93 Badger Run

Etowah, NC 28739

$344,500F

2 bd · 2.0 ba · 1,616 sqft · Built 2025 · Manufactured · Active · 357 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,779/mo
• Mortgage (P&I): −$1,807
• Tax + insurance: −$295
• HOA: −$15
• Vac / Maint / Mgmt: −$374
• Net cashflow: $-711/mo
• Annual: $-8,534/yr
• Cap rate: 3.82%
• Cash-on-cash: -8.85%
• DSCR: 0.61
• 1% rule: 0.52%
• Cash to close: $96,460

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $344k.
• At list price, monthly cash flow is $-711 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (36.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (48.4% below list).
• It's been on market 357 days — a 12% lower offer ($303k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (48.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#172 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A, crime 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: Hendersonville Elementary (math 77% / reading 72%, grade A, #58 of 1,410 statewide, top 5%, 330 students, 32% FRL); Rugby Middle (math 61% / reading 66%, grade B+, #35 of 475 statewide, top 7%, 804 students, 39% FRL); West Henderson High (math 73% / reading 63%, grade B, #137 of 535 statewide, top 26%, 1,087 students, 34% FRL).
• Zoned-school proficiency averages 69% at this address vs 50% district-wide (+19 pts) — the actual schools serving this property are materially stronger than the Henderson County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 413 active listings in the ZIP; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• Henderson County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $125k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $344k implies a 1869% gain — meaningful room to come down on a strong offer.
• Cap rate 3.8% vs local median 2.5% in Etowah — 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.

Questions for listing agent

• 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?
• It's been on market 357 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.