1955 Catherine Lake Rd · Richlands, NC 28574

$158,000

2 bd · 2.0 ba · 1,064 sqft · Manufactured public records · 277 Days on market

Built 1998 0.46 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 +21.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• 1% rule +4.2/10.0
• Schools +3.9/10.0
• 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

PERFECT FOR INVESTORS or FIRST-TIME HOMEBUYERS, this exceptional 2-bedroom, 2-bathroom + bonus room has been completely renovated. The kitchen is appointed with stainless steel appliances, the primary owner's suite includes a walk shower and large vanity. Sitting on . 46 acres, this home is vacant and ready to go!! Come see this home today before it's going, going, gone.

Key facts

• Walk-in closet
• Shaded yard
• Walk-in shower

Tags

• WALK-IN SHOWER
• WALK-IN CLOSET
• CIRCULAR DRIVEWAY
• LOW-MAINTENANCE EXTERIOR
• SHADED YARD
• MATURE TREES

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $158k.

Deal economics

• At list price, monthly cash flow is $223 ($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 $145k (8.2% below list).
• Recommended offer: $139k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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: Clear View Elementary (584 students, 53% FRL); Trexler Middle (math 37% / reading 46%, grade F, #206 of 475 statewide, top 44%, 825 students, 45% FRL); Southwest High (math 52% / reading 47%, grade D, #311 of 535 statewide, top 60%, 702 students, 54% FRL).
• Market conditions: 200 active listings in the ZIP; 1,246 units permitted in Onslow County in 2024 (0 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.

Negotiation context

• It's been on market 277 days — a 12% lower offer ($139k) is reasonable based on typical stale-listing flexibility.
• 5 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 $95k; list at $158k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 98% 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 $139,040 (12.0% below list)

Questions for the listing agent

1. It's been on market 277 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. 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.
5. 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.
6. 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: 0.92% ✗
• Cap rate: 7.99%
• Cash-on-cash: 6.06%
• DSCR: 1.27
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.0%
• Equity multiple: 0.74×
• Total profit: $-11,462
• Equity at exit: $23,558

10-year hold

• IRR: 2.5%
• Equity multiple: 1.18×
• Total profit: $7,999
• Equity at exit: $13,661

Cash invested: $44,240 (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: 9.1×

Monthly cashflow live

• Estimated rent: $1,451 medium
• Mortgage (P&I): −$829
• Tax from tax record: −$28 /mo · $339/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $223

Break-even live

Break-even rent $1,168

Max offer price $158,000

Occupancy floor 80%

Sensitivity live

Price	-10% $313	-5% $268	+0% $223	+5% $179	+10% $-55
Rent	-10% $109	-5% $166	+0% $223	+5% $281	+10% $338
Rate	-1.0pp $303	-0.5pp $263	base $223	+0.5pp $182	+1.0pp $141

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: $39,500
• Closing costs: $4,740
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-10
   status $158,000 Pending 277 DOM
2. 2026-06-09
   days on market $158,000 Active 277 DOM
3. 2026-06-09
   days on market $158,000 Active 276 DOM
4. 2026-06-07
   days on market $158,000 Active 275 DOM
5. 2026-06-03
   days on market $158,000 Active 271 DOM
6. 2026-06-02
   days on market $158,000 Active 270 DOM
7. 2026-06-01
   days on market $158,000 Active 269 DOM
8. 2026-05-31
   days on market $158,000 Active 268 DOM
9. 2026-05-30
   days on market $158,000 Active 267 DOM
10. 2026-04-25
    status Pending
11. 2026-03-26
    status Active
12. 2026-03-26
    historical
13. 2026-02-21
    status Active
14. 2026-02-20
    historical
15. 2026-02-05
    price $158,000
16. 2026-02-02
    status Active
17. 2026-01-31
    historical
18. 2025-10-14
    price $160,000
19. 2025-08-02
    listed $165,000 Active
20. 2022-04-25
    soldstatus $95,000
21. 2022-04-22
    soldstatus $95,000 Closed 373-char remark

    Show marketing remark (373 chars)

    PERFECT FOR INVESTORS or FIRST-TIME HOMEBUYERS, this exceptional 2-bedroom, 2-bathroom + bonus room has been completely renovated. The kitchen is appointed with stainless steel appliances, the primary owner's suite includes a walk shower and large vanity. Sitting on . 46 acres, this home is vacant and ready to go!! Come see this home today before it's going, going, gone.

22. 2022-03-14
    historical 373-char remark

    Show marketing remark (373 chars)

    PERFECT FOR INVESTORS or FIRST-TIME HOMEBUYERS, this exceptional 2-bedroom, 2-bathroom + bonus room has been completely renovated. The kitchen is appointed with stainless steel appliances, the primary owner's suite includes a walk shower and large vanity. Sitting on . 46 acres, this home is vacant and ready to go!! Come see this home today before it's going, going, gone.

23. 2022-03-13
    price $1,350
24. 2022-02-14
    listed $99,900 373-char remark

    Show marketing remark (373 chars)

    PERFECT FOR INVESTORS or FIRST-TIME HOMEBUYERS, this exceptional 2-bedroom, 2-bathroom + bonus room has been completely renovated. The kitchen is appointed with stainless steel appliances, the primary owner's suite includes a walk shower and large vanity. Sitting on . 46 acres, this home is vacant and ready to go!! Come see this home today before it's going, going, gone.

25. 2021-07-06
    soldstatus $55,000

ⓘ 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: $339 · $28/mo
• Projected year-2 tax: $1,296 · $108/mo
• Expected delta: +$957/yr (+$80/mo · 282.1%)

ⓘ 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 7/10 Severe
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 98% 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: $17,407
• − Mortgage interest: −$8,850
• − Property taxes: −$339
• − Insurance: −$790
• − Repairs & maintenance: −$1,393
• − Management: −$1,393
• − Depreciation: −$4,596
• Taxable income: $46
• Est. tax owed @ 24.0%: −$11
• After-tax cash flow: $2,669/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

+187.3% since first listed

16 events — show timeline

• 2026-04-25 Pending — Hive MLS
• 2026-03-26 Relisted — Hive MLS
• 2026-03-26 Listing Removed — Hive MLS
• 2026-02-21 Relisted — Hive MLS
• 2026-02-20 Listing Removed — Hive MLS
• 2026-02-05 Price Changed $158,000 Hive MLS
• 2026-02-02 Relisted — Hive MLS
• 2026-01-31 Listing Removed — Hive MLS
• 2025-10-14 Price Changed $160,000 Hive MLS
• 2025-08-02 Listed $165,000 Hive MLS
• 2022-04-25 Sold (Public Records) $95,000 Public Records
• 2022-04-22 Sold (MLS) $95,000 Hive MLS
• 2022-03-14 Listing Removed — Hive MLS
• 2022-03-13 Price Changed $1,350 RENT.
• 2022-02-14 Listed $99,900 Hive MLS
• 2021-07-06 Sold (Public Records) $55,000 Public Records

Property tax history

+13.7%/yr

Latest (2025): $339 · +0.0% YoY. Source: county tax records.