222 Summertree Dr · Troutman, NC 28166

$178,000

3 bd · 2.0 ba · 1,264 sqft · Manufactured public records · 89 Days on market

Built 1992 0.67 ac lot

---

Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +29.0/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +4.5/10.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This has to be one of the cutest and well maintained manufactured homes I've seen! Troutman location, fully fenced rear yard and two sheds - a "he" shed and a "she" shed. His is wired with electricity and performed as his "workshop." Carport with storage area attached and a sweet sunroom with wall of windows overlooks the lush backyard, backing to trees and very private. Paved drive, brick foundation and not a stitch of carpeting within the home. Kitchen overlooks living room and comes complete with breakfast bar and breakfast table area, all appliances newer and to convey with the home. Laminate wood and tile throughout. Large master suite with double-bowl vanity and garden tub. Two secondary bedrooms that share a bath with step-in shower. Just outside fenced area is a firepit for burning or just relaxing by fire. Larger front porch area to visit outdoors with what seller indicates "are the best neighbors!" Original owners have cared so nicely for this little jewel!

Key facts

• Sunroom with windows
• Two storage sheds
• Tile flooring

Tags

• FULLY FENCED BACKYARD
• TWO STORAGE SHEDS
• CARPORT WITH STORAGE AREA
• SUNROOM WITH WINDOWS
• LAMINATE WOOD FLOORING
• TILE FLOORING

Property features AI

Finance

• Other: Property is deed-restricted
• HOA & community: No HOA

Exterior

• Parking: Detached carport; Driveway
• Utilities: Well water; Septic system
• Home design: Manufactured singlewide residence; Single-story; Entry level: main; Zoned RA
• Construction: Vinyl exterior; Composition roof; Crawl space foundation; Manufactured construction
• Exterior features: Fenced yard; Level, private, wooded lot; Paved/asphalt road access; Outbuilding on property

Interior

• Kitchen: Electric cooktop; Refrigerator
• Bedrooms: Three bedrooms (all on the main level)
• Bathrooms: Two full bathrooms (main level)
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Two total rooms; Electric cooktop; Refrigerator
• Laundry & utility: Laundry area located in hallway

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $178k.

Deal economics

• At list price, monthly cash flow is $608 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $178k).
• Recommended offer: $167k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 3.1% in Troutman — 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.

Location & tenants

• Location reads 64/100 on livability (#342 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: schools F, amenities F, commute F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.1%/yr); 264 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $50k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.
• Current owner paid $144k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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.

Recommended offer $167,320 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.19% ✓
• Cap rate: 10.39%
• Cash-on-cash: 14.65%
• DSCR: 1.65
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.13% rent growth · sell at horizon

5-year hold

• IRR: 4.2%
• Equity multiple: 1.16×
• Total profit: $7,994
• Equity at exit: $26,540

10-year hold

• IRR: 12.9%
• Equity multiple: 1.99×
• Total profit: $49,161
• Equity at exit: $15,390

Cash invested: $49,840 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 28166

• Home prices YoY: -23.7%
• Rents YoY: 2.1%
• Active inventory: 264
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,115 medium
• Mortgage (P&I): −$933
• Tax from tax record: −$55 /mo · $657/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $608

Break-even live

Break-even rent $1,345

Max offer price $178,000

Occupancy floor 66%

Sensitivity live

Price	-10% $709	-5% $659	+0% $608	+5% $558	+10% $508
Rent	-10% $441	-5% $525	+0% $608	+5% $692	+10% $775
Rate	-1.0pp $698	-0.5pp $654	base $608	+0.5pp $562	+1.0pp $515

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $44,500
• Closing costs: $5,340
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
145 Macel Dr Troutman, NC	2.0	2.0	1318	$1,976	$1.50	3d	6	0.78mi
160 Browband St Troutman, NC	3.0	2.5	1440	$2,355	$1.64	6d	1	1.18mi
253 Overcash Rd Troutman, NC	4.0	2.0	1256	$1,550	$1.23	25d	1	1.26mi

Listing history 21 events

1. 2026-06-21
   days on market $178,000 Active 89 DOM
2. 2026-06-18
   days on market $178,000 Active 86 DOM
3. 2026-06-17
   days on market $178,000 Active 85 DOM
4. 2026-06-16
   days on market $178,000 Active 84 DOM
5. 2026-06-15
   days on market $178,000 Active 83 DOM
6. 2026-06-13
   days on market $178,000 Active 81 DOM
7. 2026-06-13
   statusdays on market $178,000 Active 80 DOM
8. 2026-06-09
   days on market $178,000 Active Under Contract 77 DOM
9. 2026-06-08
   days on market $178,000 Active Under Contract 76 DOM
10. 2026-06-07
    days on market $178,000 Active Under Contract 75 DOM
11. 2026-06-04
    days on market $178,000 Active Under Contract 72 DOM
12. 2026-06-03
    days on market $178,000 Active Under Contract 71 DOM
13. 2026-06-02
    days on market $178,000 Active Under Contract 70 DOM
14. 2026-06-01
    days on market $178,000 Active Under Contract 69 DOM
15. 2026-05-31
    days on market $178,000 Active Under Contract 68 DOM
16. 2026-04-03
    historical Active Under Contract
17. 2026-03-24
    listed $178,000 Active
18. 2021-05-21
    soldstatus $144,000 Closed 1021-char remark

