7500 Millersville Rd

Taylorsville, NC 28681

$215,000F

3 bd · 2.0 ba · 1,736 sqft · Built 2024 · Manufactured · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,292/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$180
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $-287/mo
• Annual: $-3,446/yr
• Cap rate: 4.69%
• Cash-on-cash: -5.72%
• DSCR: 0.75
• 1% rule: 0.60%
• Cash to close: $60,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $215k.
• At list price, monthly cash flow is $-287 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $164k (23.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (39.9% below list).
• It's been on market 101 days — a 9% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $129k (39.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#159 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: amenities F, commute F, employment 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.
• Zoned schools: Hiddenite Elementary (math 48% / reading 48%, grade D, #477 of 1,410 statewide, top 35%, 374 students, 73% FRL); Alexander Central High (math 67% / reading 60%, grade B-, #175 of 535 statewide, top 33%, 1,312 students, 47% FRL) — zoned schools average 60% FRL vs 43% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 137 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.
• 2 sale attempts; this cycle's ask has dropped $23k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.7% vs local median 3.8% in Taylorsville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 40% 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.