424 White Oak Dr · Cape Colony, NC 27932

$89,000

3 bd · 1.0 ba · 920 sqft · Manufactured public records · 43 Days on market

Built 1985 0.36 ac lot Est $64k · 38% over $2/mo HOA

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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 +29.4/30.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

This home comes w deeded access to a sandy beach on the Albemarle Sound plus neighborhood boat ramp. Enjoy three bedrooms, two baths, living room open to the kitchen/dining area, separate laundry room and a spacious yard. Located in Edenton's Cape Colony subdivision. Motivated seller!

Key facts

• Spacious yard
• 0.36 acre lot
• Built 1985

Tags

• DEEDED ACCESS TO A SANDY BEACH
• NEIGHBORHOOD BOAT RAMP
• SPACIOUS YARD
• CAPE COLONY SUBDIVISION

Property features AI

Finance

• Other: Zoning: R15; Subdivision: Cape Colony
• HOA & community: Homeowners association with annual fee of $20; Association includes beach access

Exterior

• Parking: Off-street parking
• Utilities: Public water; Water connected; Septic tank sewer
• Home design: Manufactured home; Single-story (one level); Entry level: 1; Has a view
• Construction: Frame construction; Shingle roof; Crawl space foundation; Built with details noted in remarks
• Exterior features: Beach access and waterfront access; No fencing; Paved road access; Road frontage on city street and state road

Interior

• Kitchen: Refrigerator; Range
• Bedrooms: Total of 6 rooms (bedroom count not separately specified)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Has heating (type: Other); Wall/window air conditioning units
• Interior features: Built-in bookcases; Ceiling fan(s)
• Laundry & utility: Washer hookup; Dedicated laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $89k.

Deal economics

• At list price, monthly cash flow is $315 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Edenton-Chowan Schools (rural): math 37% / reading 42% proficiency, ranked #118 of 178 in NC (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chowan Middle (math 29% / reading 42%, grade F, #279 of 475 statewide, top 60%, 428 students, 68% FRL); John A Holmes High (math 57% / reading 47%, grade D+, #292 of 535 statewide, top 56%, 592 students, 57% FRL).
• Market conditions: 236 active listings in the ZIP; 48 units permitted in Chowan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Chowan County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $7k; list at $89k implies a 1171% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; severe wind risk, 99% 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 $86,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.21% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.16%
• DSCR: 1.67
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $64,400
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 Holly Dr	0.32mi	2/1.5 (-1)	924 (+0%)	19mo	$65,000	$70	62

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.8%
• Equity multiple: 1.22×
• Total profit: $5,601
• Equity at exit: $13,270

10-year hold

• IRR: 15.2%
• Equity multiple: 2.23×
• Total profit: $30,563
• Equity at exit: $7,695

Cash invested: $24,920 (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 27932

• Home prices YoY: -32.1%
• Active inventory: 236
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,073 medium
• Mortgage (P&I): −$467
• Tax from tax record: −$27 /mo · $320/yr
• Insurance: −$37
• HOA: −$2
• Vacancy / Maint / Mgmt: −$225
• Net cashflow: $315

Break-even live

Break-even rent $674

Max offer price $89,000

Occupancy floor 66%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $2 · $24/yr

Listing history 16 events

1. 2026-06-18
   days on market $89,000 Active 43 DOM
2. 2026-06-17
   days on market $89,000 Active 42 DOM
3. 2026-06-16
   days on market $89,000 Active 41 DOM
4. 2026-06-15
   days on market $89,000 Active 40 DOM
5. 2026-06-13
   days on market $89,000 Active 38 DOM
6. 2026-06-12
   days on market $89,000 Active 37 DOM
7. 2026-06-09
   days on market $89,000 Active 34 DOM
8. 2026-06-08
   days on market $89,000 Active 33 DOM
9. 2026-06-07
   days on market $89,000 Active 32 DOM
10. 2026-06-07
    days on market $89,000 Active 31 DOM
11. 2026-06-04
    days on market $89,000 Active 28 DOM
12. 2026-06-02
    days on market $89,000 Active 27 DOM
13. 2026-06-01
    days on market $89,000 Active 26 DOM
14. 2026-05-31
    days on market $89,000 Active 25 DOM
15. 2026-05-04
    listed $89,000 Active
16. 2000-01-20
    soldstatus $7,000

ⓘ 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: $320 · $27/mo
• Projected year-2 tax: $730 · $61/mo
• Expected delta: +$410/yr (+$34/mo · 128.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 65% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 9/10 Extreme 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,871
• − Mortgage interest: −$4,985
• − Property taxes: −$320
• − Insurance: −$445
• − Repairs & maintenance: −$1,030
• − Management: −$1,030
• − HOA: −$24
• − Depreciation: −$2,589
• Taxable income: $2,449
• Est. tax owed @ 24.0%: −$588
• After-tax cash flow: $3,191/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: Edenton-Chowan Schools
• NCES district ID: 3700840
• Math proficiency: 37% ▼ -2.00%
• Reading proficiency: 42% ▲ 3.00%
• Median HH income: $38,516
• Composite: 32.97/100
• National rank: #5586
• State rank: #118 of 178 in NC

Livability — Cape Colony

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Cape Colony, NC
• Population (ZIP): 12,784

Population outlook (Chowan County) Hauer SSP2

• Today (2025): 13,627 people
• By 2030: 13,099 · -3.9%
• By 2040: 11,899 · -12.7%
• By 2050: 10,858 · -20.3%
• By 2075: 9,010 · -33.9%
• By 2100: 7,463 · -45.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (59%)
• Race & ethnicity: White 59% Black 34% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Italian 2% Romanian 1% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Chowan

• 2024 margin: Strong R (+22.5) · D 38.4% · R 60.9%
• 2008→2024 swing: -21.3pp toward R · 2008: -1.1pp · 2024: -22.5pp
• All cycles: 2024: R+22.5 2020: R+15.7 2016: R+14.3 2012: R+4.9 2008: R+1.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.59%
• Current HPI: 172.7448
• 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

+1171.4% since first listed

2 events — show timeline

• 2026-05-04 Listed $89,000 Hive MLS
• 2000-01-20 Sold (Public Records) $7,000 Public Records

Property tax history

+3.0%/yr

Latest (2025): $320 · +0.0% YoY. Source: county tax records.