110 Merriman Rd · Hendersonville, NC 28791

$200,000

2 bd · 1.0 ba · 988 sqft · SingleFamily public records · 4 Days on market

Built 1950 0.27 ac lot Est $314k · 36% under

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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 +18.7/30.0
• ARV discount +15.0/15.0
• DSCR +5.9/10.0
• 1% rule +4.4/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Cute and quiet little ranch home located within the city limits of Hendersonville just off Highway 25. Needs some TLC, but is great fixer upper for that handy person who just wants a place to call home. Large fenced and gated yard for your fur babies and beautiful flowering trees.

Key facts

• Fenced yard
• Flowering trees
• Gated yard

Tags

• FENCED YARD
• GATED YARD
• FLOWERING TREES

Property features AI

Exterior

• Home design: House; 988 sq ft living area
• Construction: Built prior to or in 2025
• Exterior features: Lot of approximately 11,761 sq ft

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $198 ($2k/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 $189k (5.7% below list).
• Recommended offer: $189k (5.7% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 3.5% in Hendersonville — 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 77/100 on livability (#29 in NC, #2,939 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime D+, employment D+, 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.
• Market conditions: 149 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); solid renter incomes; 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $48k; list at $200k implies a 317% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $188,521 (5.7% below list)

Questions for the listing agent

1. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
4. 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.
5. 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.
6. 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: 0.94% ✗
• Cap rate: 7.48%
• Cash-on-cash: 4.24%
• DSCR: 1.19
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $314,184
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
354 Stoney Mountain Rd	0.24mi	2/2.0	974 (-1%)	16mo	$345,000	$354	69
2335 Greater Druid Hills Blvd	0.19mi	3/2.0 (+1)	1,066 (+8%)	2mo	$279,900	$263	67
2023 Upper Ridgewood Blvd	0.32mi	2/1.0	929 (-6%)	13mo	$225,000	$242	64
2120 Arlington Pl	0.20mi	3/1.0 (+1)	950 (-4%)	20mo	$302,500	$318	63
240 Norleon Ave	0.64mi	2/2.0	1,015 (+3%)	4mo	$342,000	$337	58
1733 Clairmont Dr	0.57mi	2/1.0	1,083 (+10%)	1mo	$350,000	$323	57
326 Lyndhurst Dr	0.47mi	3/1.0 (+1)	1,128 (+14%)	1mo	$330,000	$293	49
708 Halsbury Ave	0.67mi	2/2.0	989 (+0%)	20mo	$385,000	$389	48
1928 Haywood Rd	0.60mi	1/1.5 (-1)	987 (-0%)	23mo	$350,000	$355	46
225 Norleon Ave	0.65mi	3/1.0 (+1)	1,017 (+3%)	18mo	$260,000	$256	44
327 Browning Ave	0.68mi	2/1.0	1,117 (+13%)	12mo	$333,000	$298	37
1523 Dawnview Dr	0.74mi	3/1.0 (+1)	1,110 (+12%)	6mo	$320,000	$288	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -9.7%
• Equity multiple: 0.65×
• Total profit: $-19,839
• Equity at exit: $29,821

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-1,165
• Equity at exit: $17,292

Cash invested: $56,000 (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 28791

• Active inventory: 149
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,885 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$159 /mo · $1,912/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $198

Break-even live

Break-even rent $1,635

Max offer price $200,000

Occupancy floor 85%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1761 Haywood Manor Rd Hendersonville, NC	2.0	2.0	1080	$1,600	$1.48	13d	1	0.87mi
73 Eastbury Dr Hendersonville, NC	2.0	2.0	1109	$1,775	$1.60	23d	5	0.93mi
1416 Highland Ave Unit A Hendersonville, NC	2.0	1.0	840	$1,350	$1.61	23d	1	0.95mi

Listing history 4 events

1. 2025-10-10
   historical Under Contract
2. 2025-09-22
   historical
3. 2025-09-18
   listed $200,000 Active
4. 1998-07-31
   soldstatus $48,000

ⓘ 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: $1,912 · $159/mo
• Projected year-2 tax: $1,912 · $159/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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 19 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: $22,623
• − Mortgage interest: −$11,203
• − Property taxes: −$1,912
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,810
• − Management: −$1,810
• − Depreciation: −$5,818
• Taxable loss: −$931
• Est. tax savings @ 24.0%: +$223
• After-tax cash flow: $2,597/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 — Hendersonville

• Score: 77/100
• State rank: #29
• US rank: #2939

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hendersonville, NC
• County: Henderson County · 78,587 people
• City population: 51,753
• Metro: Asheville, NC
• Population (ZIP): 15,108
• Household income: $78,827
• Rent vs Own: 19.5% rent · 80.5% own
• Severe rent burden: 253.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 10% Two or more races 6% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Romanian 4% Slovak 3% Serbian 3%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 92% English-only · Spanish 5% Other Asian/Pacific 1% German/W. Germanic 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: ▼ -160.98%
• Current HPI: 207.4921
• Rent YoY: —
• 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

+316.7% since first listed

4 events — show timeline

• 2025-10-10 Contingent — ForSaleByOwner.com
• 2025-09-22 Delisted — ForSaleByOwner.com
• 2025-09-18 Listed $200,000 ForSaleByOwner.com
• 1998-07-31 Sold (Public Records) $48,000 Public Records

Property tax history

+13.4%/yr

Latest (2025): $1,912 · +0.0% YoY. Source: county tax records.