135/137 Indian Harbor Trl Unit E16/17 · Norwood, NC 27306

$115,000

1 bd · 1.0 ba · 592 sqft · SingleFamily · 503 Days on market

Built 1991 5,227 sqft lot Est $118k · at est. $87/mo HOA · 7% of rent ↓ 30% since listing

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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 +20.1/30.0
• ARV discount +8.8/15.0
• DSCR +6.4/10.0
• 1% rule +6.3/10.0
• Appreciation +4.5/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Double lots with lots of room. E16/17 Welcome to 135/137 Indian Harbor Tr. This 1 bedroom 1 bath Dutchmen unit is ready to use. Large open main living space at 360 sq ft. Nice comfortable furniture to remain. Windows everywhere in the room makes it feel like you are outdoors. Opens into a front end kitchen camper that has been well loved. An additional 232 sq ft makes this unit feel nice a spacious. Real potty in the bathroom, good storage throughout. Open front deck with fence for dogs at 300 sq ft. There is a survey showing all setbacks have been met. Everything that is there is to remain except the Ez-Go Golf Cart available for additional $5k. Current owner has never used the propane in

Key facts

• Double lots
• Fence for dogs
• Owned propane tank

Tags

• DOUBLE LOTS
• OPEN MAIN LIVING SPACE
• OPEN FRONT DECK
• FENCE FOR DOGS
• OWNED PROPANE TANK

Property features AI

Finance

• Other: Private maintained road; Road surface: dirt and paved
• HOA & community: Homeowners association with mandatory annual dues; Annual association fee of $1,040; Community amenities: lake access, outdoor pool, picnic area, playground, recreation area, walking trails

Exterior

• Parking: Driveway
• Security: Gated community; Street lights
• Utilities: County water; County sewer; Electricity connected
• Home design: Manufactured single-family residence; One story; Facing details not specified
• Construction: Vinyl exterior; Composition roof; Pillar/post/pier foundation; Built as manufactured construction
• Exterior features: Front porch; Level lot; Beach access (public); Community boat ramp; Community boat slip

Interior

• Kitchen: Gas cooktop; Gas oven; Microwave; Refrigerator
• Bedrooms: 1 bedroom on the main level
• Flooring: Carpet; Linoleum
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Space heater; Wall furnace; Wall-mounted cooling units; Zoned cooling
• Interior features: Six total rooms; Sliding doors; Electric fireplace
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $144 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 2.9% in Norwood — 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 63/100 on livability (#410 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Montgomery County Schools (rural): math 29% / reading 34% proficiency, ranked #143 of 178 in NC (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 113 active listings in the ZIP; 138 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.9%/yr); year-one equity from $795 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Montgomery County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.9% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 503 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 503 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.13% ✓
• Cap rate: 7.80%
• Cash-on-cash: 5.37%
• DSCR: 1.24
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $118,400
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
138 Larboard Trl	0.29mi	2/1.0 (+1)	600 (+1%)	6mo	$120,000	$200	74
111 River Ridge Trl	0.11mi	2/1.0 (+1)	650 (+10%)	12mo	$20,000	$31	63
111 Sunshine Trl Unit A 249/250	0.57mi	2/1.0 (+1)	608 (+3%)	2mo	$124,900	$205	62
104 Powder Horn Trl Unit C92	0.22mi	2/1.0 (+1)	636 (+7%)	13mo	$110,000	$173	62
148 Twin Bluff Trl Unit C42	0.25mi	1/1.0	513 (-13%)	9mo	$150,000	$292	58
158 Arrowood Trl Unit F27	0.57mi	1/1.0	600 (+1%)	20mo	$130,000	$217	55
167 Holly Harbor Trl Unit 169/170	0.42mi	1/1.0	665 (+12%)	12mo	$125,000	$188	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.94% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.03×
• Total profit: $917
• Equity at exit: $28,101

10-year hold

• IRR: 7.2%
• Equity multiple: 1.70×
• Total profit: $22,618
• Equity at exit: $29,801

Cash invested: $32,200 (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 27306

• Home prices YoY: -0.3%
• Active inventory: 113
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,299 medium
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$87
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $144

Break-even live

Break-even rent $1,116

Max offer price $115,000

Occupancy floor 84%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $87 · $1,044/yr

Listing history 7 events

1. 2026-05-15
   price $115,000
2. 2025-12-03
   price $130,000
3. 2025-10-10
   price $140,000
4. 2025-07-27
   price $145,000
5. 2025-07-13
   price $155,000
6. 2025-06-15
   price $159,500
7. 2025-01-08
   listed $165,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,583
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,247
• − Management: −$1,247
• − HOA: −$1,044
• − Depreciation: −$3,345
• Taxable loss: −$41
• Est. tax savings @ 24.0%: +$10
• After-tax cash flow: $1,740/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: Montgomery County Schools
• NCES district ID: 3703060
• Math proficiency: 29% ▼ -6.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $34,706
• Composite: 25.97/100
• National rank: #7328
• State rank: #143 of 178 in NC

Livability — Norwood

• Score: 63/100
• State rank: #410
• US rank: #15485

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): 5,457

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 26,533 people
• By 2030: 25,724 · -3.0%
• By 2040: 23,842 · -10.1%
• By 2050: 22,077 · -16.8%
• By 2075: 18,754 · -29.3%
• By 2100: 15,537 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 26% Asian 6% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Slovak 2% Serbian 1% Iranian 1%
• Foreign-born: 6% · China, Canada, Philippines
• Languages at home: 92% English-only · Other Asian/Pacific 5% Spanish 2% Chinese 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+37.8) · D 30.8% · R 68.6%
• 2008→2024 swing: -26.9pp toward R · 2008: -11.0pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+31.8 2016: R+25.9 2012: R+15.2 2008: R+11.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.94%
• Current HPI: 334.2599
• 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

-30.3% since first listed

7 events — show timeline

• 2026-05-15 Price Changed $115,000 CANOPYMLS as Distributed by MLS Grid
• 2025-12-03 Price Changed $130,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-10 Price Changed $140,000 CANOPYMLS as Distributed by MLS Grid
• 2025-07-27 Price Changed $145,000 CANOPYMLS as Distributed by MLS Grid
• 2025-07-13 Price Changed $155,000 CANOPYMLS as Distributed by MLS Grid
• 2025-06-15 Price Changed $159,500 CANOPYMLS as Distributed by MLS Grid
• 2025-01-08 Listed $165,000 CANOPYMLS as Distributed by MLS Grid