518 Nors Way · Lake Lure, NC 28746

$139,000

3 bd · 2.0 ba · 1,248 sqft · Manufactured public records · 94 Days on market

Built 2004 2.06 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 +29.4/30.0
• DSCR +10.0/10.0
• Appreciation +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Must see to appreciate! Private 2 acres nestled in the Blue Ridge Mountains. 2004 manufactured home, 3 bedroom(s)/ 2 bathroom(s), wood burning stove, private gated driveway, fenced in backyard and 2 workshops. This rural area is ideal for someone looking for a move in ready property with land. Come live year round or seasonal! Conveniently located between Lake Lure and Old Fort; enjoy best of both towns. Property features 2 acres that is wooded, private, mostly level w/ a fenced in backyard perfect for a vegetable garden. The larger workshop has electricity and a wood burning stove ; yes the vintage signs convey. Come take a look and envision the creative possibilities with this mountain property. Property is priced to sell and motivated seller!

Key facts

• Backyard pond
• Fenced back yard
• Raised garden beds

Tags

• PRIVATE MOUNTAIN RETREAT
• RAISED GARDEN BEDS
• CHICKEN COOP
• BACKYARD POND
• FENCED BACK YARD
• MULTIPLE OUTBUILDINGS

Property features AI

Finance

• Other: Private maintained gravel road access; Lot approximately 2.06 acres; Elevation ~1000
• HOA & community: Indian Head Acres Road POA (no dues; association not enforcing CCRs)

Exterior

• Parking: Driveway parking (no main-level garage)
• Security: Smoke detector(s)
• Utilities: Well water (and other — see remarks); Septic system installed; Window unit cooling; Heat pump and wood stove heating
• Home design: Manufactured doublewide single-family residence; One story; Entry on main level; Facing direction not specified
• Construction: Manufactured construction; Vinyl exterior; Built on permanent foundation with crawl space
• Exterior features: Back yard fencing; Adjoins forest; Pond(s) on property; Private wooded setting; Outbuilding and shed(s)

Interior

• Kitchen: Dishwasher; Microwave; Oven; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 2 full bathrooms (on main level)
• Interior features: 9 total rooms; Mud room; Wood burning stove fireplace; Smoke detectors installed
• Laundry & utility: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $139k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $126k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 0.9% in Lake Lure — 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 64/100 on livability (#351 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+; Watch: cost of living D+, amenities F, commute F.
• Rutherford County Schools (rural): math 43% / reading 44% proficiency, ranked #98 of 178 in NC (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Pinnacle Elementary School (math 32% / reading 37%, grade F, #835 of 1,410 statewide, top 62%, 234 students, 99% FRL); R-S Middle School (math 32% / reading 43%, grade F, #256 of 475 statewide, top 55%, 574 students, 100% FRL); R-S Central High School (math 62% / reading 42%, grade D+, #292 of 535 statewide, top 56%, 758 students, 100% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 408 active listings in the ZIP; 193 units permitted in Rutherford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($961 loan paydown + $12k appreciation (8.8% local appreciation)).
• Rutherford County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.8% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 8y ago; this cycle's ask has dropped $21k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,490 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.23% ✓
• Cap rate: 10.56%
• Cash-on-cash: 15.23%
• DSCR: 1.68
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 33.4%
• Equity multiple: 3.47×
• Total profit: $96,061
• Equity at exit: $113,442

10-year hold

• IRR: 29.3%
• Equity multiple: 7.58×
• Total profit: $255,945
• Equity at exit: $233,100

Cash invested: $38,920 (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 28746

• Home prices YoY: 2.6%
• Active inventory: 408
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,713 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$72 /mo · $866/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $494

Break-even live

Break-even rent $1,087

Max offer price $139,000

Occupancy floor 66%

Sensitivity live

Price	-10% $573	-5% $533	+0% $494	+5% $455	+10% $415
Rent	-10% $359	-5% $426	+0% $494	+5% $562	+10% $629
Rate	-1.0pp $564	-0.5pp $529	base $494	+0.5pp $458	+1.0pp $421

