147 Bourbon St · Camden, NC 27921

$150,000

3 bd · 2.0 ba · 1,800 sqft · Manufactured public records · 30 Days on market

Built 2015 0.30 ac lot

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Why this score? — see what drove the B- 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +2.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 147-B Bourbon St in Camden, an affordable opportunity with space, privacy, and convenience. Tucked away off the main road down a gravel drive, this 3 bedroom, 2 bath home offers a peaceful setting on approximately 0.3 acres with no HOA restrictions. Built in 2015, the home features a functional split floor plan with 1,404 square feet of living space, providing separation between the primary suite and guest bedrooms. Inside, you'll find a comfortable layout with a spacious living area, practical kitchen and dining space, and low maintenance vinyl and carpet flooring throughout. Outside, the property includes a storage shed and room to enjoy the yard without a lot of upkeep. Features include:walk in closets in all the bedrooms, pantry, blinds, soaking tub in the primary bathroom. Whether you're looking for an affordable primary residence, investment property, or downsizing opportunity, this home offers solid value at an accessible price point. All appliances convey. Home is being sold as is.

Key facts

• Pantry
• Soaking tub
• No hoa restrictions

Tags

• PEACEFUL SETTING
• NO HOA RESTRICTIONS
• STORAGE SHED
• WALK IN CLOSETS
• PANTRY
• SOAKING TUB

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $523 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 3.0% in Camden — 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 54/100 on livability (#664 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living B+; Watch: schools D+, housing D+, amenities F.
• Camden County Schools (rural): math 56% / reading 64% proficiency, ranked #29 of 178 in NC (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 45 active listings in the ZIP; 105 units permitted in Camden 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 $4k of value loss. Plan a longer hold.
• Camden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,750 (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. 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?
3. 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.
4. 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.
5. 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: 1.27% ✓
• Cap rate: 10.48%
• Cash-on-cash: 14.96%
• DSCR: 1.67
• GRM: 6.6

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: 5.5%
• Equity multiple: 1.21×
• Total profit: $9,023
• Equity at exit: $22,365

10-year hold

• IRR: 14.9%
• Equity multiple: 2.21×
• Total profit: $50,752
• Equity at exit: $12,969

Cash invested: $42,000 (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 27921

• Home prices YoY: -34.4%
• Active inventory: 45
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,899 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$128 /mo · $1,532/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $523

Break-even live

Break-even rent $1,236

Max offer price $150,000

Occupancy floor 67%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   status $150,000 Pending 30 DOM
2. 2026-06-18
   days on market $150,000 Active Under Contract 30 DOM
3. 2026-06-17
   days on market $150,000 Active Under Contract 29 DOM
4. 2026-06-16
   days on market $150,000 Active Under Contract 28 DOM
5. 2026-06-15
   days on market $150,000 Active Under Contract 27 DOM
6. 2026-06-13
   days on market $150,000 Active Under Contract 25 DOM
7. 2026-06-09
   statusdays on market $150,000 Active Under Contract 21 DOM
8. 2026-06-08
   days on market $150,000 Active 20 DOM
9. 2026-06-07
   statusdays on market $150,000 Active 19 DOM
10. 2026-06-05
    days on market $150,000 Active Under Contract 16 DOM
11. 2026-06-03
    days on market $150,000 Active Under Contract 15 DOM
12. 2026-06-02
    days on market $150,000 Active Under Contract 14 DOM
13. 2026-06-01
    days on market $150,000 Active Under Contract 13 DOM
14. 2026-05-31
    days on market $150,000 Active Under Contract 12 DOM
15. 2026-05-22
    historical Active Under Contract 1015-char remark

    Show marketing remark (1015 chars)

    Welcome to 147-B Bourbon St in Camden, an affordable opportunity with space, privacy, and convenience. Tucked away off the main road down a gravel drive, this 3 bedroom, 2 bath home offers a peaceful setting on approximately 0.3 acres with no HOA restrictions. Built in 2015, the home features a functional split floor plan with 1,404 square feet of living space, providing separation between the primary suite and guest bedrooms. Inside, you'll find a comfortable layout with a spacious living area, practical kitchen and dining space, and low maintenance vinyl and carpet flooring throughout. Outside, the property includes a storage shed and room to enjoy the yard without a lot of upkeep. Features include:walk in closets in all the bedrooms, pantry, blinds, soaking tub in the primary bathroom. Whether you're looking for an affordable primary residence, investment property, or downsizing opportunity, this home offers solid value at an accessible price point. All appliances convey. Home is being sold as is.

16. 2026-05-19
    listed $150,000 Active 1015-char remark

    Show marketing remark (1015 chars)

    Welcome to 147-B Bourbon St in Camden, an affordable opportunity with space, privacy, and convenience. Tucked away off the main road down a gravel drive, this 3 bedroom, 2 bath home offers a peaceful setting on approximately 0.3 acres with no HOA restrictions. Built in 2015, the home features a functional split floor plan with 1,404 square feet of living space, providing separation between the primary suite and guest bedrooms. Inside, you'll find a comfortable layout with a spacious living area, practical kitchen and dining space, and low maintenance vinyl and carpet flooring throughout. Outside, the property includes a storage shed and room to enjoy the yard without a lot of upkeep. Features include:walk in closets in all the bedrooms, pantry, blinds, soaking tub in the primary bathroom. Whether you're looking for an affordable primary residence, investment property, or downsizing opportunity, this home offers solid value at an accessible price point. All appliances convey. Home is being sold as is.

ⓘ 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: $1,532 · $128/mo
• Projected year-2 tax: $1,532 · $128/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 46% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,788
• − Mortgage interest: −$8,402
• − Property taxes: −$1,532
• − Insurance: −$750
• − Repairs & maintenance: −$1,823
• − Management: −$1,823
• − Depreciation: −$4,364
• Taxable income: $4,094
• Est. tax owed @ 24.0%: −$983
• After-tax cash flow: $5,299/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: Camden County Schools
• NCES district ID: 3700600
• Math proficiency: 56% ▲ 8.00%
• Reading proficiency: 64% ▲ 4.00%
• Median HH income: $59,622
• Composite: 51.97/100
• National rank: #1643
• State rank: #29 of 178 in NC

Livability — Camden

• Score: 54/100
• State rank: #664
• US rank: #23883

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,903

Population outlook (Camden County) Hauer SSP2

• Today (2025): 10,980 people
• By 2030: 11,246 · +2.4%
• By 2040: 11,562 · +5.3%
• By 2050: 11,572 · +5.4%
• By 2075: 11,450 · +4.3%
• By 2100: 10,648 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 10% Black 7% Hispanic / Latino 1% Asian 1%
• Common ancestry: Lithuanian 5% Serbian 4% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Chinese 1%

Political lean MEDSL · Camden

• 2024 margin: Solid R (+50.8) · D 24.2% · R 75.0%
• 2008→2024 swing: -18.8pp toward R · 2008: -32.0pp · 2024: -50.8pp
• All cycles: 2024: R+50.8 2020: R+46.6 2016: R+45.8 2012: R+34.0 2008: R+32.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -87.09%
• Current HPI: 166.2245
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-05-22 Contingent — Hive MLS
• 2026-05-19 Listed $150,000 Hive MLS

Property tax history

+18.6%/yr

Latest (2025): $1,532 · +0.0% YoY. Source: county tax records.