113/115 Indian Harbor Cir Unit E234/235 · Norwood, NC 27306

$170,000

2 bd · 1.0 ba · 906 sqft · SingleFamily · 68 Days on market

Built 1989 Average condition 7,405 sqft lot Est $206k · 17% under $92/mo HOA · 6% of rent

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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 +11.9/30.0
• Appreciation +4.5/10.0
• 1% rule +4.1/10.0
• DSCR +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.8/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0

Listing remarks

Welcome to 113/115 Indian Harbor Cir. Quiet location within the park. Extra large master bedroom that accommodates a king size bed with plenty of room left to use. Large living room that is open to the dining area and kitchen. Decent size second bedroom. Step in shower and a real potty. Awesome covered front porch. HVAC throughout with supplemental propane heater in living room for cold winter nights. Dishwasher, washer/dryer, stove and microwave all to remain. Most furnishings included but not master bedroom set. Elec water heater 5 1/2 years old. Metal roof is approx 6 years old. New flooring 7 years ago. No title to camper, bill of sale with be provided. There is some overlap with the la

Key facts

• 7,405 sq ft lot
• Community pool
• Built 1989

Property features AI

Finance

• Other: Lake access to Lake Tillery (public beach, community boat ramp and slips)
• HOA & community: Part of Twin Harbor association; Mandatory HOA dues; HOA fee $1,100 annually; Community amenities: lake access, outdoor pool, picnic area, playground, recreation area, street lights, walking trails

Exterior

• Parking: Driveway
• Security: Gated community
• Utilities: Community well water; County sewer; Cable available; Electricity connected; Propane
• Home design: Manufactured single-family residence; One story; RV zoning; Has additional parcels
• Construction: Vinyl exterior; Metal roof; Permanent foundation with pillar/post/pier
• Exterior features: Covered front porch; Fenced backyard with chain link fencing; Patio/porch; Located on a cul-de-sac; Level lot

Interior

• Kitchen: Dishwasher; Electric range
• Bedrooms: 2 bedrooms on the main level
• Flooring: Linoleum
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Heat pump heating; Central air conditioning; Heat pump cooling
• Interior features: Six total rooms; Storage
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $170k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (8.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $155k (9.0% below list).
• Recommended offer: $155k (9.0% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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: amenities F, commute F, employment D-.
• 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.
• Zoned schools: Mount Gilead Elementary (math 27% / reading 32%, grade F, #975 of 1,410 statewide, top 71%, 213 students, 87% FRL); West Middle (math 20% / reading 31%, grade F, #388 of 475 statewide, top 83%, 309 students, 72% FRL).
• 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 $1k of loan paydown is wiped out by about $2k 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.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk; 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 $154,750 (9.0% 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 9% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
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: 0.91% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.12%
• DSCR: 0.95
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $205,662
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 Twin Bluff Trl Unit 29 section C	0.37mi	2/2.0	816 (-10%)	3mo	$190,000	$233	60
108/110 Cherokee Trl Unit F70/71	0.47mi	2/2.0	792 (-13%)	2mo	$180,000	$227	52
207 Deer Park Rd	0.31mi	2/2.0	800 (-12%)	13mo	$220,000	$275	51
106 Anchor Ct Unit H93	0.57mi	1/1.0 (-1)	900 (-1%)	21mo	$150,000	$167	50
173/175 Landlubber Trl Unit H173/175	0.44mi	2/2.0	816 (-10%)	13mo	$230,000	$282	48
112/110 Crows Nest Ct	0.40mi	2/1.0	988 (+9%)	23mo	$188,500	$191	47
119 Arrowood Trl	0.45mi	1/1.5 (-1)	825 (-9%)	13mo	$155,000	$188	46
121 Hideaway Trl	0.52mi	2/1.0	800 (-12%)	23mo	$110,000	$138	37

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: -9.0%
• Equity multiple: 0.61×
• Total profit: $-18,571
• Equity at exit: $41,541

10-year hold

• IRR: -2.1%
• Equity multiple: 0.80×
• Total profit: $-9,558
• Equity at exit: $44,053

Cash invested: $47,600 (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: 9.2×

Monthly cashflow live

• Estimated rent: $1,548 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$92
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $-100

Break-even live

Break-even rent $1,674

Max offer price $155,552

Occupancy floor —

Sensitivity live

Price	-10% $18	-5% $-41	+0% $-100	+5% $-159	+10% $-217
Rent	-10% $-222	-5% $-161	+0% $-100	+5% $-39	+10% $22
Rate	-1.0pp $-14	-0.5pp $-57	base $-100	+0.5pp $-144	+1.0pp $-189

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $92 · $1,104/yr
• Likely covers: water

Listing history 17 events

1. 2026-06-18
   days on market $170,000 Active 68 DOM
2. 2026-06-17
   days on market $170,000 Active 67 DOM
3. 2026-06-16
   days on market $170,000 Active 66 DOM
4. 2026-06-15
   days on market $170,000 Active 65 DOM
5. 2026-06-14
   days on market $170,000 Active 63 DOM
6. 2026-06-13
   days on market $170,000 Active 62 DOM
7. 2026-06-10
   days on market $170,000 Active 60 DOM
8. 2026-06-09
   days on market $170,000 Active 59 DOM
9. 2026-06-08
   days on market $170,000 Active 58 DOM
10. 2026-06-07
    days on market $170,000 Active 57 DOM
11. 2026-06-05
    days on market $170,000 Active 54 DOM
12. 2026-06-03
    days on market $170,000 Active 53 DOM
13. 2026-06-02
    days on market $170,000 Active 52 DOM
14. 2026-06-01
    days on market $170,000 Active 51 DOM
15. 2026-05-31
    days on market $170,000 Active 50 DOM
16. 2026-05-31
    days on market $170,000 Active 49 DOM
17. 2026-04-11
    listed $170,000 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 8/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 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: $18,570
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$1,516
• − Repairs & maintenance: −$1,486
• − Management: −$1,486
• − HOA: −$1,104
• − Depreciation: −$4,945
• Taxable loss: −$4,040
• Est. tax savings @ 24.0%: +$970
• After-tax cash flow: $-229/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 · 13 photos

Average 55/100 Moderate rehab

This home requires moderate renovations to address roof, HVAC, and flooring issues, but has potential for significant value increase with updates.

Repairs flagged

• Major roof — visible wear and tear
• Moderate HVAC — age and potential inefficiency
• Moderate electrical water heater — 5.5 years old

Value-add opportunities

• Both paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both replace worn flooring — New flooring improves comfort and value
• Both repair roof — A new roof ensures long-term durability and enhances curb appeal
• Both service HVAC system — A well-maintained HVAC system improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · visible wear and tear	Major	$15,000–50,000
HVAC · age and potential inefficiency	Moderate	$3,000–15,000
electrical water heater · 5.5 years old	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$21,000–80,000

Value-add ROI direction

• Both paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace worn flooring — New flooring improves comfort and value ↑
• Both repair roof — A new roof ensures long-term durability and enhances curb appeal ↑
• Both service HVAC system — A well-maintained HVAC system improves comfort and energy efficiency ↑

ⓘ 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

• 2026-04-11 Listed $170,000 CANOPYMLS as Distributed by MLS Grid