202 Brickton Village Cir #201 · Fletcher, NC 28732

$270,000

3 bd · 2.0 ba · 1,173 sqft · Condo public records · 14 Days on market

Built 2007 $231/mo HOA · 10% of rent ↓ 4% since listing

---

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 +12.7/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• DSCR +3.8/10.0
• 1% rule +3.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located in the highly desirable Brickton Village community, this immaculate 3 bedroom, 2 bathroom condo offers a bright, open floor plan and low maintenance living. The spacious layout includes a private primary suite with an ensuite bath, an in unit laundry room and a mix of wood, tile, and carpet flooring. A wall mounted Murphy bed adds versatility for guests and conveys with the sale. The living area opens to a private patio, perfect for relaxing or enjoying indoor-outdoor living. Recent upgrades include a new washer, refrigerator, and hot water heater, providing peace of mind and added value. Brickton Village residents enjoy beautifully maintained grounds, a fenced dog park, picnic area

Key facts

• Fenced dog park
• Recent upgrades
• In unit laundry room

Tags

• PRIVATE PRIMARY SUITE
• IN UNIT LAUNDRY ROOM
• WALL MOUNTED MURPHY BED
• PRIVATE PATIO
• RECENT UPGRADES
• FENCED DOG PARK

Property features AI

Finance

• Other: Owner-occupancy required — no rentals permitted
• HOA & community: Mandatory HOA with monthly fee of $231; HOA required; Community amenities include dog park and walking trails; Pets allowed (cats and dogs permitted)

Exterior

• Parking: Parking lot
• Utilities: City water; Public sewer; Cable available; Electricity connected; Wired internet available
• Home design: Residential condominium; Site-built construction
• Construction: Brick partial, fiber cement, and stone exterior; Slab foundation
• Exterior features: Level, paved lot; Private maintained road; Paved road surface

Interior

• Kitchen: Dishwasher; Electric cooktop; Electric oven; Exhaust hood; Microwave; Refrigerator; Disposal
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Single-level living (one level); Entry on level 2
• Laundry & utility: Washer and dryer included; Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $270k.

Deal economics

• At list price, monthly cash flow is $-28 ($-335/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (14.5% below list).
• Recommended offer: $231k (14.5% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.
• Market conditions: 208 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); solid renter incomes; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• This rent runs 34% 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 $8k 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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $230,971 (14.5% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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 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: 0.86% ✗
• Cap rate: 6.17%
• Cash-on-cash: -0.44%
• DSCR: 0.98
• GRM: 9.7

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: -17.0%
• Equity multiple: 0.40×
• Total profit: $-45,502
• Equity at exit: $40,258

10-year hold

• IRR: -8.9%
• Equity multiple: 0.45×
• Total profit: $-41,802
• Equity at exit: $23,345

Cash invested: $75,600 (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: 208
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,310 high
• Mortgage (P&I): −$1,416
• Tax from tax record: −$93 /mo · $1,118/yr
• Insurance: −$112
• HOA: −$231
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $-28

Break-even live

Break-even rent $2,345

Max offer price $265,072

Occupancy floor 96%

Sensitivity live

Price	-10% $125	-5% $49	+0% $-28	+5% $-104	+10% $-181
Rent	-10% $-210	-5% $-119	+0% $-28	+5% $63	+10% $155
Rate	-1.0pp $108	-0.5pp $41	base $-28	+0.5pp $-98	+1.0pp $-169

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
65 Cushion Pl Fletcher, NC	2.0	1.0	1010	$1,550	$1.53	24d	1	0.33mi
123 Foxden Dr Fletcher, NC	3.0	2.0	1186	$2,100	$1.77	24d	1	0.38mi
93 Foxden Dr Fletcher, NC	3.0	2.0	1413	$2,200	$1.56	24d	1	0.38mi
1026 Thorncrest Dr Fletcher, NC	3.0	2.0	1472	$2,650	$1.80	14d	1	0.95mi
210 Mud Creek Rd Fletcher, NC	4.0	2.0	1477	$2,595	$1.76	24d	1	1.40mi

HOA detail condo

• Monthly dues: $231 · $2,772/yr
• Likely covers: waterlandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $270,000 Active 14 DOM
2. 2026-06-17
   days on market $270,000 Active 13 DOM
3. 2026-06-16
   days on market $270,000 Active 12 DOM
4. 2026-06-15
   days on market $270,000 Active 11 DOM
5. 2026-06-14
   days on market $270,000 Active 9 DOM
6. 2026-06-13
   days on market $270,000 Active 8 DOM
7. 2026-06-10
   days on market $270,000 Active 6 DOM
8. 2026-06-09
   days on market $270,000 Active 5 DOM
9. 2026-06-08
   days on market $270,000 Active 4 DOM
10. 2026-06-07
    days on market $270,000 Active 3 DOM
11. 2026-06-05
    days on marketlisting id $270,000 Active 1 DOM
12. 2026-06-03
    days on market $270,000 Active 174 DOM
13. 2026-06-03
    price $270,000 Active 173 DOM
14. 2026-06-02
    days on market $275,000 Active 173 DOM
15. 2026-06-01
    days on market $275,000 Active 172 DOM
16. 2026-05-31
    days on market $275,000 Active 171 DOM
17. 2026-05-30
    days on market $275,000 Active 170 DOM
18. 2026-05-07
    price $275,000
19. 2026-03-10
    price $282,000
20. 2025-12-11
    listed $287,000 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: $1,118 · $93/mo
• Projected year-2 tax: $2,214 · $184/mo
• Expected delta: +$1,096/yr (+$91/mo · 98.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 8 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: $27,717
• − Mortgage interest: −$15,124
• − Property taxes: −$1,118
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,217
• − Management: −$2,217
• − HOA: −$2,772
• − Depreciation: −$7,855
• Taxable loss: −$4,937
• Est. tax savings @ 24.0%: +$1,185
• After-tax cash flow: $850/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

-4.2% since first listed

3 events — show timeline

• 2026-05-07 Price Changed $275,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-10 Price Changed $282,000 CANOPYMLS as Distributed by MLS Grid
• 2025-12-11 Listed $287,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+4.7%/yr

Latest (2025): $1,118 · +0.0% YoY. Source: county tax records.