84 Pelohi Cove Rd

Bryson City, NC 28713

$99,000C

2 bd · 1.0 ba · 520 sqft · Built 1961 · SingleFamily · Active · 272 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,062/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$72
• HOA: −$55
• Vac / Maint / Mgmt: −$223
• Net cashflow: $193/mo
• Annual: $2,315/yr
• Cap rate: 8.63%
• Cash-on-cash: 8.35%
• DSCR: 1.37
• 1% rule: 1.07%
• Cash to close: $27,720

Investor read

• This is a 2-bed/1.0-bath single-family listed at $99k.
• At list price, monthly cash flow is $193 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• It's been on market 272 days — a 12% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#372 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B+; Watch: employment D, crime F, amenities D-.
• Swain County Schools (rural): math 43% / reading 45% proficiency, ranked #91 of 178 in NC (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Swain County East Elementary (math 37% / reading 42%, grade F, #694 of 1,410 statewide, top 53%, 339 students, 70% FRL); Swain County High School (math 52% / reading 52%, grade D+, #292 of 535 statewide, top 56%, 560 students, 51% FRL).
• Market conditions: 342 active listings in the ZIP; 77 units permitted in Swain County in 2024 (0 in 5+ unit buildings).
• Swain County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 3y ago; this cycle's ask has dropped $16k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $77k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.6% vs local median 1.2% in Bryson City — 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.

Questions for listing agent

• It's been on market 272 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.