97 Oakland Dr

Burnsville, NC 28714

$149,000B

4 bd · 2.0 ba · 1,684 sqft · Built 1985 · Manufactured · Active · 170 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,250/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$472
• Net cashflow: $861/mo
• Annual: $10,331/yr
• Cap rate: 13.23%
• Cash-on-cash: 24.76%
• DSCR: 2.10
• 1% rule: 1.51%
• Cash to close: $41,720

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $149k.
• At list price, monthly cash flow is $861 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• It's been on market 170 days — a 12% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $131k (12.0% 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 $4k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#64 in NC, #4,938 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: commute F, employment F.
• Yancey County Schools (rural): math 55% / reading 52% proficiency, ranked #56 of 178 in NC (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Blue Ridge Elementary (math 72% / reading 62%, grade B+, #120 of 1,410 statewide, top 9%, 371 students, 58% FRL); Mountain Heritage High (math 62% / reading 57%, grade C+, #216 of 535 statewide, top 43%, 639 students, 48% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 310 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 100 units permitted in Yancey County in 2024 (0 in 5+ unit buildings).
• Yancey County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $66k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.2% vs local median 2.3% in Burnsville — 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 170 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
• 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.