518 Inverary Dr · Raeford, NC 28376

$185,000

3 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 84 Days on market

Built 1991 Est $170k · 9% over

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.7/30.0
• DSCR +6.6/10.0
• 1% rule +4.4/10.0
• Livability +3.8/5.0
• ARV discount +3.5/15.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Absolutely stunning home with 3 bedrooms and 2 full bathrooms. This home has a new HVAC, new luxury vinyl flooring throughout the home, fresh new paint, new kitchen cabinets, new stainless steel sink, stainless steel appliances, new beautiful granite countertops in kitchen and primary bathroom, upgraded faucets and fixtures, new wooden blinds, new moisture barrier, new landscaping, new large deck and a fenced in back yard for fun times with friends and family. The owner really took care of this home. It's truly a must see! Agent has interest in property.

Key facts

• Updated home
• Modern kitchen
• Granite countertops

Tags

• UPDATED HOME
• LUXURY VINYL FLOORING
• MODERN KITCHEN
• GRANITE COUNTERTOPS
• FULLY FENCED BACKYARD
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Parking: No garage
• Security: Smoke detector(s)
• Utilities: Public water; Holding tank or septic tank sewer
• Home design: Single family residence; Residential property
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Deck; Back yard fencing; Cleared lot

Interior

• Kitchen: Refrigerator; Dishwasher; Disposal; Microwave; Range; Exhaust fan; Granite counters
• Bedrooms: Includes bedrooms with walk-in closet(s)
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Central air; Ceiling fan(s)
• Interior features: Ceiling fans throughout; Granite counters; Walk-in closet(s); Windows with blinds and storm windows; Masonry fireplace (1)
• Laundry & utility: Washer and dryer hookups; Washer and dryer in unit; Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $185k.

Deal economics

• At list price, monthly cash flow is $251 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $174k (6.1% below list).
• Recommended offer: $174k (6.1% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 5.1% in Raeford — 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.

Location & tenants

• Location reads 76/100 on livability (#39 in NC, #3,562 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F, employment F.
• Hoke County Schools (suburban): math 35% / reading 40% proficiency, ranked #123 of 178 in NC (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Upchurch Elementary (math 37% / reading 40%, grade F, #750 of 1,410 statewide, top 54%, 698 students, 100% FRL); East Hoke Middle (math 32% / reading 40%, grade F, #273 of 475 statewide, top 58%, 780 students, 100% FRL); Hoke County High (math 42% / reading 44%, grade F, #372 of 535 statewide, top 69%, 2,060 students, 100% FRL) — zoned schools average 100% FRL vs 57% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.9%/yr); 575 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 685 units permitted in Hoke County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Hoke County population projected at +36% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $158k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $173,729 (6.1% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 7.92%
• Cash-on-cash: 5.81%
• DSCR: 1.26
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $169,884
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
709 Mackay Ct	0.12mi	3/2.0	1,210 (+2%)	6mo	$173,000	$143	86
700 Mackay Ct	0.18mi	3/2.0	1,227 (+3%)	4mo	$170,000	$139	82
2410 Ohara Dr	0.05mi	3/2.0	1,290 (+9%)	2mo	$192,000	$149	82
419 Mcdougald Dr	0.25mi	3/2.0	1,120 (-6%)	2mo	$65,000	$58	77
105 Mcdougald Dr	0.22mi	3/2.0	1,056 (-11%)	2mo	$149,500	$142	69
2803 Kilkenny Dr	0.23mi	3/2.0	1,085 (-9%)	8mo	$159,000	$147	68
529 Dunrobin Dr	0.32mi	3/2.0	1,118 (-6%)	9mo	$142,000	$127	68
2639 O'glesby Dr	0.39mi	3/2.0	1,120 (-6%)	6mo	$120,000	$107	67
1013 Dunvegan Dr	0.38mi	3/2.0	1,120 (-6%)	8mo	$168,000	$150	66
2458 O'hara Dr	0.42mi	3/2.0	1,109 (-7%)	5mo	$160,000	$144	65
2002 Mcguire Dr	0.31mi	3/2.0	1,296 (+9%)	7mo	$190,000	$147	65
2207 Keen Ct	0.22mi	3/2.0	1,326 (+12%)	8mo	$165,000	$124	63

