119 Belcher Rd · Williamston, NC 27892

$185,000

3 bd · 2.0 ba · 2,240 sqft · Manufactured public records · 2 Days on market

Built 2005 0.77 ac lot

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Why this score? — see what drove the D- 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 +8.9/30.0
• Appreciation +7.6/10.0
• ARV discount +7.5/15.0
• Livability +2.9/5.0
• DSCR +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 1% rule +1.8/10.0

Listing remarks MLS

Large 4 bedroom home, in quite neighborhood. Located at the end of a dead end street near RR tracks. Large kitchen with breakfast nook & large pantry. Nice stone fireplace in family room

Key facts

• Split floorplan
• Laundry room
• Gas fireplace

Tags

• SPLIT FLOORPLAN
• GAS FIREPLACE
• LARGE LOT
• 2 LIVING ROOMS
• DINING ROOM
• LAUNDRY ROOM

Property features AI

Exterior

• Parking: Unpaved parking
• Utilities: Water available; Sewer available
• Home design: Manufactured home; Single-story (one level); Entry level is 1
• Construction: Aluminum siding; Vinyl siding; Frame construction; Shingle roof; Crawl space foundation; Built as a manufactured home
• Exterior features: Front porch; No fencing; Property has a view

Interior

• Kitchen: Kitchen island; Eat-in kitchen; Pantry
• Bedrooms: Total of 7 rooms (includes bedrooms and living spaces)
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning
• Interior features: Kitchen island; Eat-in kitchen; Pantry; Ceiling fans; Window coverings; Gas log fireplace
• Laundry & utility: Laundry room with washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $185k.

Deal economics

• At list price, monthly cash flow is $-148 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $159k (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (32.0% below list).
• Recommended offer: $126k (32.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 58/100 on livability (#584 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime F, amenities F, commute F.
• Martin County Schools (rural): math 24% / reading 34% proficiency, ranked #150 of 178 in NC (top 84%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: E J Hayes Elementary (math 28% / reading 35%, grade F, #945 of 1,410 statewide, top 68%, 273 students, 99% FRL); Riverside Middle (math 18% / reading 33%, grade F, #388 of 475 statewide, top 83%, 364 students, 99% FRL); Riverside High (math 22% / reading 37%, grade F, #459 of 535 statewide, top 87%, 447 students, 99% FRL) — zoned schools average 99% FRL vs 62% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 73 active listings in the ZIP.

Forward outlook

• In year one you build about $11k of equity ($1k loan paydown + $9k appreciation (5.1% local appreciation)).
• Martin County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 15y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $40k; list at $185k implies a 362% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,798 (32.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 0.68% ✗
• Cap rate: 5.33%
• Cash-on-cash: -3.44%
• DSCR: 0.85
• GRM: 12.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.13% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.3%
• Equity multiple: 1.66×
• Total profit: $34,444
• Equity at exit: $106,245

10-year hold

• IRR: 11.7%
• Equity multiple: 3.15×
• Total profit: $111,600
• Equity at exit: $184,539

Cash invested: $51,800 (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 27892

• Home prices YoY: 3.0%
• Active inventory: 73
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $1,258 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$95 /mo · $1,140/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $-148

Break-even live

Break-even rent $1,446

Max offer price $158,777

Occupancy floor —

Sensitivity live

Price	-10% $-44	-5% $-96	+0% $-148	+5% $-201	+10% $-253
Rent	-10% $-248	-5% $-198	+0% $-148	+5% $-99	+10% $-49
Rate	-1.0pp $-55	-0.5pp $-101	base $-148	+0.5pp $-196	+1.0pp $-245

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-26
   listed $185,000 Active
2. 2011-11-21
   soldstatus $40,000 190-char remark

   Show marketing remark (190 chars)

   Large 4 bedroom home, in quite neighborhood. Located at the end of a dead end street near RR tracks. Large kitchen with breakfast nook & large pantry. Nice stone fireplace in family room

3. 2011-07-19
   listed $44,900 190-char remark

   Show marketing remark (190 chars)

   Large 4 bedroom home, in quite neighborhood. Located at the end of a dead end street near RR tracks. Large kitchen with breakfast nook & large pantry. Nice stone fireplace in family room

4. 2009-11-19
   soldstatus $9,000

ⓘ 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: $1,140 · $95/mo
• Projected year-2 tax: $1,517 · $126/mo
• Expected delta: +$377/yr (+$31/mo · 33.1%)

ⓘ 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 8/10 Severe 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $15,096
• − Mortgage interest: −$10,363
• − Property taxes: −$1,140
• − Insurance: −$925
• − Repairs & maintenance: −$1,208
• − Management: −$1,208
• − Depreciation: −$5,382
• Taxable loss: −$5,129
• Est. tax savings @ 24.0%: +$1,231
• After-tax cash flow: $-550/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: Martin County Schools
• NCES district ID: 3702880
• Math proficiency: 24% ▼ -2.00%
• Reading proficiency: 34% ▲ 1.00%
• Median HH income: $35,403
• Composite: 23.94/100
• National rank: #7781
• State rank: #150 of 178 in NC

Livability — Williamston

• Score: 58/100
• State rank: #584
• US rank: #21504

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Williamston, NC
• Population (ZIP): 13,387

Population outlook (Martin County) Hauer SSP2

• Today (2025): 21,018 people
• By 2030: 19,693 · -6.3%
• By 2040: 16,793 · -20.1%
• By 2050: 14,171 · -32.6%
• By 2075: 9,804 · -53.4%
• By 2100: 6,894 · -67.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 53% Black 38% Two or more races 5% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 2% Serbian 1% Iranian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 94% English-only · Spanish 5% Chinese 1%

Political lean MEDSL · Martin

• 2024 margin: R (+10.3) · D 44.6% · R 54.9%
• 2008→2024 swing: -15.0pp toward R · 2008: 4.6pp · 2024: -10.3pp
• All cycles: 2024: R+10.3 2020: R+5.0 2016: R+0.5 2012: D+4.4 2008: D+4.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.13%
• Current HPI: 178.4817
• 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

+1955.6% since first listed

4 events — show timeline

• 2026-05-26 Listed $185,000 Hive MLS
• 2011-11-21 Sold (MLS) $40,000 Hive MLS
• 2011-07-19 Listed $44,900 Hive MLS
• 2009-11-19 Sold (Public Records) $9,000 Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,140 · +58.6% YoY. Source: county tax records.