%, grade C, #265 of 535 statewide, top 50%, 1,207 students, 49% FRL) — zoned schools average 54% FRL vs 37% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.9%/yr); 612 active listings in the ZIP; 1,246 units permitted in Onslow County in 2024 (0 in 5+ unit buildings).
• 7 sale attempts since 15y 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.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 3.6% in Piney Green — 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 33 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D 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.