3 bd · 2.0 ba ·
1,296 sqft ·
Built 1999
· Manufactured
· Active
· 271 DOM
Cashflow @ list (25.0% down · 7.5%)
Estimated rent
$1,638/mo
Mortgage (P&I)
−$1,175
Tax + insurance
−$176
HOA
−$0
Vac / Maint / Mgmt
−$344
Net cashflow
$-56/mo
Annual
$-670/yr
Cap rate
5.99%
Cash-on-cash
-1.07%
DSCR
0.95
1% rule
0.73%
Cash to close
$62,720
Investor read
This is a 3-bed/2.0-bath manufactured listed at $224k.
At list price, monthly cash flow is $-56 ($-670/yr) — negative.
To cash-flow at today's rent, offer at most $214k (4.4% below list).
To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (26.9% below list).
It's been on market 271 days — a 12% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
Recommended offer: $164k (26.9% 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 $7k of value loss. Plan a longer hold.
Location reads 63/100 on livability (#430 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
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: Coats-Erwin Middle (math 27% / reading 38%, grade F, #312 of 475 statewide, top 66%, 606 students, 68% FRL); Triton High (math 41% / reading 49%, grade D-, #350 of 535 statewide, top 66%, 1,287 students, 63% FRL).
Market conditions: 47 active listings in the ZIP; 2,080 units permitted in Harnett County in 2024 (12 in 5+ unit buildings).
Harnett County population projected at +42% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
2 sale attempts since 25y 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.
Current owner paid $82k; list at $224k implies a 173% gain — meaningful room to come down on a strong offer.
Climate carrying-cost: major wind risk, 73% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
Cap rate 6.0% vs local median 3.4% in Coats — 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 32% of the median local income ($62k/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 271 days. Have you received any prior offers? Is the seller open to a 27% 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?
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.
CashFlowRE · CFR-B7E61QDSQ2VE17
· Data 3 days agocashflowre.app · 2026-05-29