41 Trowbridge Ln · Brevard, NC 28712

$215,000

2 bd · 1.0 ba · 750 sqft · Condo public records · 70 Days on market

Built 1951 $269/mo HOA · 15% of rent

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Why this score? — see what drove the D- 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 +10.0/30.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this opportunity! Excellent location very close to the center of town. Condo faces grassy knoll on level lot. Parking is located at the back door, as well as a designated bay (#5) in the parking structure close to the unit. Condo boosts hardwood floors, on demand hot water heater (11/21), decorative shiplap on walls. Back deck to enjoy morning coffee or evening cocktails. Special assessment has been paid by seller for new roof, outside painting, plumbing, replace driveway, parking area and repair parking structure.(see attached)

Key facts

• Wood flooring
• Back deck area
• Shiplap accent walls

Tags

• WOOD FLOORING
• SHIPLAP ACCENT WALLS
• GALLEY STYLE KITCHEN
• CONNECTED LAUNDRY ROOM
• MANICURED GREENSPACE
• BACK DECK AREA

Property features AI

Finance

• Other: Zoned R-3 (residential)
• HOA & community: HOA is mandatory; Association managed by Kelley Corwin, IPM Corp; Quarterly association fee of $960 (annual $3,840); Community sidewalks; Pets allowed

Exterior

• Parking: Assigned parking; Detached 1-car garage; Additional 2 open parking spaces; Main-level garage access
• Utilities: City water; Public sewer; Electricity connected; Cable available
• Home design: Residential condominium; Site-built construction; One story
• Construction: Partial brick and vinyl exterior; Crawl space foundation
• Exterior features: Lawn maintenance provided; Cleared, level lot with green area; Paved surfaces; Private maintained road

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Vinyl flooring; Wood flooring
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central heating; Heat pump; Central air conditioning
• Interior features: Attic storage; Insulated windows; Storm doors; 6 total rooms; Entry level is first floor
• Laundry & utility: Main-level laundry room; Washer and dryer included; Tankless water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $-130 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (10.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (16.0% below list).
• Recommended offer: $181k (16.0% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 2.1% in Brevard — 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 64/100 on livability (#353 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B; Watch: amenities F, commute F, employment F.
• Transylvania County Schools (town): math 44% / reading 50% proficiency, ranked #79 of 178 in NC (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Brevard Elementary (math 44% / reading 44%, grade F, #610 of 1,410 statewide, top 44%, 544 students, 64% FRL); Brevard High (math 72% / reading 72%, grade B+, #107 of 535 statewide, top 21%, 751 students, 46% FRL).
• Market conditions: 349 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 217 units permitted in Transylvania County in 2024 (10 in 5+ unit buildings).
• This rent runs 34% of the median local income ($63k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Transylvania County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $178k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,631 (16.0% 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 70 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1951 — 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. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.84% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.59%
• DSCR: 0.88
• GRM: 9.9

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: -20.6%
• Equity multiple: 0.29×
• Total profit: $-43,039
• Equity at exit: $32,057

10-year hold

• IRR: -13.7%
• Equity multiple: 0.21×
• Total profit: $-47,840
• Equity at exit: $18,589

Cash invested: $60,200 (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 28712

• Active inventory: 349
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $1,806 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$71 /mo · $849/yr
• Insurance: −$90
• HOA: −$269
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $-130

Break-even live

Break-even rent $1,971

Max offer price $192,060

Occupancy floor —

Sensitivity live

Price	-10% $-8	-5% $-69	+0% $-130	+5% $-191	+10% $-252
Rent	-10% $-273	-5% $-201	+0% $-130	+5% $-59	+10% $13
Rate	-1.0pp $-22	-0.5pp $-75	base $-130	+0.5pp $-186	+1.0pp $-242

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 Elm Bend Rd Unit B1 Brevard, NC	2.0	1.0	720	$1,650	$2.29	25d	1	0.04mi
468 Greenville Hwy Brevard, NC	2.0	1.0	891	$1,500	$1.68	25d	1	0.23mi
498 Greenville Hwy Unit 2 Brevard, NC	2.0	1.0	891	$1,500	$1.68	25d	1	0.27mi
45 N Oaklawn Ave Brevard, NC	2.0	1.0	750	$1,800	$2.40	25d	1	1.02mi
434 Whitmire St Brevard, NC	2.0	1.0	910	$1,550	$1.70	25d	1	1.31mi

