310 Southridge Dr

Mount Airy, NC 27030

$110,000B-

3 bd · 2.0 ba · 924 sqft · Built 1999 · Manufactured · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,325/mo
• Mortgage (P&I): −$577
• Tax + insurance: −$67
• HOA: −$0
• Vac / Maint / Mgmt: −$278
• Net cashflow: $403/mo
• Annual: $4,836/yr
• Cap rate: 10.69%
• Cash-on-cash: 15.70%
• DSCR: 1.70
• 1% rule: 1.20%
• Cash to close: $30,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $110k.
• At list price, monthly cash flow is $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#473 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: crime D+, amenities F, commute F.
• Surry County Schools (rural): math 52% / reading 52% proficiency, ranked #60 of 178 in NC (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pilot Mountain Elementary (math 57% / reading 57%, grade C+, #249 of 1,410 statewide, top 20%, 344 students, 58% FRL); Pilot Mountain Middle (math 47% / reading 53%, grade C, #113 of 475 statewide, top 25%, 454 students, 57% FRL); East Surry High (math 62% / reading 67%, grade B-, #164 of 535 statewide, top 32%, 594 students, 45% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 213 active listings in the ZIP; 243 units permitted in Surry County in 2024 (0 in 5+ unit buildings).
• Surry County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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 $52k; list at $110k implies a 112% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.7% vs local median 3.1% in Mount Airy — 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.
• This rent runs 34% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 D-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 D 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.