185 Waterside Dr Unit 20%share of Walnut 5 · Blowing Rock, NC 28605

$139,900

2 bd · 2.0 ba · 1,400 sqft · Condo · 92 Days on market

Built 1997 Good condition $120/mo HOA · 6% of rent

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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 +26.7/30.0
• DSCR +9.1/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Condition / age +3.8/5.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy 10 weeks each year in this large, comfortable 2 bedroom 2 bath condominium. A 20% share gives you all the perks of Chetola ownership for only 20% of the cost. Beautiful pond view, excellent location near Bass Lake and the Moses Cone Trails, fully furnished and a recently updated kitchen. A group of friendly owners make trading weeks and picking up extra weeks easy to do.

Key facts

• Pond view
• $120 HOA
• Community pool

Tags

• POND VIEW
• RECENTLY UPDATED KITCHEN

Property features AI

Finance

• HOA & community: Homeowners association with monthly fee (approximately $120.66); Community amenities: clubhouse, fitness center, tennis courts

Exterior

• Parking: No garage; Paved parking; Shared driveway
• Utilities: Public water; Public sewer
• Home design: Condominium; One-level (one story); Residential property
• Construction: Wood siding/frame construction; Shingle roof
• Exterior features: Covered patio/porch; Community pool; Lake and lake privileges; Creek, stream and pond on property; Has view

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator; Disposal; Electric water heater
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating and cooling; Electric heating; Fireplace(s) for supplemental heat
• Interior features: Double-pane windows with window treatments; Fireplace (gas/propane); Crawl space basement
• Laundry & utility: Washer and dryer (main level)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#140 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+; Watch: amenities D, housing D, commute F.
• Watauga County Schools (rural): math 53% / reading 59% proficiency, ranked #47 of 178 in NC (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Blowing Rock Elementary (math 69% / reading 74%, grade A-, #81 of 1,410 statewide, top 6%, 431 students, 19% FRL); Watauga High (math 76% / reading 74%, grade A-, #91 of 535 statewide, top 17%, 1,272 students, 33% FRL).
• Zoned-school proficiency averages 73% at this address vs 56% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Watauga County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 194 active listings in the ZIP; 296 units permitted in Watauga County in 2024 (20 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Watauga 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 92 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,309 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.32% ✓
• Cap rate: 9.53%
• Cash-on-cash: 11.56%
• DSCR: 1.51
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-2,043
• Equity at exit: $20,860

10-year hold

• IRR: 8.4%
• Equity multiple: 1.64×
• Total profit: $25,158
• Equity at exit: $12,096

Cash invested: $39,172 (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 28605

• Home prices YoY: -11.7%
• Active inventory: 194
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $1,853 medium
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$120
• Vacancy / Maint / Mgmt: −$389
• Net cashflow: $322

Break-even live

Break-even rent $1,446

Max offer price $139,900

Occupancy floor 78%

Sensitivity live

Price	-10% $418	-5% $370	+0% $322	+5% $273	+10% $225
Rent	-10% $175	-5% $249	+0% $322	+5% $395	+10% $468
Rate	-1.0pp $392	-0.5pp $357	base $322	+0.5pp $285	+1.0pp $249

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $120 · $1,440/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-19
   days on market $139,900 Active 92 DOM
2. 2026-06-18
   days on market $139,900 Active 91 DOM
3. 2026-06-17
   days on market $139,900 Active 90 DOM
4. 2026-06-16
   days on market $139,900 Active 89 DOM
5. 2026-06-15
   days on market $139,900 Active 88 DOM
6. 2026-06-14
   days on market $139,900 Active 86 DOM
7. 2026-06-12
   days on market $139,900 Active 85 DOM
8. 2026-06-09
   days on market $139,900 Active 82 DOM
9. 2026-06-08
   days on market $139,900 Active 81 DOM
10. 2026-06-07
    days on market $139,900 Active 80 DOM
11. 2026-06-02
    days on market $139,900 Active 75 DOM
12. 2026-06-01
    days on market $139,900 Active 74 DOM
13. 2026-05-31
    days on market $139,900 Active 73 DOM
14. 2026-05-30
    days on market $139,900 Active 72 DOM
15. 2026-03-19
    listed $139,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥90°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,239
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$1,366
• − Repairs & maintenance: −$1,779
• − Management: −$1,779
• − HOA: −$1,440
• − Depreciation: −$4,070
• Taxable income: $1,870
• Est. tax owed @ 24.0%: −$449
• After-tax cash flow: $3,412/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This 2-bedroom, 2-bathroom condo is in good condition with minor repairs needed, making it a solid investment opportunity.

Repairs flagged

• Minor Kitchen cabinets — Slight wear visible on some cabinet doors.
• Minor Bathroom wallpaper — Wallpaper appears slightly faded in some areas.
• Minor Landscaping — Some areas of landscaping could benefit from freshening up for better curb appeal.

Value-add opportunities

• Both Freshen wallpaper in bathrooms — Updating wallpaper can improve both resale and rental value.
• Both Landscaping refresh — Freshening up the landscaping can enhance curb appeal and attract more potential buyers/renters.
• Both Paint interior walls — Refreshing the paint can make the interior look more modern and appealing to potential buyers/renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Slight wear visible on some cabinet doors.	Minor	$500–3,000
Bathroom wallpaper · Wallpaper appears slightly faded in some areas.	Minor	$500–3,000
Landscaping · Some areas of landscaping could benefit from freshening up for better curb appeal.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Freshen wallpaper in bathrooms — Updating wallpaper can improve both resale and rental value. ↑
• Both Landscaping refresh — Freshening up the landscaping can enhance curb appeal and attract more potential buyers/renters. ↑
• Both Paint interior walls — Refreshing the paint can make the interior look more modern and appealing to potential buyers/renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Watauga County Schools
• NCES district ID: 3704830
• Math proficiency: 53% ▲ 1.00%
• Reading proficiency: 59% ▬ 0.00%
• Median HH income: $36,936
• Composite: 46.49/100
• National rank: #2430
• State rank: #47 of 178 in NC

Livability — Blowing Rock

• Score: 70/100
• State rank: #140
• US rank: #8041

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blowing Rock, NC
• Population (ZIP): 3,471

Population outlook (Watauga County) Hauer SSP2

• Today (2025): 59,523 people
• By 2030: 63,047 · +5.9%
• By 2040: 68,332 · +14.8%
• By 2050: 73,638 · +23.7%
• By 2075: 86,964 · +46.1%
• By 2100: 99,206 · +66.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3% Asian 1%
• Common ancestry: Slovak 7% Italian 5% Serbian 4%
• Foreign-born: 7% · Canada, Vietnam, South Korea
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 2% Vietnamese 1%

Political lean MEDSL · Watauga

• 2024 margin: Lean D (+6.0) · D 52.3% · R 46.3% · Other 1.4%
• 2008→2024 swing: +1.7pp toward D · 2008: 4.3pp · 2024: 6.0pp
• All cycles: 2024: D+6.0 2020: D+8.3 2016: D+1.5 2012: R+2.7 2008: D+4.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -42.42%
• Current HPI: 318.9294
• 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

• 2026-03-19 Listed $139,900 HCMLS