102 Garnett Trace Rd · Franklin, NC 28734

$166,000

3 bd · 2.0 ba · 1,904 sqft · Manufactured public records · 167 Days on market

Built 1995 0.47 ac lot

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Why this score? — see what drove the C 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 +20.4/30.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +4.4/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

DOUBLEWIDE MOBILE HOME LOCATED ON CUL DE SAC. LEVEL YARD. CONVENIENT TO TOWN. THIS PROPERTY ELIGIBLE UNDER THE FREDDIE MAC FIRST LOOK INITIATIVE THROUGH 9/14/2016-OWNER OCCUPANT OFFERS ONLY NEGOTIATED FIRST 20 DAYS OF LISTING. MUST BE ACTIVE IN MLS 72 HRS BEFORE PRESENTING OFFER. HOME WARRANTY IF NEGOTIATED WILL BE PAID AT CLOSING. THIS HOME IS NOT FINANCABLE.

Key facts

• 0.47 acre lot
• Built 1995
• Listed 166 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway (no main-level garage)
• Utilities: Community well water; Septic; Electricity connected; Cable available; Private maintained gated/gravel road access
• Home design: Manufactured single-family residence; One story; Entry level on main floor; Zoned R
• Construction: Vinyl exterior; Crawl space foundation; Built as a manufactured home
• Exterior features: Deck; Front porch; Porch; Fire pit; Storage; Other outbuildings (Outbuilding, Packing Shed, Shed(s), other); Fenced front and back yard; Private, cleared, wooded lot in a cul-de-sac; open areas

Interior

• Kitchen: Electric cooktop; Electric oven; Oven; Microwave; Dishwasher; Refrigerator; Bar fridge
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Garden tub; Storage; 11 total rooms; Has fireplace (Family Room, Living Room, Fire Pit; gas/propane)
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located inside, in the kitchen on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $166k.

Deal economics

• At list price, monthly cash flow is $215 ($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 $156k (6.0% below list).
• Recommended offer: $146k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.4% in Franklin — 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 74/100 on livability (#55 in NC, #4,469 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime C-, employment D+, commute F.
• Macon County Schools (rural): math 47% / reading 50% proficiency, ranked #71 of 178 in NC (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: East Franklin Elementary (math 47% / reading 37%, grade F, #633 of 1,410 statewide, top 48%, 360 students, 99% FRL); Franklin High (math 77% / reading 60%, grade B, #134 of 535 statewide, top 25%, 1,005 students, 51% FRL) — zoned schools average 75% FRL vs 52% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 606 active listings in the ZIP; 218 units permitted in Macon County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $10k appreciation (6.0% local appreciation)).
• Macon County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $54k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $105k; list at $166k implies a 58% gain — meaningful room to come down on a strong offer.

Recommended offer $146,080 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
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: 0.94% ✗
• Cap rate: 7.85%
• Cash-on-cash: 5.56%
• DSCR: 1.25
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.96% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.8%
• Equity multiple: 2.32×
• Total profit: $61,216
• Equity at exit: $103,961

10-year hold

• IRR: 19.1%
• Equity multiple: 4.64×
• Total profit: $169,307
• Equity at exit: $188,191

Cash invested: $46,480 (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 28734

• Home prices YoY: 1.8%
• Active inventory: 606
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,561 medium
• Mortgage (P&I): −$871
• Tax from tax record: −$78 /mo · $937/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $215

Break-even live

Break-even rent $1,288

Max offer price $166,000

Occupancy floor 81%

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: $41,500
• Closing costs: $4,980
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $166,000 Active 167 DOM
2. 2026-06-17
   days on market $166,000 Active 166 DOM
3. 2026-06-16
   pricedays on market $166,000 Active 165 DOM
4. 2026-06-15
   days on market $169,000 Active 164 DOM
5. 2026-06-14
   pricedays on market $169,000 Active 162 DOM
6. 2026-06-10
   days on market $175,000 Active 159 DOM
7. 2026-06-09
   days on market $175,000 Active 158 DOM
8. 2026-06-09
   price $175,000 Active 157 DOM
9. 2026-06-08
   days on market $176,000 Active 157 DOM
10. 2026-06-07
    days on market $176,000 Active 156 DOM
11. 2026-06-05
    days on market $176,000 Active 153 DOM
12. 2026-06-03
    days on market $176,000 Active 152 DOM
13. 2026-06-02
    days on market $176,000 Active 151 DOM
14. 2026-06-01
    pricedays on market $176,000 Active 150 DOM
15. 2026-05-31
    days on market $177,000 Active 149 DOM
16. 2026-05-31
    pricedays on market $177,000 Active 148 DOM
17. 2026-05-18
    price $179,000
18. 2026-05-15
    price $180,000
19. 2026-05-12
    price $183,000
20. 2026-05-11
    price $183,500
21. 2026-05-08
    price $184,500
22. 2026-05-05
    price $184,900
23. 2026-05-04
    price $186,500
24. 2026-04-29
    price $186,900
25. 2026-04-21
    price $187,000
26. 2026-04-20
    price $189,900
27. 2026-04-10
    price $190,000
28. 2026-04-06
    price $191,000
29. 2026-03-30
    price $193,000
30. 2026-03-26
    price $195,000
31. 2026-03-25
    price $198,500
32. 2026-03-23
    price $198,750
33. 2026-03-13
    price $199,000
34. 2026-03-11
    price $199,500
35. 2026-03-06
    price $199,750
36. 2026-02-23
    price $200,000
37. 2026-02-19
    price $203,000
38. 2026-02-16
    price $208,000
39. 2026-02-10
    price $209,000
40. 2026-02-06
    price $210,750
41. 2026-02-02
    price $211,000
42. 2026-01-30
    price $211,250
43. 2026-01-26
    price $211,500
44. 2026-01-22
    price $212,000
45. 2026-01-16
    price $212,500
46. 2026-01-14
    price $215,000
47. 2026-01-09
    price $217,500
48. 2026-01-03
    listed $220,000 Active
49. 2026-01-02
    historical $220,000
50. 2025-12-15
    soldstatus $105,000

