120 Dunn St · Ellerbe, NC 28338

$52,000

3 bd · 2.0 ba · 1,986 sqft · Manufactured public records · 64 Days on market

Built 1992 0.60 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.2/10.0
• Livability +3.4/5.0
• Schools +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Almost $20,000.00 below tax value! Dont miss this great investment opportunity. This manufactured 3bd 2ba home boasts 1,887 sq ft of living space and sits on over half an acre.

Key facts

• 0.6 acre lot
• 2 parking spots
• Built 1992

Property features AI

Exterior

• Parking: Covered, unpaved parking; 2-space carport
• Utilities: Public water; Water connected; Private sewer
• Home design: Manufactured home; One level / single-story; Entry level: 1
• Construction: Vinyl siding and frame construction; Composition roof; Brick/mortar foundation; Built on a 0.6-acre lot (approximately 175 x 150 x 175 x 150)
• Exterior features: Covered patio/porch; No fencing; Has view

Interior

• Kitchen: Appliances: Electric water heater
• Bedrooms: Total rooms: 7
• Flooring: See remarks
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Unfurnished; Electric water heater; Crawl space foundation
• Laundry & utility: Washer/dryer location: See remarks

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $52k.

Deal economics

• At list price, monthly cash flow is $633 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $52k).
• Recommended offer: $49k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 67/100 on livability (#245 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: amenities F, commute F, employment F.
• Richmond County Schools (town): math 30% / reading 36% proficiency, ranked #139 of 178 in NC (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mineral Springs Elementary (math 37% / reading 42%, grade F, #694 of 1,410 statewide, top 53%, 371 students, 99% FRL); Ellerbe Middle (math 29% / reading 42%, grade F, #279 of 475 statewide, top 60%, 212 students, 99% FRL); Richmond Senior High (math 58% / reading 38%, grade D, #329 of 535 statewide, top 62%, 1,286 students, 99% FRL) — zoned schools average 99% FRL vs 70% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 17 active listings in the ZIP; 54 units permitted in Richmond County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $2k of equity ($360 loan paydown + $1k appreciation (2.4% local appreciation)).
• Richmond County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($49k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 63% 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 $48,880 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.37% ✓
• Cap rate: 20.89%
• Cash-on-cash: 52.13%
• DSCR: 3.32
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.37% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 56.5%
• Equity multiple: 4.08×
• Total profit: $44,834
• Equity at exit: $21,548

10-year hold

• IRR: 56.6%
• Equity multiple: 8.24×
• Total profit: $105,366
• Equity at exit: $31,847

Cash invested: $14,560 (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 28338

• Home prices YoY: 1.6%
• Active inventory: 17
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $1,234 medium
• Mortgage (P&I): −$273
• Tax from tax record: −$48 /mo · $578/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$259
• Net cashflow: $633

Break-even live

Break-even rent $434

Max offer price $52,000

Occupancy floor 44%

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: $13,000
• Closing costs: $1,560
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $52,000 Active 64 DOM
2. 2026-06-18
   days on market $52,000 Active 63 DOM
3. 2026-06-17
   days on market $52,000 Active 62 DOM
4. 2026-06-16
   days on market $52,000 Active 61 DOM
5. 2026-06-15
   days on market $52,000 Active 60 DOM
6. 2026-06-14
   days on market $52,000 Active 58 DOM
7. 2026-06-13
   days on market $52,000 Active 57 DOM
8. 2026-06-10
   days on market $52,000 Active 55 DOM
9. 2026-06-09
   days on market $52,000 Active 54 DOM
10. 2026-06-08
    days on market $52,000 Active 53 DOM
11. 2026-06-07
    days on market $52,000 Active 52 DOM
12. 2026-06-05
    days on market $52,000 Active 49 DOM
13. 2026-06-03
    days on market $52,000 Active 48 DOM
14. 2026-06-02
    days on market $52,000 Active 47 DOM
15. 2026-06-01
    days on market $52,000 Active 46 DOM
16. 2026-05-31
    days on market $52,000 Active 45 DOM
17. 2026-05-30
    days on market $52,000 Active 44 DOM
18. 2026-04-16
    listed $52,000 Active

ⓘ 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: $578 · $48/mo
• Projected year-2 tax: $578 · $48/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,811
• − Mortgage interest: −$2,913
• − Property taxes: −$578
• − Insurance: −$260
• − Repairs & maintenance: −$1,185
• − Management: −$1,185
• − Depreciation: −$1,513
• Taxable income: $7,177
• Est. tax owed @ 24.0%: −$1,723
• After-tax cash flow: $5,868/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: Richmond County Schools
• NCES district ID: 3703870
• Math proficiency: 30% ▼ -12.00%
• Reading proficiency: 36% ▼ -3.00%
• Median HH income: $32,224
• Composite: 26.97/100
• National rank: #7076
• State rank: #139 of 178 in NC

Livability — Ellerbe

• Score: 67/100
• State rank: #245
• US rank: #11013

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ellerbe, NC
• Population (ZIP): 3,320

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 42,892 people
• By 2030: 41,257 · -3.8%
• By 2040: 37,629 · -12.3%
• By 2050: 33,655 · -21.5%
• By 2075: 23,992 · -44.1%
• By 2100: 14,782 · -65.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 61% Black 18% Hispanic / Latino 15% Two or more races 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Serbian 2% Slovak 2% Iranian 1%
• Foreign-born: 6% · Canada
• Languages at home: 83% English-only · Spanish 17%

Political lean MEDSL · Richmond

• 2024 margin: Strong R (+20.9) · D 39.2% · R 60.1%
• 2008→2024 swing: -22.4pp toward R · 2008: 1.5pp · 2024: -20.9pp
• All cycles: 2024: R+20.9 2020: R+14.8 2016: R+10.1 2012: D+2.7 2008: D+1.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.37%
• Current HPI: 153.3745
• 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

• 2026-04-16 Listed $52,000 Hive MLS

Property tax history

+4.6%/yr

Latest (2025): $578 · -2.4% YoY. Source: county tax records.