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 44 events

1. 2026-06-22
   days on market $139,000 Active 94 DOM
2. 2026-06-19
   days on market $139,000 Active 92 DOM
3. 2026-06-18
   days on market $139,000 Active 91 DOM
4. 2026-06-17
   days on market $139,000 Active 90 DOM
5. 2026-06-16
   days on market $139,000 Active 89 DOM
6. 2026-06-15
   days on market $139,000 Active 88 DOM
7. 2026-06-14
   days on market $139,000 Active 86 DOM
8. 2026-06-13
   days on market $139,000 Active 85 DOM
9. 2026-06-10
   days on market $139,000 Active 83 DOM
10. 2026-06-09
    days on market $139,000 Active 82 DOM
11. 2026-06-08
    days on market $139,000 Active 81 DOM
12. 2026-06-07
    pricedays on market $139,000 Active 80 DOM
13. 2026-06-02
    days on market $144,400 Active 75 DOM
14. 2026-06-01
    days on market $144,400 Active 74 DOM
15. 2026-05-31
    days on market $144,400 Active 73 DOM
16. 2026-05-30
    days on market $144,400 Active 72 DOM
17. 2026-05-13
    price $144,400
18. 2026-04-22
    price $152,000
19. 2026-03-19
    listed $160,000 Active
20. 2023-11-27
    soldstatus $160,000 Closed 760-char remark

    Show marketing remark (760 chars)

    Must see to appreciate! Private 2 acres nestled in the Blue Ridge Mountains. 2004 manufactured home, 3 bedroom(s)/ 2 bathroom(s), wood burning stove, private gated driveway, fenced in backyard and 2 workshops. This rural area is ideal for someone looking for a move in ready property with land. Come live year round or seasonal! Conveniently located between Lake Lure and Old Fort; enjoy best of both towns. Property features 2 acres that is wooded, private, mostly level w/ a fenced in backyard perfect for a vegetable garden. The larger workshop has electricity and a wood burning stove ; yes the vintage signs convey. Come take a look and envision the creative possibilities with this mountain property. Property is priced to sell and motivated seller!

21. 2023-11-27
    soldstatus $160,000

    Show marketing remark (760 chars)

    Must see to appreciate! Private 2 acres nestled in the Blue Ridge Mountains. 2004 manufactured home, 3 bedroom(s)/ 2 bathroom(s), wood burning stove, private gated driveway, fenced in backyard and 2 workshops. This rural area is ideal for someone looking for a move in ready property with land. Come live year round or seasonal! Conveniently located between Lake Lure and Old Fort; enjoy best of both towns. Property features 2 acres that is wooded, private, mostly level w/ a fenced in backyard perfect for a vegetable garden. The larger workshop has electricity and a wood burning stove ; yes the vintage signs convey. Come take a look and envision the creative possibilities with this mountain property. Property is priced to sell and motivated seller!

22. 2023-11-07
    status Pending 760-char remark

    Show marketing remark (760 chars)

    Must see to appreciate! Private 2 acres nestled in the Blue Ridge Mountains. 2004 manufactured home, 3 bedroom(s)/ 2 bathroom(s), wood burning stove, private gated driveway, fenced in backyard and 2 workshops. This rural area is ideal for someone looking for a move in ready property with land. Come live year round or seasonal! Conveniently located between Lake Lure and Old Fort; enjoy best of both towns. Property features 2 acres that is wooded, private, mostly level w/ a fenced in backyard perfect for a vegetable garden. The larger workshop has electricity and a wood burning stove ; yes the vintage signs convey. Come take a look and envision the creative possibilities with this mountain property. Property is priced to sell and motivated seller!

23. 2023-11-02
    historical Active Under Contract 760-char remark

    Show marketing remark (760 chars)

    Must see to appreciate! Private 2 acres nestled in the Blue Ridge Mountains. 2004 manufactured home, 3 bedroom(s)/ 2 bathroom(s), wood burning stove, private gated driveway, fenced in backyard and 2 workshops. This rural area is ideal for someone looking for a move in ready property with land. Come live year round or seasonal! Conveniently located between Lake Lure and Old Fort; enjoy best of both towns. Property features 2 acres that is wooded, private, mostly level w/ a fenced in backyard perfect for a vegetable garden. The larger workshop has electricity and a wood burning stove ; yes the vintage signs convey. Come take a look and envision the creative possibilities with this mountain property. Property is priced to sell and motivated seller!

