349 Woodland Dr · Cape Colony, NC 27932

$80,000

2 bd · 1.0 ba · 1,290 sqft · Manufactured public records · 21 Days on market

Built 1967

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• ARV discount +7.5/15.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Third bedroom not pictured due to moving boxes still there

Key facts

• Built 1967
• Listed 20 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $80k.

Deal economics

• At list price, monthly cash flow is $423 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Edenton-Chowan Schools (rural): math 37% / reading 42% proficiency, ranked #118 of 178 in NC (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 237 active listings in the ZIP; 48 units permitted in Chowan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Chowan County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% 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 $78,800 (1.5% below list)

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.42% ✓
• Cap rate: 12.63%
• Cash-on-cash: 22.64%
• DSCR: 2.01
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $172,860
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 Willow Dr	0.39mi	3/1.0 (+1)	1,232 (-4%)	13mo	$165,000	$134	58
109 Water Lilly Loop	0.26mi	2/2.0	1,472 (+14%)	24mo	$75,000	$51	41

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

Projected returns pro-forma

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

5-year hold

• IRR: 15.5%
• Equity multiple: 1.62×
• Total profit: $13,916
• Equity at exit: $11,928

10-year hold

• IRR: 24.1%
• Equity multiple: 3.08×
• Total profit: $46,644
• Equity at exit: $6,917

Cash invested: $22,400 (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 27932

• Home prices YoY: -32.1%
• Active inventory: 237
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,135 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$22 /mo · $259/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $423

Break-even live

Break-even rent $601

Max offer price $80,000

Occupancy floor 58%

Sensitivity live

Price	-10% $468	-5% $445	+0% $423	+5% $400	+10% $377
Rent	-10% $333	-5% $378	+0% $423	+5% $467	+10% $512
Rate	-1.0pp $463	-0.5pp $443	base $423	+0.5pp $402	+1.0pp $381

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-16
   days on market $80,000 Active 21 DOM
2. 2026-06-15
   days on market $80,000 Active 20 DOM
3. 2026-06-13
   days on market $80,000 Active 18 DOM
4. 2026-06-12
   days on market $80,000 Active 17 DOM
5. 2026-06-09
   days on market $80,000 Active 14 DOM
6. 2026-06-08
   days on market $80,000 Active 13 DOM
7. 2026-06-07
   days on market $80,000 Active 12 DOM
8. 2026-06-07
   days on market $80,000 Active 11 DOM
9. 2026-06-04
   days on market $80,000 Active 8 DOM
10. 2026-06-02
    days on market $80,000 Active 7 DOM
11. 2026-06-01
    days on market $80,000 Active 6 DOM
12. 2026-05-31
    days on market $80,000 Active 5 DOM
13. 2026-05-26
    listed $80,000 Active

ⓘ 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: $259 · $22/mo
• Projected year-2 tax: $656 · $55/mo
• Expected delta: +$397/yr (+$33/mo · 153.3%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,625
• − Mortgage interest: −$4,481
• − Property taxes: −$259
• − Insurance: −$400
• − Repairs & maintenance: −$1,090
• − Management: −$1,090
• − Depreciation: −$2,327
• Taxable income: $3,977
• Est. tax owed @ 24.0%: −$955
• After-tax cash flow: $4,116/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: Edenton-Chowan Schools
• NCES district ID: 3700840
• Math proficiency: 37% ▼ -2.00%
• Reading proficiency: 42% ▲ 3.00%
• Median HH income: $38,516
• Composite: 32.97/100
• National rank: #5586
• State rank: #118 of 178 in NC

Livability — Cape Colony

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Cape Colony, NC
• Population (ZIP): 12,784

Population outlook (Chowan County) Hauer SSP2

• Today (2025): 13,627 people
• By 2030: 13,099 · -3.9%
• By 2040: 11,899 · -12.7%
• By 2050: 10,858 · -20.3%
• By 2075: 9,010 · -33.9%
• By 2100: 7,463 · -45.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (59%)
• Race & ethnicity: White 59% Black 34% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Italian 2% Romanian 1% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Chowan

• 2024 margin: Strong R (+22.5) · D 38.4% · R 60.9%
• 2008→2024 swing: -21.3pp toward R · 2008: -1.1pp · 2024: -22.5pp
• All cycles: 2024: R+22.5 2020: R+15.7 2016: R+14.3 2012: R+4.9 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.59%
• Current HPI: 172.7448
• 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

1 event — show timeline

• 2026-05-26 Listed $80,000 FSBO.com

Property tax history

-0.8%/yr

Latest (2025): $259 · +4.1% YoY. Source: county tax records.