301 Matthew Ln

Canton, NC 28716

$240,000C+

3 bd · 2.0 ba · 1,449 sqft · Built 2000 · Manufactured · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,600/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$176
• HOA: −$0
• Vac / Maint / Mgmt: −$546
• Net cashflow: $619/mo
• Annual: $7,431/yr
• Cap rate: 9.39%
• Cash-on-cash: 11.06%
• DSCR: 1.49
• 1% rule: 1.08%
• Cash to close: $67,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $240k.
• At list price, monthly cash flow is $619 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• It's been on market 65 days — a 6% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (6.0% below list) — sets the bar for market timing.
• 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 66/100 on livability (#258 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: amenities F, commute F, employment D-.
• Haywood County Schools (suburban): math 55% / reading 53% proficiency, ranked #50 of 178 in NC (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bethel Elementary (math 72% / reading 62%, grade B+, #120 of 1,410 statewide, top 9%, 526 students, 99% FRL); Pisgah High (math 57% / reading 62%, grade C+, #216 of 535 statewide, top 43%, 927 students, 55% FRL) — zoned schools average 77% FRL vs 49% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 163 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 537 units permitted in Haywood County in 2024 (150 in 5+ unit buildings).
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.4% vs local median 2.8% in Canton — 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

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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 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.