24. 2023-10-31
    price $167,000 760-char remark

    Show marketing remark (760 chars)

    Must see to appreciate! Private 2 acres nestled in the Blue Ridge Mountains. 2004 manufactured home, 3 bedroom(s)/ 2 bathroom(s), wood burning stove, private gated driveway, fenced in backyard and 2 workshops. This rural area is ideal for someone looking for a move in ready property with land. Come live year round or seasonal! Conveniently located between Lake Lure and Old Fort; enjoy best of both towns. Property features 2 acres that is wooded, private, mostly level w/ a fenced in backyard perfect for a vegetable garden. The larger workshop has electricity and a wood burning stove ; yes the vintage signs convey. Come take a look and envision the creative possibilities with this mountain property. Property is priced to sell and motivated seller!

25. 2023-10-16
    price $174,000 760-char remark

    Show marketing remark (760 chars)

    Must see to appreciate! Private 2 acres nestled in the Blue Ridge Mountains. 2004 manufactured home, 3 bedroom(s)/ 2 bathroom(s), wood burning stove, private gated driveway, fenced in backyard and 2 workshops. This rural area is ideal for someone looking for a move in ready property with land. Come live year round or seasonal! Conveniently located between Lake Lure and Old Fort; enjoy best of both towns. Property features 2 acres that is wooded, private, mostly level w/ a fenced in backyard perfect for a vegetable garden. The larger workshop has electricity and a wood burning stove ; yes the vintage signs convey. Come take a look and envision the creative possibilities with this mountain property. Property is priced to sell and motivated seller!

26. 2023-09-24
    price $185,000 760-char remark

    Show marketing remark (760 chars)

    Must see to appreciate! Private 2 acres nestled in the Blue Ridge Mountains. 2004 manufactured home, 3 bedroom(s)/ 2 bathroom(s), wood burning stove, private gated driveway, fenced in backyard and 2 workshops. This rural area is ideal for someone looking for a move in ready property with land. Come live year round or seasonal! Conveniently located between Lake Lure and Old Fort; enjoy best of both towns. Property features 2 acres that is wooded, private, mostly level w/ a fenced in backyard perfect for a vegetable garden. The larger workshop has electricity and a wood burning stove ; yes the vintage signs convey. Come take a look and envision the creative possibilities with this mountain property. Property is priced to sell and motivated seller!

27. 2023-09-06
    listed $195,000 Active 760-char remark

    Show marketing remark (760 chars)

    Must see to appreciate! Private 2 acres nestled in the Blue Ridge Mountains. 2004 manufactured home, 3 bedroom(s)/ 2 bathroom(s), wood burning stove, private gated driveway, fenced in backyard and 2 workshops. This rural area is ideal for someone looking for a move in ready property with land. Come live year round or seasonal! Conveniently located between Lake Lure and Old Fort; enjoy best of both towns. Property features 2 acres that is wooded, private, mostly level w/ a fenced in backyard perfect for a vegetable garden. The larger workshop has electricity and a wood burning stove ; yes the vintage signs convey. Come take a look and envision the creative possibilities with this mountain property. Property is priced to sell and motivated seller!

28. 2020-03-12
    soldstatus $87,000 Closed 308-char remark

    Show marketing remark (308 chars)

    Move-in ready home tucked away in a nice private setting. The seller has added some personal touches including hardwoods and tile floors, butcher block countertops, wood stove in the living room and newer appliances. Fenced in backyard. Both storage buildings have power and the larger one has a wood stove.

29. 2020-03-11
    soldstatus $87,000
30. 2020-01-28
    historical Under Contract - Show 308-char remark

    Show marketing remark (308 chars)

    Move-in ready home tucked away in a nice private setting. The seller has added some personal touches including hardwoods and tile floors, butcher block countertops, wood stove in the living room and newer appliances. Fenced in backyard. Both storage buildings have power and the larger one has a wood stove.

31. 2020-01-08
    listed $99,900 Active 308-char remark

    Show marketing remark (308 chars)

    Move-in ready home tucked away in a nice private setting. The seller has added some personal touches including hardwoods and tile floors, butcher block countertops, wood stove in the living room and newer appliances. Fenced in backyard. Both storage buildings have power and the larger one has a wood stove.

