101 Boyd Dr · Flat Rock, NC 28731

$239,900

2 bd · 2.0 ba · 1,100 sqft · Townhouse · 14 Days on market

Built 1980 Good condition Est $265k · 10% under

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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 +13.3/30.0
• ARV discount +11.8/15.0
• Schools +4.2/10.0
• DSCR +4.0/10.0
• Condition / age +4.0/5.0
• 1% rule +3.8/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fully Furnished, Turnkey Flat Rock Townhome Completely Updated & Move-In Ready Buyer agents welcome--willing to work with agents. Welcome to easy, low-maintenance living in beautiful Flat Rock! This 2-bedroom, 2 bath townhome offers approximately 1,100 sq. ft. of thoughtfully updated space and is being sold completely furnished and turnkey. This home has been extensively upgraded, giving buyers peace of mind and modern comfort from day one. Inside, youll find brand-new sub-flooring and flooring throughout, creating a fresh, cohesive feel. The remodeled kitchen features stone countertops, a new sink, a brand-new disposal, and a newly added breakfast bar perfect for casual dining or

Key facts

• Updated
• Remodeled kitchen
• Move in ready

Tags

• FULLY FURNISHED
• TURNKEY
• UPDATED
• MOVE IN READY
• LOW MAINTENANCE LIVING
• REMODELED KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $240k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1 ($13/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (12.5% below list).
• Recommended offer: $210k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 1.5% in Flat Rock — 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 65/100 on livability (#330 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: amenities F, commute F, cost of living 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.
• Market conditions: 178 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 1,534 units permitted in Henderson County in 2024 (558 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 $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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $210,000 (12.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 0.88% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.02%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $265,100
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
101 Boyd Dr Unit 2B	0.00mi	2/1.5	1,050 (-4%)	2mo	$199,600	$190	89
20 Lake Jordan Dr #501	0.62mi	2/1.5	1,101 (+0%)	5mo	$265,000	$241	65

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

Projected returns pro-forma

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

5-year hold

• IRR: -16.3%
• Equity multiple: 0.42×
• Total profit: $-38,772
• Equity at exit: $35,770

10-year hold

• IRR: -7.9%
• Equity multiple: 0.50×
• Total profit: $-33,543
• Equity at exit: $20,742

Cash invested: $67,172 (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 28731

• Active inventory: 178
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,100 medium
• Mortgage (P&I): −$1,258
• Tax est. 1.5%: −$300 /mo · $3,598/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $1

Break-even live

Break-even rent $2,099

Max offer price $239,900

Occupancy floor 95%

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
119 Sharons Way East Flat Rock, NC	3.0	2.0	1216	$2,100	$1.73	23d	1	1.28mi

Listing history 12 events

1. 2026-06-18
   days on market $239,900 Active 14 DOM
2. 2026-06-17
   days on market $239,900 Active 13 DOM
3. 2026-06-16
   days on market $239,900 Active 12 DOM
4. 2026-06-15
   days on market $239,900 Active 11 DOM
5. 2026-06-14
   days on market $239,900 Active 9 DOM
6. 2026-06-13
   days on market $239,900 Active 8 DOM
7. 2026-06-10
   days on market $239,900 Active 6 DOM
8. 2026-06-09
   days on market $239,900 Active 5 DOM
9. 2026-06-08
   days on market $239,900 Active 4 DOM
10. 2026-06-07
    days on market $239,900 Active 3 DOM
11. 2026-06-05
    remarks 695-char remark
12. 2026-06-05
    listed $239,900 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 17 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: $25,200
• − Mortgage interest: −$13,438
• − Property taxes: −$3,598
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,016
• − Management: −$2,016
• − Depreciation: −$6,979
• Taxable loss: −$4,047
• Est. tax savings @ 24.0%: +$971
• After-tax cash flow: $985/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.

Condition & rehab AI · 4 photos

Good 80/100 Cosmetic rehab

This fully furnished and updated townhome is move-in ready with good condition and minimal repairs needed. It offers a fresh, cohesive feel with new flooring and modern updates, making it an attractive option for both resale and rental.

Value-add opportunities

• Both Painting exterior trim and brick — Enhances curb appeal and value.
• Both Landscaping improvements — Enhances curb appeal and value.
• Both New outdoor lighting — Enhances safety and curb appeal.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior trim and brick — Enhances curb appeal and value. ↑
• Both Landscaping improvements — Enhances curb appeal and value. ↑
• Both New outdoor lighting — Enhances safety and curb appeal. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Flat Rock

• Score: 65/100
• State rank: #330
• US rank: #13447

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Flat Rock, NC
• Population (ZIP): 9,075

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 16% Two or more races 5% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 3%
• Common ancestry: Serbian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 10%

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: ▼ -104.82%
• Current HPI: 188.1389
• 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

1 event — show timeline

• 2026-06-04 Listed $239,900 ForSaleByOwner.com