103 Oakwood Pl #3 · Mountain Home, NC 28792

$190,000

3 bd · 2.0 ba · 1,456 sqft · Condo public records · 268 Days on market

Built 1981 $350/mo HOA · 16% of rent

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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 +19.0/30.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• DSCR +6.0/10.0
• Schools +4.2/10.0
• Rent growth +3.4/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious upstairs 3-bedroom, 2-bath unit in a quiet 55+ community! This home offers plenty of room with a functional layout ideal for comfortable living. Enjoy the convenience of a basement garage with extra storage, perfect for belongings or hobby space. Pet lovers will appreciate that cats, birds, and fish are welcome, though dogs are not permitted. The upstairs location provides privacy and a peaceful setting, while the three bedrooms make it rare to find this much space in a 55+ community. Located close to shopping, dining, and local conveniences, this home combines comfort, practicality, and a desirable location. A great opportunity for those seeking extra space, easy living, and a qui

Key facts

• Extra storage
• Basement garage
• Quiet neighborhood

Tags

• BASEMENT GARAGE
• EXTRA STORAGE
• UPSTAIRS LOCATION
• QUIET NEIGHBORHOOD

Property features AI

Finance

• Other: Property type: Residential; Zoning: R2; Land not included
• HOA & community: HOA required (monthly fee of $350; annual $4,200); Association name: James Crocker; 55+ / senior community; Pets allowed conditionally (cats OK)

Exterior

• Parking: Attached garage and parking lot; 1 garage space; 736 sq ft garage
• Utilities: Community well water; Shared septic sewer
• Home design: Residential condominium; Fourplex; One story; Entry level: 2
• Construction: Site built construction; Brick, vinyl, and wood exterior; Basement with exterior entry, garage door, storage space, walk-out and walk-up access
• Exterior features: Asphalt/paved road; publicly maintained; Public road access

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 2 full bathrooms (on the main level)
• Heating & cooling: Heat pump for heating and cooling
• Interior features: 8 total rooms; Entry level: 2
• Laundry & utility: Laundry in hall; Laundry closet on the main level

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $199 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 2.7% in Mountain Home — 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 59/100 on livability (#550 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A, housing A, crime B+; Watch: employment C-, amenities F, commute 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: Clear Creek Elementary (math 39% / reading 44%, grade F, #673 of 1,410 statewide, top 48%, 484 students, 70% FRL); Apple Valley Middle (math 37% / reading 44%, grade F, #215 of 475 statewide, top 46%, 825 students, 67% FRL); North Henderson High (math 72% / reading 58%, grade B, #161 of 535 statewide, top 30%, 1,146 students, 61% FRL) — zoned schools average 66% FRL vs 46% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.6%/yr); 364 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• At $2,174/mo this rent would consume 47% of the median local household income ($56k/yr) (locally 1420% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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.

Negotiation context

• It's been on market 268 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $148k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $167,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 268 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. 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?
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. 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?
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 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: 1.14% ✓
• Cap rate: 7.55%
• Cash-on-cash: 4.49%
• DSCR: 1.20
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.63% rent growth · sell at horizon

5-year hold

• IRR: -8.4%
• Equity multiple: 0.69×
• Total profit: $-16,557
• Equity at exit: $28,330

10-year hold

• IRR: 2.1%
• Equity multiple: 1.16×
• Total profit: $8,326
• Equity at exit: $16,428

Cash invested: $53,200 (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 28792

• Rents YoY: 3.6%
• Active inventory: 364
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,174 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$93 /mo · $1,110/yr
• Insurance: −$79
• HOA: −$350
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $199

Break-even live

Break-even rent $1,922

Max offer price $190,000

Occupancy floor 86%

Sensitivity live

Price	-10% $307	-5% $253	+0% $199	+5% $145	+10% $92
Rent	-10% $27	-5% $113	+0% $199	+5% $285	+10% $371
Rate	-1.0pp $295	-0.5pp $248	base $199	+0.5pp $150	+1.0pp $100

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2168 Howard Gap Rd Apt 10 Hendersonville, NC	2.0	1.5	1200	$1,495	$1.25	25d	1	0.68mi
48 N Rowe Rd Hendersonville, NC	3.0	2.0	1550	$2,495	$1.61	16d	1	0.80mi

