816 Menola Saint Johns Rd

Ahoskie, NC 27910

$229,900D-

3 bd · 2.0 ba · 1,568 sqft · Built 2006 · Manufactured · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,671/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$213
• HOA: −$0
• Vac / Maint / Mgmt: −$351
• Net cashflow: $-99/mo
• Annual: $-1,187/yr
• Cap rate: 5.78%
• Cash-on-cash: -1.84%
• DSCR: 0.92
• 1% rule: 0.73%
• Cash to close: $64,372

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $230k.
• At list price, monthly cash flow is $-99 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (7.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (27.3% below list).
• It's been on market 19 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (27.3% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($2k loan paydown + $6k appreciation (2.5% local appreciation)).
• Location reads 57/100 on livability (#600 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime F, amenities F, commute F.
• Hertford County Schools (town): math 14% / reading 26% proficiency, ranked #171 of 178 in NC (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Riverview Elementary (math 8% / reading 22%, grade F, #1,325 of 1,410 statewide, top 94%, 344 students, 99% FRL); Hertford County Middle (math 6% / reading 26%, grade F, #455 of 475 statewide, top 96%, 536 students, 99% FRL); Hertford County High (math 12% / reading 12%, grade F, #518 of 535 statewide, top 97%, 573 students, 100% FRL) — zoned schools average 99% FRL vs 74% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 59 active listings in the ZIP; 5 units permitted in Hertford County in 2024 (0 in 5+ unit buildings).
• Hertford County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk; severe wind risk, 80% 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.
• Cap rate 5.8% vs local median 7.7% in Ahoskie — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.