126 Mallard St Lot 140 · Grandy, NC 27939

$279,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured · 73 Days on market

Built 2009 Est $276k · at est.

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Why this score? — see what drove the D- 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).

• Appreciation +10.0/10.0
• Cash flow +7.5/30.0
• ARV discount +7.0/15.0
• Schools +4.2/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• DSCR +1.6/10.0

Listing remarks MLS

This 3 bedroom 2 bath home is right in the heart of Grandy. Walking distance to stores and restaurants. This is an affordable home that won't be around long!

Key facts

• Whole home generator
• Boat access
• Built 2009

Tags

• WHOLE HOME GENERATOR
• SOUND FRONT SUBDIVISION
• BOAT ACCESS

Property features AI

Finance

• Financial info: Annual tax amount: $1,109.29

Exterior

• Home design: Mobile home (residential property type)
• Exterior features: Residential zoning

Interior

• Bathrooms: 2 full bathrooms
• Interior features: Located in the Walnut Isle Est subdivision; Directions: From 158 turn into neighborhood, take the first road to the right, approximately 1/3 mile down on the right

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $279k.

Deal economics

• At list price, monthly cash flow is $-415 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (21.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (28.3% below list).
• Recommended offer: $200k (28.3% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 0.6% in Grandy — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Currituck County Schools (rural): math 45% / reading 51% proficiency, ranked #67 of 178 in NC (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 63 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 429 units permitted in Currituck County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Currituck County population projected at +23% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $278.72M (100%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $126k; list at $279k implies a 121% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $200,000 (28.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.72% ✗
• Cap rate: 4.80%
• Cash-on-cash: -5.35%
• DSCR: 0.76
• GRM: 11.6

CMA / ARV

• ARV (on-the-fly): $276,048
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 Evans St Lot 72	0.08mi	3/2.0	1,288 (-1%)	11mo	$295,000	$229	86
131 Edgewater Dr	0.23mi	3/2.0	1,344 (+4%)	1mo	$286,500	$213	82
131 Edgewater Dr Lot 16	0.23mi	3/2.0	1,344 (+4%)	1mo	$286,500	$213	82
114 Evans St	0.18mi	3/2.0	1,248 (-4%)	11mo	$225,000	$180	77
114 Evans St Lot 14	0.18mi	3/2.0	1,248 (-4%)	11mo	$225,000	$180	77
116 Mallard Ln	0.15mi	3/2.0	1,120 (-14%)	12mo	$277,000	$247	60
136 Inlet Ln	0.35mi	3/2.0	1,115 (-14%)	19mo	$270,000	$242	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.8%
• Equity multiple: 2.61×
• Total profit: $125,618
• Equity at exit: $251,345

10-year hold

• IRR: 18.1%
• Equity multiple: 6.00×
• Total profit: $390,829
• Equity at exit: $542,036

Cash invested: $78,120 (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 27939

• Home prices YoY: 24.0%
• Active inventory: 63
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,000 medium
• Mortgage (P&I): −$1,463
• Tax est. 1.5%: −$349 /mo · $4,185/yr
• Insurance: −$116
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$420
• Net cashflow: $-415

Break-even live

Break-even rent $2,525

Max offer price $219,012

Occupancy floor —

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6673 Caratoke Hwy Grandy, NC	2.0	2.0	1152	$2,000	$1.74	3d	1	0.76mi

Listing history 16 events

1. 2026-06-18
   days on market $279,000 Active 73 DOM
2. 2026-06-17
   days on market $279,000 Active 72 DOM
3. 2026-06-16
   days on market $279,000 Active 71 DOM
4. 2026-06-15
   days on market $279,000 Active 70 DOM
5. 2026-06-13
   days on market $279,000 Active 68 DOM
6. 2026-06-09
   days on market $279,000 Active 64 DOM
7. 2026-06-08
   days on market $279,000 Active 63 DOM
8. 2026-06-07
   days on market $279,000 Active 62 DOM
9. 2026-06-03
   days on market $279,000 Active 58 DOM
10. 2026-06-02
    days on market $279,000 Active 57 DOM
11. 2026-06-01
    days on market $279,000 Active 56 DOM
12. 2026-05-31
    days on market $279,000 Active 55 DOM
13. 2026-04-06
    price $279,000
14. 2026-04-06
    listed $279,000,000 Active
15. 2020-08-26
    soldstatus $126,000 157-char remark

    Show marketing remark (157 chars)

    This 3 bedroom 2 bath home is right in the heart of Grandy. Walking distance to stores and restaurants. This is an affordable home that won't be around long!

16. 2020-05-06
    listed $139,900 157-char remark

    Show marketing remark (157 chars)

    This 3 bedroom 2 bath home is right in the heart of Grandy. Walking distance to stores and restaurants. This is an affordable home that won't be around long!

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 97% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥101°F today · 20 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,000
• − Mortgage interest: −$15,628
• − Property taxes: −$4,185
• − Insurance: −$2,192
• − Repairs & maintenance: −$1,920
• − Management: −$1,920
• − Depreciation: −$8,116
• Taxable loss: −$9,962
• Est. tax savings @ 24.0%: +$2,391
• After-tax cash flow: $-2,584/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: Currituck County Schools
• NCES district ID: 3701080
• Math proficiency: 45% ▲ 2.00%
• Reading proficiency: 51% ▲ 5.00%
• Median HH income: $58,898
• Composite: 41.96/100
• National rank: #3348
• State rank: #67 of 178 in NC

Livability — Grandy

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Grandy, NC
• City population: 3,412
• Population (ZIP): 2,422

Population outlook (Currituck County) Hauer SSP2

• Today (2025): 28,690 people
• By 2030: 30,311 · +5.7%
• By 2040: 33,220 · +15.8%
• By 2050: 35,405 · +23.4%
• By 2075: 40,998 · +42.9%
• By 2100: 44,117 · +53.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 5% Black 4% Two or more races 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 5% German 3% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Currituck

• 2024 margin: Solid R (+47.9) · D 25.6% · R 73.5%
• 2008→2024 swing: -16.4pp toward R · 2008: -31.5pp · 2024: -47.9pp
• All cycles: 2024: R+47.9 2020: R+46.2 2016: R+49.8 2012: R+35.1 2008: R+31.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 48.97%
• Current HPI: 252.96
• 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

+99.4% since first listed

4 events — show timeline

• 2026-04-06 Price Changed $279,000 OBMLS
• 2026-04-06 Listed $279,000,000 OBMLS
• 2020-08-26 Sold (MLS) $126,000 OBMLS
• 2020-05-06 Listed $139,900 OBMLS