273 Mcmillan Dr · Edneyville, NC 28792

$175,900

2 bd · 1.0 ba · 840 sqft · Manufactured public records · 70 Days on market

Built 2019 0.78 ac lot ↓ 21% since listing

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Why this score? — see what drove the D+ 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 +18.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Schools +4.2/10.0
• 1% rule +3.9/10.0
• Rent growth +3.4/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

2019 Year Model Approximately 840 Sq Ft 2 Bedroom 2 Full Bath Clayton Manufactured Home. Living Room, Eat in Kitchen with Range, Refrigerator and Dishwasher, Laundry Room, Primary Bath with Tub/Shower Combo and Walk in Closet. Central Heat and Air, Permanent Foundation, .78 Acre Lot, Conveniently Located on Publicly Maintained Paved Road. Private Well and Septic. Nice!

Key facts

• 0.78 acre lot
• Built 2019
• Listed 70 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: Well water; Septic system; Electricity connected
• Home design: Single-family manufactured home (singlewide); One story; Completed development
• Construction: Manufactured construction; Vinyl siding; Asbestos shingle roof; Crawl space foundation; Built by Clayton
• Exterior features: Publicly maintained road frontage; Gravel and paved road access; Lot approximately 0.78 acres; No additional structures

Interior

• Kitchen: Dishwasher; Electric range; Exhaust fan; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Window treatments; 7 total rooms
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $176k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/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 $156k (11.4% below list).
• Recommended offer: $156k (11.4% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 2.1% in Edneyville — 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 63/100 on livability (#393 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Henderson County Schools (suburban): math 48% / reading 52% proficiency, ranked #64 of 178 in NC (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Edneyville Elementary (math 47% / reading 37%, grade F, #633 of 1,410 statewide, top 48%, 439 students, 71% FRL); North Henderson High (math 72% / reading 58%, grade B, #161 of 535 statewide, top 30%, 1,146 students, 61% FRL) — zoned schools average 66% FRL vs 46% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.6%/yr); 364 active listings in the ZIP; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).
• This rent runs 34% of the median local income ($56k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Henderson County population projected at +20% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($165k) is reasonable based on typical stale-listing flexibility.

Recommended offer $155,763 (11.4% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 11% 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. 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?
6. 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.
7. 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.
8. 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: 0.89% ✗
• Cap rate: 7.52%
• Cash-on-cash: 4.39%
• DSCR: 1.20
• GRM: 9.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.63% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.67×
• Total profit: $-16,117
• Equity at exit: $26,227

10-year hold

• IRR: 1.3%
• Equity multiple: 1.09×
• Total profit: $4,549
• Equity at exit: $15,209

Cash invested: $49,252 (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 28792

• Rents YoY: 3.6%
• Active inventory: 364
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,558 medium
• Mortgage (P&I): −$922
• Tax from tax record: −$55 /mo · $656/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $180

Break-even live

Break-even rent $1,330

Max offer price $175,900

Occupancy floor 83%

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: $43,975
• Closing costs: $5,277
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $175,900 Active 70 DOM
2. 2026-06-17
   days on market $175,900 Active 69 DOM
3. 2026-06-16
   days on market $175,900 Active 68 DOM
4. 2026-06-15
   days on market $175,900 Active 67 DOM
5. 2026-06-14
   days on market $175,900 Active 65 DOM
6. 2026-06-13
   pricedays on market $175,900 Active 64 DOM
7. 2026-06-10
   days on market $185,900 Active 62 DOM
8. 2026-06-09
   days on market $185,900 Active 61 DOM
9. 2026-06-08
   days on market $185,900 Active 60 DOM
10. 2026-06-07
    days on market $185,900 Active 59 DOM
11. 2026-06-05
    days on market $185,900 Active 56 DOM
12. 2026-06-03
    days on market $185,900 Active 55 DOM
13. 2026-06-02
    days on market $185,900 Active 54 DOM
14. 2026-06-01
    days on market $185,900 Active 53 DOM
15. 2026-05-31
    days on market $185,900 Active 52 DOM
16. 2026-05-30
    days on market $185,900 Active 51 DOM
17. 2026-05-20
    price $185,900
18. 2026-05-05
    price $199,900
19. 2026-05-04
    price $205,000
20. 2026-04-16
    price $225,000
21. 2026-04-09
    listed $235,000 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: $656 · $55/mo
• Projected year-2 tax: $1,442 · $120/mo
• Expected delta: +$786/yr (+$66/mo · 119.8%)

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 18 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: $18,692
• − Mortgage interest: −$9,853
• − Property taxes: −$656
• − Insurance: −$880
• − Repairs & maintenance: −$1,495
• − Management: −$1,495
• − Depreciation: −$5,117
• Taxable loss: −$805
• Est. tax savings @ 24.0%: +$193
• After-tax cash flow: $2,355/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: Henderson County Schools
• NCES district ID: 3702100
• Math proficiency: 48% ▼ -2.00%
• Reading proficiency: 52% ▼ -2.00%
• Median HH income: $47,101
• Composite: 42.5/100
• National rank: #3206
• State rank: #64 of 178 in NC

Livability — Edneyville

• Score: 63/100
• State rank: #393
• US rank: #15232

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Henderson County · 78,587 people
• City population: 36,071
• Metro: Asheville, NC
• Population (ZIP): 36,645
• Household income: $55,522
• Rent vs Own: 38.5% rent · 61.5% own
• Severe rent burden: 1420.0

Population outlook (Henderson County) Hauer SSP2

• Today (2025): 124,075 people
• By 2030: 129,690 · +4.5%
• By 2040: 139,898 · +12.8%
• By 2050: 148,298 · +19.5%
• By 2075: 163,980 · +32.2%
• By 2100: 166,962 · +34.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 20% Two or more races 8% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Slovak 3% Serbian 2% Lithuanian 2%
• Foreign-born: 10% · Canada, Jamaica
• Languages at home: 82% English-only · Spanish 16%

Political lean MEDSL · Henderson

• 2024 margin: R (+14.6) · D 42.1% · R 56.7% · Other 1.1%
• 2008→2024 swing: +6.5pp toward D · 2008: -21.0pp · 2024: -14.6pp
• All cycles: 2024: R+14.6 2020: R+18.8 2016: R+27.9 2012: R+27.6 2008: R+21.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -174.29%
• Current HPI: 214.0215
• Rent YoY: ▲ 3.63%
• 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

-20.9% since first listed

5 events — show timeline

• 2026-05-20 Price Changed $185,900 CANOPYMLS as Distributed by MLS Grid
• 2026-05-05 Price Changed $199,900 CANOPYMLS as Distributed by MLS Grid
• 2026-05-04 Price Changed $205,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $225,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-09 Listed $235,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+18.7%/yr

Latest (2025): $656 · +100.0% YoY. Source: county tax records.