637 Clearview Dr · East Flat Rock, NC 28792

$79,900

3 bd · 2.0 ba · 1,120 sqft · Manufactured public records · 15 Days on market

Built 1989 0.45 ac lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Rent growth +3.4/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

3 bedroom 2 bath home located in Hendersonville NC. Single level floorplan inc a large living room and spacious kitchen with adj laundry room. 3 bedrooms with a master suite. Outbuilding for your storage needs. Property needs work and is priced accordingly. Property sold AS-IS/WHERE-IS with ALL FAULTS. Buyer or buyers agent to verify all stats.

Key facts

• Master suite
• Adj laundry room
• Spacious kitchen

Tags

• LARGE LIVING ROOM
• SPACIOUS KITCHEN
• ADJ LAUNDRY ROOM
• MASTER SUITE
• OUTBUILDING FOR STORAGE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $80k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Cap rate 24.2% vs local median 3.5% in East 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 59/100 on livability (#536 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D-, amenities 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: Rents rising (+3.6%/yr); 364 active listings in the ZIP; 4 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).
• At $2,171/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.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k 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 + 3.6% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $30k; list at $80k implies a 166% gain — meaningful room to come down on a strong offer.

Recommended offer $78,701 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 2.72% ✓
• Cap rate: 24.22%
• Cash-on-cash: 64.01%
• DSCR: 3.85
• GRM: 3.1

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: 63.8%
• Equity multiple: 3.88×
• Total profit: $64,462
• Equity at exit: $11,913

10-year hold

• IRR: 68.4%
• Equity multiple: 8.14×
• Total profit: $159,821
• Equity at exit: $6,908

Cash invested: $22,372 (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: 3.1×

Monthly cashflow live

• Estimated rent: $2,171 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$69 /mo · $833/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $1,193

Break-even live

Break-even rent $660

Max offer price $79,900

Occupancy floor 40%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
47 Hill Branch Rd Flat Rock, NC	1.0–3.0	1.0–2.0	1070	$2,349	$2.20	14d	54	0.42mi
119 Sharons Way East Flat Rock, NC	3.0	2.0	1216	$2,100	$1.73	23d	1	0.75mi
18 Grove Hills Dr Flat Rock, NC	3.0	2.0	1120	$1,800	$1.61	14d	1	1.34mi
52 Charleston View Ct Hendersonville, NC	2.0	1.0	887	$1,395	$1.57	23d	1	1.42mi

Listing history 20 events

1. 2026-04-08
   status Pending
2. 2026-03-19
   listed $79,900 Active
3. 2024-08-06
   historical Active Under Contract
4. 2024-08-06
   price $119,000
5. 2024-08-06
   price $119,000
6. 2024-08-06
   historical Active Under Contract
7. 2024-07-29
   price $124,999
8. 2024-07-29
   price $124,999
9. 2024-07-22
   price $134,999
10. 2024-07-22
    price $134,999
11. 2024-07-17
    listed $144,999 Active
12. 2024-06-28
    price $144,999
13. 2024-06-06
    price $149,999
14. 2024-05-13
    price $159,000
15. 2024-05-05
    price $164,500
16. 2024-04-27
    price $169,000
17. 2024-04-10
    price $179,000
18. 2024-01-22
    listed $199,000 Active
19. 2023-12-31
    historical
20. 1998-04-29
    soldstatus $30,000

ⓘ 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: $833 · $69/mo
• Projected year-2 tax: $833 · $69/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°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: $26,052
• − Mortgage interest: −$4,476
• − Property taxes: −$833
• − Insurance: −$400
• − Repairs & maintenance: −$2,084
• − Management: −$2,084
• − Depreciation: −$2,324
• Taxable income: $13,852
• Est. tax owed @ 24.0%: −$3,324
• After-tax cash flow: $10,997/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 — East Flat Rock

• Score: 59/100
• State rank: #536
• US rank: #19704

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Flat Rock, NC
• County: Henderson County · 78,587 people
• City population: 4,373
• 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

+166.3% since first listed

20 events — show timeline

• 2026-04-08 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-03-19 Listed $79,900 CANOPYMLS as Distributed by MLS Grid
• 2024-08-06 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2024-08-06 Price Changed $119,000 CANOPYMLS as Distributed by MLS Grid
• 2024-08-06 Price Changed $119,000 CANOPYMLS as Distributed by MLS Grid
• 2024-08-06 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2024-07-29 Price Changed $124,999 CANOPYMLS as Distributed by MLS Grid
• 2024-07-29 Price Changed $124,999 CANOPYMLS as Distributed by MLS Grid
• 2024-07-22 Price Changed $134,999 CANOPYMLS as Distributed by MLS Grid
• 2024-07-22 Price Changed $134,999 CANOPYMLS as Distributed by MLS Grid
• 2024-07-17 Listed $144,999 CANOPYMLS as Distributed by MLS Grid
• 2024-06-28 Price Changed $144,999 CANOPYMLS as Distributed by MLS Grid
• 2024-06-06 Price Changed $149,999 CANOPYMLS as Distributed by MLS Grid
• 2024-05-13 Price Changed $159,000 CANOPYMLS as Distributed by MLS Grid
• 2024-05-05 Price Changed $164,500 CANOPYMLS as Distributed by MLS Grid
• 2024-04-27 Price Changed $169,000 CANOPYMLS as Distributed by MLS Grid
• 2024-04-10 Price Changed $179,000 CANOPYMLS as Distributed by MLS Grid
• 2024-01-22 Listed $199,000 CANOPYMLS as Distributed by MLS Grid
• 2023-12-31 Coming Soon — CANOPYMLS as Distributed by MLS Grid
• 1998-04-29 Sold (Public Records) $30,000 Public Records

Property tax history

+14.9%/yr

Latest (2025): $833 · -8.6% YoY. Source: county tax records.