267 Sixth St

Aurora, NC 27806

$139,000D+

3 bd · 2.0 ba · 1,882 sqft · Built 1992 · Manufactured · Pending · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,221/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$256
• Net cashflow: $4/mo
• Annual: $43/yr
• Cap rate: 6.90%
• Cash-on-cash: 2.16%
• DSCR: 1.10
• 1% rule: 0.88%
• Cash to close: $38,920

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $139k.
• At list price, monthly cash flow is $4 ($43/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 $122k (12.2% below list).
• It's been on market 84 days — a 6% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $122k (12.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-2.8%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#481 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+; Watch: health & safety C-, crime F, amenities F.
• Beaufort County Schools (rural): math 39% / reading 42% proficiency, ranked #112 of 178 in NC (top 63%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Chocowinity Primary (math 67% / reading 67%, grade B+, #120 of 1,410 statewide, top 9%, 493 students, 99% FRL); Chocowinity Middle (math 35% / reading 39%, grade F, #262 of 475 statewide, top 57%, 368 students, 99% FRL); Southside High (math 42% / reading 47%, grade F, #352 of 535 statewide, top 68%, 422 students, 99% FRL) — zoned schools average 99% FRL vs 67% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 35 active listings in the ZIP; 216 units permitted in Beaufort County in 2024 (0 in 5+ unit buildings).
• Beaufort County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major flood risk; severe wind risk, 99% chance of damaging wind over 30y; extreme-heat days projected 7→18/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 84 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?
• 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.