17 Mustang Ln · Lake Junaluska, NC 28786

$179,000

2 bd · 1.0 ba · 684 sqft · Manufactured public records · 72 Days on market

Built 1969 0.42 ac lot ↓ 20% 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 +14.4/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• DSCR +4.4/10.0
• Livability +3.6/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy mountain living in this move-in-ready 2-bedroom, 1-bath home on a spacious 0.42-acre lot which comes fully furnished so you can settle in right away. Stay warm through winter with the propane fireplace and propane forced-air heat throughout. The well-equipped kitchen and laundry setup includes two refrigerators, a stove, washer and dryer, plus an additional freezer in the walk-in pantry/storage room. Outside, you’ll find multiple out-buildings including a one-room cabin, perfect for hobbies or extra storage. No HOA fees, rules, or regulations. Located just 10 minutes to Downtown Waynesville, 5 minutes to Lake Junaluska, and 12 minutes to Maggie Valley.

Key facts

• 0.42 acre lot
• 4 parking spots
• Built 1969

Property features AI

Finance

• Other: No restrictions
• HOA & community: Not subject to HOA dues; No community features

Exterior

• Parking: Detached carport with 4 carport spaces; Shared driveway
• Utilities: Shared well water; Septic system installed; Electricity connected; Propane available; Cable and wired internet available
• Home design: Manufactured singlewide home; Single-story (one level); Residential single-family property
• Construction: Vinyl construction; Crawl space and slab foundation
• Exterior features: Covered front and rear porches; Storage shed(s); Private maintained asphalt/paved road access

Interior

• Kitchen: Electric oven; Electric range; Microwave; Refrigerator; Exhaust fan; Freezer
• Bedrooms: 2 bedrooms on the main level
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (propane); Ceiling fans for cooling
• Interior features: Walk-in pantry; Sliding doors; Ceiling fans in multiple rooms; Fireplace in the family room; 7 total rooms
• Laundry & utility: Washer/Dryer included; Laundry room on the main level (inside)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $179k.

Deal economics

• At list price, monthly cash flow is $37 ($448/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 $138k (22.8% below list).
• Recommended offer: $138k (22.8% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.2% in Lake Junaluska — 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 71/100 on livability (#110 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: amenities F, commute F.
• Haywood County Schools (suburban): math 55% / reading 53% proficiency, ranked #50 of 178 in NC (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Junaluska Elementary (math 70% / reading 59%, grade B, #147 of 1,410 statewide, top 11%, 447 students, 52% FRL); Waynesville Middle (math 49% / reading 54%, grade C, #103 of 475 statewide, top 22%, 720 students, 62% FRL); Tuscola High (math 57% / reading 60%, grade C, #235 of 535 statewide, top 45%, 917 students, 49% FRL).
• Market conditions: 286 active listings in the ZIP; 537 units permitted in Haywood County in 2024 (150 in 5+ unit buildings).

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.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $138,264 (22.8% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 0.77% ✗
• Cap rate: 6.54%
• Cash-on-cash: 0.89%
• DSCR: 1.04
• GRM: 10.8

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: -14.9%
• Equity multiple: 0.47×
• Total profit: $-26,716
• Equity at exit: $26,689

10-year hold

• IRR: -6.4%
• Equity multiple: 0.59×
• Total profit: $-20,569
• Equity at exit: $15,477

Cash invested: $50,120 (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 28786

• Active inventory: 286
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $1,383 medium
• Mortgage (P&I): −$939
• Tax from tax record: −$42 /mo · $500/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$290
• Net cashflow: $37

Break-even live

Break-even rent $1,335

Max offer price $179,000

Occupancy floor 92%

Sensitivity live

Price	-10% $139	-5% $88	+0% $37	+5% $-13	+10% $-64
Rent	-10% $-72	-5% $-17	+0% $37	+5% $92	+10% $147
Rate	-1.0pp $128	-0.5pp $83	base $37	+0.5pp $-9	+1.0pp $-56

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $179,000 Active 72 DOM
2. 2026-06-18
   price $179,000 Active 69 DOM
3. 2026-06-18
   days on market $189,000 Active 69 DOM
4. 2026-06-17
   days on market $189,000 Active 68 DOM
5. 2026-06-16
   days on market $189,000 Active 67 DOM
6. 2026-06-15
   days on market $189,000 Active 66 DOM
7. 2026-06-14
   days on market $189,000 Active 64 DOM
8. 2026-06-13
   days on market $189,000 Active 63 DOM
9. 2026-06-10
   days on market $189,000 Active 61 DOM
10. 2026-06-09
    days on market $189,000 Active 60 DOM
11. 2026-06-08
    days on market $189,000 Active 59 DOM
12. 2026-06-07
    days on market $189,000 Active 58 DOM
13. 2026-06-03
    days on market $189,000 Active 54 DOM
14. 2026-06-02
    days on market $189,000 Active 53 DOM
15. 2026-06-01
    days on market $189,000 Active 52 DOM
16. 2026-05-31
    days on market $189,000 Active 51 DOM
17. 2026-05-30
    pricedays on market $189,000 Active 50 DOM
18. 2026-04-10
    listed $199,000 Active
19. 2025-11-10
    price $230,000
20. 2025-10-09
    listed $250,000 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: $500 · $42/mo
• Projected year-2 tax: $1,468 · $122/mo
• Expected delta: +$968/yr (+$81/mo · 193.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥94°F today · 25 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,592
• − Mortgage interest: −$10,027
• − Property taxes: −$500
• − Insurance: −$895
• − Repairs & maintenance: −$1,327
• − Management: −$1,327
• − Depreciation: −$5,207
• Taxable loss: −$2,692
• Est. tax savings @ 24.0%: +$646
• After-tax cash flow: $1,094/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: Haywood County Schools
• NCES district ID: 3702040
• Math proficiency: 55% ▲ 7.00%
• Reading proficiency: 53% ▲ 2.00%
• Median HH income: $42,715
• Composite: 45.42/100
• National rank: #2623
• State rank: #50 of 178 in NC

Livability — Lake Junaluska

• Score: 71/100
• State rank: #110
• US rank: #6967

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Junaluska, NC
• County: Haywood County · 22,056 people
• City population: 555
• Metro: Asheville, NC
• Population (ZIP): 22,056
• Household income: $59,371
• Rent vs Own: 31.3% rent · 68.7% own
• Severe rent burden: 611.0

Population outlook (Haywood County) Hauer SSP2

• Today (2025): 61,607 people
• By 2030: 62,137 · +0.9%
• By 2040: 62,418 · +1.3%
• By 2050: 61,578 · +-0.0%
• By 2075: 59,137 · -4.0%
• By 2100: 53,470 · -13.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Slovak 5% Serbian 5% Lithuanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Haywood

• 2024 margin: Strong R (+25.1) · D 36.9% · R 62.0% · Other 1.1%
• 2008→2024 swing: -17.4pp toward R · 2008: -7.8pp · 2024: -25.1pp
• All cycles: 2024: R+25.1 2020: R+26.5 2016: R+28.0 2012: R+13.8 2008: R+7.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -132.00%
• Current HPI: 203.0776
• 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

-20.4% since first listed

3 events — show timeline

• 2026-04-10 Listed $199,000 CANOPYMLS as Distributed by MLS Grid
• 2025-11-10 Price Changed $230,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-09 Listed $250,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

-3.8%/yr

Latest (2025): $500 · +0.0% YoY. Source: county tax records.