451 Britton Creek Dr · Hendersonville, NC 28791

$224,999

3 bd · 3.0 ba · 1,980 sqft · Condo public records · 74 Days on market

Built 1981 $289/mo HOA · 12% of rent

---

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).

• Cash flow +18.7/30.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• DSCR +5.9/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great price for this updated condo. New kitchen appliances, tile backsplash, beautifully updated bathrooms, living room w/fireplace, nice built-ins and adjacent sunroom. Lower level features den and bonus room with sink and cabinetry, could work for extended family situation with bath on this level and access from the garage, with no steps. Move in condition and only minutes from Historic Downtown Hendersonville and all Main St. activities.

Key facts

• $289 HOA
• Garage
• Community pool

Property features AI

Finance

• HOA & community: Mandatory HOA; Monthly association fee of $289; Community clubhouse; Outdoor pool; Pets allowed with size limit

Exterior

• Parking: 1-car garage; Driveway; 2 open parking spaces
• Utilities: City water; Public sewer
• Home design: Residential condominium; Site-built construction; One story (entry level 1); Vinyl exterior
• Construction: Site-built construction; Vinyl construction materials; Basement foundation
• Exterior features: Covered, enclosed front porch; Separate entrance for second living quarters; Asphalt/paved road access; Private maintained road with a road maintenance agreement

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Refrigerator
• Bedrooms: 3 bedrooms total (2 on main level, 1 in basement)
• Flooring: Carpet; Tile; Wood
• Bathrooms: 3 full bathrooms (2 on main level, 1 in basement)
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Open floor plan; Split bedroom layout; Basement with daylight windows and exterior entry; Basement garage door; Living room fireplace
• Laundry & utility: Washer and dryer; Common area laundry in hall

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $155 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $211k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 3.4% 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: Bruce Drysdale Elementary (math 44% / reading 49%, grade D-, #542 of 1,410 statewide, top 39%, 448 students, 64% FRL); Hendersonville Middle (math 38% / reading 54%, grade D+, #151 of 475 statewide, top 32%, 510 students, 54% FRL); Hendersonville High (math 57% / reading 77%, grade B, #142 of 535 statewide, top 28%, 784 students, 43% FRL).
• Market conditions: 150 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• This rent runs 38% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 74 days — a 6% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $115k; list at $225k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $211,499 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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 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: 1.11% ✓
• Cap rate: 7.48%
• Cash-on-cash: 4.22%
• DSCR: 1.19
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -11.5%
• Equity multiple: 0.58×
• Total profit: $-26,379
• Equity at exit: $33,548

10-year hold

• IRR: -2.2%
• Equity multiple: 0.85×
• Total profit: $-9,442
• Equity at exit: $19,454

Cash invested: $63,000 (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 28791

• Active inventory: 150
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $2,494 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$186 /mo · $2,227/yr
• Insurance: −$94
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$289
• Vacancy / Maint / Mgmt: −$524
• Net cashflow: $155

Break-even live

Break-even rent $2,297

Max offer price $224,999

Occupancy floor 89%

Sensitivity live

Price	-10% $283	-5% $219	+0% $155	+5% $91	+10% $28
Rent	-10% $-42	-5% $57	+0% $155	+5% $254	+10% $352
Rate	-1.0pp $268	-0.5pp $212	base $155	+0.5pp $97	+1.0pp $38

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1830 Lower Ridgewood Blvd Unit 1828 Hendersonville, NC	3.0	2.5	2000	$2,200	$1.10	25d	1	0.56mi
73 Eastbury Dr Hendersonville, NC	2.0	2.0	1109	$1,775	$1.60	25d	5	0.84mi
200 Daniel Dr Hendersonville, NC	2.0	2.0	1775	$1,950	$1.10	25d	1	0.95mi
117 Lake Dr Hendersonville, NC	3.0	3.0	1616	$2,750	$1.70	15d	1	1.24mi
115 Bent Tree Dr #4 Hendersonville, NC	3.0	2.0	1840	$1,995	$1.08	15d	1	1.49mi

