876 Courtney Ln · Cove Creek, NC 28692

$235,000

3 bd · 2.0 ba · 1,272 sqft · Manufactured public records · 367 Days on market

Built 1996 5.00 ac lot ↓ 25% since listing

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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 +16.8/30.0
• Appreciation +9.1/10.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• Schools +4.6/10.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

This Diamond in the rough screams "Serene Oasis"- with 5 sprawling acres tucked back on the mountain side this charming 3 bed 2 bath manufactured home boasts over 1200 spacious square feet of partially open concept living area on a permanent foundation. Just off the living room is a nice deck overlooking the log range layered mountain views. With some additional clearing you can see for miles across the valley of the Sugar Grove and Vilas Communities. Step out back to a large detached 1 car garage/workshop area that has just over 760 square feet of multipurpose usable space. Up the exterior stairs is an additional unfinished area just shy of 500 square feet that could be used for

Key facts

• Short drive to boone
• 5 sprawling acres
• 5 acre lot

Tags

• 5 SPRAWLING ACRES
• LARGE DETACHED GARAGE WORKSHOP
• UNFINISHED AREA FOR GAME ROOM
• SHORT DRIVE TO BOONE
• SHORT DRIVE TO MOUNTAIN CITY
• SHORT DRIVE TO BANNER ELK

Property features AI

Exterior

• Parking: Detached private garage; Gravel driveway; 1 garage space
• Utilities: Private water; Septic tank / private sewer
• Home design: Single-family residence (double-wide mobile home); One level / single-story
• Construction: Vinyl siding; Built as double-wide mobile home
• Exterior features: Asphalt shingle roof; Private road frontage on a gravel, private-maintained road; 5-acre lot; Has view; Fishing in the community

Interior

• Kitchen: Dishwasher; Electric cooktop; Exhaust fan; Refrigerator; Electric water heater
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Kerosene heating; Wood stove; Exhaust fan for ventilation; No central cooling
• Interior features: High-speed internet; Stone wood-burning fireplace
• Laundry & utility: Main-level laundry; Crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $235k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/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 $196k (16.5% below list).
• Recommended offer: $196k (16.5% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 1.4% in Cove Creek — 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 65/100 on livability (#307 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A, housing A-; Watch: health & safety C-, amenities F, commute F.
• Watauga County Schools (rural): math 53% / reading 59% proficiency, ranked #47 of 178 in NC (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bethel Elementary (math 42% / reading 52%, grade D-, #497 of 1,410 statewide, top 38%, 134 students, 53% FRL); Watauga High (math 76% / reading 74%, grade A-, #91 of 535 statewide, top 17%, 1,272 students, 33% FRL).
• Market conditions: 85 active listings in the ZIP; 296 units permitted in Watauga County in 2024 (20 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($2k loan paydown + $19k appreciation (8.2% local appreciation)).
• Watauga County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (8.2% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 367 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $44k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $196,242 (16.5% below list)

Questions for the listing agent

1. It's been on market 367 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.84% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.78%
• DSCR: 1.12
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.25% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.6%
• Equity multiple: 2.67×
• Total profit: $110,199
• Equity at exit: $182,568

10-year hold

• IRR: 20.6%
• Equity multiple: 5.75×
• Total profit: $312,496
• Equity at exit: $366,310

Cash invested: $65,800 (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 28692

• Home prices YoY: 2.4%
• Active inventory: 85
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,962 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$68 /mo · $811/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $152

Break-even live

Break-even rent $1,769

Max offer price $235,000

Occupancy floor 87%

Sensitivity live

Price	-10% $286	-5% $219	+0% $152	+5% $86	+10% $19
Rent	-10% $-3	-5% $75	+0% $152	+5% $230	+10% $308
Rate	-1.0pp $271	-0.5pp $212	base $152	+0.5pp $92	+1.0pp $30

