205 Granite Dr

Lucama, NC 27851

$100,000B

3 bd · 2.0 ba · 1,826 sqft · Built 2007 · Manufactured · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,271/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$176
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $304/mo
• Annual: $3,643/yr
• Cap rate: 9.94%
• Cash-on-cash: 13.01%
• DSCR: 1.58
• 1% rule: 1.27%
• Cash to close: $28,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $100k.
• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $5k of equity ($691 loan paydown + $4k appreciation (3.8% local appreciation)).
• Location reads 57/100 on livability (#599 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Wilson County Schools (rural): math 38% / reading 40% proficiency, ranked #119 of 178 in NC (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lucama Elementary (math 62% / reading 52%, grade C+, #249 of 1,410 statewide, top 20%, 362 students, 99% FRL); Springfield Middle (math 49% / reading 57%, grade C+, #93 of 475 statewide, top 19%, 445 students, 56% FRL); James Hunt High (math 67% / reading 58%, grade B-, #179 of 535 statewide, top 34%, 1,069 students, 60% FRL).
• Zoned-school proficiency averages 58% at this address vs 39% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Wilson County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 16 active listings in the ZIP; 580 units permitted in Wilson County in 2024 (168 in 5+ unit buildings).
• Wilson County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.8% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$34k 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; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

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?
• 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.