2824 Frank Kilpatrick Rd · Grifton, NC 28530

$140,000

3 bd · 2.0 ba · 1,456 sqft · Manufactured public records · 3 Days on market

Built 1999 0.46 ac lot

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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 +25.0/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Schools +3.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this charming 3-bedroom, 2-bathroom manufactured double-wide situated on a spacious 0.46-acre lot! Offering a comfortable and functional floor plan, this property provides plenty of room both inside and out. Step inside to find a bright living area, a well-appointed kitchen with ample cabinet and counter space, and a dining area perfect for everyday living and entertaining. The primary suite features a private bathroom and generous closet space, while two additional bedrooms offer flexibility for family, guests, or a home office. Outside, enjoy the large yard with plenty of space for gardening, outdoor activities, pets, or future improvements. Whether you're a first-time hom

Key facts

• Bright living area
• Large yard
• Spacious lot

Tags

• SPACIOUS LOT
• BRIGHT LIVING AREA
• WELL-APPOINTED KITCHEN
• GENEROUS CLOSET SPACE
• LARGE YARD

Property features AI

Finance

• Other: Located in Greensboro association area (no association fees indicated)
• HOA & community: No homeowners association

Exterior

• Parking: Gravel parking; no garage
• Utilities: Septic sewer; Public water; Natural gas for heating; Water heater: unknown
• Home design: Manufactured double-wide home; One level; Built in 1999; Living room fireplace
• Construction: Vinyl siding; Existing structure
• Exterior features: Lot around half an acre (0.46 acre); Private maintained road; Public water source; Septic tank

Interior

• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating with natural gas
• Interior features: Primary bedroom located on the main level; Attic access only; Crawl space (no finished basement); One total additional room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $304 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Cap rate 8.9% vs local median 4.6% in Grifton — 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 62/100 on livability (#444 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime A-; Watch: schools F, amenities F, commute F.
• Pitt County Schools (rural): math 41% / reading 44% proficiency, ranked #100 of 178 in NC (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 48 active listings in the ZIP; 1,300 units permitted in Pitt County in 2024 (204 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pitt County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $14k; list at $140k implies a 900% 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→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,000

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: 1.04% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.31%
• DSCR: 1.41
• GRM: 8.0

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: -2.3%
• Equity multiple: 0.91×
• Total profit: $-3,370
• Equity at exit: $20,874

10-year hold

• IRR: 7.4%
• Equity multiple: 1.56×
• Total profit: $21,795
• Equity at exit: $12,105

Cash invested: $39,200 (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 28530

• Home prices YoY: -7.1%
• Active inventory: 48
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,457 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$55 /mo · $657/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $304

Break-even live

Break-even rent $1,072

Max offer price $140,000

Occupancy floor 74%

Sensitivity live

Price	-10% $383	-5% $344	+0% $304	+5% $264	+10% $225
Rent	-10% $189	-5% $247	+0% $304	+5% $362	+10% $419
Rate	-1.0pp $375	-0.5pp $340	base $304	+0.5pp $268	+1.0pp $231

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $140,000 Active 3 DOM
2. 2026-06-19
   remarks 699-char remark
3. 2026-06-19
   listed $140,000 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: $657 · $55/mo
• Projected year-2 tax: $1,148 · $96/mo
• Expected delta: +$491/yr (+$41/mo · 74.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 8/10 Severe 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,489
• − Mortgage interest: −$7,842
• − Property taxes: −$657
• − Insurance: −$700
• − Repairs & maintenance: −$1,399
• − Management: −$1,399
• − Depreciation: −$4,073
• Taxable income: $1,419
• Est. tax owed @ 24.0%: −$341
• After-tax cash flow: $3,309/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: Pitt County Schools
• NCES district ID: 3700012
• Math proficiency: 41% ▬ 0.00%
• Reading proficiency: 44% ▲ 2.00%
• Median HH income: $40,631
• Composite: 35.67/100
• National rank: #4877
• State rank: #100 of 178 in NC

Livability — Grifton

• Score: 62/100
• State rank: #444
• US rank: #16371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,055

Population outlook (Pitt County) Hauer SSP2

• Today (2025): 194,585 people
• By 2030: 203,756 · +4.7%
• By 2040: 220,807 · +13.5%
• By 2050: 236,614 · +21.6%
• By 2075: 275,940 · +41.8%
• By 2100: 300,058 · +54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 48% Black 33% Hispanic / Latino 16% Two or more races 4% Asian 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 12% Vietnamese 1%

Political lean MEDSL · Pitt

• 2024 margin: Lean D (+6.0) · D 52.5% · R 46.5% · Other 1.1%
• 2008→2024 swing: -2.8pp toward R · 2008: 8.8pp · 2024: 6.0pp
• All cycles: 2024: D+6.0 2020: D+9.4 2016: D+7.4 2012: D+6.7 2008: D+8.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -15.30%
• Current HPI: 201.1297
• 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

+900.0% since first listed

2 events — show timeline

• 2026-06-18 Listed $140,000 Triad MLS
• 2003-07-01 Sold (Public Records) $14,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $657 · +1.9% YoY. Source: county tax records.