103 Oakwood Pl #4

Mountain Home, NC 28792

$195,000C-

3 bd · 2.0 ba · 1,456 sqft · Built 1981 · Condo · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,174/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$174
• HOA: −$350
• Vac / Maint / Mgmt: −$456
• Net cashflow: $171/mo
• Annual: $2,051/yr
• Cap rate: 7.34%
• Cash-on-cash: 3.76%
• DSCR: 1.17
• 1% rule: 1.11%
• Cash to close: $54,600

Investor read

• This is a 3-bed/2.0-bath condo listed at $195k.
• At list price, monthly cash flow is $171 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• It's been on market 78 days — a 6% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $183k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#550 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A, housing A, crime B+; Watch: employment C-, amenities F, 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); North Henderson High (math 72% / reading 58%, grade B, #161 of 535 statewide, top 30%, 1,146 students, 61% FRL) — zoned schools average 66% FRL vs 46% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.6%/yr); 364 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• Henderson County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 7y 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 $150k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.3% vs local median 2.7% in Mountain Home — 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 $2,174/mo this rent would consume 47% of the median local household income ($56k/yr) (locally 1420% 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 78 days. Have you received any prior offers? Is the seller open to a 6% 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?
• 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?
• 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 F-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.