247 Loganberry Ln

Hayesville, NC 28904

$199,900C

2 bd · 2.0 ba · 912 sqft · Built 2024 · Manufactured · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,850/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$333
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $80/mo
• Annual: $960/yr
• Cap rate: 6.77%
• Cash-on-cash: 1.72%
• DSCR: 1.08
• 1% rule: 0.93%
• Cash to close: $55,972

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $200k. Condition is rated good.
• At list price, monthly cash flow is $80 ($960/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 $185k (7.5% below list).
• It's been on market 20 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (7.5% below list) — sets the bar for 1% rule.
• In year one you build about $4k of equity ($1k loan paydown + $2k appreciation (1.2% local appreciation)).
• Location reads 67/100 on livability (#209 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: housing C-, crime F, amenities F.
• Clay County Schools (rural): math 47% / reading 50% proficiency, ranked #73 of 178 in NC (top 41%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 694 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 143 units permitted in Clay County in 2024 (6 in 5+ unit buildings).
• Clay County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• At projected returns (1.2% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.8% vs local median 2.5% in Hayesville — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.