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.92% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.69×
• Total profit: $-15,940
• Equity at exit: $27,584

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-1,092
• Equity at exit: $15,995

Cash invested: $51,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28376

• Home prices YoY: -24.0%
• Rents YoY: 1.9%
• Active inventory: 575
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,737 high
• Mortgage (P&I): −$970
• Tax from tax record: −$74 /mo · $892/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $251

Break-even live

Break-even rent $1,420

Max offer price $185,000

Occupancy floor 81%

Sensitivity live

Price	-10% $356	-5% $303	+0% $251	+5% $198	+10% $146
Rent	-10% $114	-5% $182	+0% $251	+5% $319	+10% $388
Rate	-1.0pp $344	-0.5pp $298	base $251	+0.5pp $203	+1.0pp $154

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1502 Clan Campbell Dr Raeford, NC	3.0	2.0	1296	$1,395	$1.08	15d	1	0.19mi
1552 Clan Campbell Dr Raeford, NC	3.0	2.0	1241	$1,695	$1.37	15d	1	0.52mi
1002 South Pointe Dr Raeford, NC	1.0–3.0	1.0–2.0	1074	$1,920	$1.79	15d	24	0.88mi
109 Timberidge Dr Raeford, NC	3.0	2.0	1384	$1,765	$1.28	15d	1	1.05mi
105 Joseph Dr Raeford, NC	3.0	2.0	1152	$1,275	$1.11	25d	1	1.22mi
9000 Stone Gate Dr Raeford, NC	1.0–3.0	1.0–2.0	1029	$1,757	$1.71	15d	12	1.25mi

Listing history 28 events

1. 2026-06-21
   days on market $185,000 Active 84 DOM
2. 2026-06-18
   days on market $185,000 Active 81 DOM
3. 2026-06-17
   price $185,000 Active 80 DOM
4. 2026-06-17
   days on market $190,000 Active 80 DOM
5. 2026-06-16
   days on market $190,000 Active 79 DOM
6. 2026-06-15
   days on market $190,000 Active 78 DOM
7. 2026-06-14
   days on market $190,000 Active 76 DOM
8. 2026-06-13
   days on market $190,000 Active 75 DOM
9. 2026-06-10
   days on market $190,000 Active 73 DOM
10. 2026-06-09
    days on market $190,000 Active 72 DOM
11. 2026-06-08
    days on market $190,000 Active 71 DOM
12. 2026-06-07
    days on market $190,000 Active 70 DOM
13. 2026-06-05
    days on market $190,000 Active 67 DOM
14. 2026-06-03
    days on market $190,000 Active 66 DOM
15. 2026-06-02
    days on market $190,000 Active 65 DOM
16. 2026-06-01
    days on market $190,000 Active 64 DOM
17. 2026-05-31
    days on market $190,000 Active 63 DOM
18. 2026-05-30
    days on market $190,000 Active 62 DOM
19. 2026-05-12
    status Active
20. 2026-05-03
    status Pending
21. 2026-04-15
    price $190,000
22. 2026-03-20
    listed $195,000 Active
23. 2024-02-27
    soldstatus $158,000 Closed 560-char remark

    Show marketing remark (560 chars)

    Absolutely stunning home with 3 bedrooms and 2 full bathrooms. This home has a new HVAC, new luxury vinyl flooring throughout the home, fresh new paint, new kitchen cabinets, new stainless steel sink, stainless steel appliances, new beautiful granite countertops in kitchen and primary bathroom, upgraded faucets and fixtures, new wooden blinds, new moisture barrier, new landscaping, new large deck and a fenced in back yard for fun times with friends and family. The owner really took care of this home. It's truly a must see! Agent has interest in property.

24. 2024-02-27
    soldstatus $167,000

    Show marketing remark (560 chars)

    Absolutely stunning home with 3 bedrooms and 2 full bathrooms. This home has a new HVAC, new luxury vinyl flooring throughout the home, fresh new paint, new kitchen cabinets, new stainless steel sink, stainless steel appliances, new beautiful granite countertops in kitchen and primary bathroom, upgraded faucets and fixtures, new wooden blinds, new moisture barrier, new landscaping, new large deck and a fenced in back yard for fun times with friends and family. The owner really took care of this home. It's truly a must see! Agent has interest in property.

