187 William Cleary Rd · Mulberry, NC 28649

$19,900

3 bd · 1.0 ba · 980 sqft · Manufactured · 24 Days on market

Built 2001 1.07 ac lot

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +5.0/10.0
• Schools +4.3/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Investment opportunity nestled again the Virginia State Line. Convenient to the Parkway and downtown Wilkesboro! Roll up your sleeves and bring your tool box! 30-day Freddie Mac First Look period ends on 6/28/2026

Key facts

• 1.07 acre lot
• Built 2001
• Listed 24 days

Property features AI

Finance

• Other: Lot size about 1.07 acres; Zoning: R (residential)
• HOA & community: No HOA

Exterior

• Parking: No main-level garage; Other parking features (see remarks)
• Utilities: Water: Other (see remarks); Sewer: Other (see remarks)
• Home design: Manufactured single-family residence; One level
• Construction: Manufactured construction; Construction materials: Other (see remarks); Foundation: Other (see remarks)
• Exterior features: Gravel road access; Private maintained road (and other - see remarks)

Interior

• Kitchen: Appliances: Other (see remarks)
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Heating: Other (see remarks); Cooling: Other (see remarks)
• Interior features: 5 total rooms; Other interior features (see remarks)
• Laundry & utility: Laundry features: Other (see remarks)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $20k.

Deal economics

• At list price, monthly cash flow is $621 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($961 rent vs $20k).
• Recommended offer: $20k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#284 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, schools F, amenities F.
• Wilkes County Schools (rural): math 55% / reading 50% proficiency, ranked #59 of 178 in NC (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 42 active listings in the ZIP; 134 units permitted in Wilkes County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $735 of equity ($138 loan paydown + $597 appreciation (3.0% local appreciation)).
• Wilkes County population projected at -18% 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($20k) 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 $19,601 (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. 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?
3. 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.
4. 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.
5. 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: 4.83% ✓
• Cap rate: 43.73%
• Cash-on-cash: 133.70%
• DSCR: 6.95
• GRM: 1.7

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: —
• Equity multiple: 8.53×
• Total profit: $41,954
• Equity at exit: $8,948

10-year hold

• IRR: —
• Equity multiple: 17.86×
• Total profit: $93,959
• Equity at exit: $13,790

Cash invested: $5,572 (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 28649

• Active inventory: 42
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $961 medium
• Mortgage (P&I): −$104
• Tax from tax record: −$26 /mo · $307/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$202
• Net cashflow: $621

Break-even live

Break-even rent $175

Max offer price $19,900

Occupancy floor 30%

Sensitivity live

Price	-10% $632	-5% $626	+0% $621	+5% $615	+10% $610
Rent	-10% $545	-5% $583	+0% $621	+5% $659	+10% $697
Rate	-1.0pp $631	-0.5pp $626	base $621	+0.5pp $616	+1.0pp $610

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: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $19,900 Active 24 DOM
2. 2026-06-19
   days on market $19,900 Active 22 DOM
3. 2026-06-18
   days on market $19,900 Active 21 DOM
4. 2026-06-17
   days on market $19,900 Active 20 DOM
5. 2026-06-16
   days on market $19,900 Active 19 DOM
6. 2026-06-15
   days on market $19,900 Active 18 DOM
7. 2026-06-14
   days on market $19,900 Active 16 DOM
8. 2026-06-12
   remarks 214-char remark
9. 2026-06-12
   days on market $19,900 Active 15 DOM
10. 2026-06-09
    days on market $19,900 Active 12 DOM
11. 2026-06-08
    days on market $19,900 Active 11 DOM
12. 2026-06-07
    days on market $19,900 Active 10 DOM
13. 2026-06-03
    days on market $19,900 Active 6 DOM
14. 2026-06-02
    days on market $19,900 Active 5 DOM
15. 2026-06-01
    days on market $19,900 Active 4 DOM
16. 2026-05-31
    days on market $19,900 Active 3 DOM
17. 2026-05-30
    days on market $19,900 Active 2 DOM
18. 2026-05-28
    listed $19,900 Active

ⓘ 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: $307 · $26/mo
• Projected year-2 tax: $307 · $26/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major
• 🌡 Heat 2/10 Low 6 d/yr ≥93°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,530
• − Mortgage interest: −$1,115
• − Property taxes: −$307
• − Insurance: −$100
• − Repairs & maintenance: −$922
• − Management: −$922
• − Depreciation: −$579
• Taxable income: $7,585
• Est. tax owed @ 24.0%: −$1,820
• After-tax cash flow: $5,630/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: Wilkes County Schools
• NCES district ID: 3704950
• Math proficiency: 55% ▲ 13.00%
• Reading proficiency: 50% ▲ 5.00%
• Median HH income: $34,538
• Composite: 43.41/100
• National rank: #3017
• State rank: #59 of 178 in NC

Livability — Mulberry

• Score: 66/100
• State rank: #284
• US rank: #12144

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,581

Population outlook (Wilkes County) Hauer SSP2

• Today (2025): 66,349 people
• By 2030: 64,411 · -2.9%
• By 2040: 59,800 · -9.9%
• By 2050: 54,770 · -17.5%
• By 2075: 45,211 · -31.9%
• By 2100: 36,956 · -44.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (100%)
• Race & ethnicity: White 100%

Political lean MEDSL · Wilkes

• 2024 margin: Solid R (+59.6) · D 19.9% · R 79.5%
• 2008→2024 swing: -21.5pp toward R · 2008: -38.2pp · 2024: -59.6pp
• All cycles: 2024: R+59.6 2020: R+56.6 2016: R+55.2 2012: R+42.7 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

1 event — show timeline

• 2026-05-28 Listed $19,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+2.2%/yr

Latest (2025): $307 · +48.8% YoY. Source: county tax records.