4043 Mckethan St

Wade, NC 28395

$79,900B+

3 bd · 1.0 ba · 1,018 sqft · Built 1948 · SingleFamily · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,729/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$363
• Net cashflow: $814/mo
• Annual: $9,770/yr
• Cap rate: 18.52%
• Cash-on-cash: 43.67%
• DSCR: 2.94
• 1% rule: 2.16%
• Cash to close: $22,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $80k. Condition is rated poor.
• At list price, monthly cash flow is $814 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• It's been on market 103 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• In year one you build about $8k of equity ($552 loan paydown + $8k appreciation (9.9% local appreciation)).
• Location reads 55/100 on livability (#650 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: housing D, crime F, amenities F.
• Cumberland County Schools (urban): math 32% / reading 41% proficiency, ranked #126 of 178 in NC (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: District No 7 Elementary (math 47% / reading 57%, grade C-, #354 of 1,410 statewide, top 28%, 195 students, 98% FRL); Mac Williams Middle (math 40% / reading 50%, grade D, #160 of 475 statewide, top 35%, 1,151 students, 58% FRL); Cape Fear High (math 75% / reading 47%, grade C+, #202 of 535 statewide, top 39%, 1,529 students, 50% FRL).
• Zoned-school proficiency averages 53% at this address vs 36% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Cumberland County Schools average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 67 active listings in the ZIP; solid renter incomes; 1,125 units permitted in Cumberland County in 2024 (104 in 5+ unit buildings).
• At projected returns (9.9% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 74% 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.
• Cap rate 18.5% vs local median 3.7% in Wade — 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.

Questions for listing agent

• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1948 — 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 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof appears to be in poor condition, with visible wear and tear.
• Major: exterior siding — The exterior siding is peeling and in need of repainting.
• Major: flooring — The flooring in the interior appears to be carpeted and in need of replacement.
• Major: interior walls — The interior walls appear to be in poor condition, with visible wear and tear.
• Major: bathrooms — The bathrooms appear to be in poor condition, with visible wear and tear.
• Major: kitchen — The kitchen appears to be in poor condition, with visible wear and tear.