222 Cranbrook Cir · Hendersonville, NC 28792

$230,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 35 Days on market

Built 1984 1,306 sqft lot $150/mo HOA · 8% of rent

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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 +11.2/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• DSCR +3.3/10.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Minutes from shopping and downtown. 2/2 home with carport and storage building in 55+ community. Fee includes community pool, clubhouse, garbage pickup and lawn mowing. Nice heated sunroom, lovely, open and spacious home. Gas unvented fireplace with gas logs - propane - tank rented

Key facts

• Fully usable yard
• Clubhouse and pool
• Level yard

Tags

• LOW MAINTENANCE LIVING
• IMMACULATE HOME
• LEVEL YARD
• FULLY USABLE YARD
• CLUBHOUSE AND POOL
• QUICK ACCESS TO SHOPPING

Property features AI

Finance

• Other: Zoning: R-10; Subdivision restrictions apply
• HOA & community: Cumberland Village HOA (mandatory); Quarterly HOA fee of $450; Senior community (55+); Community clubhouse and outdoor pool

Exterior

• Parking: Attached carport (1 covered space); Driveway with 1 open parking space
• Utilities: City water; Septic system installed; Electricity connected
• Home design: Manufactured doublewide single-family residence; One story; Facing information not provided
• Construction: Vinyl exterior; Manufactured construction; Built on crawl space / permanent foundation
• Exterior features: Front porch; Patio; In-ground outdoor pool; Shed(s); Level lot; Asphalt/paved road access; Private maintained road with road maintenance agreement

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Carpet; Linoleum
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Split bedroom layout; Walk-in closet(s); 8 total rooms
• Laundry & utility: Dedicated laundry room; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $230k.

Deal economics

• At list price, monthly cash flow is $-87 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $215k (6.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $180k (21.7% below list).
• Recommended offer: $180k (21.7% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 3.5% in Hendersonville — 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 77/100 on livability (#29 in NC, #2,939 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime D+, employment D+, 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); Hendersonville High (math 57% / reading 77%, grade B, #142 of 535 statewide, top 28%, 784 students, 43% FRL).
• Market conditions: Rents rising (+3.6%/yr); 364 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• This rent runs 39% 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 $7k 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 35 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $72k; list at $230k implies a 219% gain — meaningful room to come down on a strong offer.

Recommended offer $180,179 (21.7% 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 35 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.78% ✗
• Cap rate: 5.84%
• Cash-on-cash: -1.63%
• DSCR: 0.93
• GRM: 10.6

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: -18.3%
• Equity multiple: 0.35×
• Total profit: $-41,714
• Equity at exit: $34,294

10-year hold

• IRR: -9.6%
• Equity multiple: 0.40×
• Total profit: $-38,808
• Equity at exit: $19,886

Cash invested: $64,400 (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: 10.6×

Monthly cashflow live

• Estimated rent: $1,802 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$59 /mo · $707/yr
• Insurance: −$96
• HOA: −$150
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $-87

Break-even live

Break-even rent $1,913

Max offer price $214,545

Occupancy floor 100%

Sensitivity live

Price	-10% $43	-5% $-22	+0% $-87	+5% $-153	+10% $-218
Rent	-10% $-230	-5% $-159	+0% $-87	+5% $-16	+10% $55
Rate	-1.0pp $28	-0.5pp $-29	base $-87	+0.5pp $-147	+1.0pp $-208

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
382 Red Bud CIR Hendersonville, NC	1.0–3.0	1.0–2.0	1166	$1,799	$1.54	24d	30	0.71mi
102 Francis Rd Hendersonville, NC	1.0–3.0	1.0–2.0	1120	$1,972	$1.76	14d	27	1.10mi
14 Cornerstone Way Hendersonville, NC	2.0	2.0	1200	$1,795	$1.50	21d	1	1.43mi
2168 Howard Gap Rd Apt 10 Hendersonville, NC	2.0	1.5	1200	$1,495	$1.25	24d	1	1.44mi
73 Eastbury Dr Hendersonville, NC	2.0	2.0	1109	$1,775	$1.60	24d	5	1.45mi

HOA detail

• Monthly dues: $150 · $1,800/yr
• Likely covers: trashgaspool

Listing history 9 events

1. 2026-04-29
   status Pending
2. 2026-04-27
   historical Active Under Contract
3. 2026-04-21
   status Active
4. 2026-03-28
   historical Active Under Contract
5. 2026-03-25
   listed $230,000 Active
6. 2013-04-17
   soldstatus $72,000 282-char remark

   Show marketing remark (282 chars)

   Minutes from shopping and downtown. 2/2 home with carport and storage building in 55+ community. Fee includes community pool, clubhouse, garbage pickup and lawn mowing. Nice heated sunroom, lovely, open and spacious home. Gas unvented fireplace with gas logs - propane - tank rented

7. 2013-04-17
   soldstatus $72,000

   Show marketing remark (282 chars)

   Minutes from shopping and downtown. 2/2 home with carport and storage building in 55+ community. Fee includes community pool, clubhouse, garbage pickup and lawn mowing. Nice heated sunroom, lovely, open and spacious home. Gas unvented fireplace with gas logs - propane - tank rented

8. 2012-11-20
   listed $74,900 282-char remark

   Show marketing remark (282 chars)

   Minutes from shopping and downtown. 2/2 home with carport and storage building in 55+ community. Fee includes community pool, clubhouse, garbage pickup and lawn mowing. Nice heated sunroom, lovely, open and spacious home. Gas unvented fireplace with gas logs - propane - tank rented

9. 1999-07-09
   soldstatus $64,000

ⓘ 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: $707 · $59/mo
• Projected year-2 tax: $1,886 · $157/mo
• Expected delta: +$1,179/yr (+$98/mo · 166.7%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,621
• − Mortgage interest: −$12,884
• − Property taxes: −$707
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,730
• − Management: −$1,730
• − HOA: −$1,800
• − Depreciation: −$6,691
• Taxable loss: −$5,070
• Est. tax savings @ 24.0%: +$1,217
• After-tax cash flow: $167/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 — Hendersonville

• Score: 77/100
• State rank: #29
• US rank: #2939

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Henderson County · 78,587 people
• City population: 51,753
• 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

+259.4% since first listed

9 events — show timeline

• 2026-04-29 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-27 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-04-21 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-03-28 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-03-25 Listed $230,000 CANOPYMLS as Distributed by MLS Grid
• 2013-04-17 Sold (Public Records) $72,000 Public Records
• 2013-04-17 Sold (MLS) $72,000 CANOPYMLS as Distributed by MLS Grid
• 2012-11-20 Listed $74,900 CANOPYMLS as Distributed by MLS Grid
• 1999-07-09 Sold (Public Records) $64,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $707 · +0.0% YoY. Source: county tax records.