10889 N Carolina 222 · Middlesex, NC 27557

$159,900

3 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 28 Days on market

Built 2020 1.10 ac lot Est $215k · 26% under

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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 +26.9/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• Appreciation +8.9/10.0
• 1% rule +6.4/10.0
• Schools +3.5/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Opportunity awaits! Mobile home on over 2 acres of peaceful country living. This is a great opportunity for investors, flippers, or buyers ready to roll up their sleeves. The home needs work but can be transformed into a charming country retreat or profitable rental. Come enjoy the space that is perfect for gardening or outdoor hobbies. Lot can be subdivided into two lots. Public water is available. Home is being sold as is with no repairs being made by seller. Cash only!

Key facts

• Septic
• 1.1 acre lot
• 1.1 acre lot

Tags

• 1.1 ACRE LOT
• CONNECTED TO COUNTY WATER
• SEPTIC

Property features AI

Finance

• HOA & community: No homeowners association; Not a senior community

Exterior

• Utilities: Public water; Septic tank
• Home design: Single-story manufactured home (single wide)
• Construction: Aluminum siding; Shingle roof; Pillar/post/pier foundation
• Exterior features: Sits on a 1.1-acre lot; Public maintained road access

Interior

• Bedrooms: Three bedrooms (all on the main level)
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms
• Heating & cooling: Heating present (type: Other); No central cooling
• Interior features: Carpet and vinyl flooring

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 2.9% in Middlesex — 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 59/100 on livability (#551 in NC) — a working-class tenant base; expect higher turnover. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, employment F.
• Johnston County Public Schools (rural): math 39% / reading 42% proficiency, ranked #105 of 178 in NC (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Archer Lodge Middle (math 43% / reading 47%, grade D, #160 of 475 statewide, top 35%, 1,219 students, 40% FRL); Corinth Holders High (math 50% / reading 61%, grade C, #265 of 535 statewide, top 50%, 2,219 students, 32% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: 175 active listings in the ZIP; 2,783 units permitted in Johnston County in 2024 (6 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($1k loan paydown + $12k appreciation (7.7% local appreciation)).
• Johnston County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (7.7% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y 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 $116k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 70% 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 $157,501 (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. 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?
3. 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.
4. 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.
5. 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: 1.14% ✓
• Cap rate: 9.60%
• Cash-on-cash: 11.83%
• DSCR: 1.53
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $214,920
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11022 Nc-222	0.13mi	3/2.0	1,067 (-1%)	3mo	$212,600	$199	90

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

Projected returns pro-forma

7.73% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 28.6%
• Equity multiple: 3.04×
• Total profit: $91,206
• Equity at exit: $118,577

10-year hold

• IRR: 25.8%
• Equity multiple: 6.44×
• Total profit: $243,604
• Equity at exit: $232,658

Cash invested: $44,772 (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 27557

• Home prices YoY: 2.5%
• Active inventory: 175
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,816 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$88 /mo · $1,057/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $441

Break-even live

Break-even rent $1,257

Max offer price $159,900

Occupancy floor 71%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $159,900 Active 28 DOM
2. 2026-06-17
   days on market $159,900 Active 27 DOM
3. 2026-06-16
   days on market $159,900 Active 26 DOM
4. 2026-06-15
   days on market $159,900 Active 25 DOM
5. 2026-06-13
   days on market $159,900 Active 23 DOM
6. 2026-06-13
   days on market $159,900 Active 22 DOM
7. 2026-06-09
   days on market $159,900 Active 19 DOM
8. 2026-06-08
   days on market $159,900 Active 18 DOM
9. 2026-06-07
   days on market $159,900 Active 17 DOM
10. 2026-06-05
    days on market $159,900 Active 14 DOM
11. 2026-06-03
    days on market $159,900 Active 13 DOM
12. 2026-06-02
    days on market $159,900 Active 12 DOM
13. 2026-06-01
    days on market $159,900 Active 11 DOM
14. 2026-05-31
    days on market $159,900 Active 10 DOM
15. 2026-05-21
    listed $159,900 Active
16. 2025-08-25
    soldstatus $116,500 Sold 476-char remark

    Show marketing remark (476 chars)

    Opportunity awaits! Mobile home on over 2 acres of peaceful country living. This is a great opportunity for investors, flippers, or buyers ready to roll up their sleeves. The home needs work but can be transformed into a charming country retreat or profitable rental. Come enjoy the space that is perfect for gardening or outdoor hobbies. Lot can be subdivided into two lots. Public water is available. Home is being sold as is with no repairs being made by seller. Cash only!

17. 2025-07-26
    status Pending 476-char remark

    Show marketing remark (476 chars)

    Opportunity awaits! Mobile home on over 2 acres of peaceful country living. This is a great opportunity for investors, flippers, or buyers ready to roll up their sleeves. The home needs work but can be transformed into a charming country retreat or profitable rental. Come enjoy the space that is perfect for gardening or outdoor hobbies. Lot can be subdivided into two lots. Public water is available. Home is being sold as is with no repairs being made by seller. Cash only!

