187 William Cleary Rd

Mulberry, NC 28649

$19,900C-

3 bd · 1.0 ba · 980 sqft · Built 2001 · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $961/mo
• Mortgage (P&I): −$104
• Tax + insurance: −$34
• HOA: −$0
• Vac / Maint / Mgmt: −$202
• Net cashflow: $621/mo
• Annual: $7,450/yr
• Cap rate: 43.73%
• Cash-on-cash: 133.70%
• DSCR: 6.95
• 1% rule: 4.83%
• Cash to close: $5,572

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $20k.
• 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).
• It's been on market 24 days — a 2% lower offer ($20k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $20k (1.5% below list) — sets the bar for market timing.
• In year one you build about $735 of equity ($138 loan paydown + $597 appreciation (3.0% local appreciation)).
• 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-, amenities F, commute 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.
• Zoned schools: Mulberry Elementary School (math 64% / reading 53%, grade B-, #232 of 1,410 statewide, top 17%, 420 students, 99% FRL); North Wilkes Middle School (math 48% / reading 43%, grade D+, #154 of 475 statewide, top 33%, 409 students, 99% FRL); North Wilkes High School (math 77% / reading 57%, grade B, #142 of 535 statewide, top 28%, 625 students, 56% FRL) — zoned schools average 85% FRL vs 56% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 42 active listings in the ZIP; 134 units permitted in Wilkes County in 2024 (0 in 5+ unit buildings).
• 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.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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.