4838 Gearus Dr · Charlotte, NC 28269

$119,000

3 bd · 2.0 ba · 1,296 sqft · SingleFamily · 16 Days on market

Built 1981 Good condition 435 sqft 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks

55+community. THIS IS A MOBILE HOME ONLY—land is not included, and there is a monthly LOT RENT of $485 which covers water, sewer, trash, and access to amenities. Move-in ready and beautifully updated, this charming mobile home features a desirable split 3-bedroom floor plan with walk-in closets in every bedroom—perfect for maximizing storage—plus an additional 8’ x 12’ storage shed for even more space. Tucked away at the end of a quiet side street, the home offers a peaceful and private setting where you can relax on the porch and enjoy nature. Major renovations completed in 2018 include all new windows, a fully remodeled kitchen with updated cabinets, countert

Key facts

• Updated cabinets
• Split floor plan
• Remodeled kitchen

Tags

• SPLIT FLOOR PLAN
• WALK-IN CLOSETS
• STORAGE SHED
• REMODELED KITCHEN
• UPDATED CABINETS
• NEW WINDOWS

Property features AI

Finance

• HOA & community: Homeowners association required; 55+ community with clubhouse and outdoor pool

Exterior

• Parking: No main-level garage; Side-of-home parking space
• Utilities: City water and shared well; Public sewer
• Home design: Manufactured doublewide single-family residence; One story
• Construction: Manufactured construction; Aluminum exterior; One-level foundation — see remarks
• Exterior features: Paved private maintained road; Parking space at the side of the mobile home; Other parking — see remarks

Interior

• Kitchen: Dishwasher
• Bedrooms: Three bedrooms on the main level
• Bathrooms: Two full bathrooms on the main level
• Heating & cooling: Central heating; Central air
• Interior features: 9 total rooms; Dishwasher; Central heating; Central air
• Laundry & utility: Electric dryer hookup inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $119k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $685 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $119k).
• Recommended offer: $117k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.2% vs local median 3.1% in Charlotte — 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 78/100 on livability (#26 in NC, #2,502 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools D+, crime F.
• Charlotte-Mecklenburg Schools (urban): math 42% / reading 46% proficiency, ranked #85 of 178 in NC (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 569 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.4% rent growth), your $33k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.

Recommended offer $117,215 (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. Crime grade is F 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?
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: 1.60% ✓
• Cap rate: 13.20%
• Cash-on-cash: 24.66%
• DSCR: 2.10
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $331,776
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8618 Milton Morris Dr	0.57mi	3/2.0	1,280 (-1%)	1mo	$335,000	$262	71
3410 Joseph Dr	0.48mi	3/2.0	1,269 (-2%)	8mo	$340,000	$268	67
9200 Forest Green Dr	0.40mi	4/2.0 (+1)	1,309 (+1%)	11mo	$345,000	$264	65
7516 Barn Stone Dr	0.62mi	3/2.0	1,310 (+1%)	6mo	$315,000	$240	64
3512 Cross Winds Rd	0.73mi	3/2.0	1,302 (+0%)	6mo	$345,000	$265	61
7125 Falconwood Ct	0.70mi	3/2.0	1,251 (-4%)	1mo	$320,000	$256	60
9021 Louvaine Dr	0.64mi	3/2.0	1,305 (+1%)	11mo	$319,000	$244	60
4623 Drifter Dr #30	0.72mi	3/1.5	1,304 (+1%)	12mo	$287,500	$220	53
9320 Tibble Creek Way	0.72mi	3/2.0	1,204 (-7%)	6mo	$322,750	$268	50
8339 Houndstooth Dr	0.43mi	3/2.0	1,487 (+15%)	8mo	$355,000	$239	49
8318 David Lee Ln	0.47mi	3/2.0	1,110 (-14%)	7mo	$263,000	$237	48
9026 Louvaine Dr	0.62mi	3/2.0	1,450 (+12%)	4mo	$355,000	$245	48

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 · 0.43% rent growth · sell at horizon

5-year hold

• IRR: 15.1%
• Equity multiple: 1.59×
• Total profit: $19,541
• Equity at exit: $17,743

10-year hold

• IRR: 21.8%
• Equity multiple: 2.64×
• Total profit: $54,535
• Equity at exit: $10,289

Cash invested: $33,320 (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 28269

• Home prices YoY: -19.9%
• Rents YoY: 0.4%
• Active inventory: 569
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,908 high
• Mortgage (P&I): −$624
• Tax est. 1.5%: −$149 /mo · $1,785/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $685

