6315 Wingate Hill Rd

Denver, NC 28037

$189,000C+

3 bd · 2.0 ba · 1,782 sqft · Built 1999 · Manufactured · Pending · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,157/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$175
• HOA: −$0
• Vac / Maint / Mgmt: −$453
• Net cashflow: $538/mo
• Annual: $6,457/yr
• Cap rate: 9.71%
• Cash-on-cash: 12.20%
• DSCR: 1.54
• 1% rule: 1.14%
• Cash to close: $52,920

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $189k.
• At list price, monthly cash flow is $538 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• It's been on market 111 days — a 9% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $172k (9.0% 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 $6k of value loss. Plan a longer hold.
• Location reads 66/100 on livability (#255 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: employment D, amenities F, commute F.
• Lincoln County Schools (rural): math 57% / reading 55% proficiency, ranked #42 of 178 in NC (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: St James Elementary (math 71% / reading 68%, grade A-, #95 of 1,410 statewide, top 7%, 633 students, 27% FRL); North Lincoln High (math 75% / reading 74%, grade B+, #92 of 535 statewide, top 18%, 1,079 students, 27% FRL).
• Zoned-school proficiency averages 72% at this address vs 56% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Lincoln County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-0.3%/yr); 373 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 697 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• Lincoln County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts; this cycle's ask has dropped $56k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $93k; list at $189k implies a 103% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.7% vs local median 2.1% in Denver — 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

• It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.