18. 2025-06-16
    listed $139,000 Active 476-char remark

    Show marketing remark (476 chars)

    Opportunity awaits! Mobile home on over 2 acres of peaceful country living. This is a great opportunity for investors, flippers, or buyers ready to roll up their sleeves. The home needs work but can be transformed into a charming country retreat or profitable rental. Come enjoy the space that is perfect for gardening or outdoor hobbies. Lot can be subdivided into two lots. Public water is available. Home is being sold as is with no repairs being made by seller. Cash only!

19. 2008-09-15
    soldstatus $80,000
20. 2008-09-12
    soldstatus $79,900 99-char remark

    Show marketing remark (99 chars)

    Cute home huge lot only $79900. All new paint, carpet, roof and vinyl. Over 2+ acre lot. FHA ready!

21. 2008-09-12
    soldstatus $79,900 99-char remark

    Show marketing remark (99 chars)

    Cute home huge lot only $79900. All new paint, carpet, roof and vinyl. Over 2+ acre lot. FHA ready!

22. 2008-08-31
    historical 99-char remark

    Show marketing remark (99 chars)

    Cute home huge lot only $79900. All new paint, carpet, roof and vinyl. Over 2+ acre lot. FHA ready!

23. 2008-08-26
    listed $79,900 99-char remark

    Show marketing remark (99 chars)

    Cute home huge lot only $79900. All new paint, carpet, roof and vinyl. Over 2+ acre lot. FHA ready!

24. 2008-08-26
    listed $79,900 99-char remark

    Show marketing remark (99 chars)

    Cute home huge lot only $79900. All new paint, carpet, roof and vinyl. Over 2+ acre lot. FHA ready!

25. 2008-05-22
    soldstatus $29,500
26. 2008-05-05
    historical
27. 2008-04-21
    listed $25,700
28. 1995-05-01
    soldstatus $55,000

ⓘ 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: $1,057 · $88/mo
• Projected year-2 tax: $1,311 · $109/mo
• Expected delta: +$254/yr (+$21/mo · 24.0%)

ⓘ 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 6/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,791
• − Mortgage interest: −$8,957
• − Property taxes: −$1,057
• − Insurance: −$800
• − Repairs & maintenance: −$1,743
• − Management: −$1,743
• − Depreciation: −$4,652
• Taxable income: $2,839
• Est. tax owed @ 24.0%: −$681
• After-tax cash flow: $4,614/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: Johnston County Public Schools
• NCES district ID: 3702370
• Math proficiency: 39% ▲ 4.00%
• Reading proficiency: 42% ▲ 2.00%
• Median HH income: $50,912
• Composite: 34.99/100
• National rank: #5052
• State rank: #105 of 178 in NC

Livability — Middlesex

• Score: 59/100
• State rank: #551
• US rank: #20308

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 8,407

Population outlook (Johnston County) Hauer SSP2

• Today (2025): 222,440 people
• By 2030: 240,227 · +8.0%
• By 2040: 274,616 · +23.5%
• By 2050: 304,915 · +37.1%
• By 2075: 369,507 · +66.1%
• By 2100: 406,280 · +82.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 54% Hispanic / Latino 23% Black 13% Two or more races 13% Native American 3%
• Hispanic origin (detail): Mexican 13% Puerto Rican 4%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 1%
• Foreign-born: 10% · Canada
• Languages at home: 77% English-only · Spanish 23%

Political lean MEDSL · Johnston

• 2024 margin: Strong R (+21.5) · D 38.7% · R 60.2% · Other 1.1%
• 2008→2024 swing: +2.2pp toward D · 2008: -23.7pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+24.3 2016: R+30.7 2012: R+27.8 2008: R+23.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.73%
• Current HPI: 311.489
• 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

+190.7% since first listed

14 events — show timeline

• 2026-05-21 Listed $159,900 TMLS
• 2025-08-25 Sold (MLS) $116,500 TMLS
• 2025-07-26 Pending — TMLS
• 2025-06-16 Listed $139,000 TMLS
• 2008-09-15 Sold (Public Records) $80,000 Public Records
• 2008-09-12 Sold (MLS) $79,900 AMLSNC
• 2008-09-12 Sold (MLS) $79,900 TMLS
• 2008-08-31 Listing Removed — TMLS
• 2008-08-26 Listed $79,900 AMLSNC
• 2008-08-26 Listed $79,900 TMLS
• 2008-05-22 Sold (MLS) $29,500 TMLS
• 2008-05-05 Listing Removed — TMLS
• 2008-04-21 Listed $25,700 TMLS
• 1995-05-01 Sold (Public Records) $55,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $1,057 · +86.0% YoY. Source: county tax records.