73 Thelma Rd

South Rosemary, NC 27870

$152,999D

2 bd · 1.0 ba · 1,208 sqft · Built 1958 · SingleFamily · Pending · 201 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,147/mo
• Mortgage (P&I): −$802
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$241
• Net cashflow: $-29/mo
• Annual: $-350/yr
• Cap rate: 6.06%
• Cash-on-cash: -0.82%
• DSCR: 0.96
• 1% rule: 0.75%
• Cash to close: $42,840

Investor read

• This is a 2-bed/1.0-bath single-family listed at $153k.
• At list price, monthly cash flow is $-29 ($-350/yr) — negative.
• To cash-flow at today's rent, offer at most $148k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $115k (25.0% below list).
• It's been on market 201 days — a 12% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (25.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#546 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment F.
• Halifax County Schools (rural): math 6% / reading 24% proficiency, ranked #177 of 178 in NC (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Everetts Elementary S.T.E.M. Academy (math 2% / reading 17%, grade F, #1,385 of 1,410 statewide, top 99%, 245 students, 99% FRL); William R Davie Middle S.T.E.M. Academy (math 4% / reading 27%, grade F, #456 of 475 statewide, top 96%, 277 students, 99% FRL); Halifax County Early College High (math 75% / reading 70%, grade B+, #106 of 535 statewide, top 20%, 128 students, 98% FRL) — zoned schools average 98% FRL vs 82% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 32% at this address vs 15% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Halifax County Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 147 active listings in the ZIP; 55 units permitted in Halifax County in 2024 (0 in 5+ unit buildings).
• Halifax County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $32k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 63% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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 201 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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?
• 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.