HOA detail condo

• Monthly dues: $350 · $4,200/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $190,000 Active 268 DOM
2. 2026-06-18
   days on market $190,000 Active 265 DOM
3. 2026-06-17
   days on market $190,000 Active 264 DOM
4. 2026-06-16
   days on market $190,000 Active 263 DOM
5. 2026-06-15
   days on market $190,000 Active 262 DOM
6. 2026-06-14
   days on market $190,000 Active 260 DOM
7. 2026-06-13
   days on market $190,000 Active 259 DOM
8. 2026-06-10
   days on market $190,000 Active 257 DOM
9. 2026-06-09
   days on market $190,000 Active 256 DOM
10. 2026-06-08
    days on market $190,000 Active 255 DOM
11. 2026-06-07
    days on market $190,000 Active 254 DOM
12. 2026-06-05
    days on market $190,000 Active 251 DOM
13. 2026-06-03
    days on market $190,000 Active 250 DOM
14. 2026-06-02
    days on market $190,000 Active 249 DOM
15. 2026-06-01
    days on market $190,000 Active 248 DOM
16. 2026-05-31
    days on market $190,000 Active 247 DOM
17. 2026-05-30
    days on market $190,000 Active 246 DOM
18. 2025-09-26
    listed $190,000 Active
19. 2025-08-15
    price $190,000
20. 2025-04-30
    price $199,999
21. 2025-03-01
    listed $214,900 Active
22. 2025-03-01
    listed $214,900 Active
23. 2024-08-09
    listed $214,000 Active
24. 2019-09-17
    soldstatus $147,500
25. 2017-09-13
    soldstatus $75,000 Sold
26. 2017-09-13
    soldstatus $75,000
27. 2017-07-28
    historical Under Contract (Show)
28. 2017-05-12
    status Active
29. 2017-05-01
    historical Under Contract (Show)
30. 2017-03-08
    price $89,900
31. 2016-08-10
    listed $94,500 Active
32. 2003-06-12
    soldstatus $80,000

ⓘ 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: $1,110 · $93/mo
• Projected year-2 tax: $1,558 · $130/mo
• Expected delta: +$448/yr (+$37/mo · 40.4%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 8 d/yr ≥98°F today · 21 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: $26,085
• − Mortgage interest: −$10,643
• − Property taxes: −$1,110
• − Insurance: −$950
• − Repairs & maintenance: −$2,087
• − Management: −$2,087
• − HOA: −$4,200
• − Depreciation: −$5,527
• Taxable loss: −$519
• Est. tax savings @ 24.0%: +$125
• After-tax cash flow: $2,515/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 — Mountain Home

• Score: 59/100
• State rank: #550
• US rank: #20251

Category grades

Amenities F Commute F Cost of living A Crime B+ Employment C- 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: 43
• Metro: Asheville, NC
• Population (ZIP): 36,645
• Household income: $55,522
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1420.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 20% Two or more races 8% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Slovak 3% Serbian 2% Lithuanian 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 82% English-only · Spanish 16%

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: ▼ -174.29%
• Current HPI: 214.0215
• Rent YoY: ▲ 3.63%
• 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

+137.5% since first listed

15 events — show timeline

• 2025-09-26 Listed $190,000 CANOPYMLS as Distributed by MLS Grid
• 2025-08-15 Price Changed $190,000 CANOPYMLS as Distributed by MLS Grid
• 2025-04-30 Price Changed $199,999 CANOPYMLS as Distributed by MLS Grid
• 2025-03-01 Listed $214,900 CANOPYMLS as Distributed by MLS Grid
• 2025-03-01 Listed $214,900 CANOPYMLS as Distributed by MLS Grid
• 2024-08-09 Listed $214,000 CANOPYMLS as Distributed by MLS Grid
• 2019-09-17 Sold (Public Records) $147,500 Public Records
• 2017-09-13 Sold (Public Records) $75,000 Public Records
• 2017-09-13 Sold (MLS) $75,000 NCMMLS
• 2017-07-28 Contingent — NCMMLS
• 2017-05-12 Relisted — NCMMLS
• 2017-05-01 Contingent — NCMMLS
• 2017-03-08 Price Changed $89,900 NCMMLS
• 2016-08-10 Listed $94,500 NCMMLS
• 2003-06-12 Sold (Public Records) $80,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $1,110 · +0.0% YoY. Source: county tax records.