130 Sonora Dr

Advance, NC 27006

$229,500F

3 bd · 2.0 ba · 1,167 sqft · Built 2007 · Manufactured · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,925/mo
• Mortgage (P&I): −$1,204
• Tax + insurance: −$382
• HOA: −$0
• Vac / Maint / Mgmt: −$404
• Net cashflow: $-65/mo
• Annual: $-782/yr
• Cap rate: 5.95%
• Cash-on-cash: -1.22%
• DSCR: 0.95
• 1% rule: 0.84%
• Cash to close: $64,260

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $230k.
• At list price, monthly cash flow is $-65 ($-782/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (4.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (16.1% below list).
• It's been on market 57 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (16.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#215 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Davie County Schools (rural): math 51% / reading 52% proficiency, ranked #57 of 178 in NC (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 142 active listings in the ZIP; solid renter incomes; 250 units permitted in Davie County in 2024 (65 in 5+ unit buildings).
• Davie County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 2.3% in Advance — 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

• 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 57 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.