181 Emerson Cook Rd

Pittsboro, NC 27312

$179,900C+

3 bd · 2.0 ba · 1,539 sqft · Built 1992 · Manufactured · Pending · 155 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,038/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$177
• HOA: −$0
• Vac / Maint / Mgmt: −$428
• Net cashflow: $489/mo
• Annual: $5,868/yr
• Cap rate: 9.55%
• Cash-on-cash: 11.65%
• DSCR: 1.52
• 1% rule: 1.13%
• Cash to close: $50,372

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $180k.
• At list price, monthly cash flow is $489 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 155 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (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 69/100 on livability (#153 in NC) — a middle-class / working-renter tenant base. Strengths: health & safety A+; Watch: schools C-, amenities F, commute F.
• Chatham County Schools (rural): math 45% / reading 51% proficiency, ranked #68 of 178 in NC (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 505 active listings in the ZIP; solid renter incomes; 458 units permitted in Chatham County in 2024 (0 in 5+ unit buildings).
• Chatham County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $35k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 27% 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 9.6% vs local median 1.9% in Pittsboro — 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

• It's been on market 155 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.
• 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.