6601 Clearwater Dr

Oxford, NC 27565

$204,999D+

3 bd · 2.0 ba · 1,836 sqft · Built 2001 · Manufactured · Pending · 72 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,620/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$340
• Net cashflow: $35/mo
• Annual: $417/yr
• Cap rate: 6.50%
• Cash-on-cash: 0.73%
• DSCR: 1.03
• 1% rule: 0.79%
• Cash to close: $57,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $205k.
• At list price, monthly cash flow is $35 ($417/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 $162k (21.0% below list).
• It's been on market 72 days — a 6% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $162k (21.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#610 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, commute F.
• Granville County Schools (rural): math 28% / reading 36% proficiency, ranked #137 of 178 in NC (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northern Granville Middle (math 17% / reading 28%, grade F, #410 of 475 statewide, top 87%, 525 students, 82% FRL) — zoned schools average 82% FRL vs 50% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 257 active listings in the ZIP; 428 units permitted in Granville County in 2024 (120 in 5+ unit buildings).
• 4 sale attempts since 7y ago; this cycle's ask has dropped $11k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $110k; list at $205k implies a 87% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 2.7% in Oxford — 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.

Questions for listing agent

• It's been on market 72 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• 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.
• 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.