150 Piney Ridge Dr

Mountain Home, NC 28791

$100,000B-

3 bd · 1.5 ba · 960 sqft · Built 1980 · Manufactured · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,299/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$94
• HOA: −$0
• Vac / Maint / Mgmt: −$483
• Net cashflow: $1,198/mo
• Annual: $14,376/yr
• Cap rate: 20.67%
• Cash-on-cash: 51.34%
• DSCR: 3.28
• 1% rule: 2.30%
• Cash to close: $28,000

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $100k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 111 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#550 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A, housing A, crime B+; Watch: employment C-, amenities F, commute F.
• Henderson County Schools (suburban): math 48% / reading 52% proficiency, ranked #64 of 178 in NC (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mills River Elementary (math 66% / reading 60%, grade B, #168 of 1,410 statewide, top 12%, 589 students, 36% FRL); West Henderson High (math 73% / reading 63%, grade B, #137 of 535 statewide, top 26%, 1,087 students, 34% FRL).
• Zoned-school proficiency averages 66% at this address vs 50% district-wide (+16 pts) — the actual schools serving this property are materially stronger than the Henderson County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 149 active listings in the ZIP; solid renter incomes; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• Henderson County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.7% vs local median 2.7% in Mountain Home — 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.
• This rent runs 35% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 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?
• 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.