274 Laurelwood Ln · Mills River, NC 28759

$29,900

2 bd · 2.0 ba · 1,352 sqft · Manufactured public records · 8 Days on market

Built 1994 0.93 ac lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great investment opportunity. Doublewide mobile home on . 93 acres in Mill River. Quiet area surrounded by mountains! Home needs TLC. Property is being sold in as is condition. Please call showing time to make your appointment

Key facts

• 0.93 acre lot
• Built 1994
• Listed 8 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $30k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $30k).
• Cap rate 72.3% vs local median 2.3% in Mills River — 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 67/100 on livability (#253 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment 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.
• Market conditions: 109 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,534 units permitted in Henderson County in 2024 (558 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $897 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price.

Recommended offer $29,900

Questions for the listing agent

1. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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. 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?
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: 8.08% ✓
• Cap rate: 72.35%
• Cash-on-cash: 235.91%
• DSCR: 11.50
• GRM: 1.0

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: —
• Equity multiple: 12.95×
• Total profit: $100,053
• Equity at exit: $4,458

10-year hold

• IRR: —
• Equity multiple: 27.56×
• Total profit: $222,393
• Equity at exit: $2,585

Cash invested: $8,372 (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 28759

• Home prices YoY: -30.1%
• Active inventory: 109
• Price-to-rent: 1.0×

Monthly cashflow live

• Estimated rent: $2,415 medium
• Mortgage (P&I): −$157
• Tax from tax record: −$92 /mo · $1,109/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $1,646

Break-even live

Break-even rent $331

Max offer price $29,900

Occupancy floor 27%

Sensitivity live

Price	-10% $1,663	-5% $1,654	+0% $1,646	+5% $1,637	+10% $1,629
Rent	-10% $1,455	-5% $1,551	+0% $1,646	+5% $1,741	+10% $1,837
Rate	-1.0pp $1,661	-0.5pp $1,654	base $1,646	+0.5pp $1,638	+1.0pp $1,630

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2253 Jeffress Rd Mills River, NC	3.0	2.5	1600	$2,500	$1.56	14d	9	0.83mi

Listing history 5 events

1. 2026-04-07
   status Pending
2. 2026-04-06
   status Active
3. 2026-03-31
   status Pending
4. 2026-03-24
   listed $29,900 Active
5. 1999-09-24
   soldstatus $99,500

ⓘ 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: $1,109 · $92/mo
• Projected year-2 tax: $1,109 · $92/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥97°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,976
• − Mortgage interest: −$1,675
• − Property taxes: −$1,109
• − Insurance: −$150
• − Repairs & maintenance: −$2,318
• − Management: −$2,318
• − Depreciation: −$870
• Taxable income: $20,537
• Est. tax owed @ 24.0%: −$4,929
• After-tax cash flow: $14,822/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 — Mills River

• Score: 67/100
• State rank: #253
• US rank: #11185

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mills River, NC
• County: Henderson County · 78,587 people
• City population: 7,555
• Metro: Asheville, NC
• Population (ZIP): 7,555
• Household income: $107,609
• Rent vs Own: 13.8% rent · 86.2% own
• Severe rent burden: 25.0

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 (84%)
• Race & ethnicity: White 84% Hispanic / Latino 4% Asian 4% Two or more races 4% Black 3%
• Common ancestry: Slovak 4% Serbian 2% Iranian 2%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1%

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: ▼ -90.89%
• Current HPI: 210.99
• Rent YoY: —
• 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

-69.9% since first listed

5 events — show timeline

• 2026-04-07 Pending — SPMLS
• 2026-04-06 Relisted — SPMLS
• 2026-03-31 Pending — SPMLS
• 2026-03-24 Listed $29,900 SPMLS
• 1999-09-24 Sold (Public Records) $99,500 Public Records

Property tax history

+7.9%/yr

Latest (2025): $1,109 · +0.0% YoY. Source: county tax records.