131 Lookout Rd · Woodfin, NC 28804

$182,000

3 bd · 2.0 ba · 1,248 sqft · Manufactured public records · 184 Days on market

Built 1993 0.50 ac lot $146/sqft · 44% below area

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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 +24.3/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Schools +4.0/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

Key facts

• Privacy
• Views
• Superior elevation

Tags

• SUPERIOR ELEVATION
• VIEWS
• PRIVACY
• DEVELOPMENT POTENTIAL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $182k.

Deal economics

• At list price, monthly cash flow is $365 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $182k).
• Recommended offer: $160k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 2.7% in Woodfin — 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 (#538 in NC) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A-, cost of living B; Watch: schools F, 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.
• Market conditions: Rents flat; 373 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,305 units permitted in Buncombe County in 2024 (1,855 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 $5k of value loss. Plan a longer hold.
• Buncombe County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 184 days — a 12% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $75k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $9k; list at $182k implies a 1922% gain — meaningful room to come down on a strong offer.

Recommended offer $160,160 (12.0% below list)

Questions for the listing agent

1. It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.03% ✓
• Cap rate: 8.70%
• Cash-on-cash: 8.60%
• DSCR: 1.38
• GRM: 8.1

CMA / ARV

• ARV (median comp): $391,999
• List price: $182,000
• Delta: -53.57%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.46% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-10,974
• Equity at exit: $27,137

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $1,878
• Equity at exit: $15,736

Cash invested: $50,960 (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 28804

• Rents YoY: 0.5%
• Active inventory: 373
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,883 high
• Mortgage (P&I): −$954
• Tax from tax record: −$92 /mo · $1,101/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $365

Break-even live

Break-even rent $1,420

Max offer price $182,000

Occupancy floor 76%

Sensitivity live

Price	-10% $468	-5% $417	+0% $365	+5% $314	+10% $262
Rent	-10% $217	-5% $291	+0% $365	+5% $440	+10% $514
Rate	-1.0pp $457	-0.5pp $412	base $365	+0.5pp $318	+1.0pp $270

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: $45,500
• Closing costs: $5,460
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13 Garden Rd Asheville, NC	3.0	2.0	902	$1,500	$1.66	44d	1	0.15mi
3 W Rosecrest St Unit 1C Woodfin, NC	2.0	1.0	875	$1,600	$1.83	14d	1	0.62mi
3 W Rosecrest St Unit 3D Woodfin, NC	2.0	1.0	875	$1,400	$1.60	14d	1	0.62mi
1 W Rosecrest St Unit 1C Asheville, NC	2.0	1.0	875	$1,600	$1.83	14d	1	0.64mi
20 Brookdale Rd Unit C-4 Asheville, NC	2.0	1.0	840	$1,295	$1.54	22d	1	0.84mi
130 N Ridge Dr Woodfin, NC	1.0–3.0	1.0–2.0	975	$1,900	$1.95	14d	20	0.86mi
49 Brookdale Rd Asheville, NC	2.0	2.0	924	$2,000	$2.16	14d	1	0.91mi
600 Merrimon Ave Asheville, NC	1.0–2.0	1.0	791	$1,660	$2.10	14d	10	0.96mi
12 Long St Asheville, NC	2.0	1.0	1097	$1,595	$1.45	24d	1	1.05mi
313 Westover Dr Asheville, NC	3.0	2.0	1170	$2,200	$1.88	24d	1	1.17mi
33 Skyland Cir Asheville, NC	3.0	1.5	1224	$2,800	$2.29	44d	1	1.23mi
1 Grace Ave Asheville, NC	2.0	1.0	1298	$1,950	$1.50	24d	1	1.27mi
108 Mount Clare Ave Unit 1 Asheville, NC	2.0	1.0	820	$1,475	$1.80	14d	1	1.37mi
61 N Merrimon Ave Asheville, NC	1.0–2.0	1.0–2.0	993	$1,720	$1.73	14d	8	1.38mi
28 Woodrow Ave Asheville, NC	2.0	2.0	1000	$2,999	$3.00	24d	1	1.43mi
28 Woodrow Ave Asheville, NC	2.0	2.0	1100	$2,999	$2.73	14d	1	1.43mi

