55 Thea Ln · Fletcher, NC 28732

$289,000

3 bd · 2.5 ba · 1,370 sqft · Townhouse public records · 225 Days on market

Built 2007 871 sqft lot Est $289k · at est. $136/mo HOA · 6% of rent ↓ 5% since listing

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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 +13.5/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• DSCR +4.1/10.0
• Livability +3.5/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located off Hendersonville Road, this well-maintained end-unit townhome offers both convenience and comfort in desirable Fletcher. The main level features a spacious living room with hardwood floors and a cozy gas fireplace—perfect for welcoming guests or relaxing at home. The eat-in kitchen offers ample cabinetry and overlooks a small patio and backyard, ideal for outdoor dining or quiet mornings. A one-car garage and a conveniently located half bath complete the main floor, offering a functional layout to suit a variety of lifestyles. Upstairs, the primary suite includes an ensuite bathroom and two large closets. Two additional bedrooms, a full bathroom, and a laundry closet round o

Key facts

• Cozy gas fireplace
• Highly rated schools
• End-unit townhome

Tags

• END-UNIT TOWNHOME
• EAT-IN KITCHEN
• COZY GAS FIREPLACE
• SMALL PATIO
• HIGHLY RATED SCHOOLS

Property features AI

Finance

• HOA & community: HOA (mandatory) through Baldwin Real Estate; Monthly association fee of $136

Exterior

• Parking: Attached 1-car garage; Driveway
• Utilities: City water; Public sewer
• Home design: Residential townhouse; Two levels; Entry level at 1; Zoning: C1
• Construction: Site-built construction; Vinyl exterior; Slab foundation
• Exterior features: Patio; Asphalt-paved, publicly maintained road access; Elevation ~2000 ft

Interior

• Kitchen: Dishwasher; Oven; Refrigerator
• Bedrooms: 3 bedrooms (all on the upper level)
• Bathrooms: 2 full bathrooms; 1 half bathroom (main level)
• Heating & cooling: Electric heating; Ceiling fan(s) and electric cooling
• Interior features: 5 total rooms; Entry level: 1
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $289k.

Deal economics

• At list price, monthly cash flow is $11 ($127/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $237k (17.8% below list).
• Recommended offer: $237k (17.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.9% in Fletcher — 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 70/100 on livability (#129 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: amenities F, commute F, health & safety 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: Fletcher Elementary (math 48% / reading 47%, grade D, #490 of 1,410 statewide, top 35%, 482 students, 53% FRL); Apple Valley Middle (math 37% / reading 44%, grade F, #215 of 475 statewide, top 46%, 825 students, 67% FRL); North Henderson High (math 72% / reading 58%, grade B, #161 of 535 statewide, top 30%, 1,146 students, 61% FRL).
• Market conditions: 215 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 35% of the median local income ($82k/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 $9k 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 225 days — a 12% lower offer ($254k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $237,444 (17.8% below list)

Questions for the listing agent

1. It's been on market 225 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
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: 0.82% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.16%
• DSCR: 1.01
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $289,070
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
82 Old Salem Ct	0.22mi	3/2.5	1,395 (+2%)	1mo	$240,000	$172	86
42 Amersham Ln	0.06mi	3/2.5	1,368 (-0%)	17mo	$280,000	$205	83
167 Thea Ln	0.08mi	3/2.5	1,369 (-0%)	18mo	$295,000	$215	81
10 Old Salem Ct	0.25mi	3/2.5	1,368 (-0%)	10mo	$275,000	$201	80
33 Amersham Ln	0.07mi	3/2.5	1,400 (+2%)	18mo	$295,000	$211	78
98 Old Salem Ct	0.21mi	3/2.5	1,370 (0%)	15mo	$280,000	$204	78
113 Thea Ln	0.07mi	3/2.5	1,395 (+2%)	22mo	$295,750	$212	76
7 Amersham Ln	0.09mi	3/2.5	1,370 (0%)	24mo	$303,000	$221	76
29 Old Salem Ct	0.24mi	3/2.5	1,364 (-0%)	15mo	$265,000	$194	75
114 Torrington Ave	0.03mi	3/2.5	1,279 (-7%)	22mo	$290,000	$227	69
137 Thea Ln	0.07mi	2/2.5 (-1)	1,170 (-15%)	9mo	$248,000	$212	60
81 Old Salem Ct	0.22mi	2/2.5 (-1)	1,170 (-15%)	15mo	$234,035	$200	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -16.1%
• Equity multiple: 0.43×
• Total profit: $-46,202
• Equity at exit: $43,091

