226 Saddle Ridge Dr

Lowgap, NC 28623

$75,000C+

2 bd · 2.0 ba · 597 sqft · Built 2015 · Manufactured · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $801/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$62
• HOA: −$0
• Vac / Maint / Mgmt: −$168
• Net cashflow: $177/mo
• Annual: $2,129/yr
• Cap rate: 9.13%
• Cash-on-cash: 10.14%
• DSCR: 1.45
• 1% rule: 1.07%
• Cash to close: $21,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $75k.
• At list price, monthly cash flow is $177 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($801 rent vs $75k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $1k of equity ($519 loan paydown + $849 appreciation (1.1% local appreciation)).
• Location reads 39/100 on livability (#733 in NC) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Alleghany County Schools (rural): math 41% / reading 44% proficiency, ranked #104 of 178 in NC (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Glade Creek Elementary (math 47% / reading 42%, grade F, #574 of 1,410 statewide, top 43%, 252 students, 75% FRL); Alleghany High (math 67% / reading 57%, grade B-, #184 of 535 statewide, top 37%, 426 students, 59% FRL).
• Market conditions: 18 active listings in the ZIP; 91 units permitted in Alleghany County in 2024 (0 in 5+ unit buildings).
• Alleghany County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~6 years — after that, you're playing with house money.

Questions for listing agent

• 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?
• 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.