176 Brickton Village Cir #206

Fletcher, NC 28732

$239,000D

2 bd · 2.0 ba · 1,050 sqft · Built 2009 · Condo · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,068/mo
• Mortgage (P&I): −$1,253
• Tax + insurance: −$186
• HOA: −$214
• Vac / Maint / Mgmt: −$434
• Net cashflow: $-19/mo
• Annual: $-232/yr
• Cap rate: 6.20%
• Cash-on-cash: -0.35%
• DSCR: 0.98
• 1% rule: 0.87%
• Cash to close: $66,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $239k.
• At list price, monthly cash flow is $-19 ($-232/yr) — negative.
• To cash-flow at today's rent, offer at most $236k (1.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (13.5% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $207k (13.5% below list) — sets the bar for 1% rule.
• 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.
• Location reads 70/100 on livability (#129 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: amenities F, commute F, health & safety F.
• Henderson County Schools (suburban): math 48% / reading 52% proficiency, ranked #64 of 178 in NC (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fletcher Elementary (math 48% / reading 47%, grade D, #490 of 1,410 statewide, top 35%, 482 students, 53% FRL); Rugby Middle (math 61% / reading 66%, grade B+, #35 of 475 statewide, top 7%, 804 students, 39% FRL); North Henderson High (math 72% / reading 58%, grade B, #161 of 535 statewide, top 30%, 1,146 students, 61% FRL) — zoned schools at 51% FRL track the district average.
• Market conditions: 215 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• Henderson County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 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 $168k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.2% vs local median 3.9% in Fletcher — 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.
• This rent runs 30% of the median local income ($82k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?
• 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.