441 Reddie Rd

Mayodan, NC 27048

$59,000B-

3 bd · 2.0 ba · 920 sqft · Built 1985 · Manufactured · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,040/mo
• Mortgage (P&I): −$309
• Tax + insurance: −$41
• HOA: −$0
• Vac / Maint / Mgmt: −$218
• Net cashflow: $471/mo
• Annual: $5,657/yr
• Cap rate: 15.88%
• Cash-on-cash: 34.24%
• DSCR: 2.52
• 1% rule: 1.76%
• Cash to close: $16,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $59k.
• At list price, monthly cash flow is $471 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $59k).
• It's been on market 21 days — a 2% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $408 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#523 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B; Watch: crime C-, schools F, amenities F.
• Rockingham County Schools (rural): math 38% / reading 40% proficiency, ranked #120 of 178 in NC (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 72 active listings in the ZIP; 344 units permitted in Rockingham County in 2024 (0 in 5+ unit buildings).
• Rockingham County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~4 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.
• Cap rate 15.9% vs local median 3.7% in Mayodan — 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.
• Schools are F-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.