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GREAT · 61% MARGIN $500K–$1M project
#1 · 7324 Cass Holt Rd, Holly Springs, NC
Land parcel — see MLS listing for aerial/plat
List price$750,000 — reduced 25% from $1,000,000 on Aug 4, 2026
Acreage31.67 acres
MLS10164432 — Coldwell Banker, listed May 2, 2026
ZoningRR (Rural Residential); NR-CD rezoning petition 22-REZ-15 pending with Holly Springs Planning
UtilitiesNone on site; Holly Springs public sewer/water extension or annexation required
Tax assessment$1,688,050 — asking price is 56% below assessed value
Adjacent developmentCass Holt Crossing 24-MAS-01: 46.15 ac, 106 units (56 detached + 50 attached) approved on same road
StrategyEntitlement play — rezone RR to NR-CD, secure sewer service agreement, sell entitled land to national builder
Out-of-pocket cash$266,700 (equity + closings + carry)
Financed$630,000 acquisition loan (~75% of $840,000 project cost)
Modeled70 entitled lots × $40,000/lot; conservative floor $25k/lot still yields 42% margin and +$730,800 profit
Max offer (20%)
$1,803,000
Pro Forma
| Line | Amount |
|---|
| Gross revenue — entitled land sale (70 lots × $40,000/lot) | $2,800,000 |
| Land acquisition | ($750,000) |
| Land closing (~2% of land price) | ($15,000) |
| Entitlement costs — rezoning legal, survey, planning — at cost | ($75,000) |
| Loan closing + carry (10% APR, 18-mo. hold) | ($56,700) |
| Selling costs (~7%) — paid at sale closing, not out-of-pocket | ($196,000) |
| NET PROFIT TO INVESTOR | ~$1,707,300 · 61% margin · 640% cash-on-cash |
Land value support: Adjacent Cass Holt Crossing (46 ac, 106 units) approved — confirms NR-CD density is achievable on this road. Tax assessment $1,688,050 vs. $750k ask. Comparable Holly Springs NR-CD entitlement plays suggest $35–50k/entitled lot pre-infrastructure. Conservative floor $25k/lot × 70 = $1.75M revenue still returns +$730,800 (42% margin). MAO $1,803,000 — asking price $750,000 sits $1,053,000 inside MAO.
Diligence Gates
GO: 56% below tax assessment; 25% price cut Aug 2026; adjacent 106-unit development approved; active NR-CD rezoning petition 22-REZ-15; Holly Springs expanding sewer capacity (6M to 8M gpd).
VERIFY: (1) Petition 22-REZ-15 current status — call Holly Springs Development Services 919-557-3908 or email developmentservices@hollyspringsnc.gov; (2) Holly Springs sewer service area boundary — confirm parcel is within or can be annexed; (3) Listing notes "Seller Not Owner of Record" — verify title/ownership chain; (4) FEMA flood, wetlands, Neuse basin buffers, deed restrictions.
STOP: If sewer extension is denied or rezoning petition was denied — RR land without public sewer limits density severely; fall-back value ~$400–$500k as rural residential.
Verdict
At $750,000 — 56% below the $1.69M county tax assessment, with an active NR-CD rezoning petition and an approved 106-unit subdivision next door — this is the most mispriced entitlement opportunity in the current Triangle scan. Model: buy at $750k, spend ~$75k on rezoning and planning, hold 18 months, sell 70 entitled lots to a national builder at $40k/lot = $2.8M revenue, netting +$1,707,300 (61% margin, 640% cash-on-cash) on $266,700 out-of-pocket. Even the conservative floor ($25k/lot) returns +$730,800 (42% margin). The single binary risk: Holly Springs sewer service availability. Verify the service area boundary before making an offer. MAO $1,803,000 — $1,053,000 of cushion at asking price.