39 Henry White Ln

Woodfin, NC 28748

$159,000C

3 bd · 2.0 ba · 2,052 sqft · Built 2004 · Manufactured · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,704/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$184
• HOA: −$56
• Vac / Maint / Mgmt: −$358
• Net cashflow: $272/mo
• Annual: $3,264/yr
• Cap rate: 8.35%
• Cash-on-cash: 7.33%
• DSCR: 1.33
• 1% rule: 1.07%
• Cash to close: $44,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $159k.
• At list price, monthly cash flow is $272 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• 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 $5k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#538 in NC) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A-, cost of living B; Watch: schools F, amenities F, commute 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.
• Market conditions: 120 active listings in the ZIP; 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.
• Current owner paid $28k; list at $159k implies a 458% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.3% vs local median 2.7% in Woodfin — 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.