2153 Calla Ln

Kingstown, NC 28150

$89,900B

4 bd · 2.0 ba · 1,674 sqft · Built 1996 · Manufactured · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,415/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$92
• HOA: −$0
• Vac / Maint / Mgmt: −$297
• Net cashflow: $555/mo
• Annual: $6,657/yr
• Cap rate: 13.70%
• Cash-on-cash: 26.45%
• DSCR: 2.18
• 1% rule: 1.57%
• Cash to close: $25,172

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $90k.
• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• It's been on market 38 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 55/100 on livability (#662 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: crime F, amenities F, commute F.
• Cleveland County Schools (rural): math 47% / reading 49% proficiency, ranked #76 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Union Elementary (math 42% / reading 37%, grade F, #694 of 1,410 statewide, top 53%, 423 students, 80% FRL); Burns High (math 42% / reading 59%, grade D+, #306 of 535 statewide, top 57%, 934 students, 60% FRL).
• Market conditions: Rents rising fast (+6.7%/yr); 241 active listings in the ZIP; 461 units permitted in Cleveland County in 2024 (38 in 5+ unit buildings).
• Cleveland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 30% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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?
• Crime grade is F 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.