52 Blue Spruce Ln · Flat Rock, NC 28739

$109,900

2 bd · 2.0 ba · 832 sqft · Manufactured · 399 Days on market

Built 2025

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Why this score? — see what drove the C+ 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 +26.8/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• En-suite bathroom
• Modern fixtures
• Open-concept living

Tags

• OPEN-CONCEPT LIVING
• WELL-APPOINTED KITCHEN
• STAINLESS-STEEL APPLIANCES
• EN-SUITE BATHROOM
• MODERN FIXTURES
• SPACIOUS SHOWER

Property features AI

Finance

• Financial info: List price $109,900

Exterior

• Home design: Spec new construction (plan: 52 Blue Spruce Ln.); Single-level (entry level not specified)
• Construction: Built/updated most recently listed in 2025

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Interior features: Living area approximately 832

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $302 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 1.5% in Flat Rock — 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 65/100 on livability (#330 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: amenities F, commute F, cost of living 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.
• Market conditions: 408 active listings in the ZIP; 3 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 399 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Recommended offer $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 399 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.22% ✓
• Cap rate: 9.59%
• Cash-on-cash: 11.77%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.2%
• Equity multiple: 1.05×
• Total profit: $1,433
• Equity at exit: $16,386

10-year hold

• IRR: 10.9%
• Equity multiple: 1.85×
• Total profit: $26,081
• Equity at exit: $9,502

Cash invested: $30,772 (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 28739

• Active inventory: 408
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,343 medium
• Mortgage (P&I): −$576
• Tax est. 1.5%: −$137 /mo · $1,648/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $302

Break-even live

Break-even rent $961

Max offer price $109,900

Occupancy floor 73%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 Dogwood Path Ln Hendersonville, NC	1.0	1.0	660	$1,200	$1.82	23d	1	1.07mi
52 Charleston View Ct Hendersonville, NC	2.0	1.0	887	$1,395	$1.57	23d	1	1.27mi
61 Charleston Ct Hendersonville, NC	2.0	2.0	1024	$1,455	$1.42	23d	1	1.33mi

Listing history 16 events

1. 2026-06-18
   days on market $109,900 Active 399 DOM
2. 2026-06-17
   days on market $109,900 Active 398 DOM
3. 2026-06-16
   days on market $109,900 Active 397 DOM
4. 2026-06-15
   days on market $109,900 Active 396 DOM
5. 2026-06-14
   days on market $109,900 Active 394 DOM
6. 2026-06-13
   days on market $109,900 Active 393 DOM
7. 2026-06-10
   days on market $109,900 Active 391 DOM
8. 2026-06-09
   days on market $109,900 Active 390 DOM
9. 2026-06-08
   days on market $109,900 Active 389 DOM
10. 2026-06-07
    days on market $109,900 Active 388 DOM
11. 2026-06-05
    days on market $109,900 Active 385 DOM
12. 2026-06-03
    days on market $109,900 Active 384 DOM
13. 2026-06-02
    days on market $109,900 Active 383 DOM
14. 2026-06-01
    days on market $109,900 Active 382 DOM
15. 2026-05-31
    days on market $109,900 Active 381 DOM
16. 2026-05-30
    days on market $109,900 Active 380 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 17 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: $16,121
• − Mortgage interest: −$6,156
• − Property taxes: −$1,648
• − Insurance: −$550
• − Repairs & maintenance: −$1,290
• − Management: −$1,290
• − Depreciation: −$3,197
• Taxable income: $1,990
• Est. tax owed @ 24.0%: −$478
• After-tax cash flow: $3,144/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 — Flat Rock

• Score: 65/100
• State rank: #330
• US rank: #13447

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 20,656

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 7% Two or more races 6% Black 3% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Serbian 3% Slovak 3% Lithuanian 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 93% English-only · Spanish 5% German/W. Germanic 1% Chinese 1%

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: ▼ -171.47%
• Current HPI: 199.0914
• Rent YoY: —
• Metro: —
• 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