193 Duckworth Ave

Brevard, NC 28712

$385,000B-

9 bd · 3.0 ba · 3,431 sqft · Built 1990 · MultiFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,071/mo
• Mortgage (P&I): −$2,019
• Tax + insurance: −$642
• HOA: −$0
• Vac / Maint / Mgmt: −$1,275
• Net cashflow: $2,135/mo
• Annual: $25,625/yr
• Cap rate: 12.95%
• Cash-on-cash: 23.77%
• DSCR: 2.06
• 1% rule: 1.58%
• Cash to close: $107,800

Investor read

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $385k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $712/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $385k).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#353 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, crime B; Watch: schools D+, amenities F, commute F.
• Transylvania County Schools (town): math 44% / reading 50% proficiency, ranked #79 of 178 in NC (top 44%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 351 active listings in the ZIP; 217 units permitted in Transylvania County in 2024 (10 in 5+ unit buildings).
• Transylvania County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $108k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.9% vs local median 2.1% in Brevard — 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.
• At $6,071/mo this rent would consume 116% of the median local household income ($63k/yr) (locally 852% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Flooring — The flooring is visibly worn and in poor condition, requiring replacement.
• Moderate: Exterior siding — The exterior siding shows some discoloration and minor wear, indicating a need for repainting or staining.