105 Farm Ln · Mills River, NC 28759

$319,000

3 bd · 3.5 ba · 1,611 sqft · Townhouse public records · 294 Days on market

Built 2001 2,178 sqft lot Est $314k · at est. $324/mo HOA · 12% of rent

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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).

• Cash flow +11.6/30.0
• ARV discount +6.8/15.0
• Schools +4.2/10.0
• 1% rule +3.4/10.0
• DSCR +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss your opportunity to own this move-in ready 3 bed/3.5 bath townhome in the highly sought after Glens of Aberdeen community. Home boasts vaulted ceilings, walk-in closets, a back deck AND a lower patio with rare back yard area. Enjoy the convenience of the single car garage on the main, the additional living area on the lower level, and the large unfinished storage space. Community features include an easy-to-walk neighborhood, pool, fitness center, and iconic dairy barn clubhouse.

Key facts

• Private porch
• Recreation room
• Walk-in closet

Tags

• PRIVATE PORCH
• HIGH CEILINGS
• NATURAL LIGHT
• RE-DONE FULL BATHROOM
• WALK-IN CLOSET
• RECREATION ROOM

Property features AI

Finance

• HOA & community: HOA required (Cedar Management Group); Monthly association fee of $324; Community clubhouse and fitness center

Exterior

• Parking: Assigned garage that faces front; 1-car garage (main level)
• Utilities: City water; Public sewer
• Home design: Residential townhouse; Two levels; Basement foundation
• Construction: Site-built construction; Vinyl exterior
• Exterior features: Covered rear porch; Outdoor pool; Asphalt paved roads; Private maintained road

Interior

• Kitchen: Dishwasher
• Bedrooms: 3 bedrooms total — 2 upper-level, 1 basement-level
• Bathrooms: 3 full bathrooms; 1 half bathroom
• Heating & cooling: Central heating; Heat pump; Central air conditioning
• Interior features: 9 total rooms; Partially finished basement with storage and walk-out/walk-up access; Entry level 1
• Laundry & utility: Washer and dryer included; Laundry located on main level

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath townhouse listed at $319k.

Deal economics

• At list price, monthly cash flow is $-97 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $302k (5.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (15.5% below list).
• Recommended offer: $269k (15.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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.
• Zoned schools: Glenn C Marlow Elementary (math 70% / reading 70%, grade A-, #90 of 1,410 statewide, top 7%, 580 students, 30% FRL); West Henderson High (math 73% / reading 63%, grade B, #137 of 535 statewide, top 26%, 1,087 students, 34% FRL).
• Zoned-school proficiency averages 69% at this address vs 50% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Henderson County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 109 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).
• This rent runs 30% of the median local income ($108k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• It's been on market 294 days — a 12% lower offer ($281k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $18k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $182k; list at $319k implies a 75% gain — meaningful room to come down on a strong offer.

Recommended offer $269,494 (15.5% below list)

Questions for the listing agent

1. 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?
2. It's been on market 294 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.84% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.30%
• DSCR: 0.94
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $314,145
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 Farm Ln	0.00mi	3/3.5	1,814 (+13%)	2mo	$285,000	$157	78
127 Farm Ln	0.03mi	3/3.5	1,742 (+8%)	17mo	$340,000	$195	71
97 Farm Ln	0.02mi	2/3.5 (-1)	1,800 (+12%)	6mo	$265,000	$147	69
538 Wheatfield Rd	0.66mi	3/2.5	1,674 (+4%)	14mo	$351,210	$210	47

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

Projected returns pro-forma

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

5-year hold

• IRR: -18.4%
• Equity multiple: 0.35×
• Total profit: $-57,794
• Equity at exit: $47,564

10-year hold

• IRR: -10.7%
• Equity multiple: 0.35×
• Total profit: $-58,034
• Equity at exit: $27,581

Cash invested: $89,320 (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: 109
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,695 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$96 /mo · $1,150/yr
• Insurance: −$133
• HOA: −$324
• Vacancy / Maint / Mgmt: −$566
• Net cashflow: $-97

Break-even live

Break-even rent $2,817

Max offer price $301,927

Occupancy floor 99%

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 Mud Creek Rd Fletcher, NC	4.0	2.0	1477	$2,595	$1.76	23d	1	1.28mi

HOA detail

• Monthly dues: $324 · $3,888/yr
• Likely covers: poolgym

Listing history 29 events

1. 2026-06-18
   days on market $319,000 Active 294 DOM
2. 2026-06-17
   days on market $319,000 Active 293 DOM
3. 2026-06-16
   days on market $319,000 Active 292 DOM
4. 2026-06-15
   days on market $319,000 Active 291 DOM
5. 2026-06-14
   days on market $319,000 Active 289 DOM
6. 2026-06-13
   days on market $319,000 Active 288 DOM
7. 2026-06-10
   days on market $319,000 Active 286 DOM
8. 2026-06-09
   days on market $319,000 Active 285 DOM
9. 2026-06-08
   days on market $319,000 Active 284 DOM
10. 2026-06-07
    days on market $319,000 Active 283 DOM
11. 2026-06-05
    days on market $319,000 Active 280 DOM
12. 2026-06-03
    days on market $319,000 Active 279 DOM
13. 2026-06-02
    days on market $319,000 Active 278 DOM
14. 2026-06-01
    days on market $319,000 Active 277 DOM
15. 2026-05-31
    days on market $319,000 Active 276 DOM
16. 2026-05-30
    days on market $319,000 Active 275 DOM
17. 2026-01-03
    price $319,000
18. 2025-09-30
    price $324,000
19. 2025-08-28
    listed $337,000 Active
20. 2024-11-17
    listed $340,000 Active
21. 2017-07-14
    soldstatus $182,250 495-char remark

    Show marketing remark (495 chars)

    Don't miss your opportunity to own this move-in ready 3 bed/3.5 bath townhome in the highly sought after Glens of Aberdeen community. Home boasts vaulted ceilings, walk-in closets, a back deck AND a lower patio with rare back yard area. Enjoy the convenience of the single car garage on the main, the additional living area on the lower level, and the large unfinished storage space. Community features include an easy-to-walk neighborhood, pool, fitness center, and iconic dairy barn clubhouse.

