108 Country Farm Ln · Richlands, NC 28518

$199,000

3 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 23 Days on market

Built 2005 2.54 ac lot Est $225k · 11% under

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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 +22.1/30.0
• ARV discount +12.6/15.0
• DSCR +7.1/10.0
• Appreciation +6.9/10.0
• 1% rule +4.5/10.0
• Schools +3.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

2.54 Acres with Charming 3 Bedroom, 2 Bath Home - No City Taxes & No HOA! Welcome to this well-maintained home featuring a durable metal roof. The open-concept layout offers a spacious feel, perfect for both everyday living and entertaining. Bedrooms includes large walk-in closets, providing plenty of storage for today's lifestyle. Enjoy the freedom of no city taxes and no HOA, all while owning a home that's truly move-in ready. Seller is offering $56000 use as you choose.

Key facts

• Metal roof
• No city taxes
• No hoa

Tags

• 2.54 ACRES
• METAL ROOF
• OPEN-CONCEPT LAYOUT
• LARGE WALK-IN CLOSETS
• NO CITY TAXES
• NO HOA

Property features AI

Finance

• Other: Lot about 2.54 acres; Zoning: R-30M

Exterior

• Parking: Circular driveway; Gravel parking
• Utilities: Public water; Water connected; Septic tank
• Home design: Manufactured home; One story; Entry level: 1
• Construction: Vinyl siding; Frame construction; Metal roof; Built as manufactured home
• Exterior features: Deck; Front porch; Has view; Private road frontage

Interior

• Bedrooms: 6 total rooms (bedrooms/other rooms not individually specified)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating; Heat pump
• Interior features: Ceiling fan(s); Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $199k.

Deal economics

• At list price, monthly cash flow is $319 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (4.5% below list).
• Recommended offer: $190k (4.5% below list) — sets the bar for 1% rule.
• Cap rate 8.2% 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: Richlands Elementary (math 44% / reading 40%, grade F, #633 of 1,410 statewide, top 48%, 642 students, 52% 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: 54 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,246 units permitted in Onslow County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($1k loan paydown + $7k appreciation (3.7% local appreciation)).
• At projected returns (3.7% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.

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 $190,000 (4.5% 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: 0.95% ✗
• Cap rate: 8.22%
• Cash-on-cash: 6.86%
• DSCR: 1.31
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $224,532
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
588 Luther Banks Rd	0.46mi	3/2.0	1,056 (-11%)	8mo	$200,000	$189	54

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

Projected returns pro-forma

3.74% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.7%
• Equity multiple: 1.93×
• Total profit: $52,056
• Equity at exit: $97,853

10-year hold

• IRR: 16.8%
• Equity multiple: 3.64×
• Total profit: $147,328
• Equity at exit: $157,665

Cash invested: $55,720 (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 28518

• Home prices YoY: 1.5%
• Active inventory: 54
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,900 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$56 /mo · $669/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $319

Break-even live

Break-even rent $1,497

Max offer price $199,000

Occupancy floor 78%

Sensitivity live

Price	-10% $431	-5% $375	+0% $319	+5% $262	+10% $206
Rent	-10% $169	-5% $244	+0% $319	+5% $394	+10% $469
Rate	-1.0pp $419	-0.5pp $369	base $319	+0.5pp $267	+1.0pp $215

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
186 Christy Dr Beulaville, NC	3.0	2.0	1215	$1,900	$1.56	14d	1	1.16mi

Listing history 11 events

1. 2026-06-10
   days on market $199,000 Active 23 DOM
2. 2026-06-09
   days on market $199,000 Active 22 DOM
3. 2026-06-09
   days on market $199,000 Active 21 DOM
4. 2026-06-07
   remarks 479-char remark
5. 2026-06-07
   days on market $199,000 Active 20 DOM
6. 2026-06-03
   days on market $199,000 Active 16 DOM
7. 2026-06-02
   days on market $199,000 Active 15 DOM
8. 2026-06-01
   days on market $199,000 Active 14 DOM
9. 2026-05-31
   days on market $199,000 Active 13 DOM
10. 2026-05-30
    days on market $199,000 Active 12 DOM
11. 2026-05-18
    listed $199,000 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: $669 · $56/mo
• Projected year-2 tax: $1,632 · $136/mo
• Expected delta: +$963/yr (+$80/mo · 143.9%)

ⓘ 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 6/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,800
• − Mortgage interest: −$11,147
• − Property taxes: −$669
• − Insurance: −$995
• − Repairs & maintenance: −$1,824
• − Management: −$1,824
• − Depreciation: −$5,789
• Taxable income: $552
• Est. tax owed @ 24.0%: −$132
• After-tax cash flow: $3,693/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

• City population: 20,990
• Population (ZIP): 8,065

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: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 15% Black 15% Native American 3% Two or more races 2%
• Hispanic origin (detail): Mexican 13% Puerto Rican 2%
• Common ancestry: Slovak 1% Serbian 1% Iranian 1%
• Foreign-born: 8% · Canada
• Languages at home: 86% English-only · Spanish 13%

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: ▲ 3.74%
• Current HPI: 257.5718
• 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

• 2026-05-18 Listed $199,000 Hive MLS

Property tax history

-0.7%/yr

Latest (2025): $669 · +0.0% YoY. Source: county tax records.