Listing history 28 events

1. 2026-06-18
   days on market $182,000 Active 184 DOM
2. 2026-06-17
   days on market $182,000 Active 183 DOM
3. 2026-06-16
   days on market $182,000 Active 182 DOM
4. 2026-06-15
   days on market $182,000 Active 181 DOM
5. 2026-06-14
   days on market $182,000 Active 179 DOM
6. 2026-06-10
   days on market $182,000 Active 176 DOM
7. 2026-06-09
   days on market $182,000 Active 175 DOM
8. 2026-06-08
   days on market $182,000 Active 174 DOM
9. 2026-06-07
   days on market $182,000 Active 173 DOM
10. 2026-06-03
    days on market $182,000 Active 169 DOM
11. 2026-06-03
    price $182,000 Active 168 DOM
12. 2026-06-02
    days on market $197,000 Active 168 DOM
13. 2026-06-01
    days on market $197,000 Active 167 DOM
14. 2026-05-31
    days on market $197,000 Active 166 DOM
15. 2026-05-30
    days on market $197,000 Active 165 DOM
16. 2026-05-17
    price $197,000 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

17. 2026-05-17
    price $197,000 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

18. 2026-04-29
    price $199,900 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

19. 2026-04-29
    price $199,900 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

20. 2026-04-29
    status Active 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

21. 2026-04-29
    status Active 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

22. 2026-04-12
    status Pending 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

23. 2026-04-12
    status Pending 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

24. 2026-03-08
    price $237,000 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

25. 2026-03-04
    price $237,000 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

26. 2025-12-10
    listed $257,000 Active 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

27. 2025-11-29
    listed $257,000 Active 511-char remark

    Show marketing remark (511 chars)

    BACK ON MARKET WITH HUGE PRICE REDUCTION! Home on .5 acres in Woodfin surrounded by newer residential development in a great neighborhood with close proximity to downtown Asheville and UNCA. Could be divided into 2 lots with 3 dwellings (or possibly 4 if new survey reveals slightly larger lot size) per Woodfin Planning and Zoning. As is this property qualifies for up to 100% FINANCING WITH DOWN PAYMENT GRANTS AVAILABLE ! Ask listing agent for details. Location, development potential, and views are amazing!

28. 1993-01-12
    soldstatus $9,000

ⓘ 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: $1,101 · $92/mo
• Projected year-2 tax: $1,492 · $124/mo
• Expected delta: +$392/yr (+$33/mo · 35.6%)

ⓘ 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 ≥98°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,592
• − Mortgage interest: −$10,195
• − Property taxes: −$1,101
• − Insurance: −$910
• − Repairs & maintenance: −$1,807
• − Management: −$1,807
• − Depreciation: −$5,295
• Taxable income: $1,477
• Est. tax owed @ 24.0%: −$354
• After-tax cash flow: $4,029/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: Buncombe County Schools
• NCES district ID: 3700450
• Math proficiency: 45% ▬ 0.00%
• Reading proficiency: 50% ▲ 2.00%
• Median HH income: $45,981
• Composite: 40.32/100
• National rank: #3749
• State rank: #72 of 178 in NC

Livability — Woodfin

• Score: 59/100
• State rank: #538
• US rank: #19731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Woodfin, NC
• County: Buncombe County · 241,085 people
• Metro: Asheville, NC
• Population (ZIP): 25,776
• Household income: $88,312
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 396.0

Population outlook (Buncombe County) Hauer SSP2

• Today (2025): 286,475 people
• By 2030: 302,237 · +5.5%
• By 2040: 330,687 · +15.4%
• By 2050: 356,370 · +24.4%
• By 2075: 409,383 · +42.9%
• By 2100: 437,270 · +52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 9% Hispanic / Latino 8% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 5% Lithuanian 4% Serbian 3%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 1%

Political lean MEDSL · Buncombe

• 2024 margin: Strong D (+24.8) · D 61.7% · R 36.9% · Other 1.4%
• 2008→2024 swing: +10.9pp toward D · 2008: 13.9pp · 2024: 24.8pp
• All cycles: 2024: D+24.8 2020: D+21.1 2016: D+14.6 2012: D+12.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -410.50%
• Current HPI: 333.3821
• Rent YoY: ▲ 0.46%
• 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

+2088.9% since first listed

13 events — show timeline

• 2026-05-17 Price Changed $197,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-17 Price Changed $197,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $199,900 CANOPYMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $199,900 CANOPYMLS as Distributed by MLS Grid
• 2026-04-29 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-04-29 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-04-12 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-12 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-03-08 Price Changed $237,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-04 Price Changed $237,000 CANOPYMLS as Distributed by MLS Grid
• 2025-12-10 Listed $257,000 CANOPYMLS as Distributed by MLS Grid
• 2025-11-29 Listed $257,000 CANOPYMLS as Distributed by MLS Grid
• 1993-01-12 Sold (Public Records) $9,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $1,101 · +0.7% YoY. Source: county tax records.