302 Allen Ave · Franklinton, NC 27525

$163,000

2 bd · 2.0 ba · 1,848 sqft · Manufactured public records · 66 Days on market

Built 1972 0.69 ac lot

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Why this score? — see what drove the C+ 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).

• Cash flow +21.6/30.0
• Appreciation +9.2/10.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +4.4/10.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Over HALF AN ACRE (. 69) LOT!!! Investor opportunity. NO HOA, corner lot, and great layout. Land has a livable dwelling on the property. Land and property and being sold together. Please see MLS# 10159686 for more details on the home. The Neighborhood is Quiet and growing with tons of potential!

Key facts

• Permanently affixed
• Multiple bonus rooms
• New flooring

Tags

• HALF AN ACRE LOT
• MULTIPLE BONUS ROOMS
• PERMANENTLY AFFIXED
• CORNER LOT
• NEW PAINT
• NEW FLOORING

Property features AI

Finance

• Other: Lot size about 0.69 acres; Public maintained road; Property located in Franklin County, NC
• HOA & community: No association; no association amenities; No senior community

Exterior

• Parking: Open parking for 7 vehicles; Additional deeded parking with direct access; Driveway and gravel parking
• Utilities: Public water; Public sewer; Electricity available; Cable available; Phone available; Sewer available; Water available
• Home design: Manufactured house / house; One level; Common walls: no one above or below
• Construction: Vinyl siding; Shingle roof; Foundation: see remarks; Built area approximately 1,911 above-grade living area
• Exterior features: Deck; Front porch; Rear porch; Patio; Porch; Balcony; Cleared, grassed and partially wooded yard

Interior

• Kitchen: No kitchen appliances listed
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heating: see remarks; No central cooling; cooling listed as none/other
• Interior features: Updated/remodeled and fixer condition noted; No appliances included
• Laundry & utility: No laundry appliances listed

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $163k.

Deal economics

• At list price, monthly cash flow is $246 ($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 $154k (5.7% below list).
• Recommended offer: $153k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.1% in Franklinton — 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 61/100 on livability (#491 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Franklin County Schools (rural): math 34% / reading 37% proficiency, ranked #128 of 178 in NC (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Franklinton Elementary (math 29% / reading 25%, grade F, #1,033 of 1,410 statewide, top 76%, 522 students, 81% FRL); Cedar Creek Middle (math 32% / reading 37%, grade F, #292 of 475 statewide, top 62%, 515 students, 54% FRL); Franklinton High (math 57% / reading 60%, grade C, #235 of 535 statewide, top 45%, 1,182 students, 48% FRL).
• Market conditions: 249 active listings in the ZIP; 948 units permitted in Franklin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $15k of equity ($1k loan paydown + $14k appreciation (8.4% local appreciation)).
• Franklin County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $46k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 28y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $28k; list at $163k implies a 472% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 46% 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.

Recommended offer $153,220 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. 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: 0.94% ✗
• Cap rate: 8.11%
• Cash-on-cash: 6.48%
• DSCR: 1.29
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.42% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.8%
• Equity multiple: 2.91×
• Total profit: $87,185
• Equity at exit: $128,536

10-year hold

• IRR: 23.1%
• Equity multiple: 6.29×
• Total profit: $241,436
• Equity at exit: $259,762

Cash invested: $45,640 (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 27525

• Home prices YoY: 3.0%
• Active inventory: 249
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,537 medium
• Mortgage (P&I): −$855
• Tax from tax record: −$45 /mo · $544/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $246

