323 Carlyle Rd · Troutman, NC 28166

$230,000

3 bd · 2.0 ba · 1,104 sqft · SingleFamily public records · 19 Days on market

Built 1999 1.23 ac lot Est $326k · 29% under

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Why this score? — see what drove the C 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 +19.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• Schools +4.5/10.0
• 1% rule +3.8/10.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits on 1.23 acres with no HOA! This manufactured home offers plenty of potential for an investor, renovator, or buyer looking to build equity. Major improvements include a roof that is approximately 4 years old and a water heater that is approximately 5 years old. Inside, you'll find an electric fireplace, a functional split floor plan, and ample space to customize and update to your tastes. The home could benefit from cosmetic updates and improvements and is being sold as-is. With acreage, no HOA restrictions, and solid fundamentals already in place, this property presents an excellent opportunity to create a comfortable home or investment property. Shown by appt. only, home

Key facts

• Roof
• Split floor plan
• Water heater

Tags

• 1.23 ACRES
• NO HOA
• ELECTRIC FIREPLACE
• SPLIT FLOOR PLAN
• WATER HEATER
• ROOF

Property features AI

Finance

• Other: Zoned RA; Lot approximately 1.23 acres; No horse amenities
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: Well water; Septic system; Electricity connected; Phone service connected
• Home design: Manufactured doublewide single-family residence; One story; Crawl space foundation
• Construction: Manufactured construction; Aluminum and vinyl exterior materials; Composition roof
• Exterior features: Deck; Front porch; Roads are a mix of gravel and paved; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric oven
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Heat pump; Electric cooling; Other systems noted in remarks; No additional heating listed
• Interior features: Split bedroom layout; 9 total rooms; Electric fireplace in the living room
• Laundry & utility: Laundry room located inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $247 ($3k/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 $204k (11.5% below list).
• Recommended offer: $204k (11.5% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 3.1% in Troutman — 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 64/100 on livability (#342 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: amenities F, commute F, health & safety F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lakeshore Elementary (math 69% / reading 67%, grade B+, #114 of 1,410 statewide, top 8%, 671 students, 28% FRL); The Brawley School (math 91% / reading 88%, grade A+, #2 of 475 statewide, top 0%, 639 students, 9% FRL); Lake Norman High (math 78% / reading 71%, grade B+, #92 of 535 statewide, top 18%, 1,986 students, 16% FRL) — zoned schools average 18% FRL vs 38% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 77% at this address vs 52% district-wide (+25 pts) — the actual schools serving this property are materially stronger than the Iredell-Statesville Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.1%/yr); 265 active listings in the ZIP; solid renter incomes; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($227k) 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 $203,531 (11.5% 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. 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?
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: 0.88% ✗
• Cap rate: 7.58%
• Cash-on-cash: 4.61%
• DSCR: 1.21
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $325,680
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
146 Misty Spring Rd	0.69mi	3/2.0	1,130 (+2%)	1mo	$300,000	$265	63
124 Stately Pines Dr	0.75mi	3/2.0	1,033 (-6%)	1mo	$305,000	$295	54

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 · 2.13% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.64×
• Total profit: $-23,387
• Equity at exit: $34,294

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-7,641
• Equity at exit: $19,886

Cash invested: $64,400 (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 28166

• Home prices YoY: -23.7%
• Rents YoY: 2.1%
• Active inventory: 265
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,035 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$58 /mo · $702/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$427
• Net cashflow: $247

Break-even live

Break-even rent $1,722

Max offer price $230,000

Occupancy floor 83%

Sensitivity live

Price	-10% $378	-5% $313	+0% $247	+5% $182	+10% $117
Rent	-10% $87	-5% $167	+0% $247	+5% $328	+10% $408
Rate	-1.0pp $363	-0.5pp $306	base $247	+0.5pp $188	+1.0pp $127

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $230,000 Active 19 DOM
2. 2026-06-18
   days on market $230,000 Active 16 DOM
3. 2026-06-17
   days on market $230,000 Active 15 DOM
4. 2026-06-16
   days on market $230,000 Active 14 DOM
5. 2026-06-15
   days on market $230,000 Active 13 DOM
6. 2026-06-13
   days on market $230,000 Active 11 DOM
7. 2026-06-13
   days on market $230,000 Active 10 DOM
8. 2026-06-09
   days on market $230,000 Active 7 DOM
9. 2026-06-08
   days on market $230,000 Active 6 DOM
10. 2026-06-07
    days on market $230,000 Active 5 DOM
11. 2026-06-04
    days on market $230,000 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $230,000 Active 1 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: $702 · $58/mo
• Projected year-2 tax: $1,886 · $157/mo
• Expected delta: +$1,184/yr (+$99/mo · 168.8%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,424
• − Mortgage interest: −$12,884
• − Property taxes: −$702
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,954
• − Management: −$1,954
• − Depreciation: −$6,691
• Taxable loss: −$910
• Est. tax savings @ 24.0%: +$218
• After-tax cash flow: $3,188/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: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Troutman

• Score: 64/100
• State rank: #342
• US rank: #13725

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Iredell County · 182,638 people
• City population: 11,875
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 11,875
• Household income: $93,511
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 167.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Black 15% Hispanic / Latino 6% Two or more races 4% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Serbian 2% Italian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -71.32%
• Current HPI: 229.5993
• Rent YoY: ▲ 2.13%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• 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

• 2026-06-02 Listed $230,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2025): $702 · +0.0% YoY. Source: county tax records.