196 Johnson Rdg · Murphy, NC 28901

$54,800

2 bd · 2.0 ba · 1,050 sqft · Manufactured · 19 Days on market

Built 1990 Fair condition ↓ 8% since listing

---

Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

This 3-bedroom, 2-bath manufactured home being offered for sale that is located on rented lot. The monthly rent to the landlord is $200.00 per month and includes the well water. Inside, you'll find a spacious layout with a primary suite, two guest bedrooms, and plenty of potential. Outside? Situated on a gentle, easy-to-maintain lot, you'll have just the right amount of space for a small garden without the upkeep of a large yard. Whether you're an investor, first-time buyer with vision, or someone who knows a good deal when they see it, this one's worth a look. Fix it up and cash in—or make it your own private paradise. Full of possibilities. Come see the value—for yourself! S

Key facts

• Built 1990
• Listed 19 days

Property features AI

Exterior

• Parking: Gravel parking
• Utilities: Private/shared well water; Septic tank
• Home design: Manufactured home; Single-story
• Construction: Vinyl siding; Metal roof
• Exterior features: Porch; Wooded lot

Interior

• Kitchen: Microwave; Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Ceiling fan(s) for cooling
• Interior features: Microwave; Range; Refrigerator; Electric water heater; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $55k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $814 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.1% vs local median 2.6% in Murphy — 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 66/100 on livability (#292 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+; Watch: health & safety C-, schools D+, amenities F.
• Cherokee County Schools (rural): math 42% / reading 47% proficiency, ranked #90 of 178 in NC (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 110 active listings in the ZIP; 232 units permitted in Cherokee County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $379 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Cherokee County population projected at -24% 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $53,978 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 2.76% ✓
• Cap rate: 24.12%
• Cash-on-cash: 63.68%
• DSCR: 3.83
• GRM: 3.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 62.7%
• Equity multiple: 3.80×
• Total profit: $43,004
• Equity at exit: $8,171

10-year hold

• IRR: 67.2%
• Equity multiple: 7.80×
• Total profit: $104,318
• Equity at exit: $4,738

Cash invested: $15,344 (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 28901

• Home prices YoY: -11.7%
• Active inventory: 110
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,510 medium
• Mortgage (P&I): −$287
• Tax est. 1.5%: −$68 /mo · $822/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $814

Break-even live

Break-even rent $479

Max offer price $54,800

Occupancy floor 41%

Sensitivity live

Price	-10% $852	-5% $833	+0% $814	+5% $795	+10% $776
Rent	-10% $695	-5% $755	+0% $814	+5% $874	+10% $934
Rate	-1.0pp $842	-0.5pp $828	base $814	+0.5pp $800	+1.0pp $786

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: $13,700
• Closing costs: $1,644
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $54,800 Active 19 DOM
2. 2026-06-18
   days on market $54,800 Active 17 DOM
3. 2026-06-17
   days on market $54,800 Active 16 DOM
4. 2026-06-16
   days on market $54,800 Active 15 DOM
5. 2026-06-15
   days on market $54,800 Active 14 DOM
6. 2026-06-13
   days on market $54,800 Active 12 DOM
7. 2026-06-12
   days on market $54,800 Active 11 DOM
8. 2026-06-09
   days on market $54,800 Active 8 DOM
9. 2026-06-08
   days on market $54,800 Active 7 DOM
10. 2026-06-07
    days on market $54,800 Active 6 DOM
11. 2026-06-07
    days on market $54,800 Active 5 DOM
12. 2026-06-04
    days on market $54,800 Active 2 DOM
13. 2026-06-01
    days on marketlisting id $54,800 Active 1 DOM
14. 2026-06-01
    days on market $54,800 Active 177 DOM
15. 2026-05-31
    days on market $54,800 Active 176 DOM
16. 2026-04-24
    price $54,800
17. 2025-12-06
    listed $59,800 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,121
• − Mortgage interest: −$3,070
• − Property taxes: −$822
• − Insurance: −$274
• − Repairs & maintenance: −$1,450
• − Management: −$1,450
• − Depreciation: −$1,594
• Taxable income: $9,462
• Est. tax owed @ 24.0%: −$2,271
• After-tax cash flow: $7,500/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 · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate repairs and maintenance, including painting, updating countertops, and landscaping. With some updates, it has the potential to be a great investment.

Repairs flagged

• Major Deck — Significant wear and tear.
• Major Siding — Significant wear and tear.
• Major Landscaping — Overgrown yard and lack of landscaping.

Value-add opportunities

• Both Paint interior walls — Fresh paint can improve the home's appearance and value.
• Both Replace countertops — Modern countertops can significantly enhance the kitchen's appeal and value.
• Both Landscaping and curb appeal — A well-maintained yard and curb appeal can attract more buyers and renters.
• Both Replace deck and siding — A new deck and siding can greatly improve the home's curb appeal and value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Deck · Significant wear and tear.	Major	$15,000–50,000
Siding · Significant wear and tear.	Major	$15,000–50,000
Landscaping · Overgrown yard and lack of landscaping.	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can improve the home's appearance and value. ↑
• Both Replace countertops — Modern countertops can significantly enhance the kitchen's appeal and value. ↑
• Both Landscaping and curb appeal — A well-maintained yard and curb appeal can attract more buyers and renters. ↑
• Both Replace deck and siding — A new deck and siding can greatly improve the home's curb appeal and value. ↑

ⓘ 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: Cherokee County Schools
• NCES district ID: 3700780
• Math proficiency: 42% ▲ 1.00%
• Reading proficiency: 47% ▼ -2.00%
• Median HH income: $36,424
• Composite: 36.91/100
• National rank: #4542
• State rank: #90 of 178 in NC

Livability — Murphy

• Score: 66/100
• State rank: #292
• US rank: #12327

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment F Housing C Health & safety C- User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,624

Population outlook (Cherokee County) Hauer SSP2

• Today (2025): 25,672 people
• By 2030: 24,504 · -4.5%
• By 2040: 21,955 · -14.5%
• By 2050: 19,592 · -23.7%
• By 2075: 15,128 · -41.1%
• By 2100: 11,203 · -56.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Native American 4% Hispanic / Latino 4% Black 4%
• Common ancestry: Lithuanian 3% Slovak 2% Estonian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Cherokee

• 2024 margin: Solid R (+57.5) · D 20.8% · R 78.2% · Other 1.0%
• 2008→2024 swing: -18.9pp toward R · 2008: -38.6pp · 2024: -57.5pp
• All cycles: 2024: R+57.5 2020: R+55.1 2016: R+57.0 2012: R+46.2 2008: R+38.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -25.74%
• Current HPI: 193.5561
• Rent YoY: —
• Metro: —
• 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

-8.4% since first listed

2 events — show timeline

• 2026-04-24 Price Changed $54,800 MLBOR
• 2025-12-06 Listed $59,800 MLBOR