16738 Highlands Pkwy · Lansing, NC 24292

$138,000

3 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 232 Days on market

Built 1940 0.57 ac lot $117/sqft · 19% below area Est $170k · 19% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.3/30.0
• Appreciation +5.9/10.0
• Schools +5.9/10.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This charming farmhouse is an outdoors lover's dream, being centrally located to all that the Highlands has to offer. Whitetop Mountain, the MRNRA, the Appalachian Trail, the Creeper Trail, and Grayson Highlands State Park are all just minutes away. The interior has been almost completely remodeled/refreshed over the last few years. Brand new butcher block kitchen countertop and sink. New stair treads and railings to the second floor. Light, bright interior throughout. 2 bedrooms up/2 down. Original hardwood floors that have been painted. Oil monitor heat. Water heater is approximately 2 years old. Huge barn/shop out back with electric with a water hydrant at the corner. Property is a nearly flat . 57 acres. Flat gravel driveway with direct easy access to Hwy. 58. Deeded and recorded water rights to neighbor's well, private septic. Please note that the GIS is incorrect; this property does not encompass the lot to the east that leads to the large field behind the house. Internet availability to be determined by Buyer and Buyer's agent. New cell tower coming soon to Whitetop. Selling AS-IS, seller to make no repairs. Inspections are welcome but will not be accepted as a contingency. Proof of funds/letter of preapproval required with any offer. Owner/Agent.

Key facts

• New stair treads
• Deeded water rights
• Private septic

Tags

• NEW STAIR TREADS
• HUGE BARN SHOP
• DEEDED WATER RIGHTS
• PRIVATE SEPTIC

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $138k.

Deal economics

• At list price, monthly cash flow is $-50 ($-604/yr) — negative.
• To cash-flow at today's rent, offer at most $131k (5.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $114k (17.1% below list).
• Recommended offer: $114k (17.1% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 1.7% in Lansing — 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 60/100 on livability (#514 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, schools F, crime F.
• Grayson County Public School District (rural): math 68% / reading 76% proficiency, ranked #27 of 131 in VA (top 21%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 38 units permitted in Grayson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($954 loan paydown + $2k appreciation (1.7% local appreciation)).
• Grayson County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.7% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 232 days — a 12% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $12k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $138k implies a 72% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,349 (17.1% 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 232 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.83% ✗
• Cap rate: 5.86%
• Cash-on-cash: -1.56%
• DSCR: 0.93
• GRM: 10.1

CMA / ARV

• ARV (median comp): $170,081
• List price: $138,000
• Delta: -18.86%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16727 Highlands Pkwy	0.03mi	3/2.0	1,318 (+12%)	7mo	$85,000	$64	69

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

Projected returns pro-forma

1.74% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.2%
• Equity multiple: 1.11×
• Total profit: $4,430
• Equity at exit: $52,470

10-year hold

• IRR: 6.3%
• Equity multiple: 1.83×
• Total profit: $32,112
• Equity at exit: $74,078

Cash invested: $38,640 (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 24292

• Home prices YoY: 0.9%
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,143 medium
• Mortgage (P&I): −$724
• Tax est. 1.5%: −$172 /mo · $2,070/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $-50

Break-even live

Break-even rent $1,207

Max offer price $130,717

Occupancy floor 99%

Sensitivity live

Price	-10% $45	-5% $-3	+0% $-50	+5% $-98	+10% $-146
Rent	-10% $-141	-5% $-95	+0% $-50	+5% $-5	+10% $40
Rate	-1.0pp $19	-0.5pp $-15	base $-50	+0.5pp $-86	+1.0pp $-122

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $138,000 Active 232 DOM
2. 2026-06-17
   days on market $138,000 Active 231 DOM
3. 2026-06-17
   price $138,000 Active 230 DOM
4. 2026-06-16
   days on market $139,000 Active 230 DOM
5. 2026-06-15
   days on market $139,000 Active 229 DOM
6. 2026-06-15
   days on market $139,000 Active 228 DOM
7. 2026-06-13
   days on market $139,000 Active 227 DOM
8. 2026-06-12
   days on market $139,000 Active 226 DOM
9. 2026-06-09
   days on market $139,000 Active 223 DOM
10. 2026-06-08
    days on market $139,000 Active 222 DOM
11. 2026-06-08
    days on market $139,000 Active 221 DOM
12. 2026-06-07
    days on market $139,000 Active 220 DOM
13. 2026-06-03
    days on market $139,000 Active 217 DOM
14. 2026-06-02
    days on market $139,000 Active 216 DOM
15. 2026-06-01
    days on market $139,000 Active 215 DOM
16. 2026-05-31
    days on market $139,000 Active 214 DOM
17. 2026-05-31
    price $139,000 Active 213 DOM
18. 2026-05-07
    price $140,000 1274-char remark

