501 Eagle Mills Rd · Harmony, NC 27020

$244,900

3 bd · 2.0 ba · 1,523 sqft · SingleFamily · 256 Days on market

Built 2025 1.00 ac lot Est $224k · 9% over ↓ 5% since listing

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Why this score? — see what drove the D- 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).

• Appreciation +10.0/10.0
• Cash flow +6.8/30.0
• Schools +4.5/10.0
• ARV discount +3.3/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• DSCR +1.0/10.0

Listing remarks

Back on the market at no fault of the seller. Beautiful new manufactured home located on 1 acre in Hamptonville. This home is conveniently located a few miles east of I-77 providing an easy commute. The home features a bright new interior with LVP flooring throughout. City water and septic system.

Key facts

• Bright new interior
• City water
• 1 acre

Tags

• 1 ACRE
• BRIGHT NEW INTERIOR
• LVP FLOORING
• CITY WATER
• SEPTIC SYSTEM

Property features AI

Finance

• Other: Property is completed/development status: Completed; Zoning: RA
• HOA & community: No HOA

Exterior

• Parking: Driveway; 2-car driveway
• Utilities: City water; Septic system installed
• Home design: Manufactured doublewide single-family residence; One level; New construction
• Construction: Vinyl exterior; Crawl space foundation; Built by Fleetwood; Manufactured construction
• Exterior features: Cleared lot; Asphalt and gravel road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Refrigerator
• Bedrooms: 3 bedrooms (all on main level)
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Forced air heating; Electric cooling
• Interior features: 9 total rooms; Electric water heater; Exhaust hood
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $-381 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $190k (22.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (32.2% below list).
• Recommended offer: $166k (32.2% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 2.5% in Harmony — 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 63/100 on livability (#408 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Union Grove Elementary (math 42% / reading 42%, grade F, #633 of 1,410 statewide, top 48%, 233 students, 55% FRL); The Brawley School (math 91% / reading 88%, grade A+, #2 of 475 statewide, top 0%, 639 students, 9% FRL); North Iredell High (math 37% / reading 51%, grade F, #367 of 535 statewide, top 69%, 962 students, 48% FRL) — zoned schools at 37% FRL track the district average.
• Market conditions: 31 active listings in the ZIP; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).

Forward outlook

• In year one you build about $26k of equity ($2k loan paydown + $24k appreciation (10.0% local appreciation)).
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 256 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $166,030 (32.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 256 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.68% ✗
• Cap rate: 4.43%
• Cash-on-cash: -6.66%
• DSCR: 0.70
• GRM: 12.3

CMA / ARV

• ARV (on-the-fly): $223,881
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
509 Eagle Mills Rd	0.04mi	3/2.0	1,517 (-0%)	3mo	$250,000	$165	95
514 Eagle Mills Rd #3	0.07mi	3/2.0	1,493 (-2%)	11mo	$219,900	$147	85
538 Eagle Mills Rd	0.15mi	4/2.0 (+1)	1,508 (-1%)	4mo	$245,000	$162	83
489 Eagle Mills Rd	0.06mi	3/2.0	1,685 (+11%)	1mo	$250,000	$148	79
135 Whispering Dr	0.19mi	3/2.0	1,485 (-2%)	11mo	$175,000	$118	78
493 Eagle Mills Rd	0.04mi	3/2.0	1,680 (+10%)	8mo	$234,000	$139	74
146 Cartwright Rd	0.37mi	3/2.0	1,620 (+6%)	7mo	$154,000	$95	66
174 Trivette Rd	0.26mi	4/2.0 (+1)	1,680 (+10%)	5mo	$250,000	$149	61
153 Cheshire Ridge Rd	0.51mi	4/2.0 (+1)	1,539 (+1%)	10mo	$284,000	$185	61
188 Trivette Rd	0.29mi	4/2.0 (+1)	1,680 (+10%)	12mo	$235,000	$140	54
337 Eagle Mills Rd	0.64mi	4/2.0 (+1)	1,705 (+12%)	14mo	$180,000	$106	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.6%
• Equity multiple: 2.59×
• Total profit: $109,150
• Equity at exit: $220,625

10-year hold

• IRR: 18.0%
• Equity multiple: 5.97×
• Total profit: $340,552
• Equity at exit: $475,787

Cash invested: $68,572 (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 27020

• Home prices YoY: 4.0%
• Active inventory: 31
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,660 medium
• Mortgage (P&I): −$1,284
• Tax est. 1.5%: −$306 /mo · $3,674/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $-381

Break-even live

Break-even rent $2,142

Max offer price $189,796

Occupancy floor —

Sensitivity live

Price	-10% $-212	-5% $-296	+0% $-381	+5% $-465	+10% $-550
Rent	-10% $-512	-5% $-446	+0% $-381	+5% $-315	+10% $-250
Rate	-1.0pp $-257	-0.5pp $-319	base $-381	+0.5pp $-444	+1.0pp $-509

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: $61,225
• Closing costs: $7,347
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-21
   days on market $244,900 Active 256 DOM
2. 2026-06-18
   days on market $244,900 Active 253 DOM
3. 2026-06-17
   days on market $244,900 Active 252 DOM
4. 2026-06-16
   days on market $244,900 Active 251 DOM
5. 2026-06-15
   days on market $244,900 Active 250 DOM
6. 2026-06-13
   days on market $244,900 Active 248 DOM
7. 2026-06-13
   days on market $244,900 Active 247 DOM
8. 2026-06-09
   days on market $244,900 Active 244 DOM
9. 2026-06-08
   days on market $244,900 Active 243 DOM
10. 2026-06-07
    days on market $244,900 Active 242 DOM
11. 2026-06-04
    days on market $244,900 Active 239 DOM
12. 2026-06-03
    days on market $244,900 Active 238 DOM
13. 2026-06-02
    days on market $244,900 Active 237 DOM
14. 2026-06-01
    days on market $244,900 Active 236 DOM
15. 2026-05-31
    days on market $244,900 Active 235 DOM
16. 2026-04-28
    price $246,500
17. 2026-04-21
    price $248,000
18. 2026-03-19
    price $249,000
19. 2026-02-18
    status Active
20. 2026-01-08
    historical Active Under Contract
21. 2025-11-10
    price $251,000
22. 2025-10-24
    price $256,000
23. 2025-10-08
    listed $260,000 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: $19,924
• − Mortgage interest: −$13,718
• − Property taxes: −$3,674
• − Insurance: −$1,224
• − Repairs & maintenance: −$1,594
• − Management: −$1,594
• − Depreciation: −$7,124
• Taxable loss: −$9,005
• Est. tax savings @ 24.0%: +$2,161
• After-tax cash flow: $-2,409/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.

Schools (NCES district)

• District: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Harmony

• Score: 63/100
• State rank: #408
• US rank: #15477

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,854

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Serbian 5% Iranian 1% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 83% English-only · Spanish 8% German/W. Germanic 8%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 10.86%
• Current HPI: 284.3487
• Rent YoY: —
• Metro: —
• 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

-5.2% since first listed

8 events — show timeline

• 2026-04-28 Price Changed $246,500 CANOPYMLS as Distributed by MLS Grid
• 2026-04-21 Price Changed $248,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-19 Price Changed $249,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-18 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-01-08 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2025-11-10 Price Changed $251,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-24 Price Changed $256,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-08 Listed $260,000 CANOPYMLS as Distributed by MLS Grid