76 Adeles Way · Hendersonville, NC 28792

$475,000

7 bd · 5.0 ba · 4,201 sqft · MultiFamily public records · 68 Days on market

Built 1973 0.58 ac lot

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +7.1/30.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• DSCR +1.3/10.0
• 1% rule +0.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome to 76 Adeles Way — a rare opportunity to own a multi-plex property now offered for sale. There are FIVE units. Opportunities like this don’t come around often in Henderson County: a single building featuring five rental units, ready for the right investor to bring it to life. With projected gross rental income just under $100,000 annually, this property offers strong income potential. Its convenient location near Walmart, Ingles, major shopping, and the I-26 corridor makes it highly attractive to tenants. Under Hendersonville’s updated zoning regulations, there may also be potential to add an additional single-family home on the property (buyer to verify; survey re

Key facts

• Multi-plex property
• Five rental units
• Convenient location

Tags

• MULTI-PLEX PROPERTY
• FIVE RENTAL UNITS
• STRONG INCOME POTENTIAL
• CONVENIENT LOCATION
• SIGNIFICANT RENOVATIONS

Property features AI

Finance

• Financial info: Five total units (all completed); Owner is responsible for electricity, water and sewer; tenants pay all utilities
• HOA & community: No HOA; Pets allowed

Exterior

• Parking: Parking lot available
• Utilities: City water; Public sewer; Owner pays electricity, sewer, and water; tenants pay all utilities
• Home design: Residential income property (apartment); Completed development
• Construction: Site-built construction; Wood construction materials; Basement foundation
• Exterior features: Private-maintained road access; Road surface is gravel and paved

Interior

• Kitchen: Kitchen appliances include oven and refrigerator
• Bedrooms: Seven total bedrooms across the property; Five completed residential units (mix of 1- and 2-bedroom units)
• Bathrooms: Five full bathrooms
• Heating & cooling: Baseboard heating; No central cooling listed
• Interior features: Oven and refrigerator included; Exterior-entry basement; Primary bedroom, living room, dining area, kitchen, and bonus room present
• Laundry & utility: No dedicated laundry features listed

What this means for you Summary

Snapshot

• This is a 7-bed/5.0-bath multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $-730 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $346k (27.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $271k (43.0% below list).
• Recommended offer: $271k (43.0% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 3.5% in Hendersonville — 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 77/100 on livability (#29 in NC, #2,939 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime D+, employment D+, commute 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: Sugarloaf Elementary (math 47% / reading 40%, grade F, #618 of 1,410 statewide, top 44%, 416 students, 81% FRL); North Henderson High (math 72% / reading 58%, grade B, #161 of 535 statewide, top 30%, 1,146 students, 61% FRL) — zoned schools average 71% FRL vs 46% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.6%/yr); 364 active listings in the ZIP; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• At $2,708/mo this rent would consume 59% of the median local household income ($56k/yr) (locally 1420% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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 68 days — a 6% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $150k; list at $475k implies a 217% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $270,806 (43.0% 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 68 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is D 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. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.57% ✗
• Cap rate: 4.59%
• Cash-on-cash: -6.09%
• DSCR: 0.73
• GRM: 14.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.63% rent growth · sell at horizon

5-year hold

• IRR: -27.2%
• Equity multiple: 0.08×
• Total profit: $-121,974
• Equity at exit: $70,824

10-year hold

• IRR: -23.5%
• Equity multiple: -0.20×
• Total profit: $-159,798
• Equity at exit: $41,069

Cash invested: $133,000 (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 28792

• Rents YoY: 3.6%
• Active inventory: 364
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $2,708 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$125 /mo · $1,504/yr
• Insurance: −$198
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $-730

Break-even live

Break-even rent $3,633

Max offer price $345,976

Occupancy floor —

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $475,000 Active 68 DOM
2. 2026-06-17
   days on market $475,000 Active 67 DOM
3. 2026-06-16
   days on market $475,000 Active 66 DOM
4. 2026-06-15
   days on market $475,000 Active 65 DOM
5. 2026-06-14
   days on market $475,000 Active 63 DOM
6. 2026-06-13
   days on market $475,000 Active 62 DOM
7. 2026-06-10
   days on market $475,000 Active 60 DOM
8. 2026-06-09
   days on market $475,000 Active 59 DOM
9. 2026-06-08
   days on market $475,000 Active 58 DOM
10. 2026-06-07
    days on market $475,000 Active 57 DOM
11. 2026-06-05
    days on market $475,000 Active 54 DOM
12. 2026-06-03
    days on market $475,000 Active 53 DOM
13. 2026-06-02
    days on market $475,000 Active 52 DOM
14. 2026-06-01
    days on market $475,000 Active 51 DOM
15. 2026-05-31
    days on market $475,000 Active 50 DOM
16. 2026-05-30
    days on market $475,000 Active 49 DOM
17. 2026-05-18
    price $475,000
18. 2026-04-11
    listed $500,000 Active
19. 2003-11-04
    soldstatus $150,000

ⓘ 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: $1,504 · $125/mo
• Projected year-2 tax: $3,895 · $325/mo
• Expected delta: +$2,391/yr (+$199/mo · 159.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 18 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: $32,497
• − Mortgage interest: −$26,607
• − Property taxes: −$1,504
• − Insurance: −$3,042
• − Repairs & maintenance: −$2,600
• − Management: −$2,600
• − Depreciation: −$13,818
• Taxable loss: −$17,674
• Est. tax savings @ 24.0%: +$4,242
• After-tax cash flow: $-4,523/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 — Hendersonville

• Score: 77/100
• State rank: #29
• US rank: #2939

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Henderson County · 78,587 people
• City population: 51,753
• Metro: Asheville, NC
• Population (ZIP): 36,645
• Household income: $55,522
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1420.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 20% Two or more races 8% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Slovak 3% Serbian 2% Lithuanian 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 82% English-only · Spanish 16%

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: ▼ -174.29%
• Current HPI: 214.0215
• Rent YoY: ▲ 3.63%
• 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

+216.7% since first listed

3 events — show timeline

• 2026-05-18 Price Changed $475,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-11 Listed $500,000 CANOPYMLS as Distributed by MLS Grid
• 2003-11-04 Sold (Public Records) $150,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $1,504 · +0.0% YoY. Source: county tax records.