365 Scronce Rd

Harrells, NC 28444

$49,000B

2 bd · 2.0 ba · 1,026 sqft · Built 1997 · Other · Active · 195 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $943/mo
• Mortgage (P&I): −$257
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $407/mo
• Annual: $4,879/yr
• Cap rate: 16.25%
• Cash-on-cash: 35.56%
• DSCR: 2.58
• 1% rule: 1.93%
• Cash to close: $13,720

Investor read

• This is a 2-bed/2.0-bath other listed at $49k.
• At list price, monthly cash flow is $407 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($943 rent vs $49k).
• It's been on market 195 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• In year one you build about $43 of equity ($339 loan paydown + $-296 appreciation (-0.6% local appreciation)).
• Location reads 70/100 on livability (#143 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D, crime D, amenities F.
• Sampson County Schools (rural): math 40% / reading 41% proficiency, ranked #114 of 178 in NC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 30 active listings in the ZIP; 189 units permitted in Sampson County in 2024 (0 in 5+ unit buildings).
• Sampson County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 3 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.
• Current owner paid $17k; list at $49k implies a 188% gain — meaningful room to come down on a strong offer.
• At projected returns (-0.6% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; 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 195 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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?
• 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.