212 Green Lake Rd

Moyock, NC 27958

$469,900F

4 bd · 2.5 ba · 2,128 sqft · Built 2019 · SingleFamily · Under Contract · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,398/mo
• Mortgage (P&I): −$2,464
• Tax + insurance: −$387
• HOA: −$64
• Vac / Maint / Mgmt: −$714
• Net cashflow: $-230/mo
• Annual: $-2,765/yr
• Cap rate: 5.70%
• Cash-on-cash: -2.10%
• DSCR: 0.91
• 1% rule: 0.72%
• Cash to close: $131,572

Investor read

• This is a 4-bed/2.5-bath single-family listed at $470k.
• At list price, monthly cash flow is $-230 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $429k (8.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $340k (27.7% below list).
• It's been on market 55 days — a 3% lower offer ($456k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $340k (27.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#313 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D+, amenities F, commute F.
• Currituck County Schools (rural): math 45% / reading 51% proficiency, ranked #67 of 178 in NC (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Moyock Elementary (math 50% / reading 51%, grade D+, #403 of 1,410 statewide, top 29%, 725 students, 12% FRL); Moyock Middle (math 39% / reading 51%, grade D, #160 of 475 statewide, top 35%, 621 students, 24% FRL); Currituck County High (math 52% / reading 64%, grade C, #243 of 535 statewide, top 46%, 1,057 students, 30% FRL).
• Market conditions: 298 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 429 units permitted in Currituck County in 2024 (0 in 5+ unit buildings).
• Currituck County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 7y ago 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 $392k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: severe wind risk, 94% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 3.6% in Moyock — 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.
• This rent runs 36% of the median local income ($112k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 55 days. Have you received any prior offers? Is the seller open to a 28% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.