111 Oxford Ln · Boone, NC 28605

$259,000

3 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 279 Days on market

Built 1993 0.65 ac lot

---

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 +14.1/30.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• DSCR +4.3/10.0
• Livability +4.2/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

EXCELLENT LOCATION! Rare High Country Affordable 3/2 Housing very close to Boone and Blowing Rock with a large front yard and creek. 1.5 miles from Hwy 321 just outside Boone. Recently Remodeled with new subflooring, Vintage Farm Plank laminate flooring, refinished cabinets, new sink, faucets, new bedroom carpet, interior completely repainted with warm earth tones. Located in Blowing Rock School District and Boone Fire District, only about 2 miles from Boone Post Office on Hwy 321. 3 Bedroom, 2 Bath manufactured home with an open floor plan, wood-burning fireplace and on a permanent foundation. No POA and minimal restrictions. Would make a great starter home, rental investment, or your ow

Key facts

• Open floor plan
• Large front yard
• Permanent foundation

Tags

• LARGE FRONT YARD
• CREEK
• OPEN FLOOR PLAN
• WOOD BURNING FIREPLACE
• PERMANENT FOUNDATION
• COMMERCIAL DEHUMIDIFIER

Property features AI

Exterior

• Parking: Gravel driveway, no garage; private parking
• Utilities: Shared well water
• Home design: Single-family residence (double wide mobile body type); One-story
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Metal roof; Private road frontage on a gravel surface with private maintenance; 0.65-acre lot

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump; Electric heating; Fireplace heating; Has cooling
• Interior features: High-speed internet; Factory-built stone wood-burning fireplace
• Laundry & utility: Washer and dryer (main level); Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $259k.

Deal economics

• At list price, monthly cash flow is $-29 ($-349/yr) — negative.
• To cash-flow at today's rent, offer at most $254k (2.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (24.3% below list).
• Recommended offer: $196k (24.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 1.2% in Boone — 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 84/100 on livability (#4 in NC, #579 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: housing D, employment F.
• Watauga County Schools (rural): math 53% / reading 59% proficiency, ranked #47 of 178 in NC (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Blowing Rock Elementary (math 69% / reading 74%, grade A-, #81 of 1,410 statewide, top 6%, 431 students, 19% FRL); Watauga High (math 76% / reading 74%, grade A-, #91 of 535 statewide, top 17%, 1,272 students, 33% FRL).
• Zoned-school proficiency averages 73% at this address vs 56% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Watauga County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 194 active listings in the ZIP; 296 units permitted in Watauga County in 2024 (20 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Watauga County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 279 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 4y ago; this cycle's ask is 18% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $210k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $196,097 (24.3% 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. It's been on market 279 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
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 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: 0.76% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.62%
• DSCR: 1.03
• GRM: 11.0

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: -17.1%
• Equity multiple: 0.39×
• Total profit: $-43,924
• Equity at exit: $38,618

10-year hold

• IRR: -9.2%
• Equity multiple: 0.43×
• Total profit: $-41,045
• Equity at exit: $22,394

Cash invested: $72,520 (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 28605

• Home prices YoY: -11.7%
• Active inventory: 194
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,961 medium
• Mortgage (P&I): −$1,358
• Tax from tax record: −$46 /mo · $548/yr
• Insurance: −$108
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $-29

