490 Little River Farm Blvd Unit 102a · Carthage, NC 28327

$115,000

2 bd · 2.0 ba · 990 sqft · Condo public records · 91 Days on market

Built 2003 $238/mo HOA · 16% of rent

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.2/30.0
• 1% rule +8.3/10.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Rent growth +3.5/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This versitile, handsome condominium complex, first floor, lake view, condo can be a single family residence or as short term or long term rental investment. Spacious bedrroms, combined Livingroom, Dining and Kitchen Area. Unit has new flooring, blinds and are furnished. Location, location, location only 9 minutes away from Hospital in Pinehurst and all recreation shopping of Pinehurst. 11 minutes to Carthage. Relax on your private porch. Pets allowed

Key facts

• Private porch
• New flooring
• Lake view

Tags

• LAKE VIEW
• NEW FLOORING
• PRIVATE PORCH

Property features AI

Finance

• Other: Zoning: R06
• HOA & community: Homeowners association with annual fee (approximately $2,856 / $238 monthly equivalent); Community pool; Sidewalks and street lights

Exterior

• Parking: Additional paved parking; Lighted parking
• Utilities: Public water; Sewer connected; Water connected; Cable available
• Home design: Condominium; Residential property; Two levels / 2 stories; Entry level 1; Shingle roof
• Construction: Stone, fiber cement and frame construction; Slab foundation
• Exterior features: Porch; In-ground pool (see remarks); Level lot; Paved road frontage on a private road; Street lights nearby; Sidewalks

Interior

• Kitchen: Refrigerator; Dishwasher; Electric range; Microwave
• Bedrooms: 3 total rooms (includes bedrooms and living areas)
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Electric heating; Forced air; Cooling by heat pump
• Interior features: Eat-in kitchen; Window coverings; Furnished; Has a view; No basement
• Laundry & utility: Tankless water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.3% in Carthage — 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.

Location & tenants

• Location reads 62/100 on livability (#450 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: employment C-, health & safety C-, amenities F.
• Moore County Schools (rural): math 48% / reading 54% proficiency, ranked #58 of 178 in NC (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sandhills Farm Life Elementary (math 42% / reading 57%, grade D, #417 of 1,410 statewide, top 32%, 394 students, 27% FRL); New Century Middle (math 47% / reading 55%, grade C, #106 of 475 statewide, top 22%, 625 students, 32% FRL); Union Pines High (math 63% / reading 70%, grade B, #150 of 535 statewide, top 28%, 1,438 students, 34% FRL).
• Market conditions: Rents rising fast (+4.0%/yr); 231 active listings in the ZIP; solid renter incomes; 941 units permitted in Moore County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Moore County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 2 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 $95k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $104,650 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.33% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.63%
• DSCR: 1.43
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.04% rent growth · sell at horizon

5-year hold

• IRR: -0.3%
• Equity multiple: 0.99×
• Total profit: $-434
• Equity at exit: $17,147

10-year hold

• IRR: 10.6%
• Equity multiple: 1.87×
• Total profit: $28,106
• Equity at exit: $9,943

Cash invested: $32,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28327

• Home prices YoY: -33.0%
• Rents YoY: 4.0%
• Active inventory: 231
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,535 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$65 /mo · $781/yr
• Insurance: −$48
• HOA: −$238
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $258

Break-even live

Break-even rent $1,208

Max offer price $115,000

Occupancy floor 78%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $238 · $2,856/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-19
   days on market $115,000 Active 91 DOM
2. 2026-06-18
   days on market $115,000 Active 90 DOM
3. 2026-06-17
   days on market $115,000 Active 89 DOM
4. 2026-06-16
   days on market $115,000 Active 88 DOM
5. 2026-06-15
   days on market $115,000 Active 87 DOM
6. 2026-06-14
   days on market $115,000 Active 85 DOM
7. 2026-06-13
   days on market $115,000 Active 84 DOM
8. 2026-06-10
   days on market $115,000 Active 82 DOM
9. 2026-06-09
   days on market $115,000 Active 81 DOM
10. 2026-06-08
    days on market $115,000 Active 80 DOM
11. 2026-06-07
    days on market $115,000 Active 79 DOM
12. 2026-06-05
    days on market $115,000 Active 76 DOM
13. 2026-06-02
    days on market $115,000 Active 74 DOM
14. 2026-06-01
    days on market $115,000 Active 73 DOM
15. 2026-05-31
    days on market $115,000 Active 72 DOM
16. 2026-05-30
    days on market $115,000 Active 71 DOM
17. 2026-04-29
    status Active
18. 2026-04-21
    historical Active Under Contract
19. 2026-03-19
    listed $115,000 Active
20. 2021-11-01
    soldstatus $95,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $781 · $65/mo
• Projected year-2 tax: $943 · $79/mo
• Expected delta: +$162/yr (+$13/mo · 20.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,417
• − Mortgage interest: −$6,442
• − Property taxes: −$781
• − Insurance: −$575
• − Repairs & maintenance: −$1,473
• − Management: −$1,473
• − HOA: −$2,856
• − Depreciation: −$3,345
• Taxable income: $1,471
• Est. tax owed @ 24.0%: −$353
• After-tax cash flow: $2,748/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Moore County Schools
• NCES district ID: 3703090
• Math proficiency: 48% ▲ 5.00%
• Reading proficiency: 54% ▲ 5.00%
• Median HH income: $50,333
• Composite: 43.63/100
• National rank: #2967
• State rank: #58 of 178 in NC

Livability — Carthage

• Score: 62/100
• State rank: #450
• US rank: #16574

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment C- Housing A Health & safety C- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carthage, NC
• County: Moore County · 75,247 people
• City population: 19,386
• Metro: Pinehurst-Southern Pines, NC
• Population (ZIP): 19,386
• Household income: $87,434
• Rent vs Own: 19.5% rent · 80.5% own
• Severe rent burden: 156.0

Population outlook (Moore County) Hauer SSP2

• Today (2025): 106,902 people
• By 2030: 113,134 · +5.8%
• By 2040: 125,682 · +17.6%
• By 2050: 137,811 · +28.9%
• By 2075: 164,387 · +53.8%
• By 2100: 175,595 · +64.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Black 6% Two or more races 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Slovak 5% Italian 3% Serbian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Moore

• 2024 margin: Strong R (+29.5) · D 34.8% · R 64.3%
• 2008→2024 swing: -8.1pp toward R · 2008: -21.4pp · 2024: -29.5pp
• All cycles: 2024: R+29.5 2020: R+27.4 2016: R+29.6 2012: R+28.1 2008: R+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.86%
• Current HPI: 190.6404
• Rent YoY: ▲ 4.04%
• Metro: Pinehurst-Southern Pines, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

+21.1% since first listed

4 events — show timeline

• 2026-04-29 Relisted — Hive MLS
• 2026-04-21 Contingent — Hive MLS
• 2026-03-19 Listed $115,000 Hive MLS
• 2021-11-01 Sold (Public Records) $95,000 Public Records

Property tax history

-4.6%/yr

Latest (2024): $781 · -2.3% YoY. Source: county tax records.