313 Webster Rd

Mount Airy, NC 27030

$174,000D+

4 bd · 2.0 ba · 1,680 sqft · Built 1997 · Manufactured · Active · 241 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,547/mo
• Mortgage (P&I): −$912
• Tax + insurance: −$102
• HOA: −$0
• Vac / Maint / Mgmt: −$325
• Net cashflow: $208/mo
• Annual: $2,494/yr
• Cap rate: 7.73%
• Cash-on-cash: 5.12%
• DSCR: 1.23
• 1% rule: 0.89%
• Cash to close: $48,720

Investor read

• This is a 4-bed/2.0-bath manufactured listed at $174k.
• At list price, monthly cash flow is $208 ($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 $155k (11.1% below list).
• It's been on market 241 days — a 12% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#473 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: crime D+, schools D, amenities F.
• Mount Airy City Schools (town): math 51% / reading 49% proficiency, ranked #69 of 178 in NC (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 213 active listings in the ZIP; 243 units permitted in Surry County in 2024 (0 in 5+ unit buildings).
• Surry County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $46k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $61k; list at $174k implies a 185% gain — meaningful room to come down on a strong offer.
• Cap rate 7.7% vs local median 3.1% in Mount Airy — 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.
• This rent runs 40% of the median local income ($46k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 241 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 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?
• Crime grade is D 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.