403 Youngs Gap Rd

Hoopers Creek, NC 28732

$325,000D-

3 bd · 2.0 ba · 1,458 sqft · Built 2015 · Manufactured · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,412/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$255
• HOA: −$0
• Vac / Maint / Mgmt: −$506
• Net cashflow: $-54/mo
• Annual: $-654/yr
• Cap rate: 6.09%
• Cash-on-cash: -0.72%
• DSCR: 0.97
• 1% rule: 0.74%
• Cash to close: $91,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $325k.
• At list price, monthly cash flow is $-54 ($-654/yr) — negative.
• To cash-flow at today's rent, offer at most $315k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $241k (25.8% below list).
• It's been on market 80 days — a 6% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $241k (25.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#237 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; 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: Fletcher Elementary (math 48% / reading 47%, grade D, #490 of 1,410 statewide, top 35%, 482 students, 53% FRL); Apple Valley Middle (math 37% / reading 44%, grade F, #215 of 475 statewide, top 46%, 825 students, 67% FRL); North Henderson High (math 72% / reading 58%, grade B, #161 of 535 statewide, top 30%, 1,146 students, 61% FRL).
• Market conditions: 215 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.
• 6 sale attempts since 11y 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.
• Cap rate 6.1% vs local median 2.3% in Hoopers Creek — 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 ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 80 days. Have you received any prior offers? Is the seller open to a 26% 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?
• 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.
• 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.