175 Wakeline Dr

Wendell, NC 27591

$199,900C+

3 bd · 2.0 ba · 1,664 sqft · Built 1994 · Manufactured · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,904/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$400
• Net cashflow: $286/mo
• Annual: $3,434/yr
• Cap rate: 8.01%
• Cash-on-cash: 6.14%
• DSCR: 1.27
• 1% rule: 0.95%
• Cash to close: $55,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $200k.
• At list price, monthly cash flow is $286 ($3k/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 $190k (4.7% below list).
• It's been on market 26 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $190k (4.7% 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 78/100 on livability (#25 in NC, #2,391 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities D.
• Johnston County Public Schools (rural): math 39% / reading 42% proficiency, ranked #105 of 178 in NC (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Archer Lodge Middle (math 43% / reading 47%, grade D, #160 of 475 statewide, top 35%, 1,219 students, 40% FRL); Corinth Holders High (math 50% / reading 61%, grade C, #265 of 535 statewide, top 50%, 2,219 students, 32% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: Rents rising (+3.4%/yr); 822 active listings in the ZIP; solid renter incomes; 2,783 units permitted in Johnston County in 2024 (6 in 5+ unit buildings).
• Johnston County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 22y ago; this cycle's ask has dropped $18k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $107k; list at $200k implies a 87% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.0% vs local median 3.7% in Wendell — 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 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.