123 Foxden Dr #204 · Fletcher, NC 28732

$248,000

3 bd · 2.0 ba · 1,413 sqft · Condo public records · 30 Days on market

Built 2008

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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 +12.9/30.0
• ARV discount +7.5/15.0
• 1% rule +4.5/10.0
• Schools +4.2/10.0
• DSCR +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Built 2008
• Listed 29 days

Property features AI

Finance

• Other: Restrictions: Signage and other restrictions (see remarks)
• HOA & community: Property is part of an HOA; membership required

Exterior

• Parking: Parking lot
• Utilities: City water; Public sewer
• Home design: Residential condominium; Site-built construction; One story; Entry level 2; Zoned R-1
• Construction: Fiber cement exterior; Slab foundation; Shingle roof not specified
• Exterior features: Covered patio/porch; Balcony; Paved road access; Private maintained road

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Microwave; Refrigerator
• Bedrooms: 3 bedrooms, all on the main level
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning; Ceiling fans
• Interior features: 9 total rooms; Entry on level 2
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located in hall on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $248k.

Deal economics

• At list price, monthly cash flow is $-75 ($-904/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (4.8% below list).
• Recommended offer: $236k (4.8% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 4.1% 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.
• Zoned schools: Fletcher Elementary (math 48% / reading 47%, grade D, #490 of 1,410 statewide, top 35%, 482 students, 53% FRL); North Henderson High (math 72% / reading 58%, grade B, #161 of 535 statewide, top 30%, 1,146 students, 61% FRL).
• Market conditions: 210 active listings in the ZIP; 4 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 35% 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 $7k 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

• It's been on market 30 days — a 2% lower offer ($244k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $236,213 (4.8% 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's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.95% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.34%
• DSCR: 0.98
• GRM: 8.7

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: -18.4%
• Equity multiple: 0.35×
• Total profit: $-44,811
• Equity at exit: $36,978

10-year hold

• IRR: -10.5%
• Equity multiple: 0.36×
• Total profit: $-44,488
• Equity at exit: $21,443

Cash invested: $69,440 (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: 210
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,362 medium
• Mortgage (P&I): −$1,301
• Tax from tax record: −$122 /mo · $1,464/yr
• Insurance: −$103
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA est. from 1 same-building comp: −$360
• Vacancy / Maint / Mgmt: −$496
• Net cashflow: $-75

Break-even live

Break-even rent $2,458

Max offer price $234,687

Occupancy floor 98%

Sensitivity live

Price	-10% $65	-5% $-5	+0% $-75	+5% $-146	+10% $-216
Rent	-10% $-262	-5% $-169	+0% $-75	+5% $18	+10% $111
Rate	-1.0pp $50	-0.5pp $-12	base $-75	+0.5pp $-140	+1.0pp $-205

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: $62,000
• Closing costs: $7,440
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 Foxden Dr Fletcher, NC	3.0	2.0	1186	$2,100	$1.77	24d	1	0.02mi
93 Foxden Dr Fletcher, NC	3.0	2.0	1413	$2,200	$1.56	24d	1	0.02mi
65 Cushion Pl Fletcher, NC	2.0	1.0	1010	$1,550	$1.53	24d	1	0.40mi
1026 Thorncrest Dr Fletcher, NC	3.0	2.0	1472	$2,650	$1.80	15d	1	1.14mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-21
   days on market $248,000 Active 30 DOM
2. 2026-06-18
   days on market $248,000 Active 27 DOM
3. 2026-06-17
   days on market $248,000 Active 26 DOM
4. 2026-06-16
   days on market $248,000 Active 25 DOM
5. 2026-06-15
   days on market $248,000 Active 24 DOM
6. 2026-06-14
   days on market $248,000 Active 22 DOM
7. 2026-06-13
   days on market $248,000 Active 21 DOM
8. 2026-06-10
   days on market $248,000 Active 19 DOM
9. 2026-06-09
   days on market $248,000 Active 18 DOM
10. 2026-06-08
    days on market $248,000 Active 17 DOM
11. 2026-06-07
    days on market $248,000 Active 16 DOM
12. 2026-06-05
    days on market $248,000 Active 13 DOM
13. 2026-06-03
    days on market $248,000 Active 12 DOM
14. 2026-06-02
    days on market $248,000 Active 11 DOM
15. 2026-06-01
    days on market $248,000 Active 10 DOM
16. 2026-05-31
    days on market $248,000 Active 9 DOM
17. 2026-05-30
    days on market $248,000 Active 8 DOM
18. 2026-05-22
    listed $248,000 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: $1,464 · $122/mo
• Projected year-2 tax: $2,034 · $169/mo
• Expected delta: +$569/yr (+$47/mo · 38.9%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 8 d/yr ≥96°F today · 22 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: $28,346
• − Mortgage interest: −$13,892
• − Property taxes: −$1,464
• − Insurance: −$1,906
• − Repairs & maintenance: −$2,268
• − Management: −$2,268
• − HOA: −$4,320
• − Depreciation: −$7,215
• Taxable loss: −$4,987
• Est. tax savings @ 24.0%: +$1,197
• After-tax cash flow: $293/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

• 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

1 event — show timeline

• 2026-05-22 Listed $248,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2025): $1,464 · +0.0% YoY. Source: county tax records.