203 Hadnot Dr · Peletier, NC 28584

$240,000

3 bd · 2.0 ba · 1,216 sqft · Manufactured public records · 5 Days on market

Built 2022 0.47 ac lot Est $204k · 17% over

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Why this score? — see what drove the F 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 +14.0/30.0
• Schools +5.1/10.0
• DSCR +4.2/10.0
• Livability +2.8/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

About a half-acre wooded lot in an established community. Transferrable water tap fee ($2400 value today) paid with West Carteret Water Corp. Community boat ramp provides easy access to beautiful White Oak River, ICW and beyond. Community welcomes ''stick'' built, modular and manufactured homes.

Key facts

• Manufactured home
• Privacy fence
• Public boat ramp

Tags

• MANUFACTURED HOME
• HADNOT CREEK COMMUNITY
• PUBLIC BOAT RAMP
• ENCAPSULATED CRAWLSPACE
• PRIVACY FENCE
• REMOTE-CONTROLLED GATE

Property features AI

Finance

• Other: Lot approximately 0.47 acres (dimensions 211 x 102 x 212 x 101); Zoned R; Subdivision: Hadnot Creek

Exterior

• Parking: Off-street parking
• Utilities: Water connected; Septic tank
• Home design: Manufactured home (residential); One level / single-story; Main entry on level 1; Vinyl siding
• Construction: Vinyl siding construction; Block foundation
• Exterior features: Deck; Front porch; Privacy fencing in the backyard (wood); Shingle roof; Has a view; Paved road access; Private road frontage

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 5 total rooms (includes bedrooms and living areas)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Electric heating; Heat pump
• Interior features: Ceiling fan(s); Eat-in kitchen; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $240k.

Deal economics

• At list price, monthly cash flow is $31 ($371/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 $185k (23.1% below list).
• Recommended offer: $185k (23.1% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.1% in Peletier — 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 55/100 on livability (#651 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime F, amenities F, commute F.
• Carteret County Public Schools (rural): math 59% / reading 61% proficiency, ranked #31 of 178 in NC (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: White Oak Elementary (math 76% / reading 65%, grade A-, #88 of 1,410 statewide, top 6%, 772 students, 100% FRL); Broad Creek Middle (math 63% / reading 68%, grade A-, #28 of 475 statewide, top 6%, 710 students, 100% FRL); Croatan High (math 82% / reading 78%, grade A, #73 of 535 statewide, top 13%, 974 students, 26% FRL) — zoned schools average 75% FRL vs 39% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 72% at this address vs 60% district-wide (+12 pts) — the actual schools serving this property are materially stronger than the Carteret County Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 200 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 935 units permitted in Carteret County in 2024 (360 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Carteret County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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 $40k; list at $240k implies a 508% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $184,589 (23.1% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is F 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.77% ✗
• Cap rate: 6.45%
• Cash-on-cash: 0.55%
• DSCR: 1.02
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $204,288
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 Stoneybrook Ct	0.14mi	3/2.0	1,188 (-2%)	3mo	$200,000	$168	87
210 Sandy Run	0.17mi	3/2.0	1,120 (-8%)	16mo	$239,500	$214	65
274 Old Church Rd	0.62mi	2/2.0 (-1)	1,106 (-9%)	20mo	$105,000	$95	34

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: 0.45×
• Total profit: $-37,037
• Equity at exit: $35,785

10-year hold

• IRR: -7.1%
• Equity multiple: 0.55×
• Total profit: $-30,182
• Equity at exit: $20,751

Cash invested: $67,200 (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 28584

• Home prices YoY: -4.0%
• Active inventory: 200
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,846 medium
• Mortgage (P&I): −$1,259
• Tax from tax record: −$69 /mo · $825/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $31

Break-even live

Break-even rent $1,807

Max offer price $240,000

Occupancy floor 93%

Sensitivity live

Price	-10% $167	-5% $99	+0% $31	+5% $-37	+10% $-105
Rent	-10% $-115	-5% $-42	+0% $31	+5% $104	+10% $177
Rate	-1.0pp $152	-0.5pp $92	base $31	+0.5pp $-31	+1.0pp $-95

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
129 Long Pond Loop Swansboro, NC	2.0	1.0	800	$1,600	$2.00	23d	1	0.22mi

