490 Little River Farm Blvd Unit A104 · Carthage, NC 28327

$108,000

2 bd · 2.0 ba · 950 sqft · Condo · 57 Days on market

Built 2003 Good condition $248/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 +23.3/30.0
• 1% rule +9.0/10.0
• DSCR +7.5/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Condition / age +3.8/5.0
• Rent growth +3.5/5.0
• Livability +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks

ALL INCLUSIVE 1ST FLOOR, END UNIT IN THE LITTLE RIVER FARM CONDOS! ON THE RENTAL PROGRAM. THE CONDOS ARE TURNKEY, FULLY FURNISHED & IN A RENTAL POOL MANAGED IN-HOUSE. CONDO IS BESIDE THE POOL & IS ON SHORT TERM RENTALS. PRICE INCLUDES FULLY FURNISHED CONDO WITH 3 FLAT SCREEN TVs . INCLUDES CABLE TV & WIFI INTERNET, WATER & SEWER & POOL ACCESS. , 1 BUILDING FROM FABULOUS POOL. HOT WATER IS PRODUCED BY BUILDING BOILER ROOM AND ASSESSED FOR LP GAS AT END OF THE YEAR (APPROX $360)

Key facts

• 1st floor
• Pool access
• End unit

Tags

• 1ST FLOOR
• END UNIT
• BESIDE THE POOL
• POOL ACCESS

Property features AI

Finance

• Other: Taxes listed previously (amount excluded per instructions)
• HOA & community: Homeowners association with clubhouse and management; Annual association fee of $2,976 (approximately $248/month)

Exterior

• Parking: Shared paved driveway; Lighted parking
• Security: Fire sprinkler system; Smoke detectors
• Utilities: Public water; Sewer available; Water available; Utilities available
• Home design: Residential condominium; One-level entry; Two-story building; End unit facing south
• Construction: Concrete, fiber cement, and frame construction; Shingle roof; Slab foundation; Built as condominium (year not provided)
• Exterior features: Balcony; In-ground pool (see remarks); Paved roads and private road frontage; Sidewalks; Street lights

Interior

• Kitchen: Electric oven; Refrigerator; Ice maker; Dishwasher; Disposal; Microwave
• Bedrooms: End unit, first-floor unit
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Central air; Electric heating; Forced air
• Interior features: Window coverings; Furnished; Fire sprinkler system; Smoke detectors; Has a view
• Laundry & utility: Gas water heater; Tankless water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $108k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $198 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $108k).
• Recommended offer: $105k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 $747 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.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($105k) is reasonable based on typical stale-listing flexibility.

Recommended offer $104,760 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.40% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.87%
• DSCR: 1.35
• GRM: 6.0

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: -2.7%
• Equity multiple: 0.90×
• Total profit: $-3,091
• Equity at exit: $16,103

10-year hold

• IRR: 8.5%
• Equity multiple: 1.69×
• Total profit: $20,983
• Equity at exit: $9,338

Cash invested: $30,240 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,510 medium
• Mortgage (P&I): −$566
• Tax est. 1.5%: −$135 /mo · $1,620/yr
• Insurance: −$45
• HOA: −$248
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $198

Break-even live

Break-even rent $1,259

Max offer price $108,000

Occupancy floor 82%

Sensitivity live

Price	-10% $273	-5% $236	+0% $198	+5% $161	+10% $124
Rent	-10% $79	-5% $139	+0% $198	+5% $258	+10% $318
Rate	-1.0pp $253	-0.5pp $226	base $198	+0.5pp $170	+1.0pp $142

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: $27,000
• Closing costs: $3,240
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $248 · $2,976/yr
• Likely covers: watersewergasinternetcablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-19
   days on market $108,000 Active 57 DOM
2. 2026-06-18
   days on market $108,000 Active 56 DOM
3. 2026-06-17
   days on market $108,000 Active 55 DOM
4. 2026-06-16
   days on market $108,000 Active 54 DOM
5. 2026-06-15
   days on market $108,000 Active 53 DOM
6. 2026-06-14
   days on market $108,000 Active 51 DOM
7. 2026-06-13
   days on market $108,000 Active 50 DOM
8. 2026-06-10
   days on market $108,000 Active 48 DOM
9. 2026-06-09
   days on market $108,000 Active 47 DOM
10. 2026-06-08
    days on market $108,000 Active 46 DOM
11. 2026-06-07
    days on market $108,000 Active 45 DOM
12. 2026-06-05
    days on market $108,000 Active 42 DOM
13. 2026-06-02
    days on market $108,000 Active 40 DOM
14. 2026-06-01
    days on market $108,000 Active 39 DOM
15. 2026-05-31
    days on market $108,000 Active 38 DOM
16. 2026-05-30
    days on market $108,000 Active 37 DOM
17. 2026-04-23
    listed $108,000 Active

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

Taxation est. · year 1

• Rental income: $18,118
• − Mortgage interest: −$6,050
• − Property taxes: −$1,620
• − Insurance: −$540
• − Repairs & maintenance: −$1,449
• − Management: −$1,449
• − HOA: −$2,976
• − Depreciation: −$3,142
• Taxable income: $892
• Est. tax owed @ 24.0%: −$214
• After-tax cash flow: $2,167/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.

Condition & rehab AI · 6 photos

Good 75/100 Cosmetic rehab

This fully furnished and turnkey condo is in good condition with minimal repairs needed. It has a good curb appeal and is located near a pool, making it suitable for both resale and rental.

Value-add opportunities

• Both Paint the exterior walls — Enhances curb appeal and can increase both resale and rental value.
• Both Replace the carpet with hardwood or tile — Hardwood or tile flooring is more durable and can increase both resale and rental value.
• Both Upgrade the kitchen appliances — Modern appliances can increase both resale and rental value.
• Both Install smart home devices — Smart home devices can increase both resale and rental value by adding modern amenities and convenience.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior walls — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Replace the carpet with hardwood or tile — Hardwood or tile flooring is more durable and can increase both resale and rental value. ↑
• Both Upgrade the kitchen appliances — Modern appliances can increase both resale and rental value. ↑
• Both Install smart home devices — Smart home devices can increase both resale and rental value by adding modern amenities and convenience. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-04-23 Listed $108,000 Hive MLS