    Show marketing remark (1274 chars)

    This charming farmhouse is an outdoors lover's dream, being centrally located to all that the Highlands has to offer. Whitetop Mountain, the MRNRA, the Appalachian Trail, the Creeper Trail, and Grayson Highlands State Park are all just minutes away. The interior has been almost completely remodeled/refreshed over the last few years. Brand new butcher block kitchen countertop and sink. New stair treads and railings to the second floor. Light, bright interior throughout. 2 bedrooms up/2 down. Original hardwood floors that have been painted. Oil monitor heat. Water heater is approximately 2 years old. Huge barn/shop out back with electric with a water hydrant at the corner. Property is a nearly flat . 57 acres. Flat gravel driveway with direct easy access to Hwy. 58. Deeded and recorded water rights to neighbor's well, private septic. Please note that the GIS is incorrect; this property does not encompass the lot to the east that leads to the large field behind the house. Internet availability to be determined by Buyer and Buyer's agent. New cell tower coming soon to Whitetop. Selling AS-IS, seller to make no repairs. Inspections are welcome but will not be accepted as a contingency. Proof of funds/letter of preapproval required with any offer. Owner/Agent.

19. 2026-05-01
    status Active 1274-char remark

    Show marketing remark (1274 chars)

    This charming farmhouse is an outdoors lover's dream, being centrally located to all that the Highlands has to offer. Whitetop Mountain, the MRNRA, the Appalachian Trail, the Creeper Trail, and Grayson Highlands State Park are all just minutes away. The interior has been almost completely remodeled/refreshed over the last few years. Brand new butcher block kitchen countertop and sink. New stair treads and railings to the second floor. Light, bright interior throughout. 2 bedrooms up/2 down. Original hardwood floors that have been painted. Oil monitor heat. Water heater is approximately 2 years old. Huge barn/shop out back with electric with a water hydrant at the corner. Property is a nearly flat . 57 acres. Flat gravel driveway with direct easy access to Hwy. 58. Deeded and recorded water rights to neighbor's well, private septic. Please note that the GIS is incorrect; this property does not encompass the lot to the east that leads to the large field behind the house. Internet availability to be determined by Buyer and Buyer's agent. New cell tower coming soon to Whitetop. Selling AS-IS, seller to make no repairs. Inspections are welcome but will not be accepted as a contingency. Proof of funds/letter of preapproval required with any offer. Owner/Agent.

20. 2026-02-05
    historical 1274-char remark

    Show marketing remark (1274 chars)

    This charming farmhouse is an outdoors lover's dream, being centrally located to all that the Highlands has to offer. Whitetop Mountain, the MRNRA, the Appalachian Trail, the Creeper Trail, and Grayson Highlands State Park are all just minutes away. The interior has been almost completely remodeled/refreshed over the last few years. Brand new butcher block kitchen countertop and sink. New stair treads and railings to the second floor. Light, bright interior throughout. 2 bedrooms up/2 down. Original hardwood floors that have been painted. Oil monitor heat. Water heater is approximately 2 years old. Huge barn/shop out back with electric with a water hydrant at the corner. Property is a nearly flat . 57 acres. Flat gravel driveway with direct easy access to Hwy. 58. Deeded and recorded water rights to neighbor's well, private septic. Please note that the GIS is incorrect; this property does not encompass the lot to the east that leads to the large field behind the house. Internet availability to be determined by Buyer and Buyer's agent. New cell tower coming soon to Whitetop. Selling AS-IS, seller to make no repairs. Inspections are welcome but will not be accepted as a contingency. Proof of funds/letter of preapproval required with any offer. Owner/Agent.

