785 Hutch Mountain Rd · Fletcher, NC 28732

$189,900

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 4 Days on market

Built 1978 0.29 ac lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Attention investors, flippers, and DIY enthusiasts! Are you looking for your next project? This 3-bedroom, 2-bath home is packed with potential and ready for a fresh start. Bring your vision, your creativity, and a little elbow grease to transform this property into something truly special. With a great floor plan, solid bones, and a fantastic location, the possibilities are endless. Whether you're looking to renovate and resell, create a rental property, or design your dream home, this could be the opportunity you've been waiting for.

Key facts

• 0.29 acre lot
• Built 1978
• Listed 3 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway (no main-level garage)
• Utilities: Well water; Septic system
• Home design: Single-family residence; Manufactured doublewide; One story; Entry level on the main level; Residential property
• Construction: Manufactured construction; Wood construction materials; Crawl space foundation; Shingle roof
• Exterior features: Storage; Dirt, gravel, and paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Double oven; Electric cooktop; Microwave; Refrigerator; Wall oven
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Electric heating; Central air conditioning; Electric cooling
• Interior features: Ceiling fans
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $837 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Cap rate 11.6% 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; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• This rent runs 36% 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $51k; list at $190k implies a 272% gain — meaningful room to come down on a strong offer.

Recommended offer $189,900

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.30% ✓
• Cap rate: 11.58%
• Cash-on-cash: 18.88%
• DSCR: 1.84
• GRM: 6.4

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: 10.7%
• Equity multiple: 1.42×
• Total profit: $22,426
• Equity at exit: $28,315

10-year hold

• IRR: 19.7%
• Equity multiple: 2.65×
• Total profit: $87,785
• Equity at exit: $16,419

Cash invested: $53,172 (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 28732

• Home prices YoY: -26.8%
• Active inventory: 210
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,462 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$33 /mo · $399/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $837

Break-even live

Break-even rent $1,403

Max offer price $189,900

Occupancy floor 61%

Sensitivity live

Price	-10% $944	-5% $890	+0% $837	+5% $783	+10% $501
Rent	-10% $642	-5% $739	+0% $837	+5% $934	+10% $1,031
Rate	-1.0pp $932	-0.5pp $885	base $837	+0.5pp $787	+1.0pp $737

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
342 Meadow Pathway Dr Fletcher, NC	3.0	2.0	1618	$2,400	$1.48	24d	1	0.91mi

Listing history 3 events

1. 2026-06-21
   days on market $189,900 Active 4 DOM
2. 2026-06-17
   remarks 542-char remark
3. 2026-06-17
   listed $189,900 Active 1 DOM

ⓘ 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: $399 · $33/mo
• Projected year-2 tax: $1,557 · $130/mo
• Expected delta: +$1,158/yr (+$96/mo · 289.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°F today · 19 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: $29,543
• − Mortgage interest: −$10,637
• − Property taxes: −$399
• − Insurance: −$950
• − Repairs & maintenance: −$2,363
• − Management: −$2,363
• − Depreciation: −$5,524
• Taxable income: $7,306
• Est. tax owed @ 24.0%: −$1,753
• After-tax cash flow: $8,286/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

+272.4% since first listed

2 events — show timeline

• 2026-06-17 Listed $189,900 CANOPYMLS as Distributed by MLS Grid
• 1990-10-10 Sold (Public Records) $51,000 Public Records

Property tax history

+0.4%/yr

Latest (2025): $399 · -42.1% YoY. Source: county tax records.