171 Ridley St

Marion, NC 28752

$45,000B-

2 bd · 2.0 ba · 924 sqft · Built 1900 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,069/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$75
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $533/mo
• Annual: $6,398/yr
• Cap rate: 20.51%
• Cash-on-cash: 50.78%
• DSCR: 3.26
• 1% rule: 2.37%
• Cash to close: $12,600

Investor read

• This is a 2-bed/2.0-bath single-family listed at $45k. Condition is rated poor.
• At list price, monthly cash flow is $533 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#93 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities F, commute F.
• Mcdowell County Schools (rural): math 35% / reading 46% proficiency, ranked #115 of 178 in NC (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Marion Elementary School (math 52% / reading 42%, grade D-, #497 of 1,410 statewide, top 38%, 355 students, 76% FRL); Mcdowell High School (math 50% / reading 57%, grade C-, #279 of 535 statewide, top 52%, 1,416 students, 60% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 266 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 175 units permitted in McDowell County in 2024 (0 in 5+ unit buildings).
• McDowell County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 20.5% vs local median 3.3% in Marion — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 D 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Mobile home roof — Visible rust and wear
• Major: Mobile home exterior — Visible rust and wear
• Major: Mobile home foundation — Visible rust and wear
• Major: Mobile home windows — Visible rust and wear
• Major: Mobile home doors — Visible rust and wear
• Major: Mobile home siding — Visible rust and wear