2074 W Green St

Franklinton, NC 27525

$275,000F

3 bd · 2.0 ba · 1,188 sqft · Built 1996 · Manufactured · Pending · 199 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,386/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$189
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $-536/mo
• Annual: $-6,431/yr
• Cap rate: 3.95%
• Cash-on-cash: -8.35%
• DSCR: 0.63
• 1% rule: 0.50%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $275k.
• At list price, monthly cash flow is $-536 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (34.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (49.6% below list).
• It's been on market 199 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $139k (49.6% below list) — sets the bar for 1% rule.
• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (8.4% local appreciation)).
• Location reads 61/100 on livability (#491 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Franklin County Schools (rural): math 34% / reading 37% proficiency, ranked #128 of 178 in NC (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Franklinton Elementary (math 29% / reading 25%, grade F, #1,033 of 1,410 statewide, top 76%, 522 students, 81% FRL); Franklinton Middle (math 26% / reading 27%, grade F, #381 of 475 statewide, top 81%, 247 students, 78% FRL); Franklinton High (math 57% / reading 60%, grade C, #235 of 535 statewide, top 45%, 1,182 students, 48% FRL).
• Market conditions: 251 active listings in the ZIP; 948 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).
• Franklin County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $91k; list at $275k implies a 202% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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 4.0% vs local median 3.1% in Franklinton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 199 days. Have you received any prior offers? Is the seller open to a 50% 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?
• 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?
• 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.