Listing history 22 events

1. 2026-06-22
   days on market $240,000 Active 5 DOM
2. 2026-06-19
   days on market $240,000 Active 2 DOM
3. 2026-06-18
   days on marketlisting id $240,000 Active 1 DOM
4. 2026-06-16
   days on market $240,000 Active 70 DOM
5. 2026-06-15
   days on market $240,000 Active 69 DOM
6. 2026-06-14
   days on market $240,000 Active 67 DOM
7. 2026-06-12
   days on market $240,000 Active 66 DOM
8. 2026-06-09
   days on market $240,000 Active 63 DOM
9. 2026-06-08
   days on market $240,000 Active 62 DOM
10. 2026-06-07
    days on market $240,000 Active 61 DOM
11. 2026-06-05
    days on market $240,000 Active 58 DOM
12. 2026-06-03
    days on market $240,000 Active 57 DOM
13. 2026-06-02
    days on market $240,000 Active 56 DOM
14. 2026-06-01
    days on market $240,000 Active 55 DOM
15. 2026-05-31
    days on market $240,000 Active 54 DOM
16. 2026-05-30
    days on market $240,000 Active 53 DOM
17. 2026-04-25
    price $240,000
18. 2026-04-07
    listed $248,000 Active
19. 2022-03-10
    soldstatus $39,500 296-char remark

    Show marketing remark (296 chars)

    About a half-acre wooded lot in an established community. Transferrable water tap fee ($2400 value today) paid with West Carteret Water Corp. Community boat ramp provides easy access to beautiful White Oak River, ICW and beyond. Community welcomes ''stick'' built, modular and manufactured homes.

20. 2022-03-10
    soldstatus $39,500

    Show marketing remark (296 chars)

    About a half-acre wooded lot in an established community. Transferrable water tap fee ($2400 value today) paid with West Carteret Water Corp. Community boat ramp provides easy access to beautiful White Oak River, ICW and beyond. Community welcomes ''stick'' built, modular and manufactured homes.

21. 2019-03-26
    listed $39,500 296-char remark

    Show marketing remark (296 chars)

    About a half-acre wooded lot in an established community. Transferrable water tap fee ($2400 value today) paid with West Carteret Water Corp. Community boat ramp provides easy access to beautiful White Oak River, ICW and beyond. Community welcomes ''stick'' built, modular and manufactured homes.

22. 2007-08-07
    soldstatus $40,000

ⓘ 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: $825 · $69/mo
• Projected year-2 tax: $1,968 · $164/mo
• Expected delta: +$1,143/yr (+$95/mo · 138.4%)

ⓘ 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 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,151
• − Mortgage interest: −$13,444
• − Property taxes: −$825
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,772
• − Management: −$1,772
• − Depreciation: −$6,982
• Taxable loss: −$3,844
• Est. tax savings @ 24.0%: +$923
• After-tax cash flow: $1,293/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: Carteret County Public Schools
• NCES district ID: 3700630
• Math proficiency: 59% ▲ 5.00%
• Reading proficiency: 61% ▲ 2.00%
• Median HH income: $48,330
• Composite: 50.92/100
• National rank: #1786
• State rank: #31 of 178 in NC

Livability — Peletier

• Score: 55/100
• State rank: #651
• US rank: #23545

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Carteret County · 52,389 people
• Metro: Morehead City, NC
• Population (ZIP): 14,939
• Household income: $87,414
• Rent vs Own: 19.9% rent · 80.1% own
• Severe rent burden: 256.0

Population outlook (Carteret County) Hauer SSP2

• Today (2025): 73,443 people
• By 2030: 75,344 · +2.6%
• By 2040: 78,142 · +6.4%
• By 2050: 80,091 · +9.1%
• By 2075: 86,120 · +17.3%
• By 2100: 89,408 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Black 2%
• Common ancestry: Lithuanian 4% Slovak 3% Italian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% French/Haitian/Cajun 1%

Political lean MEDSL · Carteret

• 2024 margin: Solid R (+43.1) · D 28.0% · R 71.1%
• 2008→2024 swing: -8.4pp toward R · 2008: -34.7pp · 2024: -43.1pp
• All cycles: 2024: R+43.1 2020: R+42.0 2016: R+44.5 2012: R+41.0 2008: R+34.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.35%
• Current HPI: 370.67
• Rent YoY: —
• Metro: Morehead City, 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

+500.0% since first listed

6 events — show timeline

• 2026-04-25 Price Changed $240,000 Hive MLS
• 2026-04-07 Listed $248,000 Hive MLS
• 2022-03-10 Sold (Public Records) $39,500 Public Records
• 2022-03-10 Sold (MLS) $39,500 Hive MLS
• 2019-03-26 Listed $39,500 Hive MLS
• 2007-08-07 Sold (Public Records) $40,000 Public Records

Property tax history

+29.4%/yr

Latest (2025): $825 · +2.9% YoY. Source: county tax records.