203 Buffy Ct · Richlands, NC 28574

$214,900

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 37 Days on market

Built 2007 0.56 ac lot Est $198k · 8% over

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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 +14.8/30.0
• DSCR +4.5/10.0
• Schools +3.9/10.0
• ARV discount +3.7/15.0
• Livability +3.5/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to 203 Buffy Way! Seller offering a $5000.00 allowance with acceptable offer. Nestled on a generous, manicured lot of over half an acre, this beautifully maintained 3-bedroom, 2-bathroom home offers the perfect blend of country serenity and modern convenience. Step inside to discover a spacious, open-concept living area that flows effortlessly into a bright kitchen, complete with an expansive island, abundant cabinetry, and excellent counter space--ideal for hosting family gatherings. The primary suite serves as a true retreat, boasting a sizable walk-in closet and an en-suite bath. Outside, enjoy a sprawling, fully fenced backyard that offers a peaceful escape, complete with a

Key facts

• Expansive island
• Walk-in closet
• Abundant cabinetry

Tags

• MANICURED LOT
• OPEN-CONCEPT LIVING AREA
• EXPANSIVE ISLAND
• ABUNDANT CABINETRY
• EXCELLENT COUNTER SPACE
• WALK-IN CLOSET

Property features AI

Finance

• Other: Zoning: Ra-20Mh; Lot about 0.56 acres (dimensions: 107.22 x 229.05 x 115.98 x 201.84); Subdivision: Jenkins Creek

Exterior

• Parking: Gravel parking; Concrete parking; Off-street parking
• Utilities: Public water; Water connected; Septic tank sewer
• Home design: Manufactured home; Single-story (one level); Entry level: 1
• Construction: Vinyl siding and frame construction; Shingle roof
• Exterior features: Deck; Chain-link fencing; Has a view

Interior

• Kitchen: Refrigerator; Dishwasher
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating; Heat pump
• Interior features: Kitchen island; Ceiling fan(s); Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $215k.

Deal economics

• At list price, monthly cash flow is $57 ($687/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 $169k (21.2% below list).
• Recommended offer: $169k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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: 204 active listings in the ZIP; 1,246 units permitted in Onslow County in 2024 (0 in 5+ unit buildings).
• This rent runs 30% 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 37 days — a 3% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $86k; list at $215k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate 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 $169,439 (21.2% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 0.79% ✗
• Cap rate: 6.61%
• Cash-on-cash: 1.14%
• DSCR: 1.05
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $198,072
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
327 Cypress Knoll Dr	0.33mi	3/2.0	1,512 (0%)	3mo	$215,900	$143	82
222 Busch Dr	0.35mi	3/2.0	1,512 (0%)	6mo	$201,400	$133	78
112 Cypress Knee Dr	0.13mi	3/2.0	1,674 (+11%)	1mo	$235,000	$140	76
323 Cypress Knoll Dr	0.29mi	3/2.0	1,653 (+9%)	9mo	$200,000	$121	63
200 Busch Dr	0.21mi	3/2.0	1,407 (-7%)	23mo	$185,000	$131	59
104 Luke Ln	0.12mi	3/2.0	1,670 (+10%)	22mo	$193,000	$116	59
220 Busch Dr	0.34mi	3/2.0	1,674 (+11%)	15mo	$213,000	$127	54

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: -14.5%
• Equity multiple: 0.48×
• Total profit: $-31,275
• Equity at exit: $32,042

10-year hold

• IRR: -5.9%
• Equity multiple: 0.62×
• Total profit: $-22,941
• Equity at exit: $18,581

Cash invested: $60,172 (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: 204
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,694 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$65 /mo · $777/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $57

Break-even live

Break-even rent $1,622

Max offer price $214,900

Occupancy floor 92%

Sensitivity live

Price	-10% $179	-5% $118	+0% $57	+5% $-4	+10% $-64
Rent	-10% $-77	-5% $-10	+0% $57	+5% $124	+10% $191
Rate	-1.0pp $165	-0.5pp $112	base $57	+0.5pp $2	+1.0pp $-55

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $214,900 Active 37 DOM
2. 2026-06-19
   days on market $214,900 Active 35 DOM
3. 2026-06-18
   days on market $214,900 Active 34 DOM
4. 2026-06-17
   days on market $214,900 Active 33 DOM
5. 2026-06-16
   days on market $214,900 Active 32 DOM
6. 2026-06-15
   days on market $214,900 Active 31 DOM
7. 2026-06-14
   days on market $214,900 Active 29 DOM
8. 2026-06-13
   pricedays on market $214,900 Active 28 DOM
9. 2026-06-10
   days on market $215,000 Active 26 DOM
10. 2026-06-09
    days on market $215,000 Active 25 DOM
11. 2026-06-09
    days on market $215,000 Active 24 DOM
12. 2026-06-07
    days on market $215,000 Active 23 DOM
13. 2026-06-03
    days on market $215,000 Active 19 DOM
14. 2026-06-02
    days on market $215,000 Active 18 DOM
15. 2026-06-01
    days on market $215,000 Active 17 DOM
16. 2026-05-31
    days on market $215,000 Active 16 DOM
17. 2026-05-30
    days on market $215,000 Active 15 DOM
18. 2026-05-15
    listed $215,000 Active
19. 2021-12-21
    soldstatus $86,000
20. 2009-04-15
    soldstatus $117,000
21. 2007-02-09
    soldstatus $110,000

ⓘ 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: $777 · $65/mo
• Projected year-2 tax: $1,762 · $147/mo
• Expected delta: +$985/yr (+$82/mo · 126.6%)

ⓘ 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 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $20,333
• − Mortgage interest: −$12,038
• − Property taxes: −$777
• − Insurance: −$1,074
• − Repairs & maintenance: −$1,627
• − Management: −$1,627
• − Depreciation: −$6,252
• Taxable loss: −$3,062
• Est. tax savings @ 24.0%: +$735
• After-tax cash flow: $1,422/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

+95.5% since first listed

4 events — show timeline

• 2026-05-15 Listed $215,000 Hive MLS
• 2021-12-21 Sold (Public Records) $86,000 Public Records
• 2009-04-15 Sold (Public Records) $117,000 Public Records
• 2007-02-09 Sold (Public Records) $110,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $777 · +0.0% YoY. Source: county tax records.