201 Tinsley Rd

Brevard, NC 28712

$250,000B-

4 bd · 2.0 ba · 1,430 sqft · Built 1950 · SingleFamily · Active · 190 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,583/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$172
• HOA: −$0
• Vac / Maint / Mgmt: −$542
• Net cashflow: $557/mo
• Annual: $6,686/yr
• Cap rate: 8.97%
• Cash-on-cash: 9.55%
• DSCR: 1.43
• 1% rule: 1.03%
• Cash to close: $70,000

Investor read

• This is a 4-bed/2.0-bath single-family listed at $250k.
• At list price, monthly cash flow is $557 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• It's been on market 190 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $220k (12.0% below list) — sets the bar for market timing.
• 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 (#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.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• 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.
• Cap rate 9.0% 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 $2,583/mo this rent would consume 49% 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

• It's been on market 190 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 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.