159 Marcellina Dr

Fairview, NC 28730

$275,000D

3 bd · 2.0 ba · 1,344 sqft · Built 2008 · Manufactured · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,929/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$193
• HOA: −$25
• Vac / Maint / Mgmt: −$405
• Net cashflow: $-136/mo
• Annual: $-1,634/yr
• Cap rate: 5.70%
• Cash-on-cash: -2.12%
• DSCR: 0.91
• 1% rule: 0.70%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $275k.
• At list price, monthly cash flow is $-136 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $251k (8.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (29.9% below list).
• It's been on market 40 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $193k (29.9% 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 $8k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#369 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A, cost of living A-; Watch: amenities F, commute F, health & safety F.
• Buncombe County Schools (suburban): math 45% / reading 50% proficiency, ranked #72 of 178 in NC (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairview Elementary (math 56% / reading 63%, grade B-, #205 of 1,410 statewide, top 16%, 659 students, 41% FRL); Cane Creek Middle (math 55% / reading 60%, grade B, #64 of 475 statewide, top 14%, 452 students, 36% FRL); Reynolds High (math 73% / reading 68%, grade B+, #117 of 535 statewide, top 22%, 1,133 students, 42% FRL).
• Zoned-school proficiency averages 62% at this address vs 48% district-wide (+15 pts) — the actual schools serving this property are materially stronger than the Buncombe County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 143 active listings in the ZIP; 3,305 units permitted in Buncombe County in 2024 (1,855 in 5+ unit buildings).
• Buncombe County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.7% vs local median 1.6% in Fairview — 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

• 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?
• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.