560 Harper Rd · Hillsborough, NC 27278

$179,900

2 bd · 1.0 ba · 857 sqft · Manufactured public records · 77 Days on market

Built 1931 0.32 ac lot

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Why this score? — see what drove the D 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 +14.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• Livability +4.0/5.0
• 1% rule +3.9/10.0
• Schools +3.5/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special! This 2BR/1BA fixer-upper is priced to reflect its condition and is full of potential for the right buyer. Previously used as a rental, the home is just minutes to downtown Hillsborough with quick access to shops, restaurants, the Riverwalk, and major connectors I-85/40 for easy commutes to Durham and Chapel Hill. Bring your vision and sweat equity. Proven rental history makes this an ideal opportunity for investors looking to generate income or first-time buyers looking for an affordable entry point into the market. Rental history available upon request.

Key facts

• Minutes to downtown
• 0.32 acre lot
• Built 1931

Tags

• MINUTES TO DOWNTOWN
• QUICK ACCESS TO SHOPS
• QUICK ACCESS TO RESTAURANTS
• QUICK ACCESS TO RIVERWALK

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Electricity connected; Sewer connected; Water connected
• Home design: Site-built single-story home
• Construction: Vinyl siding
• Exterior features: Shingle roof; 0.32-acre lot

Interior

• Kitchen: Electric oven; Electric range; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Electric oven; Electric range; Refrigerator
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $30 ($363/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 $159k (11.4% below list).
• Recommended offer: $159k (11.4% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.8% in Hillsborough — 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 81/100 on livability (#14 in NC, #1,408 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F.
• Orange County Schools (rural): math 35% / reading 44% proficiency, ranked #108 of 178 in NC (top 61%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Orange Middle (math 38% / reading 49%, grade D, #182 of 475 statewide, top 40%, 525 students, 40% FRL); Orange High (math 63% / reading 58%, grade C+, #210 of 535 statewide, top 40%, 1,341 students, 41% FRL) — zoned schools at 40% FRL track the district average.
• Zoned-school proficiency averages 52% at this address vs 40% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Orange County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents flat; 260 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 375 units permitted in Orange County in 2024 (34 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.
• Orange County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y 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.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $159,471 (11.4% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.89% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.72%
• DSCR: 1.03
• GRM: 9.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.58% rent growth · sell at horizon

5-year hold

• IRR: -17.9%
• Equity multiple: 0.38×
• Total profit: $-30,999
• Equity at exit: $26,824

10-year hold

• IRR: -15.5%
• Equity multiple: 0.22×
• Total profit: $-39,269
• Equity at exit: $15,554

Cash invested: $50,372 (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 27278

• Rents YoY: 0.6%
• Active inventory: 260
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,595 high
• Mortgage (P&I): −$943
• Tax from tax record: −$211 /mo · $2,534/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $30

Break-even live

Break-even rent $1,556

Max offer price $179,900

Occupancy floor 93%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
616 Wildaro Ct Hillsborough, NC	3.0	2.0	1008	$1,710	$1.70	14d	1	0.13mi
115 Holiday Park Rd Hillsborough, NC	3.0	1.0	921	$1,260	$1.37	23d	1	0.52mi
524 Short St W Hillsborough, NC	2.0	1.0	840	$1,500	$1.79	14d	1	0.61mi
104 Daphine Dr Hillsborough, NC	2.0	1.5	936	$1,300	$1.39	23d	1	0.84mi
671 Cedar St Hillsborough, NC	3.0	1.0	800	$1,600	$2.00	23d	1	0.94mi

Listing history 11 events

1. 2026-06-03
   days on market $179,900 Active 77 DOM
2. 2026-06-02
   days on market $179,900 Active 76 DOM
3. 2026-06-01
   days on market $179,900 Active 75 DOM
4. 2026-05-31
   days on market $179,900 Active 74 DOM
5. 2026-05-30
   days on market $179,900 Active 73 DOM
6. 2026-03-17
   listed $179,900 Active
7. 2022-11-15
   soldstatus $160,000
8. 2013-01-26
   historical
9. 2012-07-26
   listed $63,200 Active
10. 2006-11-16
    soldstatus $22,000
11. 1995-01-17
    soldstatus $10,000

ⓘ 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: $2,534 · $211/mo
• Projected year-2 tax: $2,534 · $211/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,137
• − Mortgage interest: −$10,077
• − Property taxes: −$2,534
• − Insurance: −$900
• − Repairs & maintenance: −$1,531
• − Management: −$1,531
• − Depreciation: −$5,233
• Taxable loss: −$2,670
• Est. tax savings @ 24.0%: +$641
• After-tax cash flow: $1,004/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: Orange County Schools
• NCES district ID: 3703480
• Math proficiency: 35% ▼ -8.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $57,908
• Composite: 34.8/100
• National rank: #5109
• State rank: #108 of 178 in NC

Livability — Hillsborough

• Score: 81/100
• State rank: #14
• US rank: #1408

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hillsborough, NC
• County: Orange County · 151,666 people
• City population: 27,925
• Metro: Durham-Chapel Hill, NC
• Population (ZIP): 27,925
• Household income: $105,887
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 637.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 158,781 people
• By 2030: 168,367 · +6.0%
• By 2040: 186,192 · +17.3%
• By 2050: 203,801 · +28.4%
• By 2075: 249,160 · +56.9%
• By 2100: 285,614 · +79.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Hispanic / Latino 12% Black 10% Two or more races 7% Asian 3% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 4% Romanian 3% Serbian 3%
• Foreign-born: 8% · Canada, Philippines, China
• Languages at home: 87% English-only · Spanish 9% Other Asian/Pacific 2% Other Indo-European 1%

Political lean MEDSL · Orange

• 2024 margin: Solid D (+51.1) · D 74.9% · R 23.8% · Other 1.4%
• 2008→2024 swing: +6.3pp toward D · 2008: 44.8pp · 2024: 51.1pp
• All cycles: 2024: D+51.1 2020: D+51.1 2016: D+51.0 2012: D+42.2 2008: D+44.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -145.84%
• Current HPI: 234.5809
• Rent YoY: ▲ 0.58%
• Metro: Durham-Chapel Hill, NC
• 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

+1699.0% since first listed

6 events — show timeline

• 2026-03-17 Listed $179,900 TMLS
• 2022-11-15 Sold (Public Records) $160,000 Public Records
• 2013-01-26 Listing Removed — TMLS
• 2012-07-26 Listed $63,200 TMLS
• 2006-11-16 Sold (Public Records) $22,000 Public Records
• 1995-01-17 Sold (Public Records) $10,000 Public Records

Property tax history

+9.0%/yr

Latest (2025): $2,534 · +23.0% YoY. Source: county tax records.