1194 Summey Town Rd · Asheboro, NC 27370

$79,900

2 bd · 1.0 ba · 667 sqft · SingleFamily public records · 55 Days on market

Built 1960 0.57 ac lot

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

Listing remarks

Bring your vision and your contractor! This 2-bedroom, 1-bath cottage sits on a generous . 57 acre lot featuring multiple outbuildings and endless potential. Perfectly suited for the savvy investor or a buyer looking to build sweat equity, this property is being sold As-Is and is priced to move. Buyer Note: This is a Cash-Only sale. Buyers are encouraged to perform due diligence regarding the septic system and building placements. Whether you're looking for your next flip or a long-term rental hold, this property offers a rare entry point into the market at an unbeatable price! Schedule your showing today and unlock the potential!

Key facts

• Generous lot
• Rare entry point
• Cash only sale

Tags

• GENEROUS LOT
• MULTIPLE OUTBUILDINGS
• ENDLESS POTENTIAL
• CASH ONLY SALE
• RARE ENTRY POINT

Property features AI

Finance

• HOA & community: No homeowners association

Exterior

• Parking: Attached carport (2 car spaces)
• Utilities: Public water; Septic tank; Water heater: unknown
• Home design: Manufactured single-wide home; One-story; Built in 1960; Existing structure
• Construction: Vinyl siding; Crawl space foundation; Shingle roof information not provided
• Exterior features: Lot approximately 0.57 acre; Lot dimensions: see survey; Public maintained road

Interior

• Kitchen: Kitchen on the main level
• Bedrooms: Bedrooms located on the main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Cooling: Other; Heating: see remarks; Heating fuel: see remarks
• Interior features: Primary bedroom on the main level; Total of 4 rooms
• Laundry & utility: No basement; crawl space

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $550 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.6% vs local median 2.9% in Asheboro — 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 72/100 on livability (#85 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools F, crime F, amenities F.
• Randolph County School System (rural): math 43% / reading 43% proficiency, ranked #94 of 178 in NC (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 117 active listings in the ZIP; 789 units permitted in Randolph County in 2024 (168 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Randolph County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 22% 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.

Recommended offer $77,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.66% ✓
• Cap rate: 14.56%
• Cash-on-cash: 29.52%
• DSCR: 2.31
• GRM: 5.0

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: 24.0%
• Equity multiple: 1.99×
• Total profit: $22,093
• Equity at exit: $11,913

10-year hold

• IRR: 31.8%
• Equity multiple: 3.87×
• Total profit: $64,315
• Equity at exit: $6,908

Cash invested: $22,372 (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 27370

• Home prices YoY: -9.9%
• Active inventory: 117
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,323 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$42 /mo · $509/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$278
• Net cashflow: $550

Break-even live

Break-even rent $626

Max offer price $79,900

Occupancy floor 53%

Sensitivity live

Price	-10% $596	-5% $573	+0% $550	+5% $528	+10% $505
Rent	-10% $446	-5% $498	+0% $550	+5% $603	+10% $655
Rate	-1.0pp $591	-0.5pp $571	base $550	+0.5pp $530	+1.0pp $509

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-16
   status $79,900 Pending 55 DOM
2. 2026-06-15
   days on market $79,900 Active 55 DOM
3. 2026-06-14
   days on market $79,900 Active 53 DOM
4. 2026-06-10
   days on market $79,900 Active 50 DOM
5. 2026-06-09
   days on market $79,900 Active 49 DOM
6. 2026-06-08
   days on market $79,900 Active 48 DOM
7. 2026-06-07
   days on market $79,900 Active 47 DOM
8. 2026-06-05
   days on market $79,900 Active 44 DOM
9. 2026-06-03
   days on market $79,900 Active 43 DOM
10. 2026-06-02
    days on market $79,900 Active 42 DOM
11. 2026-06-01
    days on market $79,900 Active 41 DOM
12. 2026-05-31
    days on market $79,900 Active 40 DOM
13. 2026-05-31
    days on market $79,900 Active 39 DOM
14. 2026-04-21
    listed $79,900 Active

ⓘ 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: $509 · $42/mo
• Projected year-2 tax: $655 · $55/mo
• Expected delta: +$146/yr (+$12/mo · 28.7%)

ⓘ 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 5/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,875
• − Mortgage interest: −$4,476
• − Property taxes: −$509
• − Insurance: −$400
• − Repairs & maintenance: −$1,270
• − Management: −$1,270
• − Depreciation: −$2,324
• Taxable income: $5,627
• Est. tax owed @ 24.0%: −$1,350
• After-tax cash flow: $5,254/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: Randolph County School System
• NCES district ID: 3703780
• Math proficiency: 43% ▲ 1.00%
• Reading proficiency: 43% ▲ 2.00%
• Median HH income: $43,490
• Composite: 36.37/100
• National rank: #4686
• State rank: #94 of 178 in NC

Livability — Asheboro

• Score: 72/100
• State rank: #85
• US rank: #5921

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 60,171
• Population (ZIP): 15,223

Population outlook (Randolph County) Hauer SSP2

• Today (2025): 142,640 people
• By 2030: 140,911 · -1.2%
• By 2040: 135,692 · -4.9%
• By 2050: 128,575 · -9.9%
• By 2075: 111,507 · -21.8%
• By 2100: 93,376 · -34.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 5% Two or more races 3% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Serbian 5% Slovak 5% Iranian 3%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 3% Tagalog/Filipino 1%

Political lean MEDSL · Randolph

• 2024 margin: Solid R (+57.2) · D 21.0% · R 78.3%
• 2008→2024 swing: -15.0pp toward R · 2008: -42.3pp · 2024: -57.2pp
• All cycles: 2024: R+57.2 2020: R+56.3 2016: R+56.7 2012: R+50.2 2008: R+42.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -26.61%
• Current HPI: 242.2984
• 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

• 2026-04-21 Listed $79,900 Triad MLS

Property tax history

+13.8%/yr

Latest (2025): $509 · +0.0% YoY. Source: county tax records.