3309 Clarence Towery Cir

Hildebran, NC 28637

$899,999B+

20 bd · 10.0 ba · 9,972 sqft · Built 1964 · MultiFamily · Active · 108 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,329/mo
• Mortgage (P&I): −$4,720
• Tax + insurance: −$1,500
• HOA: −$0
• Vac / Maint / Mgmt: −$3,219
• Net cashflow: $5,890/mo
• Annual: $70,683/yr
• Cap rate: 14.15%
• Cash-on-cash: 28.05%
• DSCR: 2.25
• 1% rule: 1.70%
• Cash to close: $252,000

Investor read

• This is a 5×2bd/1.0ba + 5×3bd/1.0ba units multifamily listed at $900k.
• At list price, monthly cash flow is $6k ($71k/yr) — positive. Per door: $589/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $900k).
• It's been on market 108 days — a 9% lower offer ($819k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $819k (9.0% below list) — sets the bar for market timing.
• In year one you build about $96k of equity ($6k loan paydown + $90k appreciation (10.0% local appreciation)).
• Location reads 65/100 on livability (#295 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, employment D-.
• Burke County Schools (rural): math 43% / reading 47% proficiency, ranked #89 of 178 in NC (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Hildebran Elementary (math 37% / reading 42%, grade F, #694 of 1,410 statewide, top 53%, 320 students, 77% FRL); East Burke High (math 67% / reading 52%, grade C+, #216 of 535 statewide, top 43%, 879 students, 64% FRL) — zoned schools average 70% FRL vs 52% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 8 active listings in the ZIP; 422 units permitted in Burke County in 2024 (94 in 5+ unit buildings).
• Burke County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 4y ago; this cycle's ask is 89900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $252k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$155k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1964 — 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?
• 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.