106 Madelyn Dr · Richlands, NC 28574

$205,000

3 bd · 2.0 ba · 1,402 sqft · Manufactured public records · 16 Days on market

Built 2001 1.00 ac lot Est $189k · 8% over

---

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 +18.7/30.0
• DSCR +5.9/10.0
• Schools +3.9/10.0
• ARV discount +3.8/15.0
• 1% rule +3.7/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable, spacious and a full acre lot. .. this is the home you've been waiting for! 3 bedrooms, each featuring a walk-in closet and 2 full baths, large open family & dining room with new LVP flooring and fresh paint. The kitchen is large with lots of countertop space. You'll appreciate that the cabinets need a little love and you'll reap the savings with this DIY project.

Key facts

• Spacious backyard
• Newer roof
• Storage shed

Tags

• OVER AN ACRE
• NEWER ROOF
• HVAC SYSTEM
• SPACIOUS BACKYARD
• STORAGE SHED
• HEIRLOOM STRAWBERRY PATCH

Property features AI

Finance

• Other: Lot: 1 acre (irregular dimensions); Private road frontage; Frontage type: see remarks
• HOA & community: No association amenities listed

Exterior

• Parking: On-site unpaved parking; No designated garage
• Utilities: Public water; Septic tank sewer; Water connected
• Home design: Manufactured home; One level / single-story; Entry level: 1; R-30M zoning
• Construction: Vinyl siding and frame construction; Brick/mortar foundation; Shingle roof; Built as a manufactured home
• Exterior features: Porch; Shed(s); Has view; No additional exterior features listed

Interior

• Kitchen: Electric oven; Refrigerator; Dishwasher
• Bedrooms: 5 total rooms (includes bedrooms and living spaces)
• Flooring: Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Electric heating; Fireplace(s); Central air conditioning
• Interior features: Walk-in closets; Accessible approach with ramp
• Laundry & utility: Laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $205k.

Deal economics

• At list price, monthly cash flow is $203 ($2k/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 $179k (12.6% below list).
• Recommended offer: $179k (12.6% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 4.0% in Richlands — 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 69/100 on livability (#151 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Onslow County Schools (other): math 42% / reading 49% proficiency, ranked #84 of 178 in NC (top 47%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Richlands Elementary (math 44% / reading 40%, grade F, #633 of 1,410 statewide, top 48%, 642 students, 52% FRL); Trexler Middle (math 37% / reading 46%, grade F, #206 of 475 statewide, top 44%, 825 students, 45% FRL); Richlands High (math 52% / reading 67%, grade C+, #216 of 535 statewide, top 43%, 960 students, 40% FRL).
• Market conditions: 200 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 1,246 units permitted in Onslow County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $140k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 92% chance of damaging wind over 30y; major wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $179,248 (12.6% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.87% ✗
• Cap rate: 7.48%
• Cash-on-cash: 4.23%
• DSCR: 1.19
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $189,270
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 Grassy Meadow Dr	0.61mi	3/2.0	1,372 (-2%)	3mo	$185,000	$135	65

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -9.7%
• Equity multiple: 0.64×
• Total profit: $-20,419
• Equity at exit: $30,566

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-1,571
• Equity at exit: $17,725

Cash invested: $57,400 (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 28574

• Home prices YoY: -8.9%
• Active inventory: 200
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,792 medium
• Mortgage (P&I): −$1,075
• Tax from tax record: −$53 /mo · $637/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $203

Break-even live

Break-even rent $1,536

Max offer price $205,000

Occupancy floor 84%

Sensitivity live

Price	-10% $319	-5% $261	+0% $203	+5% $144	+10% $86
Rent	-10% $61	-5% $132	+0% $203	+5% $273	+10% $344
Rate	-1.0pp $306	-0.5pp $255	base $203	+0.5pp $149	+1.0pp $95

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: $51,250
• Closing costs: $6,150
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
719 Addor Dr Richlands, NC	3.0	2.5	1536	$1,950	$1.27	21d	1	0.60mi
203 Stockton Ct Richlands, NC	3.0	2.0	1221	$1,750	$1.43	21d	1	0.69mi
2430 Catherine Lake Rd Richlands, NC	2.0	1.0	980	$850	$0.87	14d	1	1.37mi

Listing history 13 events

1. 2026-06-19
   days on market $205,000 Active 16 DOM
2. 2026-06-18
   days on market $205,000 Active 15 DOM
3. 2026-06-17
   days on market $205,000 Active 14 DOM
4. 2026-06-16
   days on market $205,000 Active 13 DOM
5. 2026-06-15
   days on market $205,000 Active 12 DOM
6. 2026-06-14
   days on market $205,000 Active 10 DOM
7. 2026-06-13
   days on market $205,000 Active 9 DOM
8. 2026-06-10
   days on market $205,000 Active 7 DOM
9. 2026-06-09
   days on market $205,000 Active 6 DOM
10. 2026-06-08
    days on market $205,000 Active 5 DOM
11. 2026-06-07
    days on market $205,000 Active 4 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $205,000 Active 1 DOM

ⓘ 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: $637 · $53/mo
• Projected year-2 tax: $1,681 · $140/mo
• Expected delta: +$1,044/yr (+$87/mo · 163.8%)

ⓘ 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 7/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 92% 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: $21,510
• − Mortgage interest: −$11,483
• − Property taxes: −$637
• − Insurance: −$1,025
• − Repairs & maintenance: −$1,721
• − Management: −$1,721
• − Depreciation: −$5,964
• Taxable loss: −$1,041
• Est. tax savings @ 24.0%: +$250
• After-tax cash flow: $2,680/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: Onslow County Schools
• NCES district ID: 3703450
• Math proficiency: 42% ▲ 6.00%
• Reading proficiency: 49% ▲ 5.00%
• Median HH income: $46,076
• Composite: 38.66/100
• National rank: #4148
• State rank: #84 of 178 in NC

Livability — Richlands

• Score: 69/100
• State rank: #151
• US rank: #8426

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Onslow County · 164,453 people
• City population: 20,990
• Metro: Jacksonville, NC
• Population (ZIP): 20,990
• Household income: $67,416
• Rent vs Own: 18.3% rent · 81.7% own
• Severe rent burden: 287.0

Population outlook (Onslow County) Hauer SSP2

• Today (2025): 189,789 people
• By 2030: 194,463 · +2.5%
• By 2040: 193,629 · +2.0%
• By 2050: 193,248 · +1.8%
• By 2075: 196,995 · +3.8%
• By 2100: 201,513 · +6.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 13% Hispanic / Latino 8% Black 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Slovak 3% Romanian 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 6%

Political lean MEDSL · Onslow

• 2024 margin: Solid R (+35.9) · D 31.5% · R 67.5% · Other 1.0%
• 2008→2024 swing: -14.5pp toward R · 2008: -21.5pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+30.2 2016: R+34.6 2012: R+27.0 2008: R+21.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -21.07%
• Current HPI: 215.4574
• Rent YoY: —
• Metro: Jacksonville, 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

+388.1% since first listed

5 events — show timeline

• 2026-06-03 Listed $205,000 Hive MLS
• 2022-03-29 Sold (Public Records) $140,000 Public Records
• 2022-03-29 Sold (MLS) $140,000 Hive MLS
• 2022-01-19 Listed $142,000 Hive MLS
• 2004-04-28 Sold (Public Records) $42,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $637 · +0.0% YoY. Source: county tax records.