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $235,000 Active 367 DOM
2. 2026-06-18
   days on market $235,000 Active 366 DOM
3. 2026-06-17
   days on market $235,000 Active 365 DOM
4. 2026-06-16
   days on market $235,000 Active 364 DOM
5. 2026-06-15
   days on market $235,000 Active 363 DOM
6. 2026-06-14
   days on market $235,000 Active 361 DOM
7. 2026-06-12
   days on market $235,000 Active 360 DOM
8. 2026-06-09
   days on market $235,000 Active 357 DOM
9. 2026-06-08
   days on market $235,000 Active 356 DOM
10. 2026-06-07
    pricedays on market $235,000 Active 355 DOM
11. 2026-06-02
    days on market $237,000 Active 350 DOM
12. 2026-06-01
    days on market $237,000 Active 349 DOM
13. 2026-05-31
    days on market $237,000 Active 348 DOM
14. 2026-05-30
    days on market $237,000 Active 347 DOM
15. 2026-05-21
    price $237,000
16. 2026-04-02
    price $239,000
17. 2026-02-23
    price $249,000
18. 2025-12-19
    price $259,000
19. 2025-10-29
    price $269,000
20. 2025-10-10
    price $274,900
21. 2025-09-20
    price $277,000
22. 2025-06-18
    listed $279,000 Active
23. 2025-04-18
    price $299,000
24. 2025-03-18
    price $310,000
25. 2024-12-30
    listed $315,000 Active

ⓘ 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: $811 · $68/mo
• Projected year-2 tax: $1,927 · $161/mo
• Expected delta: +$1,116/yr (+$93/mo · 137.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥89°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,549
• − Mortgage interest: −$13,164
• − Property taxes: −$811
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,884
• − Management: −$1,884
• − Depreciation: −$6,836
• Taxable loss: −$2,204
• Est. tax savings @ 24.0%: +$529
• After-tax cash flow: $2,359/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: Watauga County Schools
• NCES district ID: 3704830
• Math proficiency: 53% ▲ 1.00%
• Reading proficiency: 59% ▬ 0.00%
• Median HH income: $36,936
• Composite: 46.49/100
• National rank: #2430
• State rank: #47 of 178 in NC

Livability — Cove Creek

• Score: 65/100
• State rank: #307
• US rank: #12790

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 4,462
• Population (ZIP): 4,462

Population outlook (Watauga County) Hauer SSP2

• Today (2025): 59,523 people
• By 2030: 63,047 · +5.9%
• By 2040: 68,332 · +14.8%
• By 2050: 73,638 · +23.7%
• By 2075: 86,964 · +46.1%
• By 2100: 99,206 · +66.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Asian 2% Two or more races 2%
• Common ancestry: Serbian 8% Italian 4% Slovak 4%
• Foreign-born: 1% · China, Canada, Jamaica
• Languages at home: 97% English-only · Spanish 2% Chinese 1%

Political lean MEDSL · Watauga

• 2024 margin: Lean D (+6.0) · D 52.3% · R 46.3% · Other 1.4%
• 2008→2024 swing: +1.7pp toward D · 2008: 4.3pp · 2024: 6.0pp
• All cycles: 2024: D+6.0 2020: D+8.3 2016: D+1.5 2012: R+2.7 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.25%
• Current HPI: 359.8685
• 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

-24.8% since first listed

11 events — show timeline

• 2026-05-21 Price Changed $237,000 HCMLS
• 2026-04-02 Price Changed $239,000 HCMLS
• 2026-02-23 Price Changed $249,000 HCMLS
• 2025-12-19 Price Changed $259,000 HCMLS
• 2025-10-29 Price Changed $269,000 HCMLS
• 2025-10-10 Price Changed $274,900 HCMLS
• 2025-09-20 Price Changed $277,000 HCMLS
• 2025-06-18 Listed $279,000 HCMLS
• 2025-04-18 Price Changed $299,000 HCMLS
• 2025-03-18 Price Changed $310,000 HCMLS
• 2024-12-30 Listed $315,000 HCMLS

Property tax history

+5.8%/yr

Latest (2025): $811 · +1.5% YoY. Source: county tax records.