HOA detail condo

• Monthly dues: $269 · $3,228/yr
• Likely covers: water
• ⚠ Special-assessment mentions:

  …demand hot water heater (11/21), decorative shiplap on walls. Back deck to enjoy morning coffee or evening cocktails. Special assessment has been paid by seller for new roof, outside painting, plumbing, replace driveway, parking area and repair parking…

Listing history 25 events

1. 2026-06-22
   days on market $215,000 Active 70 DOM
2. 2026-06-18
   days on market $215,000 Active 67 DOM
3. 2026-06-17
   days on market $215,000 Active 66 DOM
4. 2026-06-16
   days on market $215,000 Active 65 DOM
5. 2026-06-15
   days on market $215,000 Active 64 DOM
6. 2026-06-14
   days on market $215,000 Active 62 DOM
7. 2026-06-10
   days on market $215,000 Active 59 DOM
8. 2026-06-09
   days on market $215,000 Active 58 DOM
9. 2026-06-08
   days on market $215,000 Active 57 DOM
10. 2026-06-07
    pricedays on market $215,000 Active 56 DOM
11. 2026-06-05
    days on market $210,000 Active 53 DOM
12. 2026-06-03
    days on market $210,000 Active 52 DOM
13. 2026-06-02
    days on market $210,000 Active 51 DOM
14. 2026-06-01
    days on market $210,000 Active 50 DOM
15. 2026-05-31
    days on market $210,000 Active 49 DOM
16. 2026-05-30
    days on market $210,000 Active 48 DOM
17. 2026-04-12
    listed $210,000 Active
18. 2022-08-15
    soldstatus $178,000 Closed 546-char remark

    Show marketing remark (546 chars)

    Don't miss this opportunity! Excellent location very close to the center of town. Condo faces grassy knoll on level lot. Parking is located at the back door, as well as a designated bay (#5) in the parking structure close to the unit. Condo boosts hardwood floors, on demand hot water heater (11/21), decorative shiplap on walls. Back deck to enjoy morning coffee or evening cocktails. Special assessment has been paid by seller for new roof, outside painting, plumbing, replace driveway, parking area and repair parking structure.(see attached)

19. 2022-08-15
    soldstatus $178,000

    Show marketing remark (546 chars)

    Don't miss this opportunity! Excellent location very close to the center of town. Condo faces grassy knoll on level lot. Parking is located at the back door, as well as a designated bay (#5) in the parking structure close to the unit. Condo boosts hardwood floors, on demand hot water heater (11/21), decorative shiplap on walls. Back deck to enjoy morning coffee or evening cocktails. Special assessment has been paid by seller for new roof, outside painting, plumbing, replace driveway, parking area and repair parking structure.(see attached)

20. 2022-07-02
    historical Active Under Contract 546-char remark

    Show marketing remark (546 chars)

    Don't miss this opportunity! Excellent location very close to the center of town. Condo faces grassy knoll on level lot. Parking is located at the back door, as well as a designated bay (#5) in the parking structure close to the unit. Condo boosts hardwood floors, on demand hot water heater (11/21), decorative shiplap on walls. Back deck to enjoy morning coffee or evening cocktails. Special assessment has been paid by seller for new roof, outside painting, plumbing, replace driveway, parking area and repair parking structure.(see attached)

21. 2022-06-29
    status Active 546-char remark

    Show marketing remark (546 chars)

    Don't miss this opportunity! Excellent location very close to the center of town. Condo faces grassy knoll on level lot. Parking is located at the back door, as well as a designated bay (#5) in the parking structure close to the unit. Condo boosts hardwood floors, on demand hot water heater (11/21), decorative shiplap on walls. Back deck to enjoy morning coffee or evening cocktails. Special assessment has been paid by seller for new roof, outside painting, plumbing, replace driveway, parking area and repair parking structure.(see attached)

22. 2022-06-19
    historical Active Under Contract 546-char remark

    Show marketing remark (546 chars)

