300 Horace Ward Ave

Windsor, NC 27983

$160,000D-

3 bd · 2.0 ba · 1,196 sqft · Built 1997 · Manufactured · Active · 466 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,031/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$112
• HOA: −$0
• Vac / Maint / Mgmt: −$217
• Net cashflow: $-136/mo
• Annual: $-1,636/yr
• Cap rate: 5.27%
• Cash-on-cash: -3.65%
• DSCR: 0.84
• 1% rule: 0.64%
• Cash to close: $44,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $160k.
• At list price, monthly cash flow is $-136 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (15.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $103k (35.6% below list).
• It's been on market 466 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (35.6% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (8.0% local appreciation)).
• Location reads 68/100 on livability (#187 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime C-, amenities F, commute F.
• Bertie County Schools (rural): math 17% / reading 31% proficiency, ranked #165 of 178 in NC (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Windsor Elementary (math 12% / reading 27%, grade F, #1,242 of 1,410 statewide, top 90%, 328 students, 99% FRL); Bertie Middle (math 13% / reading 31%, grade F, #416 of 475 statewide, top 89%, 425 students, 99% FRL); Bertie High (math 27% / reading 22%, grade F, #474 of 535 statewide, top 90%, 442 students, 99% FRL) — zoned schools average 99% FRL vs 80% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 25 active listings in the ZIP; 46 units permitted in Bertie County in 2024 (0 in 5+ unit buildings).
• Bertie County population projected at -30% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $25k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $38k; list at $160k implies a 321% gain — meaningful room to come down on a strong offer.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• It's been on market 466 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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.