517 Mystic Dr Unit D · Greensboro, NC 27406

$89,900

2 bd · 1.0 ba · 703 sqft · Condo public records · 91 Days on market

Built 1994 $157/mo HOA · 15% of rent

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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 +18.5/30.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• DSCR +5.8/10.0
• Livability +4.0/5.0
• Schools +3.6/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Awesome opportunity in Apple Ridge! Main level condo listed over $21,000 BELOW tax value! Kitchen with eating area, patio porch and close to 40/85 access! Agents - please see agent only section for offer instructions and requirements.

Key facts

• Strong cash flow
• Laminate flooring
• Tenant occupied

Tags

• TURNKEY INVESTMENT OPPORTUNITY
• STRONG CASH FLOW
• TENANT OCCUPIED
• LEASE IN PLACE
• LAMINATE FLOORING
• NEW CARPET

Property features AI

Finance

• HOA & community: Part of Apple Ridge Condos; Community association (Greensboro) with a monthly fee of $157

Exterior

• Parking: Paved parking
• Utilities: Public water; Public sewer; Electric water heater
• Home design: Condominium, stick/site built; One story; Built in 1994; Existing structure
• Construction: Vinyl siding; Slab foundation
• Exterior features: City lot; Public-maintained road

Interior

• Kitchen: Electric water heater
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump and electric heating; Central air conditioning
• Interior features: Primary bedroom located on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $90k.

Deal economics

• At list price, monthly cash flow is $86 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $82k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 3.8% in Greensboro — 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 81/100 on livability (#12 in NC, #1,335 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Guilford County Schools (urban): math 39% / reading 45% proficiency, ranked #99 of 178 in NC (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.2%/yr); 261 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 3,843 units permitted in Guilford County in 2024 (2,397 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Guilford County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $81,809 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.15% ✓
• Cap rate: 7.44%
• Cash-on-cash: 4.08%
• DSCR: 1.18
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.18% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.61×
• Total profit: $-9,881
• Equity at exit: $13,404

10-year hold

• IRR: -2.9%
• Equity multiple: 0.81×
• Total profit: $-4,667
• Equity at exit: $7,773

Cash invested: $25,172 (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 27406

• Rents YoY: 2.2%
• Active inventory: 261
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,036 high
• Mortgage (P&I): −$471
• Tax from tax record: −$67 /mo · $807/yr
• Insurance: −$37
• HOA: −$157
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $86

Break-even live

Break-even rent $928

Max offer price $89,900

Occupancy floor 87%

Sensitivity live

Price	-10% $136	-5% $111	+0% $86	+5% $60	+10% $35
Rent	-10% $4	-5% $45	+0% $86	+5% $127	+10% $167
Rate	-1.0pp $131	-0.5pp $108	base $86	+0.5pp $62	+1.0pp $39

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
515 Mystic Dr Unit A Greensboro, NC	2.0	1.0	703	$899	$1.28	14d	1	0.05mi
502 Mystic Dr Unit B Greensboro, NC	2.0	1.0	703	$950	$1.35	24d	1	0.10mi
3527 Lynhaven Dr Unit A Greensboro, NC	2.0	1.0	667	$1,400	$2.10	24d	1	0.45mi
629 Creek Ridge Rd Unit 645-B Greensboro, NC	1.0	1.0	600	$925	$1.54	14d	1	0.50mi
629 Creek Ridge Rd Unit 647-F Greensboro, NC	1.0	1.0	600	$925	$1.54	24d	1	0.50mi
629 Creek Ridge Rd Unit 639-C Greensboro, NC	1.0	1.0	600	$1,100	$1.83	24d	1	0.50mi
8 Covey Ln Greensboro, NC	1.0–3.0	1.0–2.0	927	$1,162	$1.25	14d	10	0.59mi
9 Summertree Ln Greensboro, NC	1.0–2.0	1.0	802	$995	$1.24	14d	5	1.08mi
402 E Montcastle Dr Greensboro, NC	1.0–3.0	1.0–2.0	920	$1,125	$1.22	24d	10	1.12mi
1015 Glendale Dr Greensboro, NC	1.0–2.0	1.0	730	$1,103	$1.51	21d	4	1.32mi

