100 Springs Ct

Stony Point, NC 28678

$155,000B-

3 bd · 2.0 ba · 1,296 sqft · Built 1999 · Manufactured · Active · 731 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,120/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$107
• HOA: −$0
• Vac / Maint / Mgmt: −$445
• Net cashflow: $755/mo
• Annual: $9,066/yr
• Cap rate: 12.14%
• Cash-on-cash: 20.89%
• DSCR: 1.93
• 1% rule: 1.37%
• Cash to close: $43,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $155k.
• At list price, monthly cash flow is $755 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• It's been on market 731 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#436 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D, amenities F, commute F.
• Alexander County Schools (rural): math 52% / reading 55% proficiency, ranked #52 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 38 active listings in the ZIP; 113 units permitted in Alexander County in 2024 (0 in 5+ unit buildings).
• Alexander County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 11 sale attempts since 8y ago; this cycle's ask has dropped $12k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 731 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.