511 Morning Spring Dr · East Flat Rock, NC 28731

$175,000

3 bd · 2.0 ba · 1,568 sqft · Manufactured public records · 37 Days on market

Built 1987

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Why this score? — see what drove the C+ 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 +27.6/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Schools +4.2/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

My home is in a 55 plus community in Flat Rock, NC it is 3 bedrooms 2 full bath it has been totally remodeled with a new roof and heat pump in 2024. It has a large living room with a fireplace, nice dinning room with a lot of light, the kitchen has new appliances, oak cabinets, new flooring all through the home. The 2 bathrooms has been beautifully redone with Re Bath. The 4 season sunroom is nice to sit on and enjoy the afternoon watch the birds. Our nice large storage building/workshop is great to piddle in with plenty of storage. We enjoy the location of our home with great neighbors and it is a pet friendly for your fur babies. Give us a call and come see our beautiful home

Key facts

• Oak cabinets
• Heat pump
• Large living room

Tags

• NEW ROOF
• HEAT PUMP
• LARGE LIVING ROOM
• FIREPLACE
• NEW APPLIANCES
• OAK CABINETS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $525 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 3.5% in East Flat Rock — 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 59/100 on livability (#536 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment C-, schools D-, amenities 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: 178 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.

Recommended offer $169,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.12% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.87%
• DSCR: 1.57
• GRM: 7.5

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: 2.7%
• Equity multiple: 1.10×
• Total profit: $5,015
• Equity at exit: $26,093

10-year hold

• IRR: 12.2%
• Equity multiple: 1.96×
• Total profit: $47,100
• Equity at exit: $15,131

Cash invested: $49,000 (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 28731

• Active inventory: 178
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,957 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$30 /mo · $358/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$411
• Net cashflow: $525

Break-even live

Break-even rent $1,292

Max offer price $175,000

Occupancy floor 68%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
119 Sharons Way East Flat Rock, NC	3.0	2.0	1216	$2,100	$1.73	23d	1	1.43mi
18 Grove Hills Dr Flat Rock, NC	3.0	2.0	1120	$1,800	$1.61	14d	1	1.44mi

Listing history 17 events

1. 2026-06-18
   days on market $175,000 Active 37 DOM
2. 2026-06-17
   days on market $175,000 Active 36 DOM
3. 2026-06-16
   days on market $175,000 Active 35 DOM
4. 2026-06-15
   days on market $175,000 Active 34 DOM
5. 2026-06-14
   days on market $175,000 Active 32 DOM
6. 2026-06-13
   days on market $175,000 Active 31 DOM
7. 2026-06-10
   days on market $175,000 Active 29 DOM
8. 2026-06-09
   days on market $175,000 Active 28 DOM
9. 2026-06-08
   days on market $175,000 Active 27 DOM
10. 2026-06-07
    days on market $175,000 Active 26 DOM
11. 2026-06-05
    days on market $175,000 Active 23 DOM
12. 2026-06-03
    days on market $175,000 Active 22 DOM
13. 2026-06-02
    days on market $175,000 Active 21 DOM
14. 2026-06-01
    days on market $175,000 Active 20 DOM
15. 2026-05-31
    days on market $175,000 Active 19 DOM
16. 2026-05-30
    days on market $175,000 Active 18 DOM
17. 2026-05-12
    listed $175,000 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: $358 · $30/mo
• Projected year-2 tax: $1,435 · $120/mo
• Expected delta: +$1,077/yr (+$90/mo · 300.9%)

ⓘ 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 4/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,481
• − Mortgage interest: −$9,803
• − Property taxes: −$358
• − Insurance: −$875
• − Repairs & maintenance: −$1,878
• − Management: −$1,878
• − Depreciation: −$5,091
• Taxable income: $3,597
• Est. tax owed @ 24.0%: −$863
• After-tax cash flow: $5,441/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 — East Flat Rock

• Score: 59/100
• State rank: #536
• US rank: #19704

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Flat Rock, NC
• City population: 4,373
• Population (ZIP): 9,075

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 16% Two or more races 5% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 3%
• Common ancestry: Serbian 5% Slovak 3% Lithuanian 3%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 10%

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: ▼ -104.82%
• Current HPI: 188.1389
• 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

• 2026-05-12 Listed $175,000 FSBO.com

Property tax history

+3.1%/yr

Latest (2022): $358 · +0.0% YoY. Source: county tax records.