503 Lincoln St

Wadesboro, NC 28170

$20,000C-

3 bd · 1.0 ba · 2,776 sqft · Built 1928 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,750/mo
• Mortgage (P&I): −$105
• Tax + insurance: −$17
• HOA: −$0
• Vac / Maint / Mgmt: −$368
• Net cashflow: $1,260/mo
• Annual: $15,126/yr
• Cap rate: 81.92%
• Cash-on-cash: 270.10%
• DSCR: 13.02
• 1% rule: 8.75%
• Cash to close: $5,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $20k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $20k).
• It's been on market 18 days — a 2% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $20k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($138 loan paydown + $2k appreciation (10.0% local appreciation)).
• Location reads 41/100 on livability (#728 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing C-, schools F, crime F.
• Anson County Schools (rural): math 20% / reading 32% proficiency, ranked #159 of 178 in NC (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 85 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 55 units permitted in Anson County in 2024 (0 in 5+ unit buildings).
• Anson County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 81.9% vs local median 6.3% in Wadesboro — 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

• Built in 1928 — 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 F 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?
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.