211 Lewis St

Bladenboro, NC 28320

$89,000B

3 bd · 3.0 ba · 1,680 sqft · Built 1996 · Manufactured · Active · 122 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,217/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$152
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $343/mo
• Annual: $4,111/yr
• Cap rate: 10.91%
• Cash-on-cash: 16.50%
• DSCR: 1.73
• 1% rule: 1.37%
• Cash to close: $24,920

Investor read

• This is a 3-bed/3.0-bath manufactured listed at $89k.
• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• It's been on market 122 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• In year one you build about $365 of equity ($615 loan paydown + $-250 appreciation (-0.3% local appreciation)).
• Location reads 64/100 on livability (#339 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Bladen County Schools (rural): math 20% / reading 31% proficiency, ranked #161 of 178 in NC (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Bladenboro Primary (math 22% / reading 32%, grade F, #1,033 of 1,410 statewide, top 76%, 403 students, 99% FRL); Bladenboro Middle (math 15% / reading 30%, grade F, #410 of 475 statewide, top 87%, 277 students, 99% FRL); West Bladen High (math 37% / reading 47%, grade F, #374 of 535 statewide, top 71%, 701 students, 100% FRL) — zoned schools average 99% FRL vs 70% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 42 active listings in the ZIP; 159 units permitted in Bladen County in 2024 (0 in 5+ unit buildings).
• Bladen County population projected at -28% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 11y ago; this cycle's ask has dropped $36k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-0.3% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% 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.

Questions for listing agent

• It's been on market 122 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.