157 Glen Cannon Pt #3 · Brevard, NC 28768

$299,000

2 bd · 2.0 ba · 1,762 sqft · Condo public records · 242 Days on market

Built 1984 $470/mo HOA · 16% 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 +13.6/30.0
• ARV discount +7.5/15.0
• 1% rule +4.5/10.0
• DSCR +4.1/10.0
• Schools +4.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This Glen Cannon condo offers comfortable mountain living with beautiful views in a convenient Pisgah Forest location. The unit features single-level living with 2 bedrooms and 2 baths, an open floor plan with a fireplace in the living area, and an oversized screened-in porch perfect for enjoying the peaceful surroundings. Extensively updated, the home includes new flooring, kitchen appliances, interior paint, and numerous additional improvements throughout. Major upgrades provide added value and peace of mind, including a brand-new roof installed this past fall, along with new carport and front stair carpeting and other thoughtful enhancements. An attached carport provides covered parking

Key facts

• Open floor plan
• Walkout basement
• Attached carport

Tags

• SINGLE-LEVEL LIVING
• OPEN FLOOR PLAN
• FIREPLACE IN LIVING AREA
• ATTACHED CARPORT
• DEDICATED STORAGE
• WALKOUT BASEMENT

Property features AI

Finance

• Other: Association subject to required dues; Restrictions: Other - See Remarks
• HOA & community: Homeowners association required; Quarterly HOA fee (association reports $1,410 quarterly)

Exterior

• Parking: Attached carport; 1 open parking space; 1 carport space; Has open parking
• Utilities: Shared well water; County sewer
• Home design: Residential condominium; Site-built construction; Wood construction; One story; Basement foundation; Elevated at approximately 2,500 ft
• Construction: Built on site with wood construction; Basement foundation
• Exterior features: Private maintained road; Asphalt/paved road access

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Exhaust hood; Refrigerator
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 3 full bathrooms (2 on main level, 1 in basement)
• Heating & cooling: Electric heating; Forced air; Heat pump; Central air conditioning (electric)
• Interior features: Partially finished basement with storage space and walk-out access; Basement present; One main-level entry
• Laundry & utility: Laundry room; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $299k.

Deal economics

• At list price, monthly cash flow is $18 ($221/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 $285k (4.7% below list).
• Recommended offer: $263k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.4% 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.

Location & tenants

• 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: amenities F, commute F, employment 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.
• Zoned schools: Brevard Elementary (math 44% / reading 44%, grade F, #610 of 1,410 statewide, top 44%, 544 students, 64% FRL); Brevard High (math 72% / reading 72%, grade B+, #107 of 535 statewide, top 21%, 751 students, 46% FRL).
• Market conditions: 86 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 217 units permitted in Transylvania County in 2024 (10 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Transylvania County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 242 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; list at $299k implies a 87% gain — meaningful room to come down on a strong offer.

Recommended offer $263,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 242 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.95% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.26%
• DSCR: 1.01
• GRM: 8.7

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: -15.8%
• Equity multiple: 0.44×
• Total profit: $-47,130
• Equity at exit: $44,582

10-year hold

• IRR: -7.3%
• Equity multiple: 0.53×
• Total profit: $-38,936
• Equity at exit: $25,852

Cash invested: $83,720 (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 28768

• Home prices YoY: -22.7%
• Active inventory: 86
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,850 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$70 /mo · $846/yr
• Insurance: −$125
• HOA: −$470
• Vacancy / Maint / Mgmt: −$598
• Net cashflow: $18

Break-even live

Break-even rent $2,827

Max offer price $299,000

Occupancy floor 94%

Sensitivity live

Price	-10% $188	-5% $103	+0% $18	+5% $-66	+10% $-151
Rent	-10% $-207	-5% $-94	+0% $18	+5% $131	+10% $244
Rate	-1.0pp $169	-0.5pp $94	base $18	+0.5pp $-59	+1.0pp $-138

