118 Cherry Berry Ln · Barbecue, NC 27332

$260,000

4 bd · 2.0 ba · 2,184 sqft · Manufactured public records · 11 Days on market

Built 1997 1.30 ac lot Est $258k · at est. $27/mo HOA · 1% of rent

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Why this score? — see what drove the D 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 +16.0/30.0
• ARV discount +7.1/15.0
• DSCR +4.9/10.0
• Rent growth +3.7/5.0
• 1% rule +3.2/10.0
• Schools +3.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 118 Cherry Berry. (If you know, you know). What's inside is just as memorable, 3 bed Ranch plus office with Waterview and under $275k! Features a stunning kitchen with island, tile backsplash, stainless appliances and hardwood-like flooring throughout. Cozy living room with fireplace and built-in shelves, flooded with natural light from tons of windows. Primary suite with garden tub, double vanity, and walk-in shower. Covered porch overlooking a private backyard and that water view. Spend weekends at San-Lee Park, Ole Gilliam Mill, or Downtown Sanford's local breweries and dining scene, all just minutes away and under an hour to Raleigh. You scrolled past all the others to find t

Key facts

• Cozy living room
• Stainless appliances
• Stunning kitchen

Tags

• STUNNING KITCHEN
• ISLAND
• TILE BACKSPLASH
• STAINLESS APPLIANCES
• HARDWOOD-LIKE FLOORING
• COZY LIVING ROOM

Property features AI

Finance

• Other: Lot size approximately 1.3 acres; Zoning: RA-20R
• HOA & community: Community association (Farm at Five Pond) with an annual fee of $325 covering grounds maintenance; Not a senior community

Exterior

• Utilities: Public water; Septic tank
• Home design: Manufactured double-wide home; One level
• Construction: Vinyl siding; Built on a crawl space foundation
• Exterior features: Shingle roof; Private maintained road access

Interior

• Bedrooms: Three bedrooms, all on the main level
• Flooring: Carpet; Laminate; Tile
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Crawl space basement; Carpet and laminate flooring with tile in select areas

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $260k.

Deal economics

• At list price, monthly cash flow is $128 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (17.8% below list).
• Recommended offer: $214k (17.8% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 4.3% in Barbecue — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Harnett County Schools (rural): math 31% / reading 39% proficiency, ranked #130 of 178 in NC (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Western Harnett High (math 57% / reading 58%, grade C, #245 of 535 statewide, top 46%, 1,386 students, 60% FRL).
• Zoned-school proficiency averages 58% at this address vs 35% district-wide (+22 pts) — the actual schools serving this property are materially stronger than the Harnett County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+4.9%/yr); 458 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 2,080 units permitted in Harnett County in 2024 (12 in 5+ unit buildings).
• This rent runs 33% of the median local income ($78k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Harnett County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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: moderate flood risk; major wind risk, 63% chance of damaging wind over 30y; major 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 $213,812 (17.8% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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 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: 0.82% ✗
• Cap rate: 6.88%
• Cash-on-cash: 2.11%
• DSCR: 1.09
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $257,712
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 Cherry Berry Ln	0.00mi	3/2.0 (-1)	2,108 (-4%)	0mo	$259,000	$123	89
60 Jessica Ct	0.16mi	3/2.0 (-1)	2,052 (-6%)	1mo	$180,000	$88	77
101 Farmhouse Ct	0.34mi	3/2.0 (-1)	2,070 (-5%)	14mo	$244,900	$118	58
40 Five Ponds Dr	0.36mi	3/2.0 (-1)	2,096 (-4%)	19mo	$235,000	$112	56
211 Farmhouse Ct	0.33mi	4/2.0	2,049 (-6%)	23mo	$260,000	$127	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.87% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.59×
• Total profit: $-29,996
• Equity at exit: $38,767

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $1,388
• Equity at exit: $22,480

Cash invested: $72,800 (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 27332

• Home prices YoY: -17.8%
• Rents YoY: 4.9%
• Active inventory: 458
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,138 medium
• Mortgage (P&I): −$1,363
• Tax from tax record: −$62 /mo · $748/yr
• Insurance: −$108
• HOA: −$27
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $128

Break-even live

Break-even rent $1,976

Max offer price $260,000

Occupancy floor 89%

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
52 Forest Mountain Ct Sanford, NC	3.0	2.5	2537	$2,350	$0.93	23d	1	1.02mi

HOA detail

• Monthly dues: $27 · $324/yr
• Likely covers: water

Listing history 3 events

1. 2026-05-15
   listed $260,000 Active
2. 2026-05-09
   listed $260,000 Active
3. 2026-05-09
   historical

ⓘ 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: $748 · $62/mo
• Projected year-2 tax: $2,132 · $178/mo
• Expected delta: +$1,384/yr (+$115/mo · 185.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 7/10 Severe 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,657
• − Mortgage interest: −$14,564
• − Property taxes: −$748
• − Insurance: −$1,300
• − Repairs & maintenance: −$2,053
• − Management: −$2,053
• − HOA: −$324
• − Depreciation: −$7,564
• Taxable loss: −$2,948
• Est. tax savings @ 24.0%: +$707
• After-tax cash flow: $2,243/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: Harnett County Schools
• NCES district ID: 3702010
• Math proficiency: 31% ▼ -2.00%
• Reading proficiency: 39% ▼ -1.00%
• Median HH income: $45,400
• Composite: 29.88/100
• National rank: #6397
• State rank: #130 of 178 in NC

Livability — Barbecue

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Barbecue, NC
• County: Lee County · 76,725 people
• Metro: Sanford, NC
• Population (ZIP): 36,947
• Household income: $78,447
• Rent vs Own: 25.0% rent · 75.0% own
• Severe rent burden: 632.0

Population outlook (Harnett County) Hauer SSP2

• Today (2025): 153,758 people
• By 2030: 166,581 · +8.3%
• By 2040: 192,741 · +25.4%
• By 2050: 218,332 · +42.0%
• By 2075: 275,422 · +79.1%
• By 2100: 313,511 · +103.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 59% Hispanic / Latino 19% Black 16% Two or more races 11% Asian 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 4% Cuban 2%
• Common ancestry: Serbian 2% Italian 2% Slovak 2%
• Foreign-born: 8% · Canada, South Korea
• Languages at home: 82% English-only · Spanish 15%

Political lean MEDSL · Harnett

• 2024 margin: Strong R (+25.1) · D 36.9% · R 62.0% · Other 1.1%
• 2008→2024 swing: -8.4pp toward R · 2008: -16.7pp · 2024: -25.1pp
• All cycles: 2024: R+25.1 2020: R+22.4 2016: R+24.1 2012: R+19.4 2008: R+16.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -54.61%
• Current HPI: 252.2719
• Rent YoY: ▲ 4.87%
• Metro: Sanford, 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

+0.0% since first listed

3 events — show timeline

• 2026-05-15 Listed $260,000 TMLS
• 2026-05-09 Listing Removed — TMLS
• 2026-05-09 Listed $260,000 TMLS

Property tax history

-2.1%/yr

Latest (2025): $748 · +0.0% YoY. Source: county tax records.