401 Morehead Dr Unit Lt26 · Fuquay-Varina, NC 27592

$135,000

3 bd · 2.0 ba · 1,939 sqft · Manufactured · 1 Days on market

Built 2001 Poor condition 0.96 ac lot Est $136k · at est.

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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 +8.9/10.0
• ARV discount +7.7/15.0
• Schools +3.5/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor opportunity in Willow Springs, NC. Spacious 3-bedroom, 2-bath double wide with just under 2,000 square feet. Almost an acre of property. This property has sustained fire damage and will need extensive repairs, making it ideal for experienced investors or rehab buyers. Strong potential for renovation or resale. Property is being sold as-is. Use extreme caution when entering and walking the home.

Key facts

• 0.96 acre lot
• Built 2001

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $547 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Cap rate 11.2% vs local median 3.0% in Fuquay-Varina — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Johnston County Public Schools (rural): math 39% / reading 42% proficiency, ranked #105 of 178 in NC (top 59%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mcgee'S Crossroads Middle (math 26% / reading 40%, grade F, #305 of 475 statewide, top 65%, 749 students, 47% FRL); West Johnston High (math 44% / reading 47%, grade D-, #347 of 535 statewide, top 65%, 1,469 students, 38% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 249 active listings in the ZIP; solid renter incomes; 2,783 units permitted in Johnston County in 2024 (6 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Johnston County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 59% 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 $135,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 1.39% ✓
• Cap rate: 11.16%
• Cash-on-cash: 17.38%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $135,730
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
401 Morehead Dr Unit Lt26	0.00mi	3/2.0	1,939 (0%)	0mo	$135,000	$70	100

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: 8.8%
• Equity multiple: 1.34×
• Total profit: $13,013
• Equity at exit: $20,129

10-year hold

• IRR: 18.0%
• Equity multiple: 2.49×
• Total profit: $56,334
• Equity at exit: $11,672

Cash invested: $37,800 (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 27592

• Home prices YoY: -17.9%
• Active inventory: 249
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,874 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$393
• Net cashflow: $547

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 66%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-03-27
   status Pending
2. 2026-03-25
   listed $135,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 59% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,485
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$1,799
• − Management: −$1,799
• − Depreciation: −$3,927
• Taxable income: $4,698
• Est. tax owed @ 24.0%: −$1,128
• After-tax cash flow: $5,440/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.

Condition & rehab AI · 13 photos

Poor 20/100 Extensive rehab

This manufactured home requires extensive repairs and updates, including painting, flooring, appliances, windows, and HVAC. It presents a significant investment opportunity for experienced investors.

Repairs flagged

• Major Kitchen appliances — Non-functional and need replacement
• Major Bathroom fixtures — Old and worn, need replacement
• Major Exterior siding — Weathered and needs repainting
• Major Flooring — Worn and needs replacement
• Major Paint — Peeling and needs repainting
• Major Windows — Old and may need replacement
• Major Foundation — Signs of settling

Value-add opportunities

• Resale Painting and repainting — Fresh paint can significantly improve curb appeal
• Resale New flooring — New flooring can enhance the home's value
• Resale New appliances — New appliances can attract buyers
• Resale New windows — New windows can improve energy efficiency and curb appeal
• Both HVAC system upgrade — Upgrading HVAC can improve comfort and energy efficiency
• Both Landscaping — Landscaping can improve curb appeal and attract buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen appliances · Non-functional and need replacement	Major	$15,000–50,000
Bathroom fixtures · Old and worn, need replacement	Major	$15,000–50,000
Exterior siding · Weathered and needs repainting	Major	$15,000–50,000
Flooring · Worn and needs replacement	Major	$15,000–50,000
Paint · Peeling and needs repainting	Major	$15,000–50,000
Windows · Old and may need replacement	Major	$15,000–50,000
Foundation · Signs of settling	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Resale Painting and repainting — Fresh paint can significantly improve curb appeal ↑
• Resale New flooring — New flooring can enhance the home's value ↑
• Resale New appliances — New appliances can attract buyers ↑
• Resale New windows — New windows can improve energy efficiency and curb appeal ↑
• Both HVAC system upgrade — Upgrading HVAC can improve comfort and energy efficiency ↑
• Both Landscaping — Landscaping can improve curb appeal and attract buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Johnston County Public Schools
• NCES district ID: 3702370
• Math proficiency: 39% ▲ 4.00%
• Reading proficiency: 42% ▲ 2.00%
• Median HH income: $50,912
• Composite: 34.99/100
• National rank: #5052
• State rank: #105 of 178 in NC

Livability — Fuquay-Varina

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

Census & demographics

• County: Johnston County · 175,441 people
• Metro: Raleigh-Cary, NC
• Population (ZIP): 21,114
• Household income: $104,252
• Rent vs Own: 11.3% rent · 88.7% own
• Severe rent burden: 84.0

Population outlook (Johnston County) Hauer SSP2

• Today (2025): 222,440 people
• By 2030: 240,227 · +8.0%
• By 2040: 274,616 · +23.5%
• By 2050: 304,915 · +37.1%
• By 2075: 369,507 · +66.1%
• By 2100: 406,280 · +82.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 15% Two or more races 8% Black 6%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Italian 5% Serbian 2% Slovak 2%
• Foreign-born: 9% · Canada
• Languages at home: 86% English-only · Spanish 11% German/W. Germanic 2%

Political lean MEDSL · Johnston

• 2024 margin: Strong R (+21.5) · D 38.7% · R 60.2% · Other 1.1%
• 2008→2024 swing: +2.2pp toward D · 2008: -23.7pp · 2024: -21.5pp
• All cycles: 2024: R+21.5 2020: R+24.3 2016: R+30.7 2012: R+27.8 2008: R+23.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.54%
• Current HPI: 254.0078
• 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

2 events — show timeline

• 2026-03-27 Pending — TMLS
• 2026-03-25 Listed $135,000 TMLS