21. 2026-01-04
    price $142,000 1274-char remark

    Show marketing remark (1274 chars)

    This charming farmhouse is an outdoors lover's dream, being centrally located to all that the Highlands has to offer. Whitetop Mountain, the MRNRA, the Appalachian Trail, the Creeper Trail, and Grayson Highlands State Park are all just minutes away. The interior has been almost completely remodeled/refreshed over the last few years. Brand new butcher block kitchen countertop and sink. New stair treads and railings to the second floor. Light, bright interior throughout. 2 bedrooms up/2 down. Original hardwood floors that have been painted. Oil monitor heat. Water heater is approximately 2 years old. Huge barn/shop out back with electric with a water hydrant at the corner. Property is a nearly flat . 57 acres. Flat gravel driveway with direct easy access to Hwy. 58. Deeded and recorded water rights to neighbor's well, private septic. Please note that the GIS is incorrect; this property does not encompass the lot to the east that leads to the large field behind the house. Internet availability to be determined by Buyer and Buyer's agent. New cell tower coming soon to Whitetop. Selling AS-IS, seller to make no repairs. Inspections are welcome but will not be accepted as a contingency. Proof of funds/letter of preapproval required with any offer. Owner/Agent.

22. 2025-11-20
    price $143,000 1274-char remark

    Show marketing remark (1274 chars)

    This charming farmhouse is an outdoors lover's dream, being centrally located to all that the Highlands has to offer. Whitetop Mountain, the MRNRA, the Appalachian Trail, the Creeper Trail, and Grayson Highlands State Park are all just minutes away. The interior has been almost completely remodeled/refreshed over the last few years. Brand new butcher block kitchen countertop and sink. New stair treads and railings to the second floor. Light, bright interior throughout. 2 bedrooms up/2 down. Original hardwood floors that have been painted. Oil monitor heat. Water heater is approximately 2 years old. Huge barn/shop out back with electric with a water hydrant at the corner. Property is a nearly flat . 57 acres. Flat gravel driveway with direct easy access to Hwy. 58. Deeded and recorded water rights to neighbor's well, private septic. Please note that the GIS is incorrect; this property does not encompass the lot to the east that leads to the large field behind the house. Internet availability to be determined by Buyer and Buyer's agent. New cell tower coming soon to Whitetop. Selling AS-IS, seller to make no repairs. Inspections are welcome but will not be accepted as a contingency. Proof of funds/letter of preapproval required with any offer. Owner/Agent.

23. 2025-10-15
    price $143,900 1274-char remark

    Show marketing remark (1274 chars)

    This charming farmhouse is an outdoors lover's dream, being centrally located to all that the Highlands has to offer. Whitetop Mountain, the MRNRA, the Appalachian Trail, the Creeper Trail, and Grayson Highlands State Park are all just minutes away. The interior has been almost completely remodeled/refreshed over the last few years. Brand new butcher block kitchen countertop and sink. New stair treads and railings to the second floor. Light, bright interior throughout. 2 bedrooms up/2 down. Original hardwood floors that have been painted. Oil monitor heat. Water heater is approximately 2 years old. Huge barn/shop out back with electric with a water hydrant at the corner. Property is a nearly flat . 57 acres. Flat gravel driveway with direct easy access to Hwy. 58. Deeded and recorded water rights to neighbor's well, private septic. Please note that the GIS is incorrect; this property does not encompass the lot to the east that leads to the large field behind the house. Internet availability to be determined by Buyer and Buyer's agent. New cell tower coming soon to Whitetop. Selling AS-IS, seller to make no repairs. Inspections are welcome but will not be accepted as a contingency. Proof of funds/letter of preapproval required with any offer. Owner/Agent.

