77 First St · Tryon, NC 28782

$99,500

3 bd · 1.0 ba · 1,064 sqft · SingleFamily · 29 Days on market

Built 1930 1.07 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 +5.1/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Tucked away at the end of First Street just moments from the heart of downtown Tryon, this rare 1.07-acre property offers an increasingly hard-to-find opportunity to create something special in one of Tryon’s most desirable close-in settings. The wooded site rises gently above town and may offer the potential for mountain views with selective clearing. Restaurants, galleries, shops, and performance venues are all just minutes away, yet the setting feels private and secluded among mature trees and established landscaping. The property includes a 1930s cottage in largely original condition with significant deferred maintenance. The home may be suitable for restoration as a guest cottage

Key facts

• 1930s cottage
• 1.07 acre property
• Wooded site

Tags

• 1.07 ACRE PROPERTY
• WOODED SITE
• PRIVATE AND SECLUDED SETTING
• MATURE TREES
• ESTABLISHED LANDSCAPING
• 1930S COTTAGE

Property features AI

Finance

• Other: Property is on approximately 1.07 acres; Has additional parcels; Zoned M
• HOA & community: No HOA

Exterior

• Parking: No garage; No designated parking features listed
• Utilities: City water; Public sewer; Paved road with public maintenance
• Home design: Single-family residence; Site-built construction; One level
• Construction: Wood construction; Composition roof; Basement and crawl space foundation; Built on-site
• Exterior features: Front porch; Rear porch; Cleared lot; Cul-de-sac lot; Green area; Private setting; Sloped terrain; Views

Interior

• Kitchen: No appliances listed
• Bedrooms: 3 bedrooms on the main level
• Flooring: Wood floors
• Bathrooms: 1 full bath on the main level
• Heating & cooling: No heating listed; No cooling listed
• Interior features: 6 total rooms; Living room fireplace; Basement shop area; Basement partially finished/stubbed bath; Unfinished basement with walk-out access
• Laundry & utility: Laundry located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $599 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 1.7% in Tryon — 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 69/100 on livability (#150 in NC) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, crime A-; Watch: employment C-, amenities F, commute F.
• Polk County Schools (rural): math 58% / reading 62% proficiency, ranked #32 of 178 in NC (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Tryon Elementary School (math 67% / reading 62%, grade B, #147 of 1,410 statewide, top 11%, 407 students, 99% FRL); Polk County Middle School (math 46% / reading 59%, grade C+, #94 of 475 statewide, top 20%, 475 students, 56% FRL); Polk County High School (math 72% / reading 67%, grade B, #121 of 535 statewide, top 24%, 579 students, 52% FRL) — zoned schools average 69% FRL vs 50% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 95 active listings in the ZIP; 143 units permitted in Polk County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $688 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Polk County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,007 (1.5% below list)

Questions for the listing agent

1. Built in 1930 — 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. 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?
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: 1.53% ✓
• Cap rate: 13.51%
• Cash-on-cash: 25.79%
• DSCR: 2.15
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $356,440
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
440 New Market Rd	0.08mi	2/2.0 (-1)	1,157 (+9%)	9mo	$398,700	$345	66
83 Grady Ave	0.49mi	2/2.0 (-1)	1,140 (+7%)	9mo	$381,900	$335	49
811 Markham Rd	0.50mi	2/1.5 (-1)	1,177 (+11%)	16mo	$110,000	$93	38

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: 19.4%
• Equity multiple: 1.79×
• Total profit: $21,978
• Equity at exit: $14,836

10-year hold

• IRR: 27.7%
• Equity multiple: 3.45×
• Total profit: $68,125
• Equity at exit: $8,603

Cash invested: $27,860 (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 28782

• Home prices YoY: -11.7%
• Active inventory: 95
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,525 medium
• Mortgage (P&I): −$522
• Tax from tax record: −$43 /mo · $516/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $599

Break-even live

Break-even rent $767

Max offer price $99,500

Occupancy floor 56%

Sensitivity live

Price	-10% $655	-5% $627	+0% $599	+5% $570	+10% $542
Rent	-10% $478	-5% $538	+0% $599	+5% $659	+10% $719
Rate	-1.0pp $649	-0.5pp $624	base $599	+0.5pp $573	+1.0pp $547

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: $24,875
• Closing costs: $2,985
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-22
   days on market $99,500 Active 29 DOM
2. 2026-06-18
   days on market $99,500 Active 26 DOM
3. 2026-06-17
   days on market $99,500 Active 25 DOM
4. 2026-06-16
   days on market $99,500 Active 24 DOM
5. 2026-06-15
   days on market $99,500 Active 23 DOM
6. 2026-06-14
   days on market $99,500 Active 21 DOM
7. 2026-06-10
   days on market $99,500 Active 18 DOM
8. 2026-06-09
   days on market $99,500 Active 17 DOM
9. 2026-06-08
   days on market $99,500 Active 16 DOM
10. 2026-06-07
    days on market $99,500 Active 15 DOM
11. 2026-06-03
    days on market $99,500 Active 11 DOM
12. 2026-06-02
    days on market $99,500 Active 10 DOM
13. 2026-06-01
    days on market $99,500 Active 9 DOM
14. 2026-05-31
    days on market $99,500 Active 8 DOM
15. 2026-05-30
    days on market $99,500 Active 7 DOM
16. 2026-05-23
    listed $99,500 Active

ⓘ 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: $516 · $43/mo
• Projected year-2 tax: $816 · $68/mo
• Expected delta: +$300/yr (+$25/mo · 58.2%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,302
• − Mortgage interest: −$5,574
• − Property taxes: −$516
• − Insurance: −$498
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − Depreciation: −$2,895
• Taxable income: $5,892
• Est. tax owed @ 24.0%: −$1,414
• After-tax cash flow: $5,770/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: Polk County Schools
• NCES district ID: 3703720
• Math proficiency: 58% ▬ 0.00%
• Reading proficiency: 62% ▬ 0.00%
• Median HH income: $44,641
• Composite: 50.56/100
• National rank: #1847
• State rank: #32 of 178 in NC

Livability — Tryon

• Score: 69/100
• State rank: #150
• US rank: #8350

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tryon, NC
• Population (ZIP): 6,337

Population outlook (Polk County) Hauer SSP2

• Today (2025): 20,043 people
• By 2030: 19,764 · -1.4%
• By 2040: 18,836 · -6.0%
• By 2050: 17,529 · -12.5%
• By 2075: 14,741 · -26.5%
• By 2100: 11,461 · -42.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Black 6% Two or more races 2% Hispanic / Latino 1%
• Common ancestry: Slovak 7% Serbian 5% Italian 2%
• Foreign-born: 4% · China, Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Polk

• 2024 margin: Strong R (+25.2) · D 37.0% · R 62.2%
• 2008→2024 swing: -10.1pp toward R · 2008: -15.1pp · 2024: -25.2pp
• All cycles: 2024: R+25.2 2020: R+25.7 2016: R+28.2 2012: R+21.5 2008: R+15.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.01%
• Current HPI: 315.9147
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-23 Listed $99,500 CANOPYMLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2025): $516 · +19.9% YoY. Source: county tax records.