80 Spruce Ct

Rougemont, NC 27583

$175,000B-

4 bd · 2.0 ba · 1,464 sqft · Built 1988 · Manufactured · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,665/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$111
• HOA: −$0
• Vac / Maint / Mgmt: −$350
• Net cashflow: $287/mo
• Annual: $3,440/yr
• Cap rate: 8.26%
• Cash-on-cash: 7.02%
• DSCR: 1.31
• 1% rule: 0.95%
• Cash to close: $49,000

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $175k.
• At list price, monthly cash flow is $287 ($3k/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 $166k (4.9% below list).
• It's been on market 16 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (4.9% below list) — sets the bar for 1% rule.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (8.7% local appreciation)).
• Location reads 48/100 on livability (#717 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: schools D+, amenities F, commute F.
• Person County Schools (rural): math 39% / reading 42% proficiency, ranked #110 of 178 in NC (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 113 units permitted in Person County in 2024 (0 in 5+ unit buildings).
• Person County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $47k; list at $175k implies a 270% gain — meaningful room to come down on a strong offer.
• At projected returns (8.7% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% 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.
• Cap rate 8.3% vs local median 2.3% in Rougemont — 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

• 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?
• 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.