8800 Spring Meadow Dr

Rhodhiss, NC 28601

$135,000C

3 bd · 1.0 ba · 2,052 sqft · Built 1998 · Manufactured · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,517/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$319
• Net cashflow: $266/mo
• Annual: $3,187/yr
• Cap rate: 8.65%
• Cash-on-cash: 8.43%
• DSCR: 1.38
• 1% rule: 1.12%
• Cash to close: $37,800

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $135k. Condition is rated fair.
• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#515 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: schools F, crime F, amenities F.
• Burke County Schools (rural): math 43% / reading 47% proficiency, ranked #89 of 178 in NC (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.9%/yr); 420 active listings in the ZIP; 422 units permitted in Burke County in 2024 (94 in 5+ unit buildings).
• Burke County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Severe weathering and peeling
• Major: kitchen cabinets — Outdated and worn
• Major: bathroom fixtures — Basic and outdated
• Moderate: HVAC system — 6-year-old system