ⓘ 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: $937 · $78/mo
• Projected year-2 tax: $1,361 · $113/mo
• Expected delta: +$424/yr (+$35/mo · 45.3%)

ⓘ 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 3/10 Moderate 8 d/yr ≥95°F today · 23 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,730
• − Mortgage interest: −$9,299
• − Property taxes: −$937
• − Insurance: −$830
• − Repairs & maintenance: −$1,498
• − Management: −$1,498
• − Depreciation: −$4,829
• Taxable loss: −$161
• Est. tax savings @ 24.0%: +$39
• After-tax cash flow: $2,622/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: Macon County Schools
• NCES district ID: 3702760
• Math proficiency: 47% ▲ 7.00%
• Reading proficiency: 50% ▲ 3.00%
• Median HH income: $39,072
• Composite: 40.49/100
• National rank: #3713
• State rank: #71 of 178 in NC

Livability — Franklin

• Score: 74/100
• State rank: #55
• US rank: #4469

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Macon County · 29,659 people
• City population: 29,659
• Metro: nan
• Population (ZIP): 29,659
• Household income: $54,021
• Rent vs Own: 23.2% rent · 76.8% own
• Severe rent burden: 602.0

Population outlook (Macon County) Hauer SSP2

• Today (2025): 34,346 people
• By 2030: 34,353 · +0.0%
• By 2040: 33,956 · -1.1%
• By 2050: 33,249 · -3.2%
• By 2075: 31,526 · -8.2%
• By 2100: 28,113 · -18.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 10% Two or more races 5% Black 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 5% Serbian 5% Lithuanian 3%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 8%

Political lean MEDSL · Macon

• 2024 margin: Solid R (+38.0) · D 30.6% · R 68.6%
• 2008→2024 swing: -16.6pp toward R · 2008: -21.4pp · 2024: -38.0pp
• All cycles: 2024: R+38.0 2020: R+38.5 2016: R+41.5 2012: R+30.6 2008: R+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.96%
• Current HPI: 341.1756
• Rent YoY: —
• Metro: nan
• 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

+225.5% since first listed

37 events — show timeline

• 2026-05-18 Price Changed $179,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-15 Price Changed $180,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-12 Price Changed $183,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-11 Price Changed $183,500 CANOPYMLS as Distributed by MLS Grid
• 2026-05-08 Price Changed $184,500 CANOPYMLS as Distributed by MLS Grid
• 2026-05-05 Price Changed $184,900 CANOPYMLS as Distributed by MLS Grid
• 2026-05-04 Price Changed $186,500 CANOPYMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $186,900 CANOPYMLS as Distributed by MLS Grid
• 2026-04-21 Price Changed $187,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-20 Price Changed $189,900 CANOPYMLS as Distributed by MLS Grid
• 2026-04-10 Price Changed $190,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-06 Price Changed $191,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-30 Price Changed $193,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $195,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-25 Price Changed $198,500 CANOPYMLS as Distributed by MLS Grid
• 2026-03-23 Price Changed $198,750 CANOPYMLS as Distributed by MLS Grid
• 2026-03-13 Price Changed $199,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-11 Price Changed $199,500 CANOPYMLS as Distributed by MLS Grid
• 2026-03-06 Price Changed $199,750 CANOPYMLS as Distributed by MLS Grid
• 2026-02-23 Price Changed $200,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-19 Price Changed $203,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-16 Price Changed $208,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-10 Price Changed $209,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-06 Price Changed $210,750 CANOPYMLS as Distributed by MLS Grid
• 2026-02-02 Price Changed $211,000 CANOPYMLS as Distributed by MLS Grid
• 2026-01-30 Price Changed $211,250 CANOPYMLS as Distributed by MLS Grid
• 2026-01-26 Price Changed $211,500 CANOPYMLS as Distributed by MLS Grid
• 2026-01-22 Price Changed $212,000 CANOPYMLS as Distributed by MLS Grid
• 2026-01-16 Price Changed $212,500 CANOPYMLS as Distributed by MLS Grid
• 2026-01-14 Price Changed $215,000 CANOPYMLS as Distributed by MLS Grid
• 2026-01-09 Price Changed $217,500 CANOPYMLS as Distributed by MLS Grid
• 2026-01-03 Listed $220,000 CANOPYMLS as Distributed by MLS Grid
• 2026-01-02 Coming Soon $220,000 CANOPYMLS as Distributed by MLS Grid
• 2025-12-15 Sold (Public Records) $105,000 Public Records
• 2016-10-20 Sold (MLS) $14,000 CSAOR
• 2016-08-25 Listed $15,900 CSAOR
• 2001-07-20 Sold (Public Records) $55,000 Public Records

Property tax history

+9.0%/yr

Latest (2025): $937 · +0.0% YoY. Source: county tax records.