2110 Beth Haven Church Rd

Denver, NC 28037

$204,000C-

3 bd · 2.0 ba · 1,512 sqft · Built 2002 · Manufactured · Pending · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,989/mo
• Mortgage (P&I): −$1,070
• Tax + insurance: −$172
• HOA: −$0
• Vac / Maint / Mgmt: −$418
• Net cashflow: $329/mo
• Annual: $3,954/yr
• Cap rate: 8.23%
• Cash-on-cash: 6.92%
• DSCR: 1.31
• 1% rule: 0.97%
• Cash to close: $57,120

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $204k.
• At list price, monthly cash flow is $329 ($4k/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 $199k (2.5% below list).
• It's been on market 98 days — a 9% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $186k (9.0% below list) — sets the bar for market timing.
• 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 66/100 on livability (#255 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: employment D, amenities F, commute F.
• Lincoln County Schools (rural): math 57% / reading 55% proficiency, ranked #42 of 178 in NC (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.3%/yr); 373 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 697 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• Lincoln County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts 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 $82k; list at $204k implies a 147% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.2% vs local median 2.1% in Denver — 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 98 days. Have you received any prior offers? Is the seller open to a 9% 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.
• 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.