1951 Catherine Lake Rd · Richlands, NC 28574

$114,900

3 bd · 2.0 ba · 924 sqft · Manufactured public records · 22 Days on market

Built 2011 0.46 ac lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.3/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Newly Remodeled Home with 2 bedrooms and 2 full baths. Stainless Steel appliances, new cabinets in kitchen and bathrooms, New flooring throughout and fresh Paint. Schedule a viewing today. No City Tax, and No HOA.

Key facts

• Open floor plan
• Split-bedroom layout
• Generous lot

Tags

• OPEN FLOOR PLAN
• STAINLESS STEEL APPLIANCES
• SPLIT-BEDROOM LAYOUT
• GENEROUS LOT
• ROOM FOR GARDENING
• CONVENIENTLY LOCATED

Property features AI

Exterior

• Parking: Gravel parking; No garage
• Security: Smoke detector(s)
• Utilities: Public water; Septic tank; Other utilities
• Home design: Manufactured home; Single-story (one level); Entry level: 1
• Construction: Aluminum and vinyl siding with frame construction; Raised foundation; Shingle roof; Built as a manufactured home
• Exterior features: Front porch; Storm doors; Partial fencing in back yard; Has a view

Interior

• Kitchen: Refrigerator; Electric range
• Bedrooms: Total rooms: 4
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Heat pump; Central air conditioning
• Interior features: Vaulted ceilings; Ceiling fans; Smoke detectors; Accessible full bathroom
• Laundry & utility: Laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $115k.

Deal economics

• At list price, monthly cash flow is $609 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 4.0% in Richlands — 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 69/100 on livability (#151 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Onslow County Schools (other): math 42% / reading 49% proficiency, ranked #84 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Heritage Elementary School (math 45% / reading 47%, grade D-, #551 of 1,410 statewide, top 40%, 541 students, 53% FRL); Trexler Middle (math 37% / reading 46%, grade F, #206 of 475 statewide, top 44%, 825 students, 45% FRL); Richlands High (math 52% / reading 67%, grade C+, #216 of 535 statewide, top 43%, 960 students, 40% FRL).
• Market conditions: 200 active listings in the ZIP; 1,246 units permitted in Onslow County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $92k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 98% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,176 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.43% ✓
• Cap rate: 12.65%
• Cash-on-cash: 22.71%
• DSCR: 2.01
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 15.6%
• Equity multiple: 1.63×
• Total profit: $20,112
• Equity at exit: $17,132

10-year hold

• IRR: 24.2%
• Equity multiple: 3.09×
• Total profit: $67,274
• Equity at exit: $9,934

Cash invested: $32,172 (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 28574

• Home prices YoY: -8.9%
• Active inventory: 200
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $1,642 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$38 /mo · $461/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $609

Break-even live

Break-even rent $872

Max offer price $114,900

Occupancy floor 58%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-23
   status Pending
2. 2026-05-11
   price $114,900
3. 2026-04-30
   listed $119,900 Active
4. 2022-07-27
   soldstatus $92,000 Closed 213-char remark

   Show marketing remark (213 chars)

   Newly Remodeled Home with 2 bedrooms and 2 full baths. Stainless Steel appliances, new cabinets in kitchen and bathrooms, New flooring throughout and fresh Paint. Schedule a viewing today. No City Tax, and No HOA.

5. 2022-07-27
   soldstatus $92,000

   Show marketing remark (213 chars)

   Newly Remodeled Home with 2 bedrooms and 2 full baths. Stainless Steel appliances, new cabinets in kitchen and bathrooms, New flooring throughout and fresh Paint. Schedule a viewing today. No City Tax, and No HOA.

6. 2022-07-13
   status Pending 213-char remark

   Show marketing remark (213 chars)

   Newly Remodeled Home with 2 bedrooms and 2 full baths. Stainless Steel appliances, new cabinets in kitchen and bathrooms, New flooring throughout and fresh Paint. Schedule a viewing today. No City Tax, and No HOA.

7. 2022-06-06
   listed $110,000 Active 213-char remark

   Show marketing remark (213 chars)

   Newly Remodeled Home with 2 bedrooms and 2 full baths. Stainless Steel appliances, new cabinets in kitchen and bathrooms, New flooring throughout and fresh Paint. Schedule a viewing today. No City Tax, and No HOA.

8. 1999-11-24
   soldstatus $7,000

ⓘ 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: $461 · $38/mo
• Projected year-2 tax: $942 · $79/mo
• Expected delta: +$482/yr (+$40/mo · 104.6%)

ⓘ 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 7/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 98% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,709
• − Mortgage interest: −$6,436
• − Property taxes: −$461
• − Insurance: −$574
• − Repairs & maintenance: −$1,577
• − Management: −$1,577
• − Depreciation: −$3,343
• Taxable income: $5,742
• Est. tax owed @ 24.0%: −$1,378
• After-tax cash flow: $5,927/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: Onslow County Schools
• NCES district ID: 3703450
• Math proficiency: 42% ▲ 6.00%
• Reading proficiency: 49% ▲ 5.00%
• Median HH income: $46,076
• Composite: 38.66/100
• National rank: #4148
• State rank: #84 of 178 in NC

Livability — Richlands

• Score: 69/100
• State rank: #151
• US rank: #8426

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Onslow County · 164,453 people
• City population: 20,990
• Metro: Jacksonville, NC
• Population (ZIP): 20,990
• Household income: $67,416
• Rent vs Own: 18.3% rent · 81.7% own
• Severe rent burden: 287.0

Population outlook (Onslow County) Hauer SSP2

• Today (2025): 189,789 people
• By 2030: 194,463 · +2.5%
• By 2040: 193,629 · +2.0%
• By 2050: 193,248 · +1.8%
• By 2075: 196,995 · +3.8%
• By 2100: 201,513 · +6.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 13% Hispanic / Latino 8% Black 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 6%

Political lean MEDSL · Onslow

• 2024 margin: Solid R (+35.9) · D 31.5% · R 67.5% · Other 1.0%
• 2008→2024 swing: -14.5pp toward R · 2008: -21.5pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+30.2 2016: R+34.6 2012: R+27.0 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -21.07%
• Current HPI: 215.4574
• Rent YoY: —
• Metro: Jacksonville, 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

+1541.4% since first listed

8 events — show timeline

• 2026-05-23 Pending — Hive MLS
• 2026-05-11 Price Changed $114,900 Hive MLS
• 2026-04-30 Listed $119,900 Hive MLS
• 2022-07-27 Sold (Public Records) $92,000 Public Records
• 2022-07-27 Sold (MLS) $92,000 Hive MLS
• 2022-07-13 Pending — Hive MLS
• 2022-06-06 Listed $110,000 Hive MLS
• 1999-11-24 Sold (Public Records) $7,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $461 · +0.0% YoY. Source: county tax records.