HOA detail condo

• Monthly dues: $157 · $1,884/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $89,900 Active 91 DOM
2. 2026-06-17
   days on market $89,900 Active 90 DOM
3. 2026-06-16
   days on market $89,900 Active 89 DOM
4. 2026-06-15
   days on market $89,900 Active 88 DOM
5. 2026-06-14
   days on market $89,900 Active 86 DOM
6. 2026-06-10
   days on market $89,900 Active 83 DOM
7. 2026-06-09
   days on market $89,900 Active 82 DOM
8. 2026-06-08
   days on market $89,900 Active 81 DOM
9. 2026-06-07
   days on market $89,900 Active 80 DOM
10. 2026-06-03
    days on market $89,900 Active 76 DOM
11. 2026-06-02
    days on market $89,900 Active 75 DOM
12. 2026-06-01
    days on market $89,900 Active 74 DOM
13. 2026-05-31
    days on market $89,900 Active 73 DOM
14. 2026-05-31
    days on market $89,900 Active 72 DOM
15. 2026-03-19
    listed $89,900 Active
16. 2023-04-28
    soldstatus $87,500
17. 2022-12-04
    price $83,900
18. 2022-12-02
    price $84,900
19. 2014-10-23
    soldstatus $17,000 234-char remark

    Show marketing remark (234 chars)

    Awesome opportunity in Apple Ridge! Main level condo listed over $21,000 BELOW tax value! Kitchen with eating area, patio porch and close to 40/85 access! Agents - please see agent only section for offer instructions and requirements.

20. 2014-09-24
    listed $21,000 234-char remark

    Show marketing remark (234 chars)

    Awesome opportunity in Apple Ridge! Main level condo listed over $21,000 BELOW tax value! Kitchen with eating area, patio porch and close to 40/85 access! Agents - please see agent only section for offer instructions and requirements.

21. 1996-01-31
    soldstatus $44,000

ⓘ 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: $807 · $67/mo
• Projected year-2 tax: $807 · $67/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 18% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,436
• − Mortgage interest: −$5,036
• − Property taxes: −$807
• − Insurance: −$450
• − Repairs & maintenance: −$995
• − Management: −$995
• − HOA: −$1,884
• − Depreciation: −$2,615
• Taxable loss: −$345
• Est. tax savings @ 24.0%: +$83
• After-tax cash flow: $1,110/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: Guilford County Schools
• NCES district ID: 3701920
• Math proficiency: 39% ▲ 1.00%
• Reading proficiency: 45% ▲ 1.00%
• Median HH income: $46,315
• Composite: 35.78/100
• National rank: #4842
• State rank: #99 of 178 in NC

Livability — Greensboro

• Score: 81/100
• State rank: #12
• US rank: #1335

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greensboro, NC
• County: Guilford County · 487,190 people
• City population: 329,421
• Metro: Greensboro-High Point, NC
• Population (ZIP): 60,651
• Household income: $59,563
• Rent vs Own: 44.4% rent · 55.6% own
• Severe rent burden: 2462.0

Population outlook (Guilford County) Hauer SSP2

• Today (2025): 584,596 people
• By 2030: 616,851 · +5.5%
• By 2040: 678,451 · +16.1%
• By 2050: 734,788 · +25.7%
• By 2075: 862,985 · +47.6%
• By 2100: 948,704 · +62.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Black 52% White 26% Hispanic / Latino 13% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 2%
• Common ancestry: Italian 1% Serbian 1% Lithuanian 1%
• Foreign-born: 10% · Canada, Vietnam, United Kingdom
• Languages at home: 83% English-only · Spanish 11% Vietnamese 1% Other Asian/Pacific 1%

Political lean MEDSL · Guilford

• 2024 margin: Strong D (+21.8) · D 60.2% · R 38.4% · Other 1.4%
• 2008→2024 swing: +3.5pp toward D · 2008: 18.4pp · 2024: 21.8pp
• All cycles: 2024: D+21.8 2020: D+23.1 2016: D+20.0 2012: D+16.5 2008: D+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -146.70%
• Current HPI: 243.2612
• Rent YoY: ▲ 2.18%
• Metro: Greensboro-High Point, 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

+104.3% since first listed

7 events — show timeline

• 2026-03-19 Listed $89,900 Triad MLS
• 2023-04-28 Sold (Public Records) $87,500 Public Records
• 2022-12-04 Price Changed $83,900 Triad MLS
• 2022-12-02 Price Changed $84,900 Triad MLS
• 2014-10-23 Sold (MLS) $17,000 Triad MLS
• 2014-09-24 Listed $21,000 Triad MLS
• 1996-01-31 Sold (Public Records) $44,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $807 · -1.0% YoY. Source: county tax records.