103 Venture Trl Unit 56e · Norwood, NC 27306

$125,000

2 bd · 1.5 ba · 828 sqft · Manufactured · 28 Days on market

Built 1997 Good condition 9,148 sqft lot Est $114k · 9% over $46/mo HOA · 3% of rent

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Why this score? — see what drove the C 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 +23.9/30.0
• DSCR +7.7/10.0
• 1% rule +6.7/10.0
• Appreciation +4.5/10.0
• Condition / age +3.8/5.0
• ARV discount +3.3/15.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0

Listing remarks

Pack the golf cart, invite your people, and start making memories here! This is the kind of place where weekends turn into traditions and you actually unplug and enjoy the Lake Tillery lifestyle. Located in one of the more residential sections of the community, this unique property offers a larger lot and a flexible layout that has been thoughtfully expanded over time. The original 1983 Timberline 8x27 camper serves as the foundation, with additions that now include a living room, a bedroom with a half bath, and a spacious sunroom, giving you more usable space than many homes in the area. Recent updates include fresh paint and carpet in the main living areas and bedrooms, along with LVP flo

Key facts

• 9,148 sq ft lot
• Parking
• Community pool

Property features AI

Finance

• Other: Zoned: Campground; Paved road frontage
• HOA & community: Homeowners association with annual fee; Association amenities include barbecue, clubhouse, game room, gated entry, playground, pool, RV parking and RV/boat storage, security; Association fee $550 annually (about $45.83/month)

Exterior

• Parking: Has carport (1 space); Gravel parking
• Utilities: Generator for electric; Cable available; Water connected; Other utilities
• Home design: Manufactured home; One level; Entry level 1
• Construction: Metal siding and vinyl siding; Other roof; Crawl space/no basement
• Exterior features: Front porch; Has view; Accessible approach with ramp; Generator

Interior

• Kitchen: Electric range; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Propane heating; Other heating; Wall/window cooling unit(s)
• Interior features: Ceiling fan(s); Eat-in kitchen; See remarks
• Laundry & utility: Washer and dryer; Laundry located in kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $125k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $242 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 2.9% in Norwood — 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 63/100 on livability (#410 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment D-.
• Montgomery County Schools (rural): math 29% / reading 34% proficiency, ranked #143 of 178 in NC (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mount Gilead Elementary (math 27% / reading 32%, grade F, #975 of 1,410 statewide, top 71%, 213 students, 87% FRL); West Middle (math 20% / reading 31%, grade F, #388 of 475 statewide, top 83%, 309 students, 72% FRL); Montgomery County Early College (math 95% / reading 92%, grade A+, #19 of 535 statewide, top 4%, 272 students, 57% FRL).
• Zoned-school proficiency averages 50% at this address vs 32% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Montgomery County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 113 active listings in the ZIP; 138 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.9%/yr); year-one equity from $864 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Montgomery County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.9% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,125 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.17% ✓
• Cap rate: 8.61%
• Cash-on-cash: 8.29%
• DSCR: 1.37
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $114,264
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
121 Hideaway Trl	0.57mi	2/1.0	800 (-3%)	23mo	$110,000	$138	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.94% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.18×
• Total profit: $6,383
• Equity at exit: $30,545

10-year hold

• IRR: 10.5%
• Equity multiple: 2.03×
• Total profit: $36,129
• Equity at exit: $32,392

Cash invested: $35,000 (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 27306

• Home prices YoY: -0.3%
• Active inventory: 113
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,458 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$46
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $242

Break-even live

Break-even rent $1,152

Max offer price $125,000

Occupancy floor 78%

Sensitivity live

Price	-10% $328	-5% $285	+0% $242	+5% $199	+10% $155
Rent	-10% $127	-5% $184	+0% $242	+5% $299	+10% $357
Rate	-1.0pp $305	-0.5pp $274	base $242	+0.5pp $209	+1.0pp $176

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $46 · $552/yr

Listing history 17 events

1. 2026-06-18
   days on market $125,000 Active 28 DOM
2. 2026-06-17
   days on market $125,000 Active 27 DOM
3. 2026-06-16
   days on market $125,000 Active 26 DOM
4. 2026-06-15
   days on market $125,000 Active 25 DOM
5. 2026-06-14
   days on market $125,000 Active 23 DOM
6. 2026-06-13
   days on market $125,000 Active 22 DOM
7. 2026-06-10
   days on market $125,000 Active 20 DOM
8. 2026-06-09
   days on market $125,000 Active 19 DOM
9. 2026-06-08
   days on market $125,000 Active 18 DOM
10. 2026-06-07
    days on market $125,000 Active 17 DOM
11. 2026-06-05
    days on market $125,000 Active 14 DOM
12. 2026-06-03
    days on market $125,000 Active 13 DOM
13. 2026-06-02
    days on market $125,000 Active 12 DOM
14. 2026-06-01
    days on market $125,000 Active 11 DOM
15. 2026-05-31
    days on market $125,000 Active 10 DOM
16. 2026-05-31
    days on market $125,000 Active 9 DOM
17. 2026-05-21
    listed $125,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,492
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,399
• − Management: −$1,399
• − HOA: −$552
• − Depreciation: −$3,636
• Taxable income: $1,003
• Est. tax owed @ 24.0%: −$241
• After-tax cash flow: $2,660/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This manufactured home is in good condition with recent updates, offering a good investment opportunity with minor repairs and maintenance needed.

Repairs flagged

• Minor kitchen cabinets — existing cabinets show some wear
• Minor bathroom vanity — existing vanity shows some wear

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both replace carpet — improves comfort and value
• Both update kitchen cabinets — modernizes and increases value
• Both update bathroom vanity — modernizes and increases value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · existing cabinets show some wear	Minor	$500–3,000
bathroom vanity · existing vanity shows some wear	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both replace carpet — improves comfort and value ↑
• Both update kitchen cabinets — modernizes and increases value ↑
• Both update bathroom vanity — modernizes and increases value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Montgomery County Schools
• NCES district ID: 3703060
• Math proficiency: 29% ▼ -6.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $34,706
• Composite: 25.97/100
• National rank: #7328
• State rank: #143 of 178 in NC

Livability — Norwood

• Score: 63/100
• State rank: #410
• US rank: #15485

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,457

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 26,533 people
• By 2030: 25,724 · -3.0%
• By 2040: 23,842 · -10.1%
• By 2050: 22,077 · -16.8%
• By 2075: 18,754 · -29.3%
• By 2100: 15,537 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 26% Asian 6% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Slovak 2% Serbian 1% Iranian 1%
• Foreign-born: 6% · China, Canada, Philippines
• Languages at home: 92% English-only · Other Asian/Pacific 5% Spanish 2% Chinese 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+37.8) · D 30.8% · R 68.6%
• 2008→2024 swing: -26.9pp toward R · 2008: -11.0pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+31.8 2016: R+25.9 2012: R+15.2 2008: R+11.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.94%
• Current HPI: 334.2599
• 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

1 event — show timeline

• 2026-05-21 Listed $125,000 Hive MLS