103 Old Fountain Rd · Richlands, NC 28574

$105,000

3 bd · 2.0 ba · 1,064 sqft · Manufactured public records · 30 Days on market

Built 1999 0.32 ac lot

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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 +3.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits with this investment property located in Richlands, just minutes from the airport and local conveniences. This 2-bedroom, 2-bath home sits on a . 32-acre lot and offers potential for investors or buyers looking to renovate. Property is being sold AS-IS and will require repairs and updates. No HOA. Cash offers only.

Key facts

• 0.32 acre lot
• Built 1999
• Listed 29 days

Property features AI

Exterior

• Parking: On-site parking
• Utilities: Water connected; Septic tank
• Home design: Single family residence; One level / 1 story; Entry level: 1
• Construction: Vinyl siding; Shingle roof; Built on crawl space
• Exterior features: Front porch; Chain link fencing in back yard; Shed(s); Has view

Interior

• Kitchen: Range
• Bedrooms: 4 total rooms (includes bedrooms and other rooms)
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Electric heating; Fireplace(s); Central air conditioning
• Interior features: Range; Electric water heater; Crawl space basement (no finished basement)
• Laundry & utility: Washer hookup in hall

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $105k.

Deal economics

• At list price, monthly cash flow is $652 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $103k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.7% vs local median 4.0% in Richlands — 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 69/100 on livability (#151 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Onslow County Schools (other): math 42% / reading 49% proficiency, ranked #84 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Heritage Elementary School (math 45% / reading 47%, grade D-, #551 of 1,410 statewide, top 40%, 541 students, 53% FRL); Trexler Middle (math 37% / reading 46%, grade F, #206 of 475 statewide, top 44%, 825 students, 45% FRL); Richlands High (math 52% / reading 67%, grade C+, #216 of 535 statewide, top 43%, 960 students, 40% FRL).
• Market conditions: 203 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,246 units permitted in Onslow County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $60k; list at $105k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 92% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $103,425 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.54% ✓
• Cap rate: 13.75%
• Cash-on-cash: 26.63%
• DSCR: 2.18
• GRM: 5.4

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: 20.4%
• Equity multiple: 1.83×
• Total profit: $24,500
• Equity at exit: $15,656

10-year hold

• IRR: 28.6%
• Equity multiple: 3.54×
• Total profit: $74,688
• Equity at exit: $9,078

Cash invested: $29,400 (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 28574

• Home prices YoY: -8.9%
• Active inventory: 203
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,617 medium
• Mortgage (P&I): −$551
• Tax from tax record: −$31 /mo · $367/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $652

Break-even live

Break-even rent $791

Max offer price $105,000

Occupancy floor 55%

Sensitivity live

Price	-10% $712	-5% $682	+0% $652	+5% $623	+10% $593
Rent	-10% $525	-5% $589	+0% $652	+5% $716	+10% $780
Rate	-1.0pp $705	-0.5pp $679	base $652	+0.5pp $625	+1.0pp $598

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2430 Catherine Lake Rd Richlands, NC	2.0	1.0	980	$850	$0.87	14d	1	0.80mi
203 Stockton Ct Richlands, NC	3.0	2.0	1221	$1,750	$1.43	22d	1	1.04mi

Listing history 24 events

1. 2026-06-21
   days on market $105,000 Active 30 DOM
2. 2026-06-19
   days on market $105,000 Active 28 DOM
3. 2026-06-18
   days on market $105,000 Active 27 DOM
4. 2026-06-17
   price $105,000 Active 26 DOM
5. 2026-06-17
   days on market $110,000 Active 26 DOM
6. 2026-06-16
   days on market $110,000 Active 25 DOM
7. 2026-06-15
   days on market $110,000 Active 24 DOM
8. 2026-06-14
   days on market $110,000 Active 22 DOM
9. 2026-06-13
   days on market $110,000 Active 21 DOM
10. 2026-06-10
    days on market $110,000 Active 19 DOM
11. 2026-06-09
    days on market $110,000 Active 18 DOM
12. 2026-06-09
    days on market $110,000 Active 17 DOM
13. 2026-06-07
    days on market $110,000 Active 16 DOM
14. 2026-06-03
    days on market $110,000 Active 12 DOM
15. 2026-06-02
    days on market $110,000 Active 11 DOM
16. 2026-06-01
    days on market $110,000 Active 10 DOM
17. 2026-05-31
    days on market $110,000 Active 9 DOM
18. 2026-05-30
    days on market $110,000 Active 8 DOM
19. 2026-05-22
    listed $110,000 Active
20. 2026-03-17
    historical
21. 2026-03-12
    price $110,000
22. 2026-02-19
    price $115,000
23. 2026-01-30
    listed $119,000 Active
24. 2020-09-09
    soldstatus $60,000

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

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $367 · $31/mo
• Projected year-2 tax: $861 · $72/mo
• Expected delta: +$494/yr (+$41/mo · 134.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 92% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,403
• − Mortgage interest: −$5,882
• − Property taxes: −$367
• − Insurance: −$525
• − Repairs & maintenance: −$1,552
• − Management: −$1,552
• − Depreciation: −$3,055
• Taxable income: $6,470
• Est. tax owed @ 24.0%: −$1,553
• After-tax cash flow: $6,276/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.

Schools (NCES district)

• District: Onslow County Schools
• NCES district ID: 3703450
• Math proficiency: 42% ▲ 6.00%
• Reading proficiency: 49% ▲ 5.00%
• Median HH income: $46,076
• Composite: 38.66/100
• National rank: #4148
• State rank: #84 of 178 in NC

Livability — Richlands

• Score: 69/100
• State rank: #151
• US rank: #8426

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Onslow County · 164,453 people
• City population: 20,990
• Metro: Jacksonville, NC
• Population (ZIP): 20,990
• Household income: $67,416
• Rent vs Own: 18.3% rent · 81.7% own
• Severe rent burden: 287.0

Population outlook (Onslow County) Hauer SSP2

• Today (2025): 189,789 people
• By 2030: 194,463 · +2.5%
• By 2040: 193,629 · +2.0%
• By 2050: 193,248 · +1.8%
• By 2075: 196,995 · +3.8%
• By 2100: 201,513 · +6.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 13% Hispanic / Latino 8% Black 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 6%

Political lean MEDSL · Onslow

• 2024 margin: Solid R (+35.9) · D 31.5% · R 67.5% · Other 1.0%
• 2008→2024 swing: -14.5pp toward R · 2008: -21.5pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+30.2 2016: R+34.6 2012: R+27.0 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -21.07%
• Current HPI: 215.4574
• Rent YoY: —
• Metro: Jacksonville, NC
• 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

+83.3% since first listed

6 events — show timeline

• 2026-05-22 Listed $110,000 Hive MLS
• 2026-03-17 Listing Removed — Hive MLS
• 2026-03-12 Price Changed $110,000 Hive MLS
• 2026-02-19 Price Changed $115,000 Hive MLS
• 2026-01-30 Listed $119,000 Hive MLS
• 2020-09-09 Sold (Public Records) $60,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $367 · +0.0% YoY. Source: county tax records.