23 Lela Ln · Weaverville, NC 28701

$225,000

3 bd · 2.0 ba · 924 sqft · Manufactured public records · 36 Days on market

Built 2010 1.76 ac lot $244/sqft · 30% below area Est $342k · 34% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +14.1/30.0
• DSCR +4.3/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Like new and meticulously cared for manufactured home in beautiful Alexander. Close to shopping and schools. Less than 10 minutes from Weaverville and 20 to Asheville. Spacious covered front porch to enjoy the great outdoors. Country setting close to town. Home features a spacious living room, kitchen, 3 bedrooms and 2 full baths as well as a large Utility/Laundry room. Home offers sheet rock walls that have been recently painted. One 8x12 outbuilding for storage. Fenced in lot for your small pets. Property also offers room for your goats or small farm animals that is completely fenced.

Key facts

• Private acres
• Fenced-in area
• Quiet setting

Tags

• PRIVATE ACRES
• FENCED-IN AREA
• OUTDOOR SPACE
• QUIET SETTING
• HOBBY FARMING

Property features AI

Finance

• Other: Private maintained gravel road access; Zoning: OU
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: Well water; Septic system installed
• Home design: Manufactured singlewide single-family residence; One story; Entry level on main
• Construction: Manufactured construction; Vinyl exterior; Composition roof; Other foundation (see remarks)
• Exterior features: Covered front and rear porches; Fence; Shed(s) on the property; Private, wooded lot with views; Hilly, rolling and steep slopes; pasture

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Refrigerator; Walk-in pantry
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Heat pump heating; Central air conditioning; Heat pump cooling
• Interior features: Open floorplan; Walk-in closet(s); Walk-in pantry; 10 total rooms
• Laundry & utility: Laundry room on the main level; Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $33 ($390/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 $171k (23.9% below list).
• Recommended offer: $171k (23.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.5% in Weaverville — 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 73/100 on livability (#70 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, amenities B+; Watch: cost of living D+, commute F, health & safety F.
• Buncombe County Schools (suburban): math 45% / reading 50% proficiency, ranked #72 of 178 in NC (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Buncombe High (math 67% / reading 65%, grade B, #154 of 535 statewide, top 29%, 956 students, 42% FRL).
• Zoned-school proficiency averages 66% at this address vs 48% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Buncombe County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 37 active listings in the ZIP; 3,305 units permitted in Buncombe County in 2024 (1,855 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Buncombe County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $105k; list at $225k implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,319 (23.9% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.76% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.62%
• DSCR: 1.03
• GRM: 10.9

CMA / ARV

• ARV (median comp): $341,679
• List price: $225,000
• Delta: -34.15%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -15.4%
• Equity multiple: 0.45×
• Total profit: $-34,508
• Equity at exit: $33,548

10-year hold

• IRR: -7.0%
• Equity multiple: 0.56×
• Total profit: $-27,862
• Equity at exit: $19,454

Cash invested: $63,000 (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 28701

• Home prices YoY: -7.5%
• Active inventory: 37
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,713 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$47 /mo · $567/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $33

Break-even live

Break-even rent $1,672

Max offer price $225,000

Occupancy floor 93%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $225,000 Active 36 DOM
2. 2026-06-17
   days on market $225,000 Active 35 DOM
3. 2026-06-16
   days on market $225,000 Active 34 DOM
4. 2026-06-15
   days on market $225,000 Active 33 DOM
5. 2026-06-14
   days on market $225,000 Active 31 DOM
6. 2026-06-10
   days on market $225,000 Active 28 DOM
7. 2026-06-09
   days on market $225,000 Active 27 DOM
8. 2026-06-08
   days on market $225,000 Active 26 DOM
9. 2026-06-07
   days on market $225,000 Active 25 DOM
10. 2026-06-03
    days on market $225,000 Active 21 DOM
11. 2026-06-02
    days on market $225,000 Active 20 DOM
12. 2026-06-01
    days on market $225,000 Active 19 DOM
13. 2026-05-31
    days on market $225,000 Active 18 DOM
14. 2026-05-30
    days on market $225,000 Active 17 DOM
15. 2026-05-13
    listed $225,000 Active 574-char remark
16. 2019-08-08
    soldstatus $105,000 Closed 594-char remark

    Show marketing remark (594 chars)

    Like new and meticulously cared for manufactured home in beautiful Alexander. Close to shopping and schools. Less than 10 minutes from Weaverville and 20 to Asheville. Spacious covered front porch to enjoy the great outdoors. Country setting close to town. Home features a spacious living room, kitchen, 3 bedrooms and 2 full baths as well as a large Utility/Laundry room. Home offers sheet rock walls that have been recently painted. One 8x12 outbuilding for storage. Fenced in lot for your small pets. Property also offers room for your goats or small farm animals that is completely fenced.

17. 2019-08-08
    soldstatus $105,000

    Show marketing remark (594 chars)

    Like new and meticulously cared for manufactured home in beautiful Alexander. Close to shopping and schools. Less than 10 minutes from Weaverville and 20 to Asheville. Spacious covered front porch to enjoy the great outdoors. Country setting close to town. Home features a spacious living room, kitchen, 3 bedrooms and 2 full baths as well as a large Utility/Laundry room. Home offers sheet rock walls that have been recently painted. One 8x12 outbuilding for storage. Fenced in lot for your small pets. Property also offers room for your goats or small farm animals that is completely fenced.

