7241 Hunters Ridge Dr

Leland, NC 28451

$179,900B+

3 bd · 2.0 ba · 1,344 sqft · Built 1997 · Manufactured · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,355/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$247
• HOA: −$0
• Vac / Maint / Mgmt: −$495
• Net cashflow: $670/mo
• Annual: $8,036/yr
• Cap rate: 11.59%
• Cash-on-cash: 18.94%
• DSCR: 1.84
• 1% rule: 1.31%
• Cash to close: $50,372

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $180k.
• At list price, monthly cash flow is $670 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 16 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#177 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: health & safety D, amenities F, commute F.
• Brunswick County Schools (rural): math 45% / reading 47% proficiency, ranked #82 of 178 in NC (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Town Creek Elementary (math 50% / reading 53%, grade C-, #392 of 1,410 statewide, top 28%, 654 students, 100% FRL); Town Creek Middle (math 35% / reading 43%, grade F, #238 of 475 statewide, top 51%, 500 students, 99% FRL); North Brunswick High (math 57% / reading 49%, grade C-, #281 of 535 statewide, top 53%, 1,450 students, 100% FRL) — zoned schools average 100% FRL vs 53% district-wide (46 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: Rents rising (+1.2%/yr); 1224 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 6,112 units permitted in Brunswick County in 2024 (990 in 5+ unit buildings).
• Brunswick County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $53k; list at $180k implies a 239% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.2% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wind risk, 99% 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.
• Cap rate 11.6% vs local median 3.2% in Leland — 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.

Questions for listing agent

• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.