49 Coweeta River Ln

Franklin, NC 28763

$285,000D

3 bd · 2.0 ba · 1,990 sqft · Built 2022 · MultiFamily · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,817/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$274
• HOA: −$0
• Vac / Maint / Mgmt: −$382
• Net cashflow: $-333/mo
• Annual: $-4,001/yr
• Cap rate: 4.89%
• Cash-on-cash: -5.01%
• DSCR: 0.78
• 1% rule: 0.64%
• Cash to close: $79,800

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $285k.
• At list price, monthly cash flow is $-333 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $226k (20.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (36.2% below list).
• It's been on market 79 days — a 6% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (36.2% below list) — sets the bar for 1% rule.
• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#55 in NC, #4,469 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime C-, employment D+, commute F.
• Macon County Schools (rural): math 47% / reading 50% proficiency, ranked #71 of 178 in NC (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: South Macon Elementary (math 57% / reading 57%, grade C+, #249 of 1,410 statewide, top 20%, 498 students, 72% FRL); Macon Middle School (math 38% / reading 48%, grade D-, #191 of 475 statewide, top 41%, 599 students, 59% FRL); Franklin High (math 77% / reading 60%, grade B, #134 of 535 statewide, top 25%, 1,005 students, 51% FRL).
• Market conditions: 63 active listings in the ZIP; 218 units permitted in Macon County in 2024 (0 in 5+ unit buildings).
• Macon County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• By year 2, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.9% vs local median 2.4% in Franklin — 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 79 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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.