205 Frazier St · Waynesville, NC 28786

$169,500

3 bd · 1.0 ba · 952 sqft · SingleFamily public records · 44 Days on market

Built 1960 0.46 ac lot Est $216k · 22% under ↓ 8% since listing

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Why this score? — see what drove the B- 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 +24.9/30.0
• ARV discount +15.0/15.0
• DSCR +8.1/10.0
• 1% rule +5.2/10.0
• Schools +4.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Exceptional Development Opportunity – 4 Unit Potential in the Heart of Waynesville! Positioned on one of the largest lots on Fraser Street, this prime 0.46-acre property offers a rare chance to capitalize on location, scale, and flexibility. Located in a rapidly growing corridor just off Highway Exit 102, the site is surrounded by major retail, restaurants, and daily conveniences—including Publix, Ingles Markets, Chick-fil-A, and Starbucks—placing future residents within minutes of everything. The property includes duplex plans tailored specifically for the lot, while current zoning allows for up to four residential units, presenting strong upside for developers and inves

Key facts

• 0.46 acre lot
• Garage
• Built 1960

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Attached garage (main level)
• Utilities: City water; Public sewer
• Home design: Single-family residence; Site-built construction; One story; Crawl space foundation
• Construction: Vinyl exterior
• Exterior features: Gravel and paved road access; Publicly maintained road

Interior

• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: No heating system listed; No cooling system listed
• Interior features: One living room (room count: 1); No built-in appliances listed
• Laundry & utility: No laundry facilities listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $164k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 2.1% in Waynesville — 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 67/100 on livability (#248 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: employment D+, crime F, amenities F.
• Haywood County Schools (suburban): math 55% / reading 53% proficiency, ranked #50 of 178 in NC (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hazelwood Elementary (math 57% / reading 49%, grade C, #344 of 1,410 statewide, top 25%, 492 students, 99% FRL); Tuscola High (math 57% / reading 60%, grade C, #235 of 535 statewide, top 45%, 917 students, 49% FRL) — zoned schools average 74% FRL vs 49% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 291 active listings in the ZIP; 537 units permitted in Haywood County in 2024 (150 in 5+ unit buildings).
• This rent runs 35% of the median local income ($59k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($164k) 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 $164,415 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.02% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.23%
• DSCR: 1.41
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $216,104
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
187 Harris St	0.54mi	3/1.0	969 (+2%)	4mo	$220,000	$227	69
1315 Russ Ave	0.50mi	2/1.0 (-1)	891 (-6%)	4mo	$257,500	$289	58
106 Culpepper Dr	0.62mi	3/2.0	1,064 (+12%)	4mo	$229,000	$215	44

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: -2.4%
• Equity multiple: 0.91×
• Total profit: $-4,293
• Equity at exit: $25,273

10-year hold

• IRR: 7.2%
• Equity multiple: 1.55×
• Total profit: $25,878
• Equity at exit: $14,655

Cash invested: $47,460 (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 28786

• Active inventory: 291
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,725 medium
• Mortgage (P&I): −$889
• Tax from tax record: −$38 /mo · $462/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $365

Break-even live

Break-even rent $1,263

Max offer price $169,500

Occupancy floor 74%

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: $42,375
• Closing costs: $5,085
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $169,500 Active 44 DOM
2. 2026-06-17
   days on market $169,500 Active 43 DOM
3. 2026-06-16
   days on market $169,500 Active 42 DOM
4. 2026-06-15
   days on market $169,500 Active 41 DOM
5. 2026-06-14
   days on market $169,500 Active 39 DOM
6. 2026-06-13
   days on market $169,500 Active 38 DOM
7. 2026-06-10
   days on market $169,500 Active 36 DOM
8. 2026-06-09
   days on market $169,500 Active 35 DOM
9. 2026-06-08
   days on market $169,500 Active 34 DOM
10. 2026-06-07
    days on market $169,500 Active 33 DOM
11. 2026-06-03
    days on market $169,500 Active 29 DOM
12. 2026-06-02
    days on market $169,500 Active 28 DOM
13. 2026-06-01
    days on market $169,500 Active 27 DOM
14. 2026-05-31
    days on market $169,500 Active 26 DOM
15. 2026-05-30
    days on market $169,500 Active 25 DOM
16. 2026-05-14
    price $179,500
17. 2026-05-05
    listed $195,000 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: $462 · $38/mo
• Projected year-2 tax: $1,390 · $116/mo
• Expected delta: +$928/yr (+$77/mo · 201.0%)

ⓘ 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) · 27% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥94°F today · 23 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,705
• − Mortgage interest: −$9,495
• − Property taxes: −$462
• − Insurance: −$848
• − Repairs & maintenance: −$1,656
• − Management: −$1,656
• − Depreciation: −$4,931
• Taxable income: $1,658
• Est. tax owed @ 24.0%: −$398
• After-tax cash flow: $3,983/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: Haywood County Schools
• NCES district ID: 3702040
• Math proficiency: 55% ▲ 7.00%
• Reading proficiency: 53% ▲ 2.00%
• Median HH income: $42,715
• Composite: 45.42/100
• National rank: #2623
• State rank: #50 of 178 in NC

Livability — Waynesville

• Score: 67/100
• State rank: #248
• US rank: #11055

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waynesville, NC
• County: Haywood County · 22,056 people
• City population: 22,056
• Metro: Asheville, NC
• Population (ZIP): 22,056
• Household income: $59,371
• Rent vs Own: 31.3% rent · 68.7% own
• Severe rent burden: 611.0

Population outlook (Haywood County) Hauer SSP2

• Today (2025): 61,607 people
• By 2030: 62,137 · +0.9%
• By 2040: 62,418 · +1.3%
• By 2050: 61,578 · +-0.0%
• By 2075: 59,137 · -4.0%
• By 2100: 53,470 · -13.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Slovak 5% Serbian 5% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Haywood

• 2024 margin: Strong R (+25.1) · D 36.9% · R 62.0% · Other 1.1%
• 2008→2024 swing: -17.4pp toward R · 2008: -7.8pp · 2024: -25.1pp
• All cycles: 2024: R+25.1 2020: R+26.5 2016: R+28.0 2012: R+13.8 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -132.00%
• Current HPI: 203.0776
• 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

-7.9% since first listed

2 events — show timeline

• 2026-05-14 Price Changed $179,500 CANOPYMLS as Distributed by MLS Grid
• 2026-05-05 Listed $195,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+6.8%/yr

Latest (2017): $462 · -0.5% YoY. Source: county tax records.