1977 Colington Rd Lot PTN 2 · Kill Devil Hills, NC 27948

$269,000

3 bd · 1.5 ba · 1,259 sqft · Manufactured · 60 Days on market

Built 1985 Good condition 7,000 sqft lot Est $242k · 11% 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 +20.3/30.0
• DSCR +6.4/10.0
• 1% rule +5.4/10.0
• Schools +4.0/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• ARV discount +2.4/15.0
• Appreciation +0.0/10.0

Listing remarks

If you’ve been waiting for something affordable that doesn’t feel like a total project, this might be your spot. This 3 bedroom, 1.5 bath home started life as a single-wide, but don’t let that scare you off. .. it’s had a solid glow-up. With an addition for extra space and a series of recent upgrades including a new roof, HVAC, appliances, and flooring, much of the heavy lifting has already been done. Inside, you’ll find a clean, refreshed interior that’s move-in ready, whether you’re looking for employee housing, a primary residence, or a practical investment property. It’s not pretending to be something it’s not… but it is a com

Key facts

• Hvac
• Appliances
• Flooring

Tags

• NEW ROOF
• HVAC
• APPLIANCES
• FLOORING
• CLEAN REFRESHED INTERIOR
• CONVERTED TO REAL PROPERTY

Property features AI

Finance

• HOA & community: Community park; Community playground

Exterior

• Parking: Off-street unpaved parking
• Utilities: Public water; Septic tank sewer
• Home design: Single-family residence; Residential property; Located in Colington Hrbr subdivision; Zoned R-2
• Exterior features: Outdoor pool; Asphalt roof

Interior

• Kitchen: Range; Oven; Dishwasher; Refrigerator
• Bathrooms: One full bathroom; One half bathroom; One partial bathroom
• Interior features: Central air conditioning; Central electric heating

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $269k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $279 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $269k).
• Recommended offer: $261k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 1.6% in Kill Devil Hills — 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 67/100 on livability (#222 in NC) — a middle-class / working-renter tenant base. Strengths: housing A, health & safety B+, crime B; Watch: employment C-, amenities F, commute F.
• Dare County Schools (town): math 44% / reading 48% proficiency, ranked #77 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 196 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 371 units permitted in Dare County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Dare County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($261k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $260,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.04% ✓
• Cap rate: 7.83%
• Cash-on-cash: 5.50%
• DSCR: 1.24
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $241,728
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
133 Williams Dr Lot 2	0.09mi	3/2.0	1,385 (+10%)	20mo	$266,500	$192	61

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.3%
• Equity multiple: 0.66×
• Total profit: $-25,760
• Equity at exit: $40,109

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $758
• Equity at exit: $23,258

Cash invested: $75,320 (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 27948

• Home prices YoY: -1.9%
• Active inventory: 196
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,790 medium
• Mortgage (P&I): −$1,411
• Tax est. 1.5%: −$336 /mo · $4,035/yr
• Insurance: −$112
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $279

Break-even live

Break-even rent $2,437

Max offer price $269,000

Occupancy floor 85%

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: $67,250
• Closing costs: $8,070
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 Lexington Ln Unit 106D Kill Devil Hills, NC	3.0	3.0	1321	$2,790	$2.11	4d	1	0.57mi

Listing history 15 events

1. 2026-06-18
   days on market $269,000 Active 60 DOM
2. 2026-06-17
   days on market $269,000 Active 59 DOM
3. 2026-06-16
   days on market $269,000 Active 58 DOM
4. 2026-06-15
   days on market $269,000 Active 57 DOM
5. 2026-06-13
   days on market $269,000 Active 55 DOM
6. 2026-06-12
   days on market $269,000 Active 54 DOM
7. 2026-06-09
   pricedays on market $269,000 Active 51 DOM
8. 2026-06-08
   days on market $275,000 Active 50 DOM
9. 2026-06-07
   days on market $275,000 Active 49 DOM
10. 2026-06-07
    days on market $275,000 Active 48 DOM
11. 2026-06-04
    days on market $275,000 Active 45 DOM
12. 2026-06-02
    days on market $275,000 Active 44 DOM
13. 2026-06-01
    days on market $275,000 Active 43 DOM
14. 2026-05-31
    days on market $275,000 Active 42 DOM
15. 2026-04-19
    listed $275,000 Active

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 9/10 Extreme 99% 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: $33,480
• − Mortgage interest: −$15,068
• − Property taxes: −$4,035
• − Insurance: −$2,142
• − Repairs & maintenance: −$2,678
• − Management: −$2,678
• − Depreciation: −$7,825
• Taxable loss: −$948
• Est. tax savings @ 24.0%: +$228
• After-tax cash flow: $3,571/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.

Condition & rehab AI · 1 photo

Good 80/100 Cosmetic rehab

This 1977 single-wide home has undergone significant renovations, including a new roof, HVAC, appliances, and flooring, making it move-in ready. It offers a good investment opportunity with potential for further value enhancement through exterior painting and landscaping.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and value
• Both Landscaping the front yard — Improves curb appeal and enhances property value
• Both Reorganizing the interior for better flow — Enhances functionality and appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and value ↑
• Both Landscaping the front yard — Improves curb appeal and enhances property value ↑
• Both Reorganizing the interior for better flow — Enhances functionality and appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Dare County Schools
• NCES district ID: 3701110
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 48% ▼ -7.00%
• Median HH income: $54,233
• Composite: 39.86/100
• National rank: #3866
• State rank: #77 of 178 in NC

Livability — Kill Devil Hills

• Score: 67/100
• State rank: #222
• US rank: #10501

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 12,628

Population outlook (Dare County) Hauer SSP2

• Today (2025): 39,201 people
• By 2030: 40,756 · +4.0%
• By 2040: 43,015 · +9.7%
• By 2050: 44,477 · +13.5%
• By 2075: 48,522 · +23.8%
• By 2100: 50,980 · +30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 9% Two or more races 8%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Lithuanian 5% Slovak 2% Romanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 90% English-only · Spanish 6% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Dare

• 2024 margin: R (+18.8) · D 40.1% · R 58.9%
• 2008→2024 swing: -9.5pp toward R · 2008: -9.2pp · 2024: -18.8pp
• All cycles: 2024: R+18.8 2020: R+16.5 2016: R+22.1 2012: R+16.1 2008: R+9.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -14.01%
• Current HPI: 731.56
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-04-19 Listed $275,000 OBMLS