18. 2019-06-14
    status Under Contract - No Show 594-char remark

    Show marketing remark (594 chars)

    Like new and meticulously cared for manufactured home in beautiful Alexander. Close to shopping and schools. Less than 10 minutes from Weaverville and 20 to Asheville. Spacious covered front porch to enjoy the great outdoors. Country setting close to town. Home features a spacious living room, kitchen, 3 bedrooms and 2 full baths as well as a large Utility/Laundry room. Home offers sheet rock walls that have been recently painted. One 8x12 outbuilding for storage. Fenced in lot for your small pets. Property also offers room for your goats or small farm animals that is completely fenced.

19. 2019-04-10
    price $119,900 594-char remark

    Show marketing remark (594 chars)

    Like new and meticulously cared for manufactured home in beautiful Alexander. Close to shopping and schools. Less than 10 minutes from Weaverville and 20 to Asheville. Spacious covered front porch to enjoy the great outdoors. Country setting close to town. Home features a spacious living room, kitchen, 3 bedrooms and 2 full baths as well as a large Utility/Laundry room. Home offers sheet rock walls that have been recently painted. One 8x12 outbuilding for storage. Fenced in lot for your small pets. Property also offers room for your goats or small farm animals that is completely fenced.

20. 2019-01-22
    price $124,000 594-char remark

    Show marketing remark (594 chars)

    Like new and meticulously cared for manufactured home in beautiful Alexander. Close to shopping and schools. Less than 10 minutes from Weaverville and 20 to Asheville. Spacious covered front porch to enjoy the great outdoors. Country setting close to town. Home features a spacious living room, kitchen, 3 bedrooms and 2 full baths as well as a large Utility/Laundry room. Home offers sheet rock walls that have been recently painted. One 8x12 outbuilding for storage. Fenced in lot for your small pets. Property also offers room for your goats or small farm animals that is completely fenced.

21. 2018-12-11
    listed $129,000 Active 594-char remark

    Show marketing remark (594 chars)

    Like new and meticulously cared for manufactured home in beautiful Alexander. Close to shopping and schools. Less than 10 minutes from Weaverville and 20 to Asheville. Spacious covered front porch to enjoy the great outdoors. Country setting close to town. Home features a spacious living room, kitchen, 3 bedrooms and 2 full baths as well as a large Utility/Laundry room. Home offers sheet rock walls that have been recently painted. One 8x12 outbuilding for storage. Fenced in lot for your small pets. Property also offers room for your goats or small farm animals that is completely fenced.

ⓘ 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: $567 · $47/mo
• Projected year-2 tax: $1,845 · $154/mo
• Expected delta: +$1,278/yr (+$107/mo · 225.4%)

ⓘ 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 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,558
• − Mortgage interest: −$12,603
• − Property taxes: −$567
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − Depreciation: −$6,545
• Taxable loss: −$3,572
• Est. tax savings @ 24.0%: +$857
• After-tax cash flow: $1,247/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: Buncombe County Schools
• NCES district ID: 3700450
• Math proficiency: 45% ▬ 0.00%
• Reading proficiency: 50% ▲ 2.00%
• Median HH income: $45,981
• Composite: 40.32/100
• National rank: #3749
• State rank: #72 of 178 in NC

Livability — Weaverville

• Score: 73/100
• State rank: #70
• US rank: #5257

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 22,809
• Population (ZIP): 5,515

Population outlook (Buncombe County) Hauer SSP2

• Today (2025): 286,475 people
• By 2030: 302,237 · +5.5%
• By 2040: 330,687 · +15.4%
• By 2050: 356,370 · +24.4%
• By 2075: 409,383 · +42.9%
• By 2100: 437,270 · +52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 7% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 3% Serbian 3% Romanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 96% English-only · Spanish 2% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Buncombe

• 2024 margin: Strong D (+24.8) · D 61.7% · R 36.9% · Other 1.4%
• 2008→2024 swing: +10.9pp toward D · 2008: 13.9pp · 2024: 24.8pp
• All cycles: 2024: D+24.8 2020: D+21.1 2016: D+14.6 2012: D+12.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -23.93%
• Current HPI: 294.9391
• 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

+74.4% since first listed

7 events — show timeline

• 2026-05-13 Listed $225,000 CANOPYMLS as Distributed by MLS Grid
• 2019-08-08 Sold (Public Records) $105,000 Public Records
• 2019-08-08 Sold (MLS) $105,000 CANOPYMLS as Distributed by MLS Grid
• 2019-06-14 Pending — CANOPYMLS as Distributed by MLS Grid
• 2019-04-10 Price Changed $119,900 CANOPYMLS as Distributed by MLS Grid
• 2019-01-22 Price Changed $124,000 CANOPYMLS as Distributed by MLS Grid
• 2018-12-11 Listed $129,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+0.5%/yr

Latest (2025): $567 · +4.5% YoY. Source: county tax records.