Break-even live

Break-even rent $1,225

Max offer price $163,000

Occupancy floor 79%

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: $40,750
• Closing costs: $4,890
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $163,000 Active 66 DOM
2. 2026-06-17
   days on market $163,000 Active 65 DOM
3. 2026-06-16
   days on market $163,000 Active 64 DOM
4. 2026-06-15
   days on market $163,000 Active 63 DOM
5. 2026-06-13
   days on market $163,000 Active 61 DOM
6. 2026-06-12
   days on market $163,000 Active 60 DOM
7. 2026-06-09
   days on market $163,000 Active 57 DOM
8. 2026-06-08
   days on market $163,000 Active 56 DOM
9. 2026-06-07
   days on market $163,000 Active 55 DOM
10. 2026-06-07
    days on market $163,000 Active 54 DOM
11. 2026-06-04
    days on market $163,000 Active 51 DOM
12. 2026-06-02
    days on market $163,000 Active 50 DOM
13. 2026-06-01
    days on market $163,000 Active 49 DOM
14. 2026-05-31
    remarks 385-char remark
15. 2026-05-31
    listed $163,000 Active 48 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $544 · $45/mo
• Projected year-2 tax: $1,337 · $111/mo
• Expected delta: +$792/yr (+$66/mo · 145.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 46% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,448
• − Mortgage interest: −$9,131
• − Property taxes: −$544
• − Insurance: −$815
• − Repairs & maintenance: −$1,476
• − Management: −$1,476
• − Depreciation: −$4,742
• Taxable income: $264
• Est. tax owed @ 24.0%: −$63
• After-tax cash flow: $2,893/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: Franklin County Schools
• NCES district ID: 3701530
• Math proficiency: 34% ▬ 0.00%
• Reading proficiency: 37% ▼ -4.00%
• Median HH income: $44,630
• Composite: 30.25/100
• National rank: #6286
• State rank: #128 of 178 in NC

Livability — Franklinton

• Score: 61/100
• State rank: #491
• US rank: #18002

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Franklin County · 64,885 people
• City population: 17,110
• Metro: Raleigh-Cary, NC
• Population (ZIP): 17,110
• Household income: $73,036
• Rent vs Own: 16.7% rent · 83.3% own
• Severe rent burden: 446.0

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 69,848 people
• By 2030: 72,480 · +3.8%
• By 2040: 76,682 · +9.8%
• By 2050: 78,993 · +13.1%
• By 2075: 82,888 · +18.7%
• By 2100: 80,784 · +15.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Black 24% Hispanic / Latino 6% Two or more races 5%
• Hispanic origin (detail): Mexican 3% Cuban 2%
• Common ancestry: Slovak 3% Serbian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Franklin

• 2024 margin: R (+13.6) · D 42.7% · R 56.3%
• 2008→2024 swing: -12.9pp toward R · 2008: -0.7pp · 2024: -13.6pp
• All cycles: 2024: R+13.6 2020: R+13.4 2016: R+11.7 2012: R+4.2 2008: R+0.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.42%
• Current HPI: 294.1531
• Rent YoY: —
• Metro: Raleigh-Cary, NC
• 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

+312.7% since first listed

28 events — show timeline

• 2026-05-14 Listed $163,000 TMLS
• 2026-04-13 Listed $163,000 TMLS
• 2026-04-03 Listing Removed — TMLS
• 2026-03-20 Price Changed $163,000 TMLS
• 2025-11-19 Listed $167,000 TMLS
• 2025-11-17 Listing Removed — TMLS
• 2025-07-04 Listed $170,000 TMLS
• 2024-10-31 Price Changed $56,900 TMLS
• 2008-09-16 Listing Removed — TMLS
• 2007-07-03 Sold (MLS) $28,500 AMLSNC
• 2007-07-03 Sold (MLS) $28,500 TMLS
• 2007-03-16 Listing Removed — TMLS
• 2006-04-15 Listed $39,500 AMLSNC
• 2006-04-15 Listed $39,500 TMLS
• 2006-04-13 Listing Removed — TMLS
• 2005-11-09 Listed $41,900 TMLS
• 2005-09-20 Listing Removed — TMLS
• 2004-07-11 Listed $46,900 TMLS
• 2004-06-05 Listing Removed — TMLS
• 2004-02-21 Listed $46,900 TMLS
• 2004-02-04 Listing Removed — TMLS
• 2002-11-25 Listed $46,900 TMLS
• 2002-10-22 Listing Removed — TMLS
• 2002-10-22 Price Changed $299,950 TMLS
• 2002-07-15 Listed $56,900 TMLS
• 2001-06-10 Listed $57,900 TMLS
• 1998-05-21 Sold (MLS) $32,000 TMLS
• 1998-01-07 Listed $39,500 TMLS

Property tax history

-0.1%/yr

Latest (2025): $544 · +0.7% YoY. Source: county tax records.