1335 Free Union Rd

Plymouth, NC 27846

$34,900A-

3 bd · 2.0 ba · 1,188 sqft · Built 1995 · Manufactured · Pending · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $944/mo
• Mortgage (P&I): −$183
• Tax + insurance: −$85
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $478/mo
• Annual: $5,739/yr
• Cap rate: 22.74%
• Cash-on-cash: 58.72%
• DSCR: 3.61
• 1% rule: 2.71%
• Cash to close: $9,772

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $35k.
• At list price, monthly cash flow is $478 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($944 rent vs $35k).
• It's been on market 114 days — a 9% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $32k (9.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($241 loan paydown + $3k appreciation (9.5% local appreciation)).
• Location reads 56/100 on livability (#627 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+; Watch: crime F, amenities D-, commute F.
• Martin County Schools (rural): math 24% / reading 34% proficiency, ranked #150 of 178 in NC (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Jamesville Elementary (math 52% / reading 57%, grade C, #302 of 1,410 statewide, top 23%, 208 students, 99% FRL) — zoned schools average 99% FRL vs 62% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 54% at this address vs 29% district-wide (+26 pts) — the actual schools serving this property are materially stronger than the Martin County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 6 active listings in the ZIP.
• Martin County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts; this cycle's ask has dropped $25k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (9.5% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% 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 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?
• 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.