63 Sunnybrook Ln

Fletcher, NC 28732

$229,950D

2 bd · 1.0 ba · 828 sqft · Built 1978 · Manufactured · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,760/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$135
• HOA: −$0
• Vac / Maint / Mgmt: −$370
• Net cashflow: $49/mo
• Annual: $594/yr
• Cap rate: 6.55%
• Cash-on-cash: 0.92%
• DSCR: 1.04
• 1% rule: 0.77%
• Cash to close: $64,386

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $230k.
• At list price, monthly cash flow is $49 ($594/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 $176k (23.4% below list).
• It's been on market 19 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (23.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#129 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: amenities F, commute F, health & safety 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: Glenn C Marlow Elementary (math 70% / reading 70%, grade A-, #90 of 1,410 statewide, top 7%, 580 students, 30% FRL); Rugby Middle (math 61% / reading 66%, grade B+, #35 of 475 statewide, top 7%, 804 students, 39% FRL); West Henderson High (math 73% / reading 63%, grade B, #137 of 535 statewide, top 26%, 1,087 students, 34% FRL).
• Zoned-school proficiency averages 67% at this address vs 50% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Henderson County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 215 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• Henderson County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 6.6% vs local median 3.9% in Fletcher — 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.

Questions for listing agent

• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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 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.