117 E 9 St

Scotland Neck, NC 27874

$170,000F

3 bd · 2.0 ba · 1,404 sqft · Built 2017 · Manufactured · Active · 148 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,107/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$173
• HOA: −$0
• Vac / Maint / Mgmt: −$232
• Net cashflow: $-190/mo
• Annual: $-2,275/yr
• Cap rate: 4.95%
• Cash-on-cash: -4.78%
• DSCR: 0.79
• 1% rule: 0.65%
• Cash to close: $47,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $170k.
• At list price, monthly cash flow is $-190 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (19.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $111k (34.9% below list).
• It's been on market 148 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (34.9% below list) — sets the bar for 1% rule.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.5% local appreciation)).
• Location reads 58/100 on livability (#566 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A, crime A-; Watch: housing D, amenities F, commute F.
• Halifax County Schools (rural): math 6% / reading 24% proficiency, ranked #177 of 178 in NC (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Scotland Neck Elementary Leadership Acad (math 2% / reading 17%, grade F, #1,385 of 1,410 statewide, top 99%, 149 students, 98% FRL); Halifax County Early College High (math 75% / reading 70%, grade B+, #106 of 535 statewide, top 20%, 128 students, 98% FRL) — zoned schools average 98% FRL vs 82% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 41% at this address vs 15% district-wide (+26 pts) — the actual schools serving this property are materially stronger than the Halifax County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 22 active listings in the ZIP; 55 units permitted in Halifax County in 2024 (0 in 5+ unit buildings).
• Halifax County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 3y ago; this cycle's ask is 3% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 75% chance of damaging wind over 30y; 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

• 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?
• It's been on market 148 days. Have you received any prior offers? Is the seller open to a 35% 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?
• 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.