32. 2018-11-05
    soldstatus $58,500 Closed
33. 2018-11-05
    soldstatus $58,500
34. 2018-10-01
    historical Under Contract - Show
35. 2018-09-19
    price $69,900
36. 2018-09-19
    status Active
37. 2018-08-16
    historical
38. 2018-07-06
    status Active
39. 2018-06-04
    historical Under Contract - Show
40. 2018-06-04
    status Active
41. 2018-05-26
    historical Under Contract - Show
42. 2018-01-23
    status Active
43. 2018-01-17
    listed $74,900
44. 2018-01-17
    listed Under Contract - Show

ⓘ 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: $866 · $72/mo
• Projected year-2 tax: $1,140 · $95/mo
• Expected delta: +$274/yr (+$23/mo · 31.6%)

ⓘ 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 5/10 Major
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,554
• − Mortgage interest: −$7,786
• − Property taxes: −$866
• − Insurance: −$695
• − Repairs & maintenance: −$1,644
• − Management: −$1,644
• − Depreciation: −$4,044
• Taxable income: $3,874
• Est. tax owed @ 24.0%: −$930
• After-tax cash flow: $4,999/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: Rutherford County Schools
• NCES district ID: 3704080
• Math proficiency: 43% ▼ -1.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $36,490
• Composite: 36.11/100
• National rank: #4753
• State rank: #98 of 178 in NC

Livability — Lake Lure

• Score: 64/100
• State rank: #351
• US rank: #13888

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Rutherford County · 2,744 people
• City population: 2,744
• Metro: Forest City, NC
• Population (ZIP): 2,744
• Household income: $70,469
• Rent vs Own: 11.3% rent · 88.7% own
• Severe rent burden: 34.0

Population outlook (Rutherford County) Hauer SSP2

• Today (2025): 63,695 people
• By 2030: 61,670 · -3.2%
• By 2040: 57,212 · -10.2%
• By 2050: 52,763 · -17.2%
• By 2075: 44,493 · -30.1%
• By 2100: 38,127 · -40.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 8% Black 5% Hispanic / Latino 5%
• Common ancestry: Romanian 7% Serbian 4% Lithuanian 3%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 3% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Rutherford

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -16.0pp toward R · 2008: -31.8pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+45.8 2016: R+47.9 2012: R+33.5 2008: R+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.82%
• Current HPI: 351.5648
• Rent YoY: —
• Metro: Forest City, 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

+92.8% since first listed

28 events — show timeline

• 2026-05-13 Price Changed $144,400 CANOPYMLS as Distributed by MLS Grid
• 2026-04-22 Price Changed $152,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-19 Listed $160,000 CANOPYMLS as Distributed by MLS Grid
• 2023-11-27 Sold (Public Records) $160,000 Public Records
• 2023-11-27 Sold (MLS) $160,000 CANOPYMLS as Distributed by MLS Grid
• 2023-11-07 Pending — CANOPYMLS as Distributed by MLS Grid
• 2023-11-02 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2023-10-31 Price Changed $167,000 CANOPYMLS as Distributed by MLS Grid
• 2023-10-16 Price Changed $174,000 CANOPYMLS as Distributed by MLS Grid
• 2023-09-24 Price Changed $185,000 CANOPYMLS as Distributed by MLS Grid
• 2023-09-06 Listed $195,000 CANOPYMLS as Distributed by MLS Grid
• 2020-03-12 Sold (MLS) $87,000 CANOPYMLS as Distributed by MLS Grid
• 2020-03-11 Sold (Public Records) $87,000 Public Records
• 2020-01-28 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2020-01-08 Listed $99,900 CANOPYMLS as Distributed by MLS Grid
• 2018-11-05 Sold (Public Records) $58,500 Public Records
• 2018-11-05 Sold (MLS) $58,500 CANOPYMLS as Distributed by MLS Grid
• 2018-10-01 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2018-09-19 Price Changed $69,900 CANOPYMLS as Distributed by MLS Grid
• 2018-09-19 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2018-08-16 Delisted — CANOPYMLS as Distributed by MLS Grid
• 2018-07-06 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2018-06-04 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2018-06-04 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2018-05-26 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2018-01-23 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2018-01-17 Listed — CANOPYMLS as Distributed by MLS Grid
• 2018-01-17 Listed $74,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2025): $866 · +9.3% YoY. Source: county tax records.