    Show marketing remark (1021 chars)

    This has to be one of the cutest and well maintained manufactured homes I've seen! Troutman location, fully fenced rear yard and two sheds - a "he" shed and a "she" shed. His is wired with electricity and performed as his "workshop." Carport with storage area attached and a sweet sunroom with wall of windows overlooks the lush backyard, backing to trees and very private. Paved drive, brick foundation and not a stitch of carpeting within the home. Kitchen overlooks living room and comes complete with breakfast bar and breakfast table area, all appliances newer and to convey with the home. Laminate wood and tile throughout. Large master suite with double-bowl vanity and garden tub. Two secondary bedrooms that share a bath with step-in shower. Just outside fenced area is a firepit for burning or just relaxing by fire. Larger front porch area to visit outdoors with what seller indicates "are the best neighbors!" Original owners have cared so nicely for this little jewel!

19. 2021-05-18
    historical Active Under Contract 1021-char remark

    Show marketing remark (1021 chars)

    This has to be one of the cutest and well maintained manufactured homes I've seen! Troutman location, fully fenced rear yard and two sheds - a "he" shed and a "she" shed. His is wired with electricity and performed as his "workshop." Carport with storage area attached and a sweet sunroom with wall of windows overlooks the lush backyard, backing to trees and very private. Paved drive, brick foundation and not a stitch of carpeting within the home. Kitchen overlooks living room and comes complete with breakfast bar and breakfast table area, all appliances newer and to convey with the home. Laminate wood and tile throughout. Large master suite with double-bowl vanity and garden tub. Two secondary bedrooms that share a bath with step-in shower. Just outside fenced area is a firepit for burning or just relaxing by fire. Larger front porch area to visit outdoors with what seller indicates "are the best neighbors!" Original owners have cared so nicely for this little jewel!

20. 2021-05-17
    listed $150,000 Active 1021-char remark

    Show marketing remark (1021 chars)

    This has to be one of the cutest and well maintained manufactured homes I've seen! Troutman location, fully fenced rear yard and two sheds - a "he" shed and a "she" shed. His is wired with electricity and performed as his "workshop." Carport with storage area attached and a sweet sunroom with wall of windows overlooks the lush backyard, backing to trees and very private. Paved drive, brick foundation and not a stitch of carpeting within the home. Kitchen overlooks living room and comes complete with breakfast bar and breakfast table area, all appliances newer and to convey with the home. Laminate wood and tile throughout. Large master suite with double-bowl vanity and garden tub. Two secondary bedrooms that share a bath with step-in shower. Just outside fenced area is a firepit for burning or just relaxing by fire. Larger front porch area to visit outdoors with what seller indicates "are the best neighbors!" Original owners have cared so nicely for this little jewel!

21. 2021-05-17
    historical $150,000 1021-char remark

    Show marketing remark (1021 chars)

    This has to be one of the cutest and well maintained manufactured homes I've seen! Troutman location, fully fenced rear yard and two sheds - a "he" shed and a "she" shed. His is wired with electricity and performed as his "workshop." Carport with storage area attached and a sweet sunroom with wall of windows overlooks the lush backyard, backing to trees and very private. Paved drive, brick foundation and not a stitch of carpeting within the home. Kitchen overlooks living room and comes complete with breakfast bar and breakfast table area, all appliances newer and to convey with the home. Laminate wood and tile throughout. Large master suite with double-bowl vanity and garden tub. Two secondary bedrooms that share a bath with step-in shower. Just outside fenced area is a firepit for burning or just relaxing by fire. Larger front porch area to visit outdoors with what seller indicates "are the best neighbors!" Original owners have cared so nicely for this little jewel!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $657 · $55/mo
• Projected year-2 tax: $1,460 · $122/mo
• Expected delta: +$802/yr (+$67/mo · 122.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,378
• − Mortgage interest: −$9,971
• − Property taxes: −$657
• − Insurance: −$890
• − Repairs & maintenance: −$2,030
• − Management: −$2,030
• − Depreciation: −$5,178
• Taxable income: $4,621
• Est. tax owed @ 24.0%: −$1,109
• After-tax cash flow: $6,191/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Troutman

• Score: 64/100
• State rank: #342
• US rank: #13725

Category grades

Amenities F Commute F Cost of living A- Crime C Employment C Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Iredell County · 182,638 people
• City population: 11,875
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 11,875
• Household income: $93,511
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 167.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Black 15% Hispanic / Latino 6% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Serbian 2% Italian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.32%
• Current HPI: 229.5993
• Rent YoY: ▲ 2.13%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

+18.7% since first listed

6 events — show timeline

• 2026-04-03 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-03-24 Listed $178,000 CANOPYMLS as Distributed by MLS Grid
• 2021-05-21 Sold (MLS) $144,000 CANOPYMLS as Distributed by MLS Grid
• 2021-05-18 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2021-05-17 Listed $150,000 CANOPYMLS as Distributed by MLS Grid
• 2021-05-17 Coming Soon $150,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+7.4%/yr

Latest (2025): $657 · +0.0% YoY. Source: county tax records.