128 Indian Harbor Trl Unit E147 · Norwood, NC 27306

$115,000

1 bd · 1.0 ba · 658 sqft · SingleFamily · 41 Days on market

Built 1900 Fair condition 4,356 sqft lot Est $132k · 13% under $46/mo HOA · 3% of rent

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Why this score? — see what drove the B- 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 +23.5/30.0
• ARV discount +13.2/15.0
• DSCR +7.6/10.0
• 1% rule +6.6/10.0
• Appreciation +4.5/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks

Who is looking for a place that needs work but has great bones?? This could be the one. Park Model with an addition. Additional common area was bought and added to this lot making is larger than most. 1 Bedroom and 1 bathroom. All electric unit with washer dryer to remain. New metal roof will be installed in the next 2 weeks. There has been a roof leak in the bathroom. The wall behind the shower needs to be replaced. What is there will remain. Come and make this little home into exactly what you want it to be. All buyers must be with a realtor to gain access to the community.

Key facts

• All electric unit
• New metal roof
• Park model

Tags

• PARK MODEL
• ADDITION
• LARGER LOT
• ALL ELECTRIC UNIT
• NEW METAL ROOF
• WASHER DRYER

Property features AI

Finance

• Other: Living area approximately 658 total heated square feet
• HOA & community: Part of Twin Harbor association; Mandatory HOA dues of $550 annually; Gated community with lake access, outdoor pool, picnic area, playground, recreation area, street lights and walking trails

Exterior

• Parking: Driveway
• Utilities: County water; County sewer
• Home design: Manufactured single-family residence; One story; RV zoning
• Construction: Vinyl exterior; Pillar/post/pier foundation
• Exterior features: Level lot; Gravel and paved road access; Private maintained road; Community beach access and boat slip on Lake Tillery

Interior

• Kitchen: Electric range
• Bedrooms: 1 bedroom on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Five total rooms; Storage space
• Laundry & utility: Laundry closet; Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $115k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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: schools F, amenities F, commute F.
• 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.
• 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 $795 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 $32k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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 $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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.
8. 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.
9. 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: 1.16% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.99%
• DSCR: 1.36
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $131,600
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
331 Lake Tillery Trl	0.11mi	2/1.0 (+1)	696 (+6%)	3mo	$105,000	$151	78
111 River Ridge Trl	0.15mi	2/1.0 (+1)	650 (-1%)	12mo	$20,000	$31	76
297/299 Lake Tillery Trl Unit E112/113	0.14mi	2/1.0 (+1)	704 (+7%)	5mo	$168,000	$239	73
104 Powder Horn Trl Unit C92	0.19mi	2/1.0 (+1)	636 (-3%)	13mo	$110,000	$173	70
113 Deer Park Rd Unit 9&10D	0.05mi	2/1.0 (+1)	750 (+14%)	0mo	$150,000	$200	69
113 Deer Park Rd	0.05mi	2/1.0 (+1)	700 (+6%)	16mo	$127,000	$181	69
167 Holly Harbor Trl Unit 169/170	0.43mi	1/1.0	665 (+1%)	12mo	$125,000	$188	68
138 Larboard Trl	0.30mi	2/1.0 (+1)	600 (-9%)	6mo	$120,000	$200	61
111 Sunshine Trl Unit A 249/250	0.57mi	2/1.0 (+1)	608 (-8%)	2mo	$124,900	$205	54
105 River Ridge Trl	0.12mi	1/1.0	748 (+14%)	21mo	$183,500	$245	54
158 Arrowood Trl Unit F27	0.58mi	1/1.0	600 (-9%)	20mo	$130,000	$217	42

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: 3.7%
• Equity multiple: 1.17×
• Total profit: $5,367
• Equity at exit: $28,101

10-year hold

• IRR: 10.2%
• Equity multiple: 2.00×
• Total profit: $32,154
• Equity at exit: $29,801

Cash invested: $32,200 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,336 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$46
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $214

Break-even live

Break-even rent $1,064

Max offer price $115,000

Occupancy floor 79%

Sensitivity live

Price	-10% $294	-5% $254	+0% $214	+5% $175	+10% $135
Rent	-10% $109	-5% $162	+0% $214	+5% $267	+10% $320
Rate	-1.0pp $272	-0.5pp $244	base $214	+0.5pp $185	+1.0pp $154

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $46 · $552/yr
• Likely covers: electric

Listing history 17 events

1. 2026-06-18
   days on market $115,000 Active 41 DOM
2. 2026-06-17
   days on market $115,000 Active 40 DOM
3. 2026-06-16
   days on market $115,000 Active 39 DOM
4. 2026-06-15
   days on market $115,000 Active 38 DOM
5. 2026-06-14
   days on market $115,000 Active 36 DOM
6. 2026-06-13
   days on market $115,000 Active 35 DOM
7. 2026-06-10
   days on market $115,000 Active 33 DOM
8. 2026-06-09
   days on market $115,000 Active 32 DOM
9. 2026-06-08
   days on market $115,000 Active 31 DOM
10. 2026-06-07
    days on market $115,000 Active 30 DOM
11. 2026-06-05
    days on market $115,000 Active 27 DOM
12. 2026-06-03
    days on market $115,000 Active 26 DOM
13. 2026-06-02
    days on market $115,000 Active 25 DOM
14. 2026-06-01
    days on market $115,000 Active 24 DOM
15. 2026-05-31
    days on market $115,000 Active 23 DOM
16. 2026-05-31
    days on market $115,000 Active 22 DOM
17. 2026-05-08
    listed $115,000 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: $16,028
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,282
• − Management: −$1,282
• − HOA: −$552
• − Depreciation: −$3,345
• Taxable income: $824
• Est. tax owed @ 24.0%: −$198
• After-tax cash flow: $2,375/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 · 2 photos

Fair 45/100 Moderate rehab

This single-family home requires significant repairs and maintenance, including a new roof, repairs to the bathroom wall and flooring, and painting. It has great bones and could be transformed into a move-in-ready property with the right investment.

Repairs flagged

• Major roof — The satellite image shows signs of damage.
• Major bathroom wall — The listing mentions a need to replace the wall behind the shower.
• Major flooring — The satellite image shows signs of damage.
• Major plumbing — The listing mentions a roof leak in the bathroom.

Value-add opportunities

• Both new roof — A new roof will improve the home's appearance and functionality.
• Both paint interior and exterior — Fresh paint will improve the home's curb appeal and interior aesthetics.
• Both replace bathroom wall — Replacing the damaged wall will address a major issue and improve the home's functionality.
• Both repair flooring — Repairing the damaged flooring will improve the home's functionality and appearance.
• Both repair plumbing — Fixing the plumbing issues will address a major issue and improve the home's functionality and safety.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The satellite image shows signs of damage.	Major	$15,000–50,000
bathroom wall · The listing mentions a need to replace the wall behind the shower.	Major	$15,000–50,000
flooring · The satellite image shows signs of damage.	Major	$15,000–50,000
plumbing · The listing mentions a roof leak in the bathroom.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both new roof — A new roof will improve the home's appearance and functionality. ↑
• Both paint interior and exterior — Fresh paint will improve the home's curb appeal and interior aesthetics. ↑
• Both replace bathroom wall — Replacing the damaged wall will address a major issue and improve the home's functionality. ↑
• Both repair flooring — Repairing the damaged flooring will improve the home's functionality and appearance. ↑
• Both repair plumbing — Fixing the plumbing issues will address a major issue and improve the home's functionality and safety. ↑

ⓘ 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

• 2026-05-08 Listed $115,000 CANOPYMLS as Distributed by MLS Grid