402 Pelletier St · La Grange, NC 28551

$62,000

3 bd · 2.0 ba · 938 sqft · Manufactured public records · 19 Days on market

Built 1980 0.31 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
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Nice Bricked-in Manufactured Home with a great lot, ready for a Family to live in or an investor to have as a rental. Home features 2 Bedroom, 2 Full Bath, spacious Living room, Kitchen with appliances and Laundry area. First Bedroom comes with Carpet, Fan, two closets and a Full Bathroom with single vanity and Shower. Second Bedroom has carpet, Fan, Closet and Full bathroom with Shower. Home also features a glassed-in Front Porch as well as glassed-in Back Porch area. Separate storage building/Shed with rooms for workshop/storage/lawn equip. Property will be Sold, ''as is'' with no repairs from the seller.

Key facts

• 0.31 acre lot
• 2 parking spots
• Built 1980

Tags

• BRICKED-IN MANUFACTURED HOME
• GLASSED-IN FRONT PORCH
• GLASSED-IN BACK PORCH
• SEPARATE STORAGE BUILDING

Property features AI

Finance

• Other: Zoning: R10; Lot dimensions approximately 128 x 108 x 126 x 105 (0.31 acres)
• Financial info: No additional financial details provided
• HOA & community: No HOA information provided

Exterior

• Parking: Carport with 2 spaces; Concrete parking surface
• Security: No security features specified
• Utilities: No utilities specified
• Home design: Manufactured home (residential); One story; Entry level: 1
• Construction: Brick veneer and vinyl siding over frame construction; Foundation described as other; Roof details: see remarks
• Exterior features: Patio; Front porch; Glass-enclosed porch; Paved road access; Has a view; No fencing

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Listing does not specify bedroom count
• Flooring: No flooring information provided
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating with heat pump
• Interior features: Ceiling fan(s); Total of 5 rooms
• Laundry & utility: No laundry or utility appliances specified

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $62k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Recommended offer: $61k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.7% vs local median 4.3% in La Grange — 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 66/100 on livability (#278 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Lenoir County Public Schools (rural): math 29% / reading 32% proficiency, ranked #147 of 178 in NC (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: La Grange Elementary (math 32% / reading 32%, grade F, #908 of 1,410 statewide, top 67%, 498 students, 99% FRL); North Lenoir High (math 52% / reading 36%, grade F, #367 of 535 statewide, top 69%, 975 students, 100% FRL) — zoned schools average 100% FRL vs 65% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 85 active listings in the ZIP; 148 units permitted in Lenoir County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $429 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Lenoir County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($61k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: 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.

Recommended offer $61,070 (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: 3.01% ✓
• Cap rate: 26.69%
• Cash-on-cash: 72.86%
• DSCR: 4.24
• GRM: 2.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 72.6%
• Equity multiple: 4.29×
• Total profit: $57,109
• Equity at exit: $9,244

10-year hold

• IRR: 76.5%
• Equity multiple: 8.85×
• Total profit: $136,267
• Equity at exit: $5,361

Cash invested: $17,360 (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 28551

• Home prices YoY: -16.2%
• Active inventory: 85
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,866 medium
• Mortgage (P&I): −$325
• Tax from tax record: −$69 /mo · $831/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $1,054

Break-even live

Break-even rent $532

Max offer price $62,000

Occupancy floor 39%

Sensitivity live

Price	-10% $1,089	-5% $1,072	+0% $1,054	+5% $1,036	+10% $1,019
Rent	-10% $907	-5% $980	+0% $1,054	+5% $1,128	+10% $1,201
Rate	-1.0pp $1,085	-0.5pp $1,070	base $1,054	+0.5pp $1,038	+1.0pp $1,022

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: $15,500
• Closing costs: $1,860
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   pricedays on market $62,000 Active 19 DOM
2. 2026-06-19
   days on market $67,000 Active 17 DOM
3. 2026-06-18
   days on market $67,000 Active 16 DOM
4. 2026-06-17
   days on market $67,000 Active 15 DOM
5. 2026-06-16
   days on market $67,000 Active 14 DOM
6. 2026-06-16
   price $67,000 Active 13 DOM
7. 2026-06-15
   days on market $80,000 Active 13 DOM
8. 2026-06-14
   days on market $80,000 Active 11 DOM
9. 2026-06-12
   days on market $80,000 Active 10 DOM
10. 2026-06-09
    days on market $80,000 Active 7 DOM
11. 2026-06-08
    days on market $80,000 Active 6 DOM
12. 2026-06-07
    days on market $80,000 Active 5 DOM
13. 2026-06-07
    days on market $80,000 Active 4 DOM
14. 2026-06-03
    remarks 614-char remark
15. 2026-06-03
    listed $80,000 Active 1 DOM

ⓘ 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: $831 · $69/mo
• Projected year-2 tax: $831 · $69/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 4/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,394
• − Mortgage interest: −$3,473
• − Property taxes: −$831
• − Insurance: −$310
• − Repairs & maintenance: −$1,792
• − Management: −$1,792
• − Depreciation: −$1,804
• Taxable income: $12,393
• Est. tax owed @ 24.0%: −$2,974
• After-tax cash flow: $9,674/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: Lenoir County Public Schools
• NCES district ID: 3702610
• Math proficiency: 29% ▲ 1.00%
• Reading proficiency: 32% ▼ -4.00%
• Median HH income: $34,958
• Composite: 25.17/100
• National rank: #7515
• State rank: #147 of 178 in NC

Livability — La Grange

• Score: 66/100
• State rank: #278
• US rank: #12047

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: La Grange, NC
• Population (ZIP): 13,264

Population outlook (Lenoir County) Hauer SSP2

• Today (2025): 55,002 people
• By 2030: 53,048 · -3.6%
• By 2040: 49,041 · -10.8%
• By 2050: 45,136 · -17.9%
• By 2075: 36,547 · -33.6%
• By 2100: 27,731 · -49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 56% Black 21% Hispanic / Latino 16% Two or more races 8%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Slovak 1% Portuguese 1% Slovene 1%
• Foreign-born: 5% · Canada
• Languages at home: 87% English-only · Spanish 12%

Political lean MEDSL · Lenoir

• 2024 margin: Lean R (+6.8) · D 46.2% · R 53.0%
• 2008→2024 swing: -6.7pp toward R · 2008: -0.1pp · 2024: -6.8pp
• All cycles: 2024: R+6.8 2020: R+3.5 2016: R+6.3 2012: R+1.5 2008: R+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -41.90%
• Current HPI: 216.483
• 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

• 2026-06-02 Listed $80,000 Hive MLS

Property tax history

+9.1%/yr

Latest (2025): $831 · +327.8% YoY. Source: county tax records.