24. 2025-09-18
    price $147,000 1274-char remark

    Show marketing remark (1274 chars)

    This charming farmhouse is an outdoors lover's dream, being centrally located to all that the Highlands has to offer. Whitetop Mountain, the MRNRA, the Appalachian Trail, the Creeper Trail, and Grayson Highlands State Park are all just minutes away. The interior has been almost completely remodeled/refreshed over the last few years. Brand new butcher block kitchen countertop and sink. New stair treads and railings to the second floor. Light, bright interior throughout. 2 bedrooms up/2 down. Original hardwood floors that have been painted. Oil monitor heat. Water heater is approximately 2 years old. Huge barn/shop out back with electric with a water hydrant at the corner. Property is a nearly flat . 57 acres. Flat gravel driveway with direct easy access to Hwy. 58. Deeded and recorded water rights to neighbor's well, private septic. Please note that the GIS is incorrect; this property does not encompass the lot to the east that leads to the large field behind the house. Internet availability to be determined by Buyer and Buyer's agent. New cell tower coming soon to Whitetop. Selling AS-IS, seller to make no repairs. Inspections are welcome but will not be accepted as a contingency. Proof of funds/letter of preapproval required with any offer. Owner/Agent.

25. 2025-08-05
    listed $149,900 Active 1274-char remark

    Show marketing remark (1274 chars)

    This charming farmhouse is an outdoors lover's dream, being centrally located to all that the Highlands has to offer. Whitetop Mountain, the MRNRA, the Appalachian Trail, the Creeper Trail, and Grayson Highlands State Park are all just minutes away. The interior has been almost completely remodeled/refreshed over the last few years. Brand new butcher block kitchen countertop and sink. New stair treads and railings to the second floor. Light, bright interior throughout. 2 bedrooms up/2 down. Original hardwood floors that have been painted. Oil monitor heat. Water heater is approximately 2 years old. Huge barn/shop out back with electric with a water hydrant at the corner. Property is a nearly flat . 57 acres. Flat gravel driveway with direct easy access to Hwy. 58. Deeded and recorded water rights to neighbor's well, private septic. Please note that the GIS is incorrect; this property does not encompass the lot to the east that leads to the large field behind the house. Internet availability to be determined by Buyer and Buyer's agent. New cell tower coming soon to Whitetop. Selling AS-IS, seller to make no repairs. Inspections are welcome but will not be accepted as a contingency. Proof of funds/letter of preapproval required with any offer. Owner/Agent.

26. 2022-01-26
    soldstatus $80,000

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 8 d/yr ≥87°F today · 25 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,722
• − Mortgage interest: −$7,730
• − Property taxes: −$2,070
• − Insurance: −$690
• − Repairs & maintenance: −$1,098
• − Management: −$1,098
• − Depreciation: −$4,015
• Taxable loss: −$2,978
• Est. tax savings @ 24.0%: +$715
• After-tax cash flow: $111/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: Grayson County Public School District
• NCES district ID: 5101690
• Math proficiency: 68% ▼ -20.00%
• Reading proficiency: 76% ▼ -7.00%
• Median HH income: $31,429
• Composite: 59.22/100
• National rank: #942
• State rank: #27 of 131 in VA

Livability — Lansing

• Score: 60/100
• State rank: #514
• US rank: #18836

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 365

Population outlook (Grayson County) Hauer SSP2

• Today (2025): 14,252 people
• By 2030: 13,634 · -4.3%
• By 2040: 12,202 · -14.4%
• By 2050: 10,811 · -24.1%
• By 2075: 8,069 · -43.4%
• By 2100: 5,647 · -60.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (99%)
• Race & ethnicity: White 99%
• Common ancestry: Italian 5%

Political lean MEDSL · Grayson

• 2024 margin: Solid R (+62.2) · D 18.6% · R 80.8%
• 2008→2024 swing: -33.7pp toward R · 2008: -28.5pp · 2024: -62.2pp
• All cycles: 2024: R+62.2 2020: R+61.4 2016: R+57.7 2012: R+37.9 2008: R+28.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.74%
• Current HPI: 187.1052
• 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

+75.0% since first listed

9 events — show timeline

• 2026-05-07 Price Changed $140,000 SWVAR
• 2026-05-01 Relisted — SWVAR
• 2026-02-05 Delisted — SWVAR
• 2026-01-04 Price Changed $142,000 SWVAR
• 2025-11-20 Price Changed $143,000 SWVAR
• 2025-10-15 Price Changed $143,900 SWVAR
• 2025-09-18 Price Changed $147,000 SWVAR
• 2025-08-05 Listed $149,900 SWVAR
• 2022-01-26 Sold (Public Records) $80,000 Public Records

Property tax history

-1.3%/yr

Latest (2025): $224 · -25.9% YoY. Source: county tax records.