1242 Pages Lake Rd

St. Pauls, NC 28384

$49,000B-

3 bd · 2.0 ba · 1,120 sqft · Built 2007 · Manufactured · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,319/mo
• Mortgage (P&I): −$257
• Tax + insurance: −$81
• HOA: −$0
• Vac / Maint / Mgmt: −$277
• Net cashflow: $704/mo
• Annual: $8,449/yr
• Cap rate: 23.54%
• Cash-on-cash: 61.58%
• DSCR: 3.74
• 1% rule: 2.69%
• Cash to close: $13,720

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $49k.
• At list price, monthly cash flow is $704 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Bladen County Schools (rural): math 20% / reading 31% proficiency, ranked #161 of 178 in NC (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Plain View Primary (math 34% / reading 44%, grade F, #694 of 1,410 statewide, top 53%, 183 students, 98% FRL); Tar Heel Middle (math 15% / reading 27%, grade F, #424 of 475 statewide, top 90%, 287 students, 99% FRL); West Bladen High (math 37% / reading 47%, grade F, #374 of 535 statewide, top 71%, 701 students, 100% FRL) — zoned schools average 99% FRL vs 70% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 7 active listings in the ZIP; 159 units permitted in Bladen County in 2024 (0 in 5+ unit buildings).
• Bladen County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.