157 Macon Price Rd

Gaston, NC 27831

$139,900D-

3 bd · 2.0 ba · 1,836 sqft · Built 1996 · Manufactured · Pending · 345 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $948/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$157
• HOA: −$0
• Vac / Maint / Mgmt: −$199
• Net cashflow: $-142/mo
• Annual: $-1,709/yr
• Cap rate: 5.07%
• Cash-on-cash: -4.36%
• DSCR: 0.81
• 1% rule: 0.68%
• Cash to close: $39,172

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $140k.
• At list price, monthly cash flow is $-142 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $115k (18.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $95k (32.3% below list).
• It's been on market 345 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $95k (32.3% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($967 loan paydown + $9k appreciation (6.5% local appreciation)).
• Location reads 63/100 on livability (#413 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment F.
• Northampton County Schools (rural): math 15% / reading 18% proficiency, ranked #176 of 178 in NC (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Gaston Stem Leadership Academy (math 8% / reading 12%, grade F, #1,385 of 1,410 statewide, top 99%, 286 students, 99% FRL); Conway Middle (math 12% / reading 22%, grade F, #447 of 475 statewide, top 94%, 283 students, 99% FRL); Northampton County High School (math 2% / reading 17%, grade F, #530 of 535 statewide, top 99%, 240 students, 99% FRL) — zoned schools average 99% FRL vs 78% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 5 active listings in the ZIP; 17 units permitted in Northampton County in 2024 (0 in 5+ unit buildings).
• Northampton County population projected at -40% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $40k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $140k implies a 133% gain — meaningful room to come down on a strong offer.
• By year 4, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 345 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.