484 Harbinger St

Belhaven, NC 27810

$77,900B-

2 bd · 2.0 ba · 871 sqft · Built 2010 · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,219/mo
• Mortgage (P&I): −$409
• Tax + insurance: −$528
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $27/mo
• Annual: $319/yr
• Cap rate: 13.27%
• Cash-on-cash: 24.93%
• DSCR: 2.11
• 1% rule: 1.56%
• Cash to close: $21,812

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $78k.
• At list price, monthly cash flow is $27 ($319/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• It's been on market 24 days — a 2% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#127 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities F, commute F, employment F.
• Beaufort County Schools (rural): math 39% / reading 42% proficiency, ranked #112 of 178 in NC (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Northeast Elementary (math 33% / reading 31%, grade F, #908 of 1,410 statewide, top 67%, 388 students, 99% FRL); Northside High (math 54% / reading 52%, grade C-, #280 of 535 statewide, top 52%, 376 students, 99% FRL) — zoned schools average 99% FRL vs 67% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 124 active listings in the ZIP; 216 units permitted in Beaufort County in 2024 (0 in 5+ unit buildings).
• Beaufort County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.3% vs local median 0.7% in Belhaven — 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

• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.