22. 2017-07-14
    soldstatus $182,250 Sold 495-char remark

    Show marketing remark (495 chars)

    Don't miss your opportunity to own this move-in ready 3 bed/3.5 bath townhome in the highly sought after Glens of Aberdeen community. Home boasts vaulted ceilings, walk-in closets, a back deck AND a lower patio with rare back yard area. Enjoy the convenience of the single car garage on the main, the additional living area on the lower level, and the large unfinished storage space. Community features include an easy-to-walk neighborhood, pool, fitness center, and iconic dairy barn clubhouse.

23. 2017-07-14
    soldstatus $183,000

    Show marketing remark (495 chars)

    Don't miss your opportunity to own this move-in ready 3 bed/3.5 bath townhome in the highly sought after Glens of Aberdeen community. Home boasts vaulted ceilings, walk-in closets, a back deck AND a lower patio with rare back yard area. Enjoy the convenience of the single car garage on the main, the additional living area on the lower level, and the large unfinished storage space. Community features include an easy-to-walk neighborhood, pool, fitness center, and iconic dairy barn clubhouse.

24. 2017-06-05
    historical Under Contract (Show) 495-char remark

    Show marketing remark (495 chars)

    Don't miss your opportunity to own this move-in ready 3 bed/3.5 bath townhome in the highly sought after Glens of Aberdeen community. Home boasts vaulted ceilings, walk-in closets, a back deck AND a lower patio with rare back yard area. Enjoy the convenience of the single car garage on the main, the additional living area on the lower level, and the large unfinished storage space. Community features include an easy-to-walk neighborhood, pool, fitness center, and iconic dairy barn clubhouse.

25. 2017-06-02
    historical 495-char remark

    Show marketing remark (495 chars)

    Don't miss your opportunity to own this move-in ready 3 bed/3.5 bath townhome in the highly sought after Glens of Aberdeen community. Home boasts vaulted ceilings, walk-in closets, a back deck AND a lower patio with rare back yard area. Enjoy the convenience of the single car garage on the main, the additional living area on the lower level, and the large unfinished storage space. Community features include an easy-to-walk neighborhood, pool, fitness center, and iconic dairy barn clubhouse.

26. 2017-05-29
    listed $182,000 Active 495-char remark

    Show marketing remark (495 chars)

    Don't miss your opportunity to own this move-in ready 3 bed/3.5 bath townhome in the highly sought after Glens of Aberdeen community. Home boasts vaulted ceilings, walk-in closets, a back deck AND a lower patio with rare back yard area. Enjoy the convenience of the single car garage on the main, the additional living area on the lower level, and the large unfinished storage space. Community features include an easy-to-walk neighborhood, pool, fitness center, and iconic dairy barn clubhouse.

27. 2017-05-29
    listed $182,000 495-char remark

    Show marketing remark (495 chars)

    Don't miss your opportunity to own this move-in ready 3 bed/3.5 bath townhome in the highly sought after Glens of Aberdeen community. Home boasts vaulted ceilings, walk-in closets, a back deck AND a lower patio with rare back yard area. Enjoy the convenience of the single car garage on the main, the additional living area on the lower level, and the large unfinished storage space. Community features include an easy-to-walk neighborhood, pool, fitness center, and iconic dairy barn clubhouse.

28. 2007-07-13
    soldstatus $176,000
29. 2002-06-03
    soldstatus $140,500

ⓘ 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: $1,150 · $96/mo
• Projected year-2 tax: $2,616 · $218/mo
• Expected delta: +$1,465/yr (+$122/mo · 127.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,339
• − Mortgage interest: −$17,869
• − Property taxes: −$1,150
• − Insurance: −$1,595
• − Repairs & maintenance: −$2,587
• − Management: −$2,587
• − HOA: −$3,888
• − Depreciation: −$9,280
• Taxable loss: −$6,617
• Est. tax savings @ 24.0%: +$1,588
• After-tax cash flow: $428/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

+127.0% since first listed

13 events — show timeline

• 2026-01-03 Price Changed $319,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-30 Price Changed $324,000 CANOPYMLS as Distributed by MLS Grid
• 2025-08-28 Listed $337,000 CANOPYMLS as Distributed by MLS Grid
• 2024-11-17 Listed $340,000 CANOPYMLS as Distributed by MLS Grid
• 2017-07-14 Sold (Public Records) $183,000 Public Records
• 2017-07-14 Sold (MLS) $182,250 NCMMLS
• 2017-07-14 Sold (MLS) $182,250 CANOPYMLS as Distributed by MLS Grid
• 2017-06-05 Contingent — NCMMLS
• 2017-06-02 Delisted — CANOPYMLS as Distributed by MLS Grid
• 2017-05-29 Listed $182,000 NCMMLS
• 2017-05-29 Listed $182,000 CANOPYMLS as Distributed by MLS Grid
• 2007-07-13 Sold (Public Records) $176,000 Public Records
• 2002-06-03 Sold (Public Records) $140,500 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,150 · +0.0% YoY. Source: county tax records.