Daphne 3-Story 2-Car Garage Plan

Murraysville, NC 28429

$275,990F

3 bd · 2.5 ba · 1,792 sqft · Built — · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,399/mo
• Mortgage (P&I): −$2,387
• Tax + insurance: −$759
• HOA: −$0
• Vac / Maint / Mgmt: −$504
• Net cashflow: $-1,251/mo
• Annual: $-15,007/yr
• Cap rate: 3.00%
• Cash-on-cash: -11.78%
• DSCR: 0.48
• 1% rule: 0.53%
• Cash to close: $127,447

Investor read

• This is a 3-bed/2.5-bath single-family listed at $276k. Condition is rated excellent.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $274k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (13.1% below list).
• It's been on market 17 days — a 2% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $240k (13.1% 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 66/100 on livability (#294 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A; Watch: employment C-, schools D, health & safety D.
• New Hanover County Schools (urban): math 48% / reading 53% proficiency, ranked #61 of 178 in NC (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 185 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); 2,581 units permitted in New Hanover County in 2024 (1,185 in 5+ unit buildings).
• New Hanover County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 3.0% vs local median 4.1% in Murraysville — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent runs 40% of the median local income ($72k/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?
• 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?
• 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.