929 Old Hollis Rd

Ellenboro, NC 28040

$149,900D+

3 bd · 2.0 ba · 1,404 sqft · Built 2009 · Manufactured · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,417/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$297
• Net cashflow: $175/mo
• Annual: $2,102/yr
• Cap rate: 7.70%
• Cash-on-cash: 5.01%
• DSCR: 1.22
• 1% rule: 0.95%
• Cash to close: $41,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $150k.
• 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).
• It's been on market 15 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $142k (5.5% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Rutherford County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.