3400 Sunstone Way #4

Winterville, NC 28590

$225,990F

3 bd · 2.5 ba · 1,418 sqft · Built 2026 · Condo · Active · 136 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,648/mo
• Mortgage (P&I): −$1,185
• Tax + insurance: −$377
• HOA: −$58
• Vac / Maint / Mgmt: −$346
• Net cashflow: $-318/mo
• Annual: $-3,819/yr
• Cap rate: 4.60%
• Cash-on-cash: -6.04%
• DSCR: 0.73
• 1% rule: 0.73%
• Cash to close: $63,277

Investor read

• This is a 3-bed/2.5-bath condo listed at $226k. Condition is rated good.
• At list price, monthly cash flow is $-318 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (20.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (27.1% below list).
• It's been on market 136 days — a 12% lower offer ($199k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (27.1% 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 $7k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#33 in NC, #3,282 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Pitt County Schools (rural): math 41% / reading 44% proficiency, ranked #100 of 178 in NC (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ridgewood Elementary (math 50% / reading 57%, grade C, #335 of 1,410 statewide, top 24%, 722 students, 47% FRL); A G Cox Middle (math 37% / reading 49%, grade D-, #191 of 475 statewide, top 41%, 865 students, 52% FRL); South Central (math 42% / reading 51%, grade D-, #344 of 535 statewide, top 64%, 1,675 students, 55% FRL) — zoned schools at 51% FRL track the district average.
• Market conditions: Rents rising (+1.4%/yr); 421 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).
• Pitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

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 136 days. Have you received any prior offers? Is the seller open to a 27% 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?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?