241 Ridgecrest Dr · Lake Lure, NC 28746

$309,500

3 bd · 2.5 ba · 2,052 sqft · Manufactured public records · 12 Days on market

Built 1994 3.50 ac lot

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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).

• Appreciation +9.4/10.0
• ARV discount +7.5/15.0
• Cash flow +6.4/30.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.7/10.0
• 1% rule +0.4/10.0

Listing remarks MLS

SEE VISUAL TOUR! Leave the city and enjoy country living on this peaceful 3.5 acres with gorgeous, long range mountain views and small barn. Features spacious one level living, 4 BR PLUS Office, 2 BA, formal living room, family room with fireplace, walk thru galley kitchen, breakfast bar, formal dining area, split bedroom plan, big master suite with walk in closet & private bath, laundry room, screened porch, deck, new fire pit, circular drive

Key facts

• Barn
• 3.5 acres
• 3.5 acre lot

Tags

• 3.5 ACRES
• BARN
• SHORT-TERM RENTAL OPPORTUNITY

Property features AI

Finance

• Other: Approximately 3.5 acres
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: Well water; Septic system
• Home design: Manufactured doublewide single-family residence; One story; Crawl space foundation
• Construction: Manufactured construction; Vinyl exterior; Composition (asphalt) roof; Barn(s) on property; Completed development status
• Exterior features: Deck; Front porch; Rear porch; Screened porch; Fire pit; Private, wooded setting; Gravel road access (publicly maintained)

Interior

• Kitchen: Electric range; Dishwasher; Microwave; Refrigerator; Breakfast bar
• Bedrooms: 4 bedrooms (all on main level)
• Flooring: Carpet; Tile; Wood
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump; Central air; Ceiling fan(s)
• Interior features: Open floorplan; Split bedroom layout; Breakfast bar; Built-in features; Walk-in closet(s); Den with gas log fireplace; 10 total rooms
• Laundry & utility: Washer and dryer included; Mud room (main level); Washer/Dryer listed among appliances

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath manufactured listed at $310k.

Deal economics

• At list price, monthly cash flow is $-531 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (30.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (45.6% below list).
• Recommended offer: $168k (45.6% below list) — sets the bar for 1% rule.
• Cap rate 4.2% vs local median 0.8% in Lake Lure — 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 (#351 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+; Watch: cost of living D+, amenities F, commute F.
• Rutherford County Schools (rural): math 43% / reading 44% proficiency, ranked #98 of 178 in NC (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Pinnacle Elementary School (math 32% / reading 37%, grade F, #835 of 1,410 statewide, top 62%, 234 students, 99% FRL); R-S Middle School (math 32% / reading 43%, grade F, #256 of 475 statewide, top 55%, 574 students, 100% FRL); R-S Central High School (math 62% / reading 42%, grade D+, #292 of 535 statewide, top 56%, 758 students, 100% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 408 active listings in the ZIP; 193 units permitted in Rutherford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $29k of equity ($2k loan paydown + $27k appreciation (8.8% local appreciation)).
• Rutherford County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 11y 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 $120k; list at $310k implies a 158% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $168,325 (45.6% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.54% ✗
• Cap rate: 4.23%
• Cash-on-cash: -7.35%
• DSCR: 0.67
• GRM: 15.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.4%
• Equity multiple: 2.27×
• Total profit: $109,935
• Equity at exit: $252,591

10-year hold

• IRR: 15.7%
• Equity multiple: 4.98×
• Total profit: $345,331
• Equity at exit: $519,024

Cash invested: $86,660 (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 28746

• Home prices YoY: 2.6%
• Active inventory: 408
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $1,683 medium
• Mortgage (P&I): −$1,623
• Tax from tax record: −$109 /mo · $1,306/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $-531

Break-even live

Break-even rent $2,355

Max offer price $215,683

Occupancy floor —

Sensitivity live

Price	-10% $-356	-5% $-443	+0% $-531	+5% $-619	+10% $-706
Rent	-10% $-664	-5% $-598	+0% $-531	+5% $-465	+10% $-398
Rate	-1.0pp $-375	-0.5pp $-452	base $-531	+0.5pp $-611	+1.0pp $-693

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: $77,375
• Closing costs: $9,285
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-22
   days on market $309,500 Active 12 DOM
2. 2026-06-19
   days on market $309,500 Active 10 DOM
3. 2026-06-18
   days on market $309,500 Active 9 DOM
4. 2026-06-17
   days on market $309,500 Active 8 DOM
5. 2026-06-16
   days on market $309,500 Active 7 DOM
6. 2026-06-15
   days on market $309,500 Active 6 DOM
7. 2026-06-14
   days on market $309,500 Active 4 DOM
8. 2026-06-13
   days on market $309,500 Active 3 DOM
9. 2026-06-10
   remarks 244-char remark
10. 2026-06-10
    listed $309,500 Active 1 DOM

ⓘ 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: $1,306 · $109/mo
• Projected year-2 tax: $2,538 · $211/mo
• Expected delta: +$1,232/yr (+$103/mo · 94.3%)

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,199
• − Mortgage interest: −$17,337
• − Property taxes: −$1,306
• − Insurance: −$1,548
• − Repairs & maintenance: −$1,616
• − Management: −$1,616
• − Depreciation: −$9,004
• Taxable loss: −$12,227
• Est. tax savings @ 24.0%: +$2,934
• After-tax cash flow: $-3,438/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: Rutherford County Schools
• NCES district ID: 3704080
• Math proficiency: 43% ▼ -1.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $36,490
• Composite: 36.11/100
• National rank: #4753
• State rank: #98 of 178 in NC

Livability — Lake Lure

• Score: 64/100
• State rank: #351
• US rank: #13888

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Rutherford County · 2,744 people
• City population: 2,744
• Metro: Forest City, NC
• Population (ZIP): 2,744
• Household income: $70,469
• Rent vs Own: 11.3% rent · 88.7% own
• Severe rent burden: 34.0

Population outlook (Rutherford County) Hauer SSP2

• Today (2025): 63,695 people
• By 2030: 61,670 · -3.2%
• By 2040: 57,212 · -10.2%
• By 2050: 52,763 · -17.2%
• By 2075: 44,493 · -30.1%
• By 2100: 38,127 · -40.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 8% Black 5% Hispanic / Latino 5%
• Common ancestry: Romanian 7% Serbian 4% Lithuanian 3%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 3% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Rutherford

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -16.0pp toward R · 2008: -31.8pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+45.8 2016: R+47.9 2012: R+33.5 2008: R+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.82%
• Current HPI: 351.5648
• Rent YoY: —
• Metro: Forest City, 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

+138.3% since first listed

10 events — show timeline

• 2026-06-09 Listed $309,500 CANOPYMLS as Distributed by MLS Grid
• 2017-05-11 Sold (Public Records) $120,000 Public Records
• 2017-05-11 Sold (MLS) $120,000 NCMMLS
• 2017-05-11 Sold (MLS) $120,000 CANOPYMLS as Distributed by MLS Grid
• 2017-03-21 Contingent — NCMMLS
• 2017-03-21 Delisted — CANOPYMLS as Distributed by MLS Grid
• 2017-02-01 Price Changed $129,900 NCMMLS
• 2016-06-17 Price Changed $139,000 NCMMLS
• 2015-11-18 Listed $145,000 NCMMLS
• 2015-07-24 Listed $129,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+6.1%/yr

Latest (2025): $1,306 · +6.7% YoY. Source: county tax records.