1073 Ed Little Rd · Lansing, NC 28693

$199,000

3 bd · 3.0 ba · 2,352 sqft · SingleFamily public records · 262 Days on market

Built 1999 0.93 ac lot ↓ 12% since listing

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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 +11.1/30.0
• ARV discount +7.5/15.0
• Appreciation +6.2/10.0
• Schools +4.5/10.0
• DSCR +3.2/10.0
• Livability +3.0/5.0
• 1% rule +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Modular in Warrensville, selling as-is, call to see this home today, seller agent to verify all information, unsure of well/septic, unsure if heat pump work. . Great fixer upper in the mountains of Ashe County.

Key facts

• 0.93 acre lot
• Built 1999
• Listed 261 days

Property features AI

Finance

• Other: Listing located in Winston-Salem association area (association not active)
• HOA & community: No homeowners association

Exterior

• Parking: Field parking
• Utilities: Water: Private/None listed; Sewer: See remarks; Electric water heater
• Home design: Modular residential house; One and one-half story; Built in 1999; Existing structure
• Construction: Construction details: see remarks; No fireplaces noted
• Exterior features: Approximately 0.93-acre lot; No pool

Interior

• Kitchen: Electric water heater (appliance listed)
• Bedrooms: Primary bedroom located on the main level
• Bathrooms: Three full bathrooms
• Heating & cooling: Heat pump heating; Electric heating; Central air conditioning; Other cooling
• Interior features: Primary bedroom on main level; Seven total rooms; Crawl space basement
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $-146 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (12.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (23.7% below list).
• Recommended offer: $152k (23.7% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 1.7% in Lansing — 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 60/100 on livability (#514 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime F, amenities F.
• Ashe County Schools (rural): math 53% / reading 55% proficiency, ranked #53 of 178 in NC (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Blue Ridge Elementary (math 46% / reading 53%, grade D, #417 of 1,410 statewide, top 32%, 360 students, 71% FRL); Ashe County Middle (math 58% / reading 57%, grade B, #64 of 475 statewide, top 14%, 440 students, 64% FRL); Ashe County High (math 57% / reading 57%, grade C, #248 of 535 statewide, top 48%, 792 students, 54% FRL) — zoned schools average 63% FRL vs 46% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 17 active listings in the ZIP; 190 units permitted in Ashe County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.3% local appreciation)).
• Ashe County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 262 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $26k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $151,908 (23.7% 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. It's been on market 262 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
8. 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?
9. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
10. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
11. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
12. 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.
13. 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.
14. 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: 0.76% ✗
• Cap rate: 5.81%
• Cash-on-cash: -1.71%
• DSCR: 0.92
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.34% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.5%
• Equity multiple: 1.14×
• Total profit: $7,788
• Equity at exit: $82,135

10-year hold

• IRR: 6.3%
• Equity multiple: 1.89×
• Total profit: $49,602
• Equity at exit: $121,141

Cash invested: $55,720 (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 28693

• Home prices YoY: 1.5%
• Active inventory: 17
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,519 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$153 /mo · $1,835/yr
• Insurance: −$83
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $-146

Break-even live

Break-even rent $1,704

Max offer price $173,246

Occupancy floor —

Sensitivity live

Price	-10% $-33	-5% $-89	+0% $-146	+5% $-202	+10% $-258
Rent	-10% $-266	-5% $-206	+0% $-146	+5% $-86	+10% $-26
Rate	-1.0pp $-46	-0.5pp $-95	base $-146	+0.5pp $-197	+1.0pp $-250

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $199,000 Active 262 DOM
2. 2026-06-19
   days on market $199,000 Active 259 DOM
3. 2026-06-18
   days on market $199,000 Active 258 DOM
4. 2026-06-17
   days on market $199,000 Active 257 DOM
5. 2026-06-16
   days on market $199,000 Active 256 DOM
6. 2026-06-15
   days on market $199,000 Active 255 DOM
7. 2026-06-14
   days on market $199,000 Active 253 DOM
8. 2026-06-12
   days on market $199,000 Active 252 DOM
9. 2026-06-09
   days on market $199,000 Active 249 DOM
10. 2026-06-08
    days on market $199,000 Active 248 DOM
11. 2026-06-07
    days on market $199,000 Active 247 DOM
12. 2026-06-03
    days on market $199,000 Active 243 DOM
13. 2026-06-02
    days on market $199,000 Active 242 DOM
14. 2026-06-01
    days on market $199,000 Active 241 DOM
15. 2026-05-31
    days on market $199,000 Active 240 DOM
16. 2026-05-30
    days on market $199,000 Active 239 DOM
17. 2026-02-17
    price $199,000 211-char remark

    Show marketing remark (211 chars)

    Modular in Warrensville, selling as-is, call to see this home today, seller agent to verify all information, unsure of well/septic, unsure if heat pump work. . Great fixer upper in the mountains of Ashe County.

18. 2026-02-17
    price $199,000

    Show marketing remark (211 chars)

    Modular in Warrensville, selling as-is, call to see this home today, seller agent to verify all information, unsure of well/septic, unsure if heat pump work. . Great fixer upper in the mountains of Ashe County.

19. 2025-11-06
    listed $225,000 Active 211-char remark

    Show marketing remark (211 chars)

    Modular in Warrensville, selling as-is, call to see this home today, seller agent to verify all information, unsure of well/septic, unsure if heat pump work. . Great fixer upper in the mountains of Ashe County.

20. 2025-10-03
    listed $225,000 Active

ⓘ 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: $1,835 · $153/mo
• Projected year-2 tax: $1,835 · $153/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 9 d/yr ≥88°F today · 26 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,229
• − Mortgage interest: −$11,147
• − Property taxes: −$1,835
• − Insurance: −$1,792
• − Repairs & maintenance: −$1,458
• − Management: −$1,458
• − Depreciation: −$5,789
• Taxable loss: −$5,251
• Est. tax savings @ 24.0%: +$1,260
• After-tax cash flow: $-489/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: Ashe County Schools
• NCES district ID: 3700210
• Math proficiency: 53% ▲ 1.00%
• Reading proficiency: 55% ▬ 0.00%
• Median HH income: $36,597
• Composite: 44.82/100
• National rank: #2737
• State rank: #53 of 178 in NC

Livability — Lansing

• Score: 60/100
• State rank: #514
• US rank: #18836

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,250

Population outlook (Ashe County) Hauer SSP2

• Today (2025): 25,812 people
• By 2030: 24,852 · -3.7%
• By 2040: 22,518 · -12.8%
• By 2050: 20,113 · -22.1%
• By 2075: 15,295 · -40.7%
• By 2100: 11,065 · -57.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 6% Two or more races 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Serbian 6% Scotch-Irish 3% Lithuanian 3%
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Ashe

• 2024 margin: Solid R (+44.5) · D 27.4% · R 71.8%
• 2008→2024 swing: -21.2pp toward R · 2008: -23.3pp · 2024: -44.5pp
• All cycles: 2024: R+44.5 2020: R+46.1 2016: R+44.7 2012: R+32.9 2008: R+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.34%
• Current HPI: 161.697
• 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

-11.6% since first listed

4 events — show timeline

• 2026-02-17 Price Changed $199,000 HCMLS
• 2026-02-17 Price Changed $199,000 Triad MLS
• 2025-11-06 Listed $225,000 HCMLS
• 2025-10-03 Listed $225,000 Triad MLS

Property tax history

+3.7%/yr

Latest (2025): $1,835 · +3.4% YoY. Source: county tax records.