HOA detail condo

• Monthly dues: $289 · $3,468/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $224,999 Active 74 DOM
2. 2026-06-18
   days on market $224,999 Active 71 DOM
3. 2026-06-17
   days on market $224,999 Active 70 DOM
4. 2026-06-16
   days on market $224,999 Active 69 DOM
5. 2026-06-15
   days on market $224,999 Active 68 DOM
6. 2026-06-14
   days on market $224,999 Active 66 DOM
7. 2026-06-13
   days on market $224,999 Active 65 DOM
8. 2026-06-10
   days on market $224,999 Active 63 DOM
9. 2026-06-09
   days on market $224,999 Active 62 DOM
10. 2026-06-08
    days on market $224,999 Active 61 DOM
11. 2026-06-07
    days on market $224,999 Active 60 DOM
12. 2026-06-05
    days on market $224,999 Active 57 DOM
13. 2026-06-03
    days on market $224,999 Active 56 DOM
14. 2026-06-02
    days on market $224,999 Active 55 DOM
15. 2026-06-01
    days on market $224,999 Active 54 DOM
16. 2026-05-31
    days on market $224,999 Active 53 DOM
17. 2026-05-30
    days on market $224,999 Active 52 DOM
18. 2026-05-20
    price $224,999
19. 2026-04-08
    listed $249,999 Active
20. 2013-06-19
    soldstatus $114,900 446-char remark

    Show marketing remark (446 chars)

    Great price for this updated condo. New kitchen appliances, tile backsplash, beautifully updated bathrooms, living room w/fireplace, nice built-ins and adjacent sunroom. Lower level features den and bonus room with sink and cabinetry, could work for extended family situation with bath on this level and access from the garage, with no steps. Move in condition and only minutes from Historic Downtown Hendersonville and all Main St. activities.

21. 2013-06-19
    soldstatus $115,000

    Show marketing remark (446 chars)

    Great price for this updated condo. New kitchen appliances, tile backsplash, beautifully updated bathrooms, living room w/fireplace, nice built-ins and adjacent sunroom. Lower level features den and bonus room with sink and cabinetry, could work for extended family situation with bath on this level and access from the garage, with no steps. Move in condition and only minutes from Historic Downtown Hendersonville and all Main St. activities.

22. 2012-10-17
    listed $117,900 446-char remark

    Show marketing remark (446 chars)

    Great price for this updated condo. New kitchen appliances, tile backsplash, beautifully updated bathrooms, living room w/fireplace, nice built-ins and adjacent sunroom. Lower level features den and bonus room with sink and cabinetry, could work for extended family situation with bath on this level and access from the garage, with no steps. Move in condition and only minutes from Historic Downtown Hendersonville and all Main St. activities.

23. 1997-04-28
    soldstatus $89,000

ⓘ 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: $2,227 · $186/mo
• Projected year-2 tax: $2,227 · $186/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 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: $29,923
• − Mortgage interest: −$12,603
• − Property taxes: −$2,227
• − Insurance: −$1,922
• − Repairs & maintenance: −$2,394
• − Management: −$2,394
• − HOA: −$3,468
• − Depreciation: −$6,545
• Taxable loss: −$1,632
• Est. tax savings @ 24.0%: +$392
• After-tax cash flow: $2,254/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

• Census place: Hendersonville, NC
• County: Henderson County · 78,587 people
• City population: 51,753
• Metro: Asheville, NC
• Population (ZIP): 15,108
• Household income: $78,827
• Rent vs Own: 19.5% rent · 80.5% own
• Severe rent burden: 253.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 10% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 4% Slovak 3% Serbian 3%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 92% English-only · Spanish 5% Other Asian/Pacific 1% German/W. Germanic 1%

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: ▼ -160.98%
• Current HPI: 207.4921
• Rent YoY: —
• 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

+152.8% since first listed

6 events — show timeline

• 2026-05-20 Price Changed $224,999 CANOPYMLS as Distributed by MLS Grid
• 2026-04-08 Listed $249,999 CANOPYMLS as Distributed by MLS Grid
• 2013-06-19 Sold (Public Records) $115,000 Public Records
• 2013-06-19 Sold (MLS) $114,900 CANOPYMLS as Distributed by MLS Grid
• 2012-10-17 Listed $117,900 CANOPYMLS as Distributed by MLS Grid
• 1997-04-28 Sold (Public Records) $89,000 Public Records

Property tax history

+13.1%/yr

Latest (2025): $2,227 · +0.0% YoY. Source: county tax records.