1323 Locust Grove Rd · Fruitland, NC 28792

$250,000

3 bd · 1.0 ba · 876 sqft · SingleFamily public records · 15 Days on market

Built 1961 0.43 ac lot

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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 +13.2/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• DSCR +4.0/10.0
• Rent growth +3.4/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Alert. Cute home on .45 acres on Locust Grove Mountain is waiting for a new owner. Mature landscaping surrounds this 3 bedroom, one bath home with easy access from Locust Grove Rd. This home has been occupied by renters for many years but needs some TLC to bring it back to life. Original hardwood floors through much of the home and large garage would leave open the possibility of additional finished space. Cash only. Home needs a new roof and would not meet lender requirements.

Key facts

• 0.43 acre lot
• Garage
• Built 1961

Property features AI

Finance

• Other: No restrictions
• HOA & community: No HOA

Exterior

• Parking: Attached garage facing front (1 garage space); Driveway
• Utilities: Well water; Septic system installed
• Home design: Single-family residence; Site-built construction; One story; Property is completed; Zoned R3
• Construction: Vinyl exterior; Crawl space foundation
• Exterior features: Deck; Front porch; Cleared, level lot; Concrete and paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric range; Exhaust hood; Microwave; Refrigerator; Wine refrigerator
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Tile; Wood
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Ductless heating; Ductless cooling
• Interior features: 7 total rooms; Sliding doors; Wood burning stove in the living room (fireplace)
• Laundry & utility: Washer and dryer included; Laundry area located in the garage

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-4 ($-48/yr) — negative.
• To cash-flow at today's rent, offer at most $249k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (26.0% below list).
• Recommended offer: $185k (26.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 62/100 on livability (#470 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: employment D+, 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); 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 (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.6%/yr); 364 active listings in the ZIP; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• This rent runs 40% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 15 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $85k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $135k; list at $250k implies a 85% gain — meaningful room to come down on a strong offer.

Recommended offer $185,049 (26.0% 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. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.74% ✗
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• GRM: 11.3

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: -15.9%
• Equity multiple: 0.43×
• Total profit: $-39,718
• Equity at exit: $37,276

10-year hold

• IRR: -6.7%
• Equity multiple: 0.56×
• Total profit: $-30,547
• Equity at exit: $21,615

Cash invested: $70,000 (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: 11.3×

Monthly cashflow live

• Estimated rent: $1,850 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$51 /mo · $608/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $-4

Break-even live

Break-even rent $1,856

Max offer price $249,295

Occupancy floor 95%

Sensitivity live

Price	-10% $138	-5% $67	+0% $-4	+5% $-75	+10% $-146
Rent	-10% $-150	-5% $-77	+0% $-4	+5% $69	+10% $142
Rate	-1.0pp $122	-0.5pp $60	base $-4	+0.5pp $-69	+1.0pp $-135

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $250,000 Active 15 DOM
2. 2026-06-17
   days on market $250,000 Active 14 DOM
3. 2026-06-16
   days on market $250,000 Active 13 DOM
4. 2026-06-15
   days on market $250,000 Active 12 DOM
5. 2026-06-14
   days on market $250,000 Active 10 DOM
6. 2026-06-13
   days on market $250,000 Active 9 DOM
7. 2026-06-10
   days on market $250,000 Active 7 DOM
8. 2026-06-09
   days on market $250,000 Active 6 DOM
9. 2026-06-08
   days on market $250,000 Active 5 DOM
10. 2026-06-07
    days on market $250,000 Active 4 DOM
11. 2026-06-05
    statusdays on market $250,000 Active 1 DOM
12. 2026-06-03
    days on market $250,000 Coming Soon 2 DOM
13. 2026-06-02
    remarks 699-char remark
14. 2026-06-02
    listed $250,000 Coming Soon 1 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: $608 · $51/mo
• Projected year-2 tax: $2,050 · $171/mo
• Expected delta: +$1,442/yr (+$120/mo · 237.0%)

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

Taxation est. · year 1

• Rental income: $22,206
• − Mortgage interest: −$14,004
• − Property taxes: −$608
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − Depreciation: −$7,273
• Taxable loss: −$4,482
• Est. tax savings @ 24.0%: +$1,076
• After-tax cash flow: $1,028/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 — Fruitland

• Score: 62/100
• State rank: #470
• US rank: #17118

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment D+ 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
• 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

+171.7% since first listed

12 events — show timeline

• 2026-06-01 Coming Soon $250,000 CANOPYMLS as Distributed by MLS Grid
• 2025-11-03 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-10-31 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2025-10-24 Price Changed $300,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-05 Price Changed $315,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-10 Price Changed $325,000 CANOPYMLS as Distributed by MLS Grid
• 2025-08-29 Listed $335,000 CANOPYMLS as Distributed by MLS Grid
• 2024-09-09 Sold (Public Records) $135,000 Public Records
• 2024-09-09 Sold (MLS) $135,000 CANOPYMLS as Distributed by MLS Grid
• 2024-07-14 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2024-06-13 Listed $200,000 CANOPYMLS as Distributed by MLS Grid
• 2003-04-25 Sold (Public Records) $92,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $608 · -14.2% YoY. Source: county tax records.