10-year hold

• IRR: -7.8%
• Equity multiple: 0.51×
• Total profit: $-39,549
• Equity at exit: $24,987

Cash invested: $80,920 (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 28732

• Home prices YoY: -26.8%
• Active inventory: 215
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,374 high
• Mortgage (P&I): −$1,516
• Tax from tax record: −$93 /mo · $1,119/yr
• Insurance: −$120
• HOA: −$136
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $11

Break-even live

Break-even rent $2,361

Max offer price $289,000

Occupancy floor 95%

Sensitivity live

Price	-10% $174	-5% $92	+0% $11	+5% $-71	+10% $-153
Rent	-10% $-177	-5% $-83	+0% $11	+5% $104	+10% $198
Rate	-1.0pp $156	-0.5pp $84	base $11	+0.5pp $-64	+1.0pp $-140

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
105 Olde Covington Way Arden, NC	2.0	2.0	1170	$1,600	$1.37	16d	1	0.86mi
101 Olde Covington Way #101 Arden, NC	2.0	2.0	1170	$1,695	$1.45	46d	1	0.88mi
1026 Thorncrest Dr Fletcher, NC	3.0	2.0	1472	$2,650	$1.80	16d	1	1.23mi
310 Mountain Alder Ln Fletcher, NC	3.0	3.0	1820	$2,900	$1.59	16d	1	1.43mi
352 Oak Branch Rd Arden, NC	3.0	2.5	1392	$2,295	$1.65	16d	1	1.43mi
341 Oak Branch Rd Arden, NC	3.0	2.5	1360	$2,250	$1.65	25d	1	1.47mi

HOA detail

• Monthly dues: $136 · $1,632/yr
• Likely covers: gas

Listing history 3 events

1. 2026-05-19
   price $289,000
2. 2026-01-08
   price $299,000
3. 2025-10-16
   listed $305,000 Active

ⓘ 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: $1,119 · $93/mo
• Projected year-2 tax: $2,370 · $197/mo
• Expected delta: +$1,250/yr (+$104/mo · 111.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 21 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: $28,493
• − Mortgage interest: −$16,188
• − Property taxes: −$1,119
• − Insurance: −$1,445
• − Repairs & maintenance: −$2,279
• − Management: −$2,279
• − HOA: −$1,632
• − Depreciation: −$8,407
• Taxable loss: −$4,858
• Est. tax savings @ 24.0%: +$1,166
• After-tax cash flow: $1,293/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 — Fletcher

• Score: 70/100
• State rank: #129
• US rank: #7485

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fletcher, NC
• County: Henderson County · 78,587 people
• City population: 19,279
• Metro: Asheville, NC
• Population (ZIP): 19,279
• Household income: $81,852
• Rent vs Own: 16.6% rent · 83.4% own
• Severe rent burden: 154.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 9% Two or more races 5% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 6% Serbian 4% Lithuanian 3%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 1% Russian/Polish/Slavic 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: ▼ -106.57%
• Current HPI: 290.4589
• 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

-5.2% since first listed

3 events — show timeline

• 2026-05-19 Price Changed $289,000 CANOPYMLS as Distributed by MLS Grid
• 2026-01-08 Price Changed $299,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-16 Listed $305,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2025): $1,119 · +0.0% YoY. Source: county tax records.