59 Diamond Oak Way · Mills River, NC 28759

$159,900

2 bd · 2.0 ba · 1,400 sqft · Manufactured public records · 26 Days on market

Built 1993

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

New paint, flooring, roof, water heater in 2023! Loved and well cared for, this home has 1400 sq ft of living area PLUS a huge enclosed front porch. This 2 bedroom/2 bath split plan even has 2 separate living areas! (See photos for floorplan. ) Monthly lot lease is $823. Call for appointment!

Key facts

• Enclosed front porch
• Built 1993
• Listed 25 days

Tags

• ENCLOSED FRONT PORCH
• SEPARATE LIVING AREAS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $966 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 2.3% in Mills River — 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 67/100 on livability (#253 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; 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.
• Market conditions: 110 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Henderson County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.

Recommended offer $157,501 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.51% ✓
• Cap rate: 13.54%
• Cash-on-cash: 25.89%
• DSCR: 2.15
• GRM: 5.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 19.5%
• Equity multiple: 1.79×
• Total profit: $35,549
• Equity at exit: $23,842

10-year hold

• IRR: 27.8%
• Equity multiple: 3.45×
• Total profit: $109,910
• Equity at exit: $13,825

Cash invested: $44,772 (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 28759

• Home prices YoY: -30.1%
• Active inventory: 110
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,409 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$32 /mo · $383/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $966

Break-even live

Break-even rent $1,186

Max offer price $159,900

Occupancy floor 55%

Sensitivity live

Price	-10% $1,057	-5% $1,011	+0% $966	+5% $921	+10% $876
Rent	-10% $776	-5% $871	+0% $966	+5% $1,061	+10% $1,156
Rate	-1.0pp $1,047	-0.5pp $1,007	base $966	+0.5pp $925	+1.0pp $882

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2253 Jeffress Rd Mills River, NC	3.0	2.5	1600	$2,500	$1.56	15d	9	1.45mi

Listing history 18 events

1. 2026-06-21
   days on market $159,900 Active 26 DOM
2. 2026-06-18
   days on market $159,900 Active 23 DOM
3. 2026-06-17
   days on market $159,900 Active 22 DOM
4. 2026-06-16
   days on market $159,900 Active 21 DOM
5. 2026-06-15
   days on market $159,900 Active 20 DOM
6. 2026-06-14
   days on market $159,900 Active 18 DOM
7. 2026-06-13
   days on market $159,900 Active 17 DOM
8. 2026-06-10
   days on market $159,900 Active 15 DOM
9. 2026-06-09
   days on market $159,900 Active 14 DOM
10. 2026-06-08
    days on market $159,900 Active 13 DOM
11. 2026-06-07
    days on market $159,900 Active 12 DOM
12. 2026-06-05
    days on market $159,900 Active 9 DOM
13. 2026-06-03
    days on market $159,900 Active 8 DOM
14. 2026-06-02
    days on market $159,900 Active 7 DOM
15. 2026-06-01
    days on market $159,900 Active 6 DOM
16. 2026-05-31
    days on market $159,900 Active 5 DOM
17. 2026-05-30
    days on market $159,900 Active 4 DOM
18. 2026-05-26
    listed $159,900 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: $383 · $32/mo
• Projected year-2 tax: $1,311 · $109/mo
• Expected delta: +$929/yr (+$77/mo · 242.7%)

ⓘ 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 4/10 Moderate 7 d/yr ≥97°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,907
• − Mortgage interest: −$8,957
• − Property taxes: −$383
• − Insurance: −$800
• − Repairs & maintenance: −$2,313
• − Management: −$2,313
• − Depreciation: −$4,652
• Taxable income: $9,492
• Est. tax owed @ 24.0%: −$2,278
• After-tax cash flow: $9,314/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: Henderson County Schools
• NCES district ID: 3702100
• Math proficiency: 48% ▼ -2.00%
• Reading proficiency: 52% ▼ -2.00%
• Median HH income: $47,101
• Composite: 42.5/100
• National rank: #3206
• State rank: #64 of 178 in NC

Livability — Mills River

• Score: 67/100
• State rank: #253
• US rank: #11185

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mills River, NC
• County: Henderson County · 78,587 people
• City population: 7,555
• Metro: Asheville, NC
• Population (ZIP): 7,555
• Household income: $107,609
• Rent vs Own: 13.8% rent · 86.2% own
• Severe rent burden: 25.0

Population outlook (Henderson County) Hauer SSP2

• Today (2025): 124,075 people
• By 2030: 129,690 · +4.5%
• By 2040: 139,898 · +12.8%
• By 2050: 148,298 · +19.5%
• By 2075: 163,980 · +32.2%
• By 2100: 166,962 · +34.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 4% Asian 4% Two or more races 4% Black 3%
• Common ancestry: Slovak 4% Serbian 2% Iranian 2%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1%

Political lean MEDSL · Henderson

• 2024 margin: R (+14.6) · D 42.1% · R 56.7% · Other 1.1%
• 2008→2024 swing: +6.5pp toward D · 2008: -21.0pp · 2024: -14.6pp
• All cycles: 2024: R+14.6 2020: R+18.8 2016: R+27.9 2012: R+27.6 2008: R+21.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -90.89%
• Current HPI: 210.99
• Rent YoY: —
• Metro: Asheville, NC
• 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

1 event — show timeline

• 2026-05-26 Listed $159,900 FSBO.com

Property tax history

+2.4%/yr

Latest (2022): $383 · +0.0% YoY. Source: county tax records.