21038 W State Highway 52

Kinston, AL 36453

$84,000C

3 bd · 2.0 ba · 940 sqft · Built 2022 · Manufactured · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $879/mo
• Mortgage (P&I): −$441
• Tax + insurance: −$140
• HOA: −$0
• Vac / Maint / Mgmt: −$185
• Net cashflow: $114/mo
• Annual: $1,364/yr
• Cap rate: 7.92%
• Cash-on-cash: 5.80%
• DSCR: 1.26
• 1% rule: 1.05%
• Cash to close: $23,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $84k. Condition is rated good.
• At list price, monthly cash flow is $114 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($879 rent vs $84k).
• It's been on market 65 days — a 6% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($581 loan paydown + $3k appreciation (3.1% local appreciation)).
• Location reads 57/100 on livability (#382 in AL) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B; Watch: schools D+, health & safety D, crime F.
• Geneva County (rural): math 22% / reading 51% proficiency, ranked #39 of 129 in AL (top 30%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 8 active listings in the ZIP; 39 units permitted in Geneva County in 2024 (0 in 5+ unit buildings).
• Geneva County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.1% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinetry and countertops — Dated and could be updated for a fresh look.
• Minor: Bathroom tile and fixtures — Dated and could be updated for a fresh look.