2311 Whites Memorial Rd

Franklinville, NC 27248

$143,900C+

2 bd · 1.0 ba · 900 sqft · Built 1955 · SingleFamily · Pending · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,422/mo
• Mortgage (P&I): −$755
• Tax + insurance: −$107
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $261/mo
• Annual: $3,134/yr
• Cap rate: 8.47%
• Cash-on-cash: 7.78%
• DSCR: 1.35
• 1% rule: 0.99%
• Cash to close: $40,292

Investor read

• This is a 2-bed/1.0-bath single-family listed at $144k.
• At list price, monthly cash flow is $261 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (1.2% below list).
• It's been on market 47 days — a 3% lower offer ($140k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $140k (3.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($995 loan paydown + $6k appreciation (4.0% local appreciation)).
• Location reads 62/100 on livability (#451 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools F, amenities F, commute F.
• Randolph County School System (rural): math 43% / reading 43% proficiency, ranked #94 of 178 in NC (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 789 units permitted in Randolph County in 2024 (168 in 5+ unit buildings).
• Randolph County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 4y 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 $101k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (4.0% appreciation + 3.0% rent growth), your $40k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: 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 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1955 — 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?
• 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.