1940 Turkey Ford Rd

White Plains, NC 27030

$159,000D+

3 bd · 2.0 ba · 1,620 sqft · Built 2000 · Manufactured · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,424/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $164/mo
• Annual: $1,962/yr
• Cap rate: 7.53%
• Cash-on-cash: 4.41%
• DSCR: 1.20
• 1% rule: 0.90%
• Cash to close: $44,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $159k.
• At list price, monthly cash flow is $164 ($2k/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 $142k (10.5% below list).
• It's been on market 15 days — a 2% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (10.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#578 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: employment C-, housing D+, schools F.
• Surry County Schools (rural): math 52% / reading 52% proficiency, ranked #60 of 178 in NC (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 213 active listings in the ZIP; 243 units permitted in Surry County in 2024 (0 in 5+ unit buildings).
• Surry County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $34k; list at $159k implies a 375% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• This rent runs 37% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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.
• 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.