    Don't miss this opportunity! Excellent location very close to the center of town. Condo faces grassy knoll on level lot. Parking is located at the back door, as well as a designated bay (#5) in the parking structure close to the unit. Condo boosts hardwood floors, on demand hot water heater (11/21), decorative shiplap on walls. Back deck to enjoy morning coffee or evening cocktails. Special assessment has been paid by seller for new roof, outside painting, plumbing, replace driveway, parking area and repair parking structure.(see attached)

23. 2022-06-17
    listed $178,900 Active 546-char remark

    Show marketing remark (546 chars)

    Don't miss this opportunity! Excellent location very close to the center of town. Condo faces grassy knoll on level lot. Parking is located at the back door, as well as a designated bay (#5) in the parking structure close to the unit. Condo boosts hardwood floors, on demand hot water heater (11/21), decorative shiplap on walls. Back deck to enjoy morning coffee or evening cocktails. Special assessment has been paid by seller for new roof, outside painting, plumbing, replace driveway, parking area and repair parking structure.(see attached)

24. 2022-06-13
    historical $178,900 546-char remark

    Show marketing remark (546 chars)

    Don't miss this opportunity! Excellent location very close to the center of town. Condo faces grassy knoll on level lot. Parking is located at the back door, as well as a designated bay (#5) in the parking structure close to the unit. Condo boosts hardwood floors, on demand hot water heater (11/21), decorative shiplap on walls. Back deck to enjoy morning coffee or evening cocktails. Special assessment has been paid by seller for new roof, outside painting, plumbing, replace driveway, parking area and repair parking structure.(see attached)

25. 2013-06-21
    soldstatus $55,000

ⓘ 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: $849 · $71/mo
• Projected year-2 tax: $1,763 · $147/mo
• Expected delta: +$914/yr (+$76/mo · 107.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 5/10 Major 8 d/yr ≥94°F today · 21 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,676
• − Mortgage interest: −$12,043
• − Property taxes: −$849
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,734
• − Management: −$1,734
• − HOA: −$3,228
• − Depreciation: −$6,255
• Taxable loss: −$5,243
• Est. tax savings @ 24.0%: +$1,258
• After-tax cash flow: $-300/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: Transylvania County Schools
• NCES district ID: 3704530
• Math proficiency: 44% ▼ -1.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $42,365
• Composite: 39.55/100
• National rank: #3938
• State rank: #79 of 178 in NC

Livability — Brevard

• Score: 64/100
• State rank: #353
• US rank: #13958

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Brevard, NC
• County: Transylvania County · 19,977 people
• City population: 19,977
• Metro: Brevard, NC
• Population (ZIP): 19,977
• Household income: $63,045
• Rent vs Own: 32.3% rent · 67.7% own
• Severe rent burden: 852.0

Population outlook (Transylvania County) Hauer SSP2

• Today (2025): 33,142 people
• By 2030: 32,987 · -0.5%
• By 2040: 32,159 · -3.0%
• By 2050: 30,937 · -6.7%
• By 2075: 27,778 · -16.2%
• By 2100: 24,136 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Black 5% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Slovak 5% Serbian 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Transylvania

• 2024 margin: R (+12.2) · D 43.3% · R 55.5% · Other 1.2%
• 2008→2024 swing: +0.4pp no change · 2008: -12.6pp · 2024: -12.2pp
• All cycles: 2024: R+12.2 2020: R+15.7 2016: R+22.5 2012: R+16.9 2008: R+12.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -197.94%
• Current HPI: 217.8358
• Rent YoY: —
• Metro: Brevard, 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

+281.8% since first listed

9 events — show timeline

• 2026-04-12 Listed $210,000 CANOPYMLS as Distributed by MLS Grid
• 2022-08-15 Sold (Public Records) $178,000 Public Records
• 2022-08-15 Sold (MLS) $178,000 CANOPYMLS as Distributed by MLS Grid
• 2022-07-02 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2022-06-29 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2022-06-19 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2022-06-17 Listed $178,900 CANOPYMLS as Distributed by MLS Grid
• 2022-06-13 Coming Soon $178,900 CANOPYMLS as Distributed by MLS Grid
• 2013-06-21 Sold (Public Records) $55,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $849 · +14.4% YoY. Source: county tax records.