LOT 1 & LOT 2 Elijah Cir · Columbus, NC 28722

$799,000

12 bd · 10.0 ba · 5,119 sqft · MultiFamily · 275 Days on market

Built 1998 13 ac lot

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Why this score? — see what drove the C- 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 +14.5/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.1/10.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Great investment opportunity in the heart of Columbus! Spanning over 13 acres on two parcels, this property currently features six mobile homes, each with its own driveway in a wooded, park-like, and private setting. Per county information, there is potential to add up to four more homes—two on each parcel—creating strong potential for future income and growth. With county approval, the property could potentially be repurposed as an RV park, adding even more versatility to this unique property. Leases and financials are available upon request, and virtual tours of individual units can be provided. Drive-bys only until under contract. Parcels P58-144 & P58-27 both included

Key facts

• Two parcels
• Wooded setting
• Private setting

Tags

• TWO PARCELS
• SIX MOBILE HOMES
• WOODED SETTING
• PRIVATE SETTING
• POTENTIAL TO ADD HOMES

Property features AI

Finance

• Other: Pets allowed
• Financial info: Owner pays electricity and trash collection; Tenants pay water (and all other utilities except water) — tenants responsible for water
• HOA & community: No HOA

Exterior

• Parking: Driveway and individual parking spaces; Each unit has its own gravel parking area
• Utilities: Shared well / well water source; Shared septic (septic installed); Electricity connected
• Home design: Manufactured construction; Sixplex residential income property; Zoned MX; Has additional parcels
• Construction: Vinyl exterior; Composition roof; Built as manufactured construction; Crawl space foundation
• Exterior features: Creek frontage and creek/stream on the property; Wooded setting with views; Outbuilding on the property; Gravel road access; Private maintained road

Interior

• Kitchen: Electric range
• Bedrooms: Total of 12 bedrooms across units; Each unit is 2-bedroom
• Bathrooms: 10 full bathrooms total
• Heating & cooling: Heat pump heating; Electric cooling (heat pump)
• Interior features: Electric range; Heat pump heating; Electric cooling / Heat pump
• Laundry & utility: In-unit laundry; Laundry located inside each unit

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/?-bath units multifamily listed at $799k.

Deal economics

• At list price, monthly cash flow is $181 ($2k/yr) — positive. Per door: $45/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $722k (9.7% below list).
• Recommended offer: $703k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% vs local median 3.2% in Columbus — 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 74/100 on livability (#53 in NC, #4,439 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: employment D+, amenities F, commute F.
• Polk County Schools (rural): math 58% / reading 62% proficiency, ranked #32 of 178 in NC (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tryon Elementary School (math 67% / reading 62%, grade B, #147 of 1,410 statewide, top 11%, 407 students, 99% FRL); Polk County High School (math 72% / reading 67%, grade B, #121 of 535 statewide, top 24%, 579 students, 52% FRL) — zoned schools average 76% FRL vs 50% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 129 active listings in the ZIP; 143 units permitted in Polk County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $85k of equity ($6k loan paydown + $80k appreciation (10.0% local appreciation)).
• Polk County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $224k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$137k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 275 days — a 12% lower offer ($703k) is reasonable based on typical stale-listing flexibility.

Recommended offer $703,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 275 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.97%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 25.0%
• Equity multiple: 3.00×
• Total profit: $446,762
• Equity at exit: $719,803

10-year hold

• IRR: 22.0%
• Equity multiple: 6.84×
• Total profit: $1,306,817
• Equity at exit: $1,552,281

Cash invested: $223,720 (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 28722

• Home prices YoY: 9.0%
• Active inventory: 129
• Price-to-rent: 36.9×

Monthly cashflow live

• Estimated rent: $7,218 medium
• Mortgage (P&I): −$4,190
• Tax est. 1.5%: −$999 /mo · $11,985/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,516
• Net cashflow: $181

Break-even live

Break-even rent $6,990

Max offer price $799,000

Occupancy floor 92%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	—	$7,220
Total (4 units)			$7,218

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $799,000 Active 275 DOM
2. 2026-06-17
   days on market $799,000 Active 274 DOM
3. 2026-06-16
   days on market $799,000 Active 273 DOM
4. 2026-06-15
   days on market $799,000 Active 272 DOM
5. 2026-06-14
   days on market $799,000 Active 270 DOM
6. 2026-06-10
   days on market $799,000 Active 267 DOM
7. 2026-06-09
   days on market $799,000 Active 266 DOM
8. 2026-06-08
   days on market $799,000 Active 265 DOM
9. 2026-06-07
   days on market $799,000 Active 264 DOM
10. 2026-06-03
    days on market $799,000 Active 260 DOM
11. 2026-06-02
    days on market $799,000 Active 259 DOM
12. 2026-06-01
    days on market $799,000 Active 258 DOM
13. 2026-05-31
    days on market $799,000 Active 257 DOM
14. 2026-05-30
    days on market $799,000 Active 256 DOM
15. 2025-09-15
    listed $799,000 Active

ⓘ 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: $86,616
• − Mortgage interest: −$44,756
• − Property taxes: −$11,985
• − Insurance: −$3,995
• − Repairs & maintenance: −$6,929
• − Management: −$6,929
• − Depreciation: −$23,244
• Taxable loss: −$11,223
• Est. tax savings @ 24.0%: +$2,693
• After-tax cash flow: $4,860/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: Polk County Schools
• NCES district ID: 3703720
• Math proficiency: 58% ▬ 0.00%
• Reading proficiency: 62% ▬ 0.00%
• Median HH income: $44,641
• Composite: 50.56/100
• National rank: #1847
• State rank: #32 of 178 in NC

Livability — Columbus

• Score: 74/100
• State rank: #53
• US rank: #4439

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,998

Population outlook (Polk County) Hauer SSP2

• Today (2025): 20,043 people
• By 2030: 19,764 · -1.4%
• By 2040: 18,836 · -6.0%
• By 2050: 17,529 · -12.5%
• By 2075: 14,741 · -26.5%
• By 2100: 11,461 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 4% Black 3%
• Common ancestry: Iranian 4% Slovak 4% Italian 4%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · German/W. Germanic 3% Spanish 3%

Political lean MEDSL · Polk

• 2024 margin: Strong R (+25.2) · D 37.0% · R 62.2%
• 2008→2024 swing: -10.1pp toward R · 2008: -15.1pp · 2024: -25.2pp
• All cycles: 2024: R+25.2 2020: R+25.7 2016: R+28.2 2012: R+21.5 2008: R+15.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 27.76%
• Current HPI: 336.4252
• 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

• 2025-09-15 Listed $799,000 CANOPYMLS as Distributed by MLS Grid