Break-even live

Break-even rent $1,998

Max offer price $253,856

Occupancy floor 96%

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-19
   days on market $259,000 Active 279 DOM
2. 2026-06-18
   days on market $259,000 Active 278 DOM
3. 2026-06-17
   days on market $259,000 Active 277 DOM
4. 2026-06-16
   days on market $259,000 Active 276 DOM
5. 2026-06-15
   days on market $259,000 Active 275 DOM
6. 2026-06-14
   days on market $259,000 Active 273 DOM
7. 2026-06-12
   days on market $259,000 Active 272 DOM
8. 2026-06-09
   days on market $259,000 Active 269 DOM
9. 2026-06-08
   days on market $259,000 Active 268 DOM
10. 2026-06-07
    days on market $259,000 Active 267 DOM
11. 2026-06-02
    days on market $259,000 Active 262 DOM
12. 2026-06-01
    days on market $259,000 Active 261 DOM
13. 2026-05-31
    days on market $259,000 Active 260 DOM
14. 2026-05-30
    days on market $259,000 Active 259 DOM
15. 2026-03-28
    price $259,000
16. 2026-03-07
    price $269,900
17. 2025-11-17
    status Active
18. 2025-11-13
    historical Active Under Contract
19. 2025-11-08
    status Active
20. 2025-11-08
    price $279,900
21. 2025-10-21
    historical
22. 2025-08-07
    listed $220,000 Active
23. 2025-08-04
    listed $220,000 Active
24. 2025-05-27
    status Active
25. 2025-05-27
    price $199,900
26. 2025-05-14
    historical Active Under Contract
27. 2025-05-01
    listed $229,900 Active
28. 2025-04-15
    price $229,900
29. 2025-03-14
    price $239,900
30. 2025-01-15
    listed $249,900 Active
31. 2022-05-31
    soldstatus $210,000
32. 2022-05-31
    soldstatus $210,000
33. 2022-05-21
    listed $199,900
34. 2005-05-18
    soldstatus $226,000

ⓘ 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: $548 · $46/mo
• Projected year-2 tax: $2,124 · $177/mo
• Expected delta: +$1,576/yr (+$131/mo · 287.4%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥87°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,532
• − Mortgage interest: −$14,508
• − Property taxes: −$548
• − Insurance: −$2,092
• − Repairs & maintenance: −$1,883
• − Management: −$1,883
• − Depreciation: −$7,535
• Taxable loss: −$4,917
• Est. tax savings @ 24.0%: +$1,180
• After-tax cash flow: $831/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: Watauga County Schools
• NCES district ID: 3704830
• Math proficiency: 53% ▲ 1.00%
• Reading proficiency: 59% ▬ 0.00%
• Median HH income: $36,936
• Composite: 46.49/100
• National rank: #2430
• State rank: #47 of 178 in NC

Livability — Boone

• Score: 84/100
• State rank: #4
• US rank: #579

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 35,679
• Population (ZIP): 3,471

Population outlook (Watauga County) Hauer SSP2

• Today (2025): 59,523 people
• By 2030: 63,047 · +5.9%
• By 2040: 68,332 · +14.8%
• By 2050: 73,638 · +23.7%
• By 2075: 86,964 · +46.1%
• By 2100: 99,206 · +66.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3% Asian 1%
• Common ancestry: Slovak 7% Italian 5% Serbian 4%
• Foreign-born: 7% · Canada, Vietnam, South Korea
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 2% Vietnamese 1%

Political lean MEDSL · Watauga

• 2024 margin: Lean D (+6.0) · D 52.3% · R 46.3% · Other 1.4%
• 2008→2024 swing: +1.7pp toward D · 2008: 4.3pp · 2024: 6.0pp
• All cycles: 2024: D+6.0 2020: D+8.3 2016: D+1.5 2012: R+2.7 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.42%
• Current HPI: 318.9294
• 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

+14.6% since first listed

20 events — show timeline

• 2026-03-28 Price Changed $259,000 HCMLS
• 2026-03-07 Price Changed $269,900 HCMLS
• 2025-11-17 Relisted — HCMLS
• 2025-11-13 Contingent — HCMLS
• 2025-11-08 Relisted — HCMLS
• 2025-11-08 Price Changed $279,900 HCMLS
• 2025-10-21 Listing Removed — TMLS
• 2025-08-07 Listed $220,000 TMLS
• 2025-08-04 Listed $220,000 HCMLS
• 2025-05-27 Relisted — HCMLS
• 2025-05-27 Price Changed $199,900 HCMLS
• 2025-05-14 Contingent — HCMLS
• 2025-05-01 Listed $229,900 HCMLS
• 2025-04-15 Price Changed $229,900 HCMLS
• 2025-03-14 Price Changed $239,900 HCMLS
• 2025-01-15 Listed $249,900 HCMLS
• 2022-05-31 Sold (Public Records) $210,000 Public Records
• 2022-05-31 Sold (MLS) $210,000 HCMLS
• 2022-05-21 Listed $199,900 HCMLS
• 2005-05-18 Sold (Public Records) $226,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $548 · +0.0% YoY. Source: county tax records.