232 Chateau Forest Dr · Advance, NC 27012

$199,000

4 bd · 2.0 ba · 1,560 sqft · SingleFamily public records · 27 Days on market

Built 1980 6.32 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 +24.8/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Rent growth +4.3/5.0
• Schools +4.3/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Private Clemmons address in Davidson County. This Manufactured home on a crawlspace foundation sits on a low-traffic road offering privacy and peaceful surroundings. This home is perfect for investors or handy buyers looking to add value. Note: There are soft spots in the kitchen floor and hallway near the laundry room. Property is sold strictly as-is. Great opportunity for someone ready to roll up their sleeves and create equity in a private, convenient location!

Key facts

• 6.32 acre lot
• Built 1980
• Listed 27 days

Property features AI

Finance

• HOA & community: No homeowners association

Exterior

• Parking: No garage; No designated parking/garage
• Security: Deadbolt(s)
• Utilities: Well water; Septic tank; Electric service
• Home design: Manufactured double-wide home; Single-story
• Construction: Built in 1980; Vinyl siding; Crawl space foundation
• Exterior features: Garden; Partially cleared and partially wooded lot; Private maintained road; Storage structure on property

Interior

• Kitchen: Free-standing range
• Bedrooms: Primary on main
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump (heating and cooling); Electric heating; Electric water heater
• Interior features: Primary bedroom located on the main level; Deadbolt(s); Attic with no access
• Laundry & utility: Washer hookup; Dryer connection; Main level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $422 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 2.3% in Advance — 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 67/100 on livability (#215 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Davidson County Schools (rural): math 50% / reading 50% proficiency, ranked #62 of 178 in NC (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.2%/yr); 60 active listings in the ZIP; solid renter incomes; 990 units permitted in Davidson County in 2024 (54 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 $6k of value loss. Plan a longer hold.
• Davidson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 7.2% rent growth), your $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $196,015 (1.5% 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. 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.
3. 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.
4. 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: 1.03% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.10%
• DSCR: 1.40
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.22% rent growth · sell at horizon

5-year hold

• IRR: 1.6%
• Equity multiple: 1.07×
• Total profit: $3,624
• Equity at exit: $29,672

10-year hold

• IRR: 14.7%
• Equity multiple: 2.40×
• Total profit: $77,989
• Equity at exit: $17,206

Cash invested: $55,720 (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 27012

• Rents YoY: 7.2%
• Active inventory: 60
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,045 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$67 /mo · $799/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $422

Break-even live

Break-even rent $1,510

Max offer price $199,000

Occupancy floor 74%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $199,000 Active 27 DOM
2. 2026-06-17
   days on market $199,000 Active 26 DOM
3. 2026-06-16
   days on market $199,000 Active 25 DOM
4. 2026-06-15
   days on market $199,000 Active 24 DOM
5. 2026-06-14
   days on market $199,000 Active 22 DOM
6. 2026-06-13
   days on market $199,000 Active 21 DOM
7. 2026-06-10
   days on market $199,000 Active 19 DOM
8. 2026-06-09
   days on market $199,000 Active 18 DOM
9. 2026-06-08
   days on market $199,000 Active 17 DOM
10. 2026-06-07
    days on market $199,000 Active 16 DOM
11. 2026-06-05
    days on market $199,000 Active 13 DOM
12. 2026-06-03
    days on market $199,000 Active 12 DOM
13. 2026-06-02
    days on market $199,000 Active 11 DOM
14. 2026-06-01
    days on market $199,000 Active 10 DOM
15. 2026-05-31
    days on market $199,000 Active 9 DOM
16. 2026-05-31
    days on market $199,000 Active 8 DOM
17. 2026-05-22
    listed $199,000 Active

ⓘ 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: $799 · $67/mo
• Projected year-2 tax: $1,632 · $136/mo
• Expected delta: +$833/yr (+$69/mo · 104.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 6 d/yr ≥103°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,538
• − Mortgage interest: −$11,147
• − Property taxes: −$799
• − Insurance: −$995
• − Repairs & maintenance: −$1,963
• − Management: −$1,963
• − Depreciation: −$5,789
• Taxable income: $1,882
• Est. tax owed @ 24.0%: −$452
• After-tax cash flow: $4,617/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: Davidson County Schools
• NCES district ID: 3701140
• Math proficiency: 50% ▲ 2.00%
• Reading proficiency: 50% ▲ 2.00%
• Median HH income: $49,696
• Composite: 42.76/100
• National rank: #3157
• State rank: #62 of 178 in NC

Livability — Advance

• Score: 67/100
• State rank: #215
• US rank: #10250

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Forsyth County · 397,191 people
• City population: 16,247
• Metro: Winston-Salem, NC
• Population (ZIP): 30,543
• Household income: $96,250
• Rent vs Own: 19.6% rent · 80.4% own
• Severe rent burden: 361.0

Population outlook (Davidson County) Hauer SSP2

• Today (2025): 167,156 people
• By 2030: 167,216 · +0.0%
• By 2040: 164,524 · -1.6%
• By 2050: 157,229 · -5.9%
• By 2075: 138,084 · -17.4%
• By 2100: 112,729 · -32.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Hispanic / Latino 8% Two or more races 6% Black 5% Asian 4%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 2%
• Common ancestry: Slovak 4% Serbian 3% Lithuanian 2%
• Foreign-born: 7% · Canada, China, Jamaica
• Languages at home: 90% English-only · Spanish 5% Chinese 2% Tagalog/Filipino 1%

Political lean MEDSL · Davidson

• 2024 margin: Solid R (+47.1) · D 25.9% · R 73.0% · Other 1.1%
• 2008→2024 swing: -13.5pp toward R · 2008: -33.5pp · 2024: -47.1pp
• All cycles: 2024: R+47.1 2020: R+47.5 2016: R+49.4 2012: R+40.9 2008: R+33.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -144.93%
• Current HPI: 214.5437
• Rent YoY: ▲ 7.22%
• Metro: Winston-Salem, 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

1 event — show timeline

• 2026-05-22 Listed $199,000 Triad MLS

Property tax history

+5.6%/yr

Latest (2025): $799 · +0.0% YoY. Source: county tax records.