647 Boone Gap Rd · Moravian Falls, NC 28606

$199,900

2 bd · 2.0 ba · 960 sqft · SingleFamily public records · 6 Days on market

Built 1980 14 ac lot

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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 +19.9/30.0
• Appreciation +7.7/10.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +4.4/10.0
• Schools +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Escape to your own private paradise. Nestled in the foothills and surrounded by nature this secluded property offers over 13 acres of beauty and endless possibilities. Creek winds through the property with charming small waterfall enjoy year round. Great if you are an avid hunter, outdoor enthusiast, hiker or simply looking for a retreat. Cabin is rustic has water and power, heated with wood stove. Additional 20 x 20 two story building on the property could be finished for second cabin. This unique type property is a must see.

Key facts

• Over 13 acres
• Rustic cabin
• Creek winds

Tags

• OVER 13 ACRES
• CREEK WINDS
• SMALL WATERFALL
• RUSTIC CABIN
• WATER AND POWER
• HEATED WITH WOOD STOVE

Property features AI

Finance

• Other: Lot size approximately 13.63 acres; Property type listed as residential; Structure type: house; Road directions: Hwy 18 past Boomer Road, left on Boone Gap Rd; gated driveway on the left
• HOA & community: No homeowners association

Exterior

• Parking: Driveway
• Utilities: Well water; Septic tank; Electric water heater
• Home design: Residential stick/site-built house; One-and-a-half story
• Construction: Built in 1980; Wood siding construction; One fireplace located in the great room
• Exterior features: Creek on the property; Publicly maintained road access

Interior

• Kitchen: Electric water heater (appliance listed)
• Bedrooms: Primary on main
• Bathrooms: 2 full bathrooms
• Heating & cooling: Wood heating; No central air conditioning listed
• Interior features: Primary bedroom located on the main level; Unfinished basement; Basement with approximately 640 finished-equivalent area (basement area listed)
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $240 ($3k/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 $189k (5.6% below list).
• Recommended offer: $189k (5.6% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 2.2% in Moravian Falls — 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 (#366 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools D+, employment D, amenities F.
• Wilkes County Schools (rural): math 55% / reading 50% proficiency, ranked #59 of 178 in NC (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 29 active listings in the ZIP; 134 units permitted in Wilkes County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($1k loan paydown + $11k appreciation (5.3% local appreciation)).
• Wilkes County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (5.3% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $188,750 (5.6% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 0.94% ✗
• Cap rate: 7.73%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.32% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 2.16×
• Total profit: $64,963
• Equity at exit: $117,169

10-year hold

• IRR: 17.9%
• Equity multiple: 4.24×
• Total profit: $181,462
• Equity at exit: $205,508

Cash invested: $55,972 (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 28606

• Home prices YoY: 1.7%
• Active inventory: 29
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,888 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$120 /mo · $1,434/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $240

Break-even live

Break-even rent $1,584

Max offer price $199,900

Occupancy floor 82%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-06-12
   statusdays on market $199,900 Pending 6 DOM
2. 2026-06-09
   days on market $199,900 Active 4 DOM
3. 2026-06-08
   days on market $199,900 Active 3 DOM
4. 2026-06-07
   remarks 532-char remark
5. 2026-06-07
   listed $199,900 Active 2 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: $1,434 · $120/mo
• Projected year-2 tax: $1,639 · $137/mo
• Expected delta: +$205/yr (+$17/mo · 14.3%)

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

Taxation est. · year 1

• Rental income: $22,650
• − Mortgage interest: −$11,198
• − Property taxes: −$1,434
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,812
• − Management: −$1,812
• − Depreciation: −$5,815
• Taxable loss: −$421
• Est. tax savings @ 24.0%: +$101
• After-tax cash flow: $2,981/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: Wilkes County Schools
• NCES district ID: 3704950
• Math proficiency: 55% ▲ 13.00%
• Reading proficiency: 50% ▲ 5.00%
• Median HH income: $34,538
• Composite: 43.41/100
• National rank: #3017
• State rank: #59 of 178 in NC

Livability — Moravian Falls

• Score: 64/100
• State rank: #366
• US rank: #14562

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,743

Population outlook (Wilkes County) Hauer SSP2

• Today (2025): 66,349 people
• By 2030: 64,411 · -2.9%
• By 2040: 59,800 · -9.9%
• By 2050: 54,770 · -17.5%
• By 2075: 45,211 · -31.9%
• By 2100: 36,956 · -44.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Serbian 2% Romanian 1%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Wilkes

• 2024 margin: Solid R (+59.6) · D 19.9% · R 79.5%
• 2008→2024 swing: -21.5pp toward R · 2008: -38.2pp · 2024: -59.6pp
• All cycles: 2024: R+59.6 2020: R+56.6 2016: R+55.2 2012: R+42.7 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.32%
• Current HPI: 318.0226
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-06-05 Listed $199,900 Triad MLS

Property tax history

+13.6%/yr

Latest (2025): $1,434 · +145.2% YoY. Source: county tax records.