23 Meteor Ct · Waynesville, NC 28768

$149,900

2 bd · 1.5 ba · 1,260 sqft · SingleFamily public records · 14 Days on market

Built 1983 0.38 ac lot

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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 +20.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• Schools +4.5/10.0
• 1% rule +4.3/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Recently foreclosed, this fixer upper has easy access to Waynesville's cute Downtown area and sits on a level lot with a creek boarding the rear of yard. 3 bedrooms and 1.5 baths with an open kitchen living room floor plan the space feels large and bright. This is a nice starter home but may need significant repairs to qualify for traditional financing As-Is. Washer / Dryer hook up in the hall. The home was lived in 6 months or so ago and the appliances worked then. The 252 sqft enclosed Carport is not counted as heated living space but was previous a finished area. The level yard is bordered in back by a small branch. A fence runs along the right side to the rear corner.

Key facts

• Enclosed carport
• Shed
• Storage building

Tags

• EASY ACCESS TO DOWNTOWN
• LEVEL LOT
• CREEK BOARDING REAR YARD
• ENCLOSED CARPORT
• STORAGE BUILDING
• SHED

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer; Electricity connected
• Home design: Single-family residential; Site-built construction; One level
• Construction: Vinyl and wood exterior; Fiberglass roof; Crawl space foundation; Built as site-built construction
• Exterior features: Corner lot; Level lot; Creek/stream on property; Concrete and paved road access (publicly maintained)

Interior

• Kitchen: Electric range; Bar fridge
• Bedrooms: 3 bedrooms on the main level; Example room: 12' x 11' (main level)
• Flooring: Laminate flooring; Linoleum flooring
• Bathrooms: 1 full bathroom (main level); 1 half bathroom (main level)
• Heating & cooling: Baseboard heating; Window air conditioning units
• Interior features: Insulated windows; Bar fridge; Electric water heater; One room count (additional room details listed separately)
• Laundry & utility: Washer hookup in hall; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $135 ($2k/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 $140k (6.9% below list).
• Recommended offer: $140k (6.9% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 2.1% in Waynesville — 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 67/100 on livability (#248 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: employment D+, schools D, crime F.
• Haywood County Schools (suburban): math 55% / reading 53% proficiency, ranked #50 of 178 in NC (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 83 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 537 units permitted in Haywood County in 2024 (150 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

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

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 $139,500 (6.9% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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.
6. 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.
7. 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: 0.93% ✗
• Cap rate: 7.82%
• Cash-on-cash: 5.44%
• DSCR: 1.24
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $359,100
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
477 Oakdale Rd	0.19mi	3/2.5 (+1)	1,278 (+1%)	1mo	$380,000	$297	79
121 J F Morris Dr	0.10mi	3/2.0 (+1)	1,288 (+2%)	11mo	$190,000	$148	75
827 Oakdale Rd	0.20mi	3/2.0 (+1)	1,323 (+5%)	10mo	$352,600	$267	67
158 Morning Dr	0.59mi	3/1.5 (+1)	1,240 (-2%)	7mo	$250,000	$202	59
21 Auburn Rd	0.54mi	2/2.0	1,335 (+6%)	8mo	$380,000	$285	56
360 Thomas Park	0.57mi	3/2.0 (+1)	1,291 (+2%)	8mo	$235,000	$182	55
250 Shelton St	0.51mi	3/1.0 (+1)	1,200 (-5%)	10mo	$341,500	$285	53
52 Broad St	0.36mi	3/2.0 (+1)	1,415 (+12%)	4mo	$345,000	$244	52
30 Hawktree Ln	0.63mi	3/2.0 (+1)	1,290 (+2%)	9mo	$440,000	$341	52
30 Babb St	0.66mi	3/2.0 (+1)	1,136 (-10%)	2mo	$300,000	$264	45
35 Essex Rd	0.72mi	2/2.0	1,166 (-8%)	9mo	$335,000	$287	45
110 Shelton St	0.62mi	3/1.0 (+1)	1,113 (-12%)	3mo	$325,000	$292	42

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: -10.3%
• Equity multiple: 0.63×
• Total profit: $-15,735
• Equity at exit: $22,351

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-2,744
• Equity at exit: $12,961

Cash invested: $41,972 (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 28768

• Home prices YoY: -22.7%
• Active inventory: 83
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,395 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$63 /mo · $760/yr
• Insurance: −$62
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $135

Break-even live

Break-even rent $1,225

Max offer price $149,900

Occupancy floor 85%

Sensitivity live

Price	-10% $220	-5% $177	+0% $135	+5% $92	+10% $50
Rent	-10% $24	-5% $80	+0% $135	+5% $190	+10% $245
Rate	-1.0pp $210	-0.5pp $173	base $135	+0.5pp $96	+1.0pp $56

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
53 7th St Waynesville, NC	2.0	1.0	1700	$1,395	$0.82	24d	1	1.37mi

Listing history 12 events

1. 2026-06-19
   remarks 680-char remark
2. 2026-06-18
   days on market $149,900 Active 14 DOM
3. 2026-06-17
   days on market $149,900 Active 13 DOM
4. 2026-06-16
   days on market $149,900 Active 12 DOM
5. 2026-06-15
   days on market $149,900 Active 11 DOM
6. 2026-06-14
   days on market $149,900 Active 9 DOM
7. 2026-06-13
   days on market $149,900 Active 8 DOM
8. 2026-06-10
   days on market $149,900 Active 6 DOM
9. 2026-06-09
   days on market $149,900 Active 5 DOM
10. 2026-06-08
    days on market $149,900 Active 4 DOM
11. 2026-06-07
    remarks 673-char remark
12. 2026-06-07
    listed $149,900 Active 3 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: $760 · $63/mo
• Projected year-2 tax: $1,229 · $102/mo
• Expected delta: +$470/yr (+$39/mo · 61.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 9 d/yr ≥88°F today · 25 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,740
• − Mortgage interest: −$8,397
• − Property taxes: −$760
• − Insurance: −$1,416
• − Repairs & maintenance: −$1,339
• − Management: −$1,339
• − Depreciation: −$4,361
• Taxable loss: −$871
• Est. tax savings @ 24.0%: +$209
• After-tax cash flow: $1,825/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: Haywood County Schools
• NCES district ID: 3702040
• Math proficiency: 55% ▲ 7.00%
• Reading proficiency: 53% ▲ 2.00%
• Median HH income: $42,715
• Composite: 45.42/100
• National rank: #2623
• State rank: #50 of 178 in NC

Livability — Waynesville

• Score: 67/100
• State rank: #248
• US rank: #11055

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waynesville, NC
• City population: 22,056
• Population (ZIP): 6,836

Population outlook (Haywood County) Hauer SSP2

• Today (2025): 61,607 people
• By 2030: 62,137 · +0.9%
• By 2040: 62,418 · +1.3%
• By 2050: 61,578 · +-0.0%
• By 2075: 59,137 · -4.0%
• By 2100: 53,470 · -13.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 11% Two or more races 9% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Slovak 3% Serbian 3% Portuguese 2%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 96% English-only · Spanish 3% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Haywood

• 2024 margin: Strong R (+25.1) · D 36.9% · R 62.0% · Other 1.1%
• 2008→2024 swing: -17.4pp toward R · 2008: -7.8pp · 2024: -25.1pp
• All cycles: 2024: R+25.1 2020: R+26.5 2016: R+28.0 2012: R+13.8 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.50%
• Current HPI: 237.1205
• 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 $149,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2025): $760 · +0.0% YoY. Source: county tax records.