25. 2024-01-28
    status Pending 560-char remark

    Show marketing remark (560 chars)

    Absolutely stunning home with 3 bedrooms and 2 full bathrooms. This home has a new HVAC, new luxury vinyl flooring throughout the home, fresh new paint, new kitchen cabinets, new stainless steel sink, stainless steel appliances, new beautiful granite countertops in kitchen and primary bathroom, upgraded faucets and fixtures, new wooden blinds, new moisture barrier, new landscaping, new large deck and a fenced in back yard for fun times with friends and family. The owner really took care of this home. It's truly a must see! Agent has interest in property.

26. 2024-01-26
    listed $164,900 Active 560-char remark

    Show marketing remark (560 chars)

    Absolutely stunning home with 3 bedrooms and 2 full bathrooms. This home has a new HVAC, new luxury vinyl flooring throughout the home, fresh new paint, new kitchen cabinets, new stainless steel sink, stainless steel appliances, new beautiful granite countertops in kitchen and primary bathroom, upgraded faucets and fixtures, new wooden blinds, new moisture barrier, new landscaping, new large deck and a fenced in back yard for fun times with friends and family. The owner really took care of this home. It's truly a must see! Agent has interest in property.

27. 2023-10-25
    soldstatus $85,000
28. 2011-04-18
    soldstatus $54,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $892 · $74/mo
• Projected year-2 tax: $1,517 · $126/mo
• Expected delta: +$625/yr (+$52/mo · 70.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,847
• − Mortgage interest: −$10,363
• − Property taxes: −$892
• − Insurance: −$925
• − Repairs & maintenance: −$1,668
• − Management: −$1,668
• − Depreciation: −$5,382
• Taxable loss: −$50
• Est. tax savings @ 24.0%: +$12
• After-tax cash flow: $3,022/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hoke County Schools
• NCES district ID: 3702250
• Math proficiency: 35% ▼ -1.00%
• Reading proficiency: 40% ▲ 1.00%
• Median HH income: $43,896
• Composite: 31.82/100
• National rank: #5880
• State rank: #123 of 178 in NC

Livability — Raeford

• Score: 76/100
• State rank: #39
• US rank: #3562

Category grades

Amenities D Commute F Cost of living A+ Crime A Employment F Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hoke County · 44,880 people
• City population: 44,880
• Metro: Fayetteville, NC
• Population (ZIP): 44,880
• Household income: $66,471
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 897.0

Population outlook (Hoke County) Hauer SSP2

• Today (2025): 63,354 people
• By 2030: 68,361 · +7.9%
• By 2040: 78,074 · +23.2%
• By 2050: 86,384 · +36.4%
• By 2075: 99,517 · +57.1%
• By 2100: 98,939 · +56.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 38% Black 35% Hispanic / Latino 15% Two or more races 9% Native American 3% Asian 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 4%
• Common ancestry: Slovak 2% Romanian 1% Italian 1%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 89% English-only · Spanish 8% French/Haitian/Cajun 1%

Political lean MEDSL · Hoke

• 2024 margin: Lean D (+5.9) · D 52.4% · R 46.4% · Other 1.2%
• 2008→2024 swing: -12.8pp toward R · 2008: 18.8pp · 2024: 5.9pp
• All cycles: 2024: D+5.9 2020: D+10.9 2016: D+10.8 2012: D+19.0 2008: D+18.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.30%
• Current HPI: 169.1801
• Rent YoY: ▲ 1.92%
• Metro: Fayetteville, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

+248.6% since first listed

10 events — show timeline

• 2026-05-12 Relisted — LPRMLS
• 2026-05-03 Pending — LPRMLS
• 2026-04-15 Price Changed $190,000 LPRMLS
• 2026-03-20 Listed $195,000 LPRMLS
• 2024-02-27 Sold (Public Records) $167,000 Public Records
• 2024-02-27 Sold (MLS) $158,000 LPRMLS
• 2024-01-28 Pending — LPRMLS
• 2024-01-26 Listed $164,900 LPRMLS
• 2023-10-25 Sold (Public Records) $85,000 Public Records
• 2011-04-18 Sold (Public Records) $54,500 Public Records

Property tax history

+6.7%/yr

Latest (2025): $892 · +70.2% YoY. Source: county tax records.