160 Water Hills Ln · Vass, NC 28327

$169,000

3 bd · 2.0 ba · 1,860 sqft · SingleFamily public records · 27 Days on market

Built 2005 0.76 ac lot ↓ 2% since listing

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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 +26.3/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Schools +4.4/10.0
• Rent growth +3.5/5.0
• Livability +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the potential of this charming manufactured home, perfectly positioned as a great investment opportunity or primary residence with room to make it your own. Nestled in a quiet community on nearly an acre, this 3-bedroom, 2-bath home offers spacious living areas and a peaceful setting surrounded by mature fruit trees in the backyard. Updates have already been completed, including a roof installed in 2018, HVAC system replaced in 2017, and well pump and tank updated in 2018, providing added peace of mind. Additional features include a Nest thermostat, washer, and dryer, all conveying with the home. Enjoy the benefits of country-style living with no city taxes, while still being conve

Key facts

• Mature fruit trees
• No city taxes
• Washer and dryer

Tags

• MATURE FRUIT TREES
• ROOF INSTALLED IN 2018
• HVAC SYSTEM REPLACED IN 2017
• NEST THERMOSTAT
• WASHER AND DRYER
• NO CITY TAXES

Property features AI

Finance

• Financial info: Annual tax recorded
• HOA & community: No homeowners association

Exterior

• Utilities: Well water; Septic tank
• Home design: Manufactured double-wide home; One level
• Construction: Vinyl siding; Brick/mortar foundation; Shingle roof
• Exterior features: Private maintained road access; 0.76-acre lot

Interior

• Kitchen: Electric range
• Bedrooms: Three bedrooms (all on the main level)
• Flooring: Vinyl flooring (see remarks)
• Bathrooms: Two full bathrooms
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Fireplace in the family room; Ceiling fans
• Laundry & utility: Dedicated laundry room with utility sink; Washer/Dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $169k.

Deal economics

• At list price, monthly cash flow is $437 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Recommended offer: $166k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.0% in Vass — 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 57/100 on livability (#593 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: health & safety C-, schools D+, crime D.
• Moore County Schools (rural): math 48% / reading 54% proficiency, ranked #58 of 178 in NC (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.0%/yr); 231 active listings in the ZIP; solid renter incomes; 941 units permitted in Moore County in 2024 (0 in 5+ unit buildings).

Forward outlook

• 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.
• Moore County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $47k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $166,465 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.08%
• DSCR: 1.49
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.04% rent growth · sell at horizon

5-year hold

• IRR: 1.3%
• Equity multiple: 1.05×
• Total profit: $2,322
• Equity at exit: $25,198

10-year hold

• IRR: 11.8%
• Equity multiple: 1.97×
• Total profit: $45,758
• Equity at exit: $14,612

Cash invested: $47,320 (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 28327

• Home prices YoY: -33.0%
• Rents YoY: 4.0%
• Active inventory: 231
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,843 medium
• Mortgage (P&I): −$886
• Tax from tax record: −$63 /mo · $753/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $437

Break-even live

Break-even rent $1,290

Max offer price $169,000

Occupancy floor 71%

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $169,000 Active 27 DOM
2. 2026-06-18
   days on market $169,000 Active 26 DOM
3. 2026-06-17
   days on market $169,000 Active 25 DOM
4. 2026-06-16
   days on market $169,000 Active 24 DOM
5. 2026-06-15
   days on market $169,000 Active 23 DOM
6. 2026-06-14
   days on market $169,000 Active 21 DOM
7. 2026-06-13
   days on market $169,000 Active 20 DOM
8. 2026-06-10
   days on market $169,000 Active 18 DOM
9. 2026-06-09
   days on market $169,000 Active 17 DOM
10. 2026-06-08
    days on market $169,000 Active 16 DOM
11. 2026-06-07
    days on market $169,000 Active 15 DOM
12. 2026-06-05
    days on market $169,000 Active 12 DOM
13. 2026-06-02
    days on market $169,000 Active 10 DOM
14. 2026-06-01
    days on market $169,000 Active 9 DOM
15. 2026-05-31
    days on market $169,000 Active 8 DOM
16. 2026-05-30
    days on market $169,000 Active 7 DOM
17. 2026-05-23
    listed $169,000 Active
18. 2024-08-20
    historical
19. 2024-06-07
    status Pending
20. 2024-06-07
    status Pending
21. 2024-05-02
    listed $172,500 Active
22. 2024-04-19
    listed $172,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $753 · $63/mo
• Projected year-2 tax: $1,386 · $115/mo
• Expected delta: +$633/yr (+$53/mo · 84.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,120
• − Mortgage interest: −$9,467
• − Property taxes: −$753
• − Insurance: −$845
• − Repairs & maintenance: −$1,770
• − Management: −$1,770
• − Depreciation: −$4,916
• Taxable income: $2,600
• Est. tax owed @ 24.0%: −$624
• After-tax cash flow: $4,618/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: Moore County Schools
• NCES district ID: 3703090
• Math proficiency: 48% ▲ 5.00%
• Reading proficiency: 54% ▲ 5.00%
• Median HH income: $50,333
• Composite: 43.63/100
• National rank: #2967
• State rank: #58 of 178 in NC

Livability — Vass

• Score: 57/100
• State rank: #593
• US rank: #21646

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Moore County · 75,247 people
• City population: 5,936
• Metro: Pinehurst-Southern Pines, NC
• Population (ZIP): 19,386
• Household income: $87,434
• Rent vs Own: 19.5% rent · 80.5% own
• Severe rent burden: 156.0

Population outlook (Moore County) Hauer SSP2

• Today (2025): 106,902 people
• By 2030: 113,134 · +5.8%
• By 2040: 125,682 · +17.6%
• By 2050: 137,811 · +28.9%
• By 2075: 164,387 · +53.8%
• By 2100: 175,595 · +64.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 8% Black 6% Two or more races 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Slovak 5% Italian 3% Serbian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Moore

• 2024 margin: Strong R (+29.5) · D 34.8% · R 64.3%
• 2008→2024 swing: -8.1pp toward R · 2008: -21.4pp · 2024: -29.5pp
• All cycles: 2024: R+29.5 2020: R+27.4 2016: R+29.6 2012: R+28.1 2008: R+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -93.86%
• Current HPI: 190.6404
• Rent YoY: ▲ 4.04%
• Metro: Pinehurst-Southern Pines, NC
• 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

-2.0% since first listed

6 events — show timeline

• 2026-05-23 Listed $169,000 TMLS
• 2024-08-20 Listing Removed — TMLS
• 2024-06-07 Pending — Hive MLS
• 2024-06-07 Pending — TMLS
• 2024-05-02 Listed $172,500 TMLS
• 2024-04-19 Listed $172,500 Hive MLS

Property tax history

+3.2%/yr

Latest (2024): $753 · -4.4% YoY. Source: county tax records.