587 Carlton Chapel Church Rd · Warsaw, NC 28398

$135,990

3 bd · 1.0 ba · 1,440 sqft · Manufactured public records · 53 Days on market

Built 1989 0.56 ac lot

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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).

• Cash flow +12.2/30.0
• ARV discount +7.5/15.0
• Appreciation +5.3/10.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Listing remarks

* Fully Furnished! * All appliances staying! * Welcome to this home situated on a spacious half-acre lot in Warsaw! This property features a bright sunroom- perfect for drinking your morning coffee. Take advantage of the added storage, over 500 sqft, plenty of space for hobbies, tools, or extra belongings. Enjoy peaceful surroundings with the convenience of being just 7 minutes from the growing town of Warsaw. A great opportunity for homeowners or investors! * Solar Panels may or may not go with the property * SharedDriveway * No septic permit on file *

Key facts

• Half-acre lot
• Added storage
• Bright sunroom

Tags

• HALF-ACRE LOT
• BRIGHT SUNROOM
• ADDED STORAGE
• PEACEFUL SURROUNDINGS

Property features AI

Finance

• Other: Lot about 0.56 acres (approximately 121 x 181 x 121 x 181); Zoning: R47-40; Not in a subdivision

Exterior

• Parking: Shared driveway; No garage
• Utilities: Well and public water available; Septic tank sewer
• Home design: Manufactured home; One story; Entry level: 1; Wood siding and frame construction
• Construction: Shingle roof; Crawl space foundation
• Exterior features: Enclosed porch; Porch; Storage structure; Has view; Paved road frontage; City street and state road access

Interior

• Kitchen: Freezer; Refrigerator; Electric range
• Bedrooms: Total rooms: 5
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Walk-in closet(s); Kitchen island
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $136k.

Deal economics

• At list price, monthly cash flow is $-27 ($-326/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (15.0% below list).
• Recommended offer: $116k (15.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 60/100 on livability (#507 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Duplin County Schools (rural): math 23% / reading 32% proficiency, ranked #153 of 178 in NC (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Warsaw Elementary (math 13% / reading 25%, grade F, #1,269 of 1,410 statewide, top 91%, 799 students, 100% FRL); James Kenan High (math 27% / reading 32%, grade F, #459 of 535 statewide, top 87%, 784 students, 100% FRL) — zoned schools average 100% FRL vs 74% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 43 active listings in the ZIP; 134 units permitted in Duplin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($940 loan paydown + $801 appreciation (0.6% local appreciation)).
• Duplin County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $75k; list at $136k implies a 81% gain — meaningful room to come down on a strong offer.

Recommended offer $115,528 (15.0% 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 53 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.85% ✗
• Cap rate: 6.05%
• Cash-on-cash: -0.85%
• DSCR: 0.96
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.59% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.0%
• Equity multiple: 0.95×
• Total profit: $-1,878
• Equity at exit: $43,541

10-year hold

• IRR: 4.2%
• Equity multiple: 1.49×
• Total profit: $18,468
• Equity at exit: $55,694

Cash invested: $38,077 (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 28398

• Home prices YoY: 0.3%
• Active inventory: 43
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,155 medium
• Mortgage (P&I): −$713
• Tax est. 1.5%: −$170 /mo · $2,040/yr
• Insurance: −$57
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $-27

Break-even live

Break-even rent $1,190

Max offer price $132,065

Occupancy floor 97%

Sensitivity live

Price	-10% $67	-5% $20	+0% $-27	+5% $-74	+10% $-121
Rent	-10% $-118	-5% $-73	+0% $-27	+5% $19	+10% $64
Rate	-1.0pp $41	-0.5pp $7	base $-27	+0.5pp $-62	+1.0pp $-98

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: $33,998
• Closing costs: $4,080
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-05
   status $135,990 Pending 53 DOM
2. 2026-06-03
   days on market $135,990 Active 53 DOM
3. 2026-06-02
   days on market $135,990 Active 52 DOM
4. 2026-06-01
   days on market $135,990 Active 51 DOM
5. 2026-05-31
   days on market $135,990 Active 50 DOM
6. 2026-05-30
   days on market $135,990 Active 49 DOM
7. 2026-04-01
   listed $135,990 Active
8. 2023-06-06
   soldstatus $75,000

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

Taxation est. · year 1

• Rental income: $13,863
• − Mortgage interest: −$7,618
• − Property taxes: −$2,040
• − Insurance: −$680
• − Repairs & maintenance: −$1,109
• − Management: −$1,109
• − Depreciation: −$3,956
• Taxable loss: −$2,648
• Est. tax savings @ 24.0%: +$636
• After-tax cash flow: $310/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: Duplin County Schools
• NCES district ID: 3701200
• Math proficiency: 23% ▼ -5.00%
• Reading proficiency: 32% ▼ -1.00%
• Median HH income: $34,900
• Composite: 22.66/100
• National rank: #8052
• State rank: #153 of 178 in NC

Livability — Warsaw

• Score: 60/100
• State rank: #507
• US rank: #18586

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 6,084

Population outlook (Duplin County) Hauer SSP2

• Today (2025): 57,701 people
• By 2030: 56,333 · -2.4%
• By 2040: 52,736 · -8.6%
• By 2050: 48,426 · -16.1%
• By 2075: 36,339 · -37.0%
• By 2100: 23,866 · -58.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 46% White 27% Hispanic / Latino 23% Two or more races 7% Native American 1%
• Hispanic origin (detail): Mexican 17% Puerto Rican 3%
• Common ancestry: Hispanic 5% Lithuanian 1%
• Foreign-born: 18% · Canada
• Languages at home: 71% English-only · Spanish 20% French/Haitian/Cajun 8%

Political lean MEDSL · Duplin

• 2024 margin: Strong R (+28.9) · D 35.2% · R 64.2%
• 2008→2024 swing: -19.5pp toward R · 2008: -9.4pp · 2024: -28.9pp
• All cycles: 2024: R+28.9 2020: R+22.1 2016: R+19.2 2012: R+11.8 2008: R+9.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.59%
• Current HPI: 219.5971
• 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

+81.3% since first listed

2 events — show timeline

• 2026-04-01 Listed $135,990 Hive MLS
• 2023-06-06 Sold (Public Records) $75,000 Public Records

Property tax history

-29.8%/yr

Latest (2025): $12 · +11.7% YoY. Source: county tax records.