Break-even live

Break-even rent $1,041

Max offer price $119,000

Occupancy floor 59%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9610 Stoney Glen Dr Mint Hill, NC	1.0–3.0	1.0–2.0	1071	$1,805	$1.68	2d	53	0.10mi
4616 Stoney Trace Dr Mint Hill, NC	1.0–3.0	1.0–2.0	975	$2,030	$2.08	24d	18	0.32mi
4616 Stoney Trace Dr Mint Hill, NC	1.0–3.0	1.0–2.0	975	$1,640	$1.68	5d	25	0.32mi
4616 Stoney Trace Dr Mint Hill, NC	3.0	2.0	1306	$1,750	$1.34	18d	1	0.32mi
9930 Idlewild Rd Matthews, NC	1.0–2.0	1.0–2.0	1061	$2,901	$2.73	2d	62	0.42mi
8307 Houndstooth Dr Charlotte, NC	3.0	2.0	1665	$1,970	$1.18	4d	1	0.47mi
7601 Swedish Ivy Ln Charlotte, NC	3.0	2.5	1300	$2,000	$1.54	5d	1	0.48mi
8204 Mintworth Links Ln Matthews, NC	3.0	2.5	1470	$2,085	$1.42	1d	7	0.53mi
8501 Milton Morris Dr Charlotte, NC	3.0	2.0	1328	$1,879	$1.41	22d	1	0.58mi
3652 Melrose Cottage Dr Matthews, NC	3.0	2.5	1444	$1,900	$1.32	7d	1	0.63mi
3434 Braewick Pl Charlotte, NC	3.0	2.0	1093	$1,720	$1.57	24d	1	0.66mi
3407 Braewick Pl Charlotte, NC	3.0	2.0	1134	$1,750	$1.54	16d	1	0.70mi
7228 Walterboro Rd Charlotte, NC	3.0	2.0	1584	$1,795	$1.13	24d	1	0.79mi
7030 Spring Morning Ln Charlotte, NC	4.0	2.5	1611	$2,005	$1.24	14d	1	0.81mi
3032 Chenango Dr Charlotte, NC	2.0	1.5	895	$1,695	$1.89	7d	1	0.85mi
3821 Rosedown Dr Matthews, NC	3.0	2.0	1024	$1,899	$1.85	24d	1	0.89mi
4227 Painted Trillium Ct Matthews, NC	3.0	2.5	1796	$2,000	$1.11	24d	1	0.91mi
8504 Beechbrooke Rd Mint Hill, NC	3.0	2.0	1505	$1,830	$1.22	7d	1	0.91mi
7739 Elm Tree Ln Charlotte, NC	3.0	2.5	1672	$2,035	$1.22	14d	1	0.95mi
3722 Hunters Run Ln Matthews, NC	3.0	2.0	1291	$1,949	$1.51	16d	1	0.95mi
3800 Broomstraw Ct Matthews, NC	3.0	2.5	1550	$2,025	$1.31	16d	1	1.04mi
5310 McAlpine Glen Dr Charlotte, NC	1.0–2.0	1.0–2.0	750	$1,600	$2.13	2d	14	1.06mi
3400 New Hampshire Dr Charlotte, NC	3.0	2.0	1436	$1,950	$1.36	24d	1	1.10mi
8448 Huntdale Ct Charlotte, NC	3.0	2.0	1500	$1,995	$1.33	24d	1	1.18mi
8737 Wandering Creek Way Charlotte, NC	2.0	2.5	1019	$1,325	$1.30	24d	1	1.22mi
8727 Wandering Creek Way Charlotte, NC	3.0	2.5	1368	$1,695	$1.24	7d	1	1.22mi
8727 Wandering Creek Way Charlotte, NC	3.0	2.5	1368	$1,650	$1.21	16d	1	1.22mi
8618 Twined Creek Ln Charlotte, NC	2.0	2.5	1226	$1,595	$1.30	7d	1	1.24mi
8708 Twined Creek Ln Charlotte, NC	2.0	2.5	1058	$1,550	$1.47	7d	1	1.24mi
5323 Chestnut Lake Dr Charlotte, NC	3.0	2.5	1440	$1,500	$1.04	24d	1	1.38mi

Listing history 2 events

1. 2026-05-22
   status Pending
2. 2026-05-05
   listed $119,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,891
• − Mortgage interest: −$6,666
• − Property taxes: −$1,785
• − Insurance: −$595
• − Repairs & maintenance: −$1,831
• − Management: −$1,831
• − Depreciation: −$3,462
• Taxable income: $6,721
• Est. tax owed @ 24.0%: −$1,613
• After-tax cash flow: $6,603/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This move-in ready mobile home features updated interiors and a fresh exterior, making it an attractive option for both resale and rental markets.

Value-add opportunities

• Both paint exterior — fresh paint enhances curb appeal and value
• Both landscaping — improved landscaping can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — fresh paint enhances curb appeal and value ↑
• Both landscaping — improved landscaping can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Charlotte-Mecklenburg Schools
• NCES district ID: 3702970
• Math proficiency: 42% ▼ -6.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $57,175
• Composite: 38.49/100
• National rank: #4183
• State rank: #85 of 178 in NC

Livability — Charlotte

• Score: 78/100
• State rank: #26
• US rank: #2502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlotte, NC
• County: Mecklenburg County · 1,167,319 people
• City population: 920,422
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 79,586
• Household income: $81,517
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 2818.0

Population outlook (Mecklenburg County) Hauer SSP2

• Today (2025): 1,305,740 people
• By 2030: 1,442,752 · +10.5%
• By 2040: 1,722,441 · +31.9%
• By 2050: 1,999,450 · +53.1%
• By 2075: 2,642,495 · +102.4%
• By 2100: 3,106,755 · +137.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 50% White 27% Hispanic / Latino 15% Two or more races 5% Asian 5%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Slovak 1% Serbian 1% Romanian 1%
• Foreign-born: 15% · Canada, Jamaica, Vietnam
• Languages at home: 79% English-only · Spanish 13% French/Haitian/Cajun 2% Other Asian/Pacific 2%

Political lean MEDSL · Mecklenburg

• 2024 margin: Solid D (+32.9) · D 65.6% · R 32.7% · Other 1.6%
• 2008→2024 swing: +8.5pp toward D · 2008: 24.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+35.1 2016: D+29.9 2012: D+22.5 2008: D+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -62.04%
• Current HPI: 249.6732
• Rent YoY: ▲ 0.43%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• 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 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-05-05 Listed $119,000 CANOPYMLS as Distributed by MLS Grid