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
745 Poplar Ln Pisgah Forest, NC	3.0	2.5	1600	$2,850	$1.78	23d	1	0.92mi

HOA detail condo

• Monthly dues: $470 · $5,640/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-22
   days on market $299,000 Active 242 DOM
2. 2026-06-18
   days on market $299,000 Active 239 DOM
3. 2026-06-17
   days on market $299,000 Active 238 DOM
4. 2026-06-16
   days on market $299,000 Active 237 DOM
5. 2026-06-15
   days on market $299,000 Active 236 DOM
6. 2026-06-14
   days on market $299,000 Active 234 DOM
7. 2026-06-10
   days on market $299,000 Active 231 DOM
8. 2026-06-09
   days on market $299,000 Active 230 DOM
9. 2026-06-08
   days on market $299,000 Active 229 DOM
10. 2026-06-07
    days on market $299,000 Active 228 DOM
11. 2026-06-05
    days on market $299,000 Active 225 DOM
12. 2026-06-03
    days on market $299,000 Active 224 DOM
13. 2026-06-02
    days on market $299,000 Active 223 DOM
14. 2026-06-01
    days on market $299,000 Active 222 DOM
15. 2026-05-31
    days on market $299,000 Active 221 DOM
16. 2026-05-30
    days on market $299,000 Active 220 DOM
17. 2026-05-21
    price $299,000
18. 2026-03-24
    status Active
19. 2025-10-02
    listed $339,000 Active
20. 2010-02-17
    soldstatus $160,000
21. 2003-11-20
    soldstatus $180,000
22. 2001-07-09
    soldstatus $168,000
23. 1996-05-01
    soldstatus $117,500

ⓘ 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: $846 · $70/mo
• Projected year-2 tax: $2,452 · $204/mo
• Expected delta: +$1,606/yr (+$134/mo · 189.9%)

ⓘ 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 ≥96°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,200
• − Mortgage interest: −$16,749
• − Property taxes: −$846
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,736
• − Management: −$2,736
• − HOA: −$5,640
• − Depreciation: −$8,698
• Taxable loss: −$4,700
• Est. tax savings @ 24.0%: +$1,128
• After-tax cash flow: $1,349/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: Transylvania County Schools
• NCES district ID: 3704530
• Math proficiency: 44% ▼ -1.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $42,365
• Composite: 39.55/100
• National rank: #3938
• State rank: #79 of 178 in NC

Livability — Brevard

• Score: 64/100
• State rank: #353
• US rank: #13958

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 19,977
• Population (ZIP): 6,836

Population outlook (Transylvania County) Hauer SSP2

• Today (2025): 33,142 people
• By 2030: 32,987 · -0.5%
• By 2040: 32,159 · -3.0%
• By 2050: 30,937 · -6.7%
• By 2075: 27,778 · -16.2%
• By 2100: 24,136 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Hispanic / Latino 11% Two or more races 9% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Slovak 3% Serbian 3% Portuguese 2%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 96% English-only · Spanish 3% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Transylvania

• 2024 margin: R (+12.2) · D 43.3% · R 55.5% · Other 1.2%
• 2008→2024 swing: +0.4pp no change · 2008: -12.6pp · 2024: -12.2pp
• All cycles: 2024: R+12.2 2020: R+15.7 2016: R+22.5 2012: R+16.9 2008: R+12.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.50%
• Current HPI: 237.1205
• 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

Price history

+154.5% since first listed

7 events — show timeline

• 2026-05-21 Price Changed $299,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-24 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-10-02 Listed $339,000 CANOPYMLS as Distributed by MLS Grid
• 2010-02-17 Sold (Public Records) $160,000 Public Records
• 2003-11-20 Sold (Public Records) $180,000 Public Records
• 2001-07-09 Sold (Public Records) $168,000 Public Records
• 1996-05-01 Sold (Public Records) $117,500 Public Records

Property tax history

-1.1%/yr

Latest (2025): $846 · -32.0% YoY. Source: county tax records.