429 Sand Dollar Dr

Gloucester, NC 28528

$175,000C-

3 bd · 2.0 ba · 1,512 sqft · Built 1994 · Manufactured · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,228/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$258
• Net cashflow: $-140/mo
• Annual: $-1,675/yr
• Cap rate: 5.79%
• Cash-on-cash: -1.79%
• DSCR: 0.92
• 1% rule: 0.70%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $175k.
• At list price, monthly cash flow is $-140 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $150k (14.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $123k (29.8% below list).
• It's been on market 95 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (29.8% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($1k loan paydown + $7k appreciation (4.2% local appreciation)).
• Location reads 55/100 on livability (#658 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: crime F, amenities F, commute F.
• Carteret County Public Schools (rural): math 59% / reading 61% proficiency, ranked #31 of 178 in NC (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Down East Middle And Smyrna Elementary (math 48% / reading 60%, grade C, #328 of 1,410 statewide, top 24%, 249 students, 99% FRL); East Carteret High (math 82% / reading 62%, grade B+, #107 of 535 statewide, top 21%, 530 students, 45% FRL) — zoned schools average 72% FRL vs 39% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 8 active listings in the ZIP; 935 units permitted in Carteret County in 2024 (360 in 5+ unit buildings).
• Carteret County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 22y 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 $86k; list at $175k implies a 105% gain — meaningful room to come down on a strong offer.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 95 days. Have you received any prior offers? Is the seller open to a 30% 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.
• 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?
• 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.