10420 Silver Mine Rd

Charlotte, NC 29707

$205,000C-

2 bd · 2.0 ba · 980 sqft · Built 1989 · Manufactured · Active · 416 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,896/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$128
• HOA: −$0
• Vac / Maint / Mgmt: −$398
• Net cashflow: $295/mo
• Annual: $3,540/yr
• Cap rate: 8.02%
• Cash-on-cash: 6.17%
• DSCR: 1.27
• 1% rule: 0.92%
• Cash to close: $57,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $205k.
• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (7.5% below list).
• It's been on market 416 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $180k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#26 in NC, #2,502 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Lancaster 01 (rural): math 41% / reading 47% proficiency, ranked #26 of 80 in SC (top 32%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harrisburg Elementary (math 69% / reading 66%, grade B+, #44 of 597 statewide, top 7%, 1,089 students, 20% FRL); Indian Land High (math 52% / reading 91%, grade B+, #53 of 196 statewide, top 27%, 1,678 students, 26% FRL) — zoned schools average 23% FRL vs 47% district-wide (24 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 70% at this address vs 44% district-wide (+26 pts) — the actual schools serving this property are materially stronger than the Lancaster 01 average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.5%/yr); 8 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 976 units permitted in Lancaster County in 2024 (0 in 5+ unit buildings).
• Lancaster County population projected at +40% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Climate carrying-cost: moderate wind risk, 25% 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 8.0% vs local median 3.1% in Charlotte — 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.

Questions for listing agent

• It's been on market 416 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
• 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.