297 Old Swamp Rd · South Mills, NC 27976

$234,900

3 bd · 2.0 ba · 1,040 sqft · Manufactured public records · 69 Days on market

Built 1998 0.91 ac lot

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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 +28.1/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +5.2/10.0
• Appreciation +4.8/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to your slice of country living in highly sought-after South Mills, NC! This beautifully updated 3-bedroom, 2-bath home sits on a full acre, offering the perfect blend of privacy, space, and modern comfort. Step inside to discover a completely refreshed interior featuring a brand-new kitchen with updated finishes, new flooring throughout, and a bright, open layout ideal for everyday living and entertaining. Major upgrades have already been taken care of for you, including a new roof and new HVAC system, providing peace of mind for years to come. This well-maintained double-wide manufactured home offers generous living space, a functional floor plan, and plenty of room to enjoy both

Key facts

• One acre lot
• New flooring
• Updated kitchen

Tags

• UPDATED KITCHEN
• NEW FLOORING
• NEW ROOF
• NEW HVAC SYSTEM
• ONE ACRE LOT

Property features AI

Finance

• Other: Zoning: RR

Exterior

• Parking: Gravel/unpaved off-street parking; No garage
• Utilities: Public water; Water connected; Septic tank sewer
• Home design: Manufactured home; Single-story (one level); Entry at main level
• Construction: Vinyl siding on frame construction; Shingle roof; Permanent foundation; Built as a manufactured home
• Exterior features: Front porch; Rear porch; Open lot; Has a view

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: Master downstairs
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning; Heat pump cooling
• Interior features: Master suite on the main level; Ceiling fans
• Laundry & utility: Washer hookup; Washer included; Dryer included; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $235k.

Deal economics

• At list price, monthly cash flow is $739 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $221k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 5.0% in South Mills — 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 57/100 on livability (#612 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A, housing A; Watch: amenities F, commute F, employment F.
• Camden County Schools (rural): math 56% / reading 64% proficiency, ranked #29 of 178 in NC (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Camden Middle (math 44% / reading 60%, grade C+, #98 of 475 statewide, top 21%, 267 students, 28% FRL); Camden County High (math 62% / reading 62%, grade B-, #184 of 535 statewide, top 37%, 464 students, 25% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: 86 active listings in the ZIP; 105 units permitted in Camden County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $705 of equity ($2k loan paydown + $-919 appreciation (-0.4% local appreciation)).
• Camden County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-0.4% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $235k implies a 370% gain — meaningful room to come down on a strong offer.

Recommended offer $220,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.16% ✓
• Cap rate: 10.07%
• Cash-on-cash: 13.48%
• DSCR: 1.60
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.39% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.6%
• Equity multiple: 1.54×
• Total profit: $35,804
• Equity at exit: $63,647

10-year hold

• IRR: 16.9%
• Equity multiple: 2.79×
• Total profit: $117,453
• Equity at exit: $72,955

Cash invested: $65,772 (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 27976

• Home prices YoY: -0.2%
• Active inventory: 86
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,716 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$77 /mo · $922/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$570
• Net cashflow: $739

Break-even live

Break-even rent $1,780

Max offer price $234,900

Occupancy floor 68%

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: $58,725
• Closing costs: $7,047
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $234,900 Active 69 DOM
2. 2026-06-17
   days on market $234,900 Active 68 DOM
3. 2026-06-16
   pricedays on market $234,900 Active 67 DOM
4. 2026-06-15
   days on market $250,000 Active 66 DOM
5. 2026-06-13
   days on market $250,000 Active 64 DOM
6. 2026-06-09
   days on market $250,000 Active 60 DOM
7. 2026-06-08
   days on market $250,000 Active 59 DOM
8. 2026-06-07
   days on market $250,000 Active 58 DOM
9. 2026-06-05
   days on market $250,000 Active 55 DOM
10. 2026-06-03
    days on market $250,000 Active 54 DOM
11. 2026-06-02
    days on market $250,000 Active 53 DOM
12. 2026-06-01
    days on market $250,000 Active 52 DOM
13. 2026-05-31
    days on market $250,000 Active 51 DOM
14. 2026-05-09
    price $250,000
15. 2026-04-22
    price $270,000
16. 2026-04-11
    listed $280,000 Active
17. 2025-11-17
    soldstatus $50,000

ⓘ 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: $922 · $77/mo
• Projected year-2 tax: $1,926 · $161/mo
• Expected delta: +$1,004/yr (+$84/mo · 108.9%)

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

Taxation est. · year 1

• Rental income: $32,588
• − Mortgage interest: −$13,158
• − Property taxes: −$922
• − Insurance: −$1,174
• − Repairs & maintenance: −$2,607
• − Management: −$2,607
• − Depreciation: −$6,833
• Taxable income: $5,286
• Est. tax owed @ 24.0%: −$1,269
• After-tax cash flow: $7,597/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: Camden County Schools
• NCES district ID: 3700600
• Math proficiency: 56% ▲ 8.00%
• Reading proficiency: 64% ▲ 4.00%
• Median HH income: $59,622
• Composite: 51.97/100
• National rank: #1643
• State rank: #29 of 178 in NC

Livability — South Mills

• Score: 57/100
• State rank: #612
• US rank: #22229

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,237

Population outlook (Camden County) Hauer SSP2

• Today (2025): 10,980 people
• By 2030: 11,246 · +2.4%
• By 2040: 11,562 · +5.3%
• By 2050: 11,572 · +5.4%
• By 2075: 11,450 · +4.3%
• By 2100: 10,648 · -3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 8% Black 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Scotch-Irish 4% Portuguese 3% Romanian 3%
• Languages at home: 98% English-only · Arabic 1%

Political lean MEDSL · Camden

• 2024 margin: Solid R (+50.8) · D 24.2% · R 75.0%
• 2008→2024 swing: -18.8pp toward R · 2008: -32.0pp · 2024: -50.8pp
• All cycles: 2024: R+50.8 2020: R+46.6 2016: R+45.8 2012: R+34.0 2008: R+32.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.39%
• Current HPI: 174.2102
• 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

+400.0% since first listed

4 events — show timeline

• 2026-05-09 Price Changed $250,000 Hive MLS
• 2026-04-22 Price Changed $270,000 Hive MLS
• 2026-04-11 Listed $280,000 Hive MLS
• 2025-11-17 Sold (Public Records) $50,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $922 · +0.0% YoY. Source: county tax records.