94 Long Ridge Rd

Bent Creek, NC 28715

$200,000C+

3 bd · 2.0 ba · 1,232 sqft · Built 1995 · Manufactured · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,151/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$452
• Net cashflow: $518/mo
• Annual: $6,219/yr
• Cap rate: 9.40%
• Cash-on-cash: 11.10%
• DSCR: 1.49
• 1% rule: 1.08%
• Cash to close: $56,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $200k.
• At list price, monthly cash flow is $518 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Location reads 66/100 on livability (#260 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: amenities F, commute F, health & safety 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: Pisgah Elementary (math 42% / reading 37%, grade F, #694 of 1,410 statewide, top 53%, 166 students, 69% FRL); Enka Middle (math 39% / reading 50%, grade D, #169 of 475 statewide, top 37%, 602 students, 65% FRL); Enka High (math 77% / reading 63%, grade B+, #119 of 535 statewide, top 22%, 1,045 students, 58% FRL) — zoned schools average 64% FRL vs 47% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 181 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 3 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; list at $200k implies a 122% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• This rent runs 36% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.