929 Old Hollis Rd · Ellenboro, NC 28040

$149,900

3 bd · 2.0 ba · 1,404 sqft · Manufactured public records · 15 Days on market

Built 2009 1.96 ac lot

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Why this score? — see what drove the D+ 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 +19.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +4.5/10.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Situated on approximately 1.96 acres in peaceful Ellenboro, NC, this 3BR/2BA mobile home offers space, privacy, and endless potential! Featuring a desirable split-bedroom floor plan, the home includes a spacious living room with a cozy gas fireplace, creating a warm and inviting gathering space. The primary suite offers an ensuite bath complete with a walk-in shower, separate garden tub, and ample room to relax and unwind. The additional bedrooms provide flexibility for family, guests, or a home office. Enjoy the freedom of country living with plenty of outdoor space for gardening, recreation, or future improvements. Property is being sold “as is, ” presenting a great opportunit

Key facts

• Cozy gas fireplace
• Separate garden tub
• Ensuite bath

Tags

• SPLIT-BEDROOM FLOOR PLAN
• COZY GAS FIREPLACE
• ENSUITE BATH
• WALK-IN SHOWER
• SEPARATE GARDEN TUB
• OUTDOOR SPACE

Property features AI

Exterior

• Parking: Gravel driveway
• Utilities: Public water; Septic tank
• Home design: Double wide mobile home; Single-story; Vinyl siding; Composition roof
• Construction: Vinyl siding construction; Composition roof
• Exterior features: Deck; Porch; Sloped lot; Corner lot; Wooded lot

Interior

• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Cooling (electric/other)
• Interior features: Walk-in closets; Laminate countertops; Gas log fireplace
• Laundry & utility: Washer hookup; Electric dryer hookup; Main level laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $175 ($2k/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 $142k (5.5% below list).
• Recommended offer: $142k (5.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#407 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, crime F, amenities F.
• Rutherford County Schools (rural): math 43% / reading 44% proficiency, ranked #98 of 178 in NC (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 48 active listings in the ZIP; 193 units permitted in Rutherford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Rutherford County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $141,656 (5.5% 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. 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?
3. 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?
4. 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.
5. 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.
6. 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: 0.95% ✗
• Cap rate: 7.70%
• Cash-on-cash: 5.01%
• DSCR: 1.22
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -8.5%
• Equity multiple: 0.69×
• Total profit: $-13,169
• Equity at exit: $22,351

10-year hold

• IRR: 0.9%
• Equity multiple: 1.07×
• Total profit: $2,756
• Equity at exit: $12,961

Cash invested: $41,972 (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 28040

• Home prices YoY: -10.1%
• Active inventory: 48
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,417 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$95 /mo · $1,144/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $175

Break-even live

Break-even rent $1,195

Max offer price $149,900

Occupancy floor 83%

Sensitivity live

Price	-10% $260	-5% $218	+0% $175	+5% $133	+10% $90
Rent	-10% $63	-5% $119	+0% $175	+5% $231	+10% $287
Rate	-1.0pp $251	-0.5pp $213	base $175	+0.5pp $136	+1.0pp $97

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $149,900 Active 15 DOM
2. 2026-06-18
   days on market $149,900 Active 14 DOM
3. 2026-06-17
   days on market $149,900 Active 13 DOM
4. 2026-06-16
   days on market $149,900 Active 12 DOM
5. 2026-06-15
   days on market $149,900 Active 11 DOM
6. 2026-06-14
   days on market $149,900 Active 9 DOM
7. 2026-06-13
   days on market $149,900 Active 8 DOM
8. 2026-06-10
   days on market $149,900 Active 6 DOM
9. 2026-06-09
   days on market $149,900 Active 5 DOM
10. 2026-06-08
    days on market $149,900 Active 4 DOM
11. 2026-06-07
    remarks 687-char remark
12. 2026-06-07
    listed $149,900 Active 3 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: $1,144 · $95/mo
• Projected year-2 tax: $1,229 · $102/mo
• Expected delta: +$85/yr (+$7/mo · 7.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,999
• − Mortgage interest: −$8,397
• − Property taxes: −$1,144
• − Insurance: −$750
• − Repairs & maintenance: −$1,360
• − Management: −$1,360
• − Depreciation: −$4,361
• Taxable loss: −$372
• Est. tax savings @ 24.0%: +$89
• After-tax cash flow: $2,191/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: Rutherford County Schools
• NCES district ID: 3704080
• Math proficiency: 43% ▼ -1.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $36,490
• Composite: 36.11/100
• National rank: #4753
• State rank: #98 of 178 in NC

Livability — Ellenboro

• Score: 63/100
• State rank: #407
• US rank: #15416

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,047

Population outlook (Rutherford County) Hauer SSP2

• Today (2025): 63,695 people
• By 2030: 61,670 · -3.2%
• By 2040: 57,212 · -10.2%
• By 2050: 52,763 · -17.2%
• By 2075: 44,493 · -30.1%
• By 2100: 38,127 · -40.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 4% Hispanic / Latino 4%
• Common ancestry: Serbian 3% Italian 1% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Rutherford

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -16.0pp toward R · 2008: -31.8pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+45.8 2016: R+47.9 2012: R+33.5 2008: R+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.84%
• Current HPI: 274.2615
• 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

• 2026-06-03 Listed $149,900 SPMLS

Property tax history

+2.3%/yr

Latest (2025): $1,144 · +10.5% YoY. Source: county tax records.