14 Lila Ln

Clyde, NC 28721

$225,000D+

3 bd · 2.0 ba · 1,272 sqft · Built 2012 · Condo · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,989/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$276
• HOA: −$110
• Vac / Maint / Mgmt: −$418
• Net cashflow: $6/mo
• Annual: $68/yr
• Cap rate: 6.32%
• Cash-on-cash: 0.11%
• DSCR: 1.00
• 1% rule: 0.88%
• Cash to close: $63,000

Investor read

• This is a 3-bed/2.0-bath condo listed at $225k.
• At list price, monthly cash flow is $6 ($68/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 $199k (11.6% below list).
• It's been on market 103 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $199k (11.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#20 in NC, #2,052 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Buncombe County Schools (suburban): math 45% / reading 50% proficiency, ranked #72 of 178 in NC (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Leicester Elementary (math 32% / reading 42%, grade F, #771 of 1,410 statewide, top 57%, 367 students, 70% FRL); Erwin Middle (math 37% / reading 37%, grade F, #262 of 475 statewide, top 57%, 568 students, 74% FRL); Erwin High (math 52% / reading 49%, grade D+, #306 of 535 statewide, top 57%, 1,096 students, 64% FRL) — zoned schools average 69% FRL vs 47% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 159 active listings in the ZIP; 3,305 units permitted in Buncombe County in 2024 (1,855 in 5+ unit buildings).
• Buncombe County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 2.8% in Clyde — 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.

Questions for listing agent

• It's been on market 103 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
• 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?
• 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.