218 Dreamers Ln · Asheville, NC 28805

$112,900

2 bd · 2.0 ba · 896 sqft · Manufactured · 937 Days on market

Manufactured home Built 2023 Good condition

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Condition / age +4.0/5.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

55+ age qualified community. Set among the breathtaking backdrop of the Smoky Mountains, Scenic Community is one of the best-kept secrets in Asheville NC (North Carolina). With it a variety of community-organized activities, the spacious I clubhouse hosts social events and a community swimming pool to relax. Beautiful 2-bedroom 2 bath Manufactured home This home is 897 square feet with crown molding throughout. Energy-efficient windows with 2-inch blinds and smart thermostat. The kitchen includes all-new stainless steel, energy-efficient appliances, and an island with a sink. Enjoy the open floor plan with central air and heat and a full-view storm door. The laundry area has a washer and dryer hookups. The covered carport has a concrete pad. Always laid back and pet friendly, onsite management would love to answer your questions about the Asheville metro area manufactured home community. Call today 828-298-3822.

Key facts

• Built 2023
• Listed 937 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $113k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $447 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $113k).
• Recommended offer: $99k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 2.5% in Asheville — 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 72/100 on livability (#96 in NC) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A-; Watch: crime 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.
• Zoned schools: Bell Elementary (math 42% / reading 52%, grade D-, #497 of 1,410 statewide, top 38%, 218 students, 53% FRL); Reynolds Middle (math 36% / reading 46%, grade F, #209 of 475 statewide, top 45%, 479 students, 59% FRL); Reynolds High (math 73% / reading 68%, grade B+, #117 of 535 statewide, top 22%, 1,133 students, 42% FRL) — zoned schools at 51% FRL track the district average.
• Market conditions: Rents rising fast (+4.4%/yr); 167 active listings in the ZIP; solid renter incomes; 3,305 units permitted in Buncombe County in 2024 (1,855 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $781 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Buncombe County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.4% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 937 days — a 12% lower offer ($99k) is reasonable based on typical stale-listing flexibility.

Recommended offer $99,352 (12.0% below list)

Questions for the listing agent

1. It's been on market 937 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.38% ✓
• Cap rate: 11.05%
• Cash-on-cash: 16.98%
• DSCR: 1.76
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.38% rent growth · sell at horizon

5-year hold

• IRR: 9.8%
• Equity multiple: 1.39×
• Total profit: $12,400
• Equity at exit: $16,834

10-year hold

• IRR: 20.0%
• Equity multiple: 2.80×
• Total profit: $56,802
• Equity at exit: $9,762

Cash invested: $31,612 (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 28805

• Rents YoY: 4.4%
• Active inventory: 167
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,554 medium
• Mortgage (P&I): −$592
• Tax est. 1.5%: −$141 /mo · $1,694/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $447

Break-even live

Break-even rent $988

Max offer price $112,900

Occupancy floor 66%

Sensitivity live

Price	-10% $525	-5% $486	+0% $447	+5% $408	+10% $369
Rent	-10% $324	-5% $386	+0% $447	+5% $509	+10% $570
Rate	-1.0pp $504	-0.5pp $476	base $447	+0.5pp $418	+1.0pp $388

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: $28,225
• Closing costs: $3,387
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-02
   days on market $112,900 Active 937 DOM
2. 2026-06-01
   days on market $112,900 Active 936 DOM
3. 2026-05-31
   days on market $112,900 Active 935 DOM
4. 2026-05-30
   days on market $112,900 Active 934 DOM
5. 2025-07-08
   price $112,900 925-char remark

   Show marketing remark (925 chars)

   55+ age qualified community. Set among the breathtaking backdrop of the Smoky Mountains, Scenic Community is one of the best-kept secrets in Asheville NC (North Carolina). With it a variety of community-organized activities, the spacious I clubhouse hosts social events and a community swimming pool to relax. Beautiful 2-bedroom 2 bath Manufactured home This home is 897 square feet with crown molding throughout. Energy-efficient windows with 2-inch blinds and smart thermostat. The kitchen includes all-new stainless steel, energy-efficient appliances, and an island with a sink. Enjoy the open floor plan with central air and heat and a full-view storm door. The laundry area has a washer and dryer hookups. The covered carport has a concrete pad. Always laid back and pet friendly, onsite management would love to answer your questions about the Asheville metro area manufactured home community. Call today 828-298-3822.

6. 2024-09-20
   price $114,900 925-char remark

   Show marketing remark (925 chars)

   55+ age qualified community. Set among the breathtaking backdrop of the Smoky Mountains, Scenic Community is one of the best-kept secrets in Asheville NC (North Carolina). With it a variety of community-organized activities, the spacious I clubhouse hosts social events and a community swimming pool to relax. Beautiful 2-bedroom 2 bath Manufactured home This home is 897 square feet with crown molding throughout. Energy-efficient windows with 2-inch blinds and smart thermostat. The kitchen includes all-new stainless steel, energy-efficient appliances, and an island with a sink. Enjoy the open floor plan with central air and heat and a full-view storm door. The laundry area has a washer and dryer hookups. The covered carport has a concrete pad. Always laid back and pet friendly, onsite management would love to answer your questions about the Asheville metro area manufactured home community. Call today 828-298-3822.

7. 2024-08-14
   price $115,900 925-char remark

   Show marketing remark (925 chars)

   55+ age qualified community. Set among the breathtaking backdrop of the Smoky Mountains, Scenic Community is one of the best-kept secrets in Asheville NC (North Carolina). With it a variety of community-organized activities, the spacious I clubhouse hosts social events and a community swimming pool to relax. Beautiful 2-bedroom 2 bath Manufactured home This home is 897 square feet with crown molding throughout. Energy-efficient windows with 2-inch blinds and smart thermostat. The kitchen includes all-new stainless steel, energy-efficient appliances, and an island with a sink. Enjoy the open floor plan with central air and heat and a full-view storm door. The laundry area has a washer and dryer hookups. The covered carport has a concrete pad. Always laid back and pet friendly, onsite management would love to answer your questions about the Asheville metro area manufactured home community. Call today 828-298-3822.

8. 2024-02-09
   price $116,900 925-char remark

   Show marketing remark (925 chars)

   55+ age qualified community. Set among the breathtaking backdrop of the Smoky Mountains, Scenic Community is one of the best-kept secrets in Asheville NC (North Carolina). With it a variety of community-organized activities, the spacious I clubhouse hosts social events and a community swimming pool to relax. Beautiful 2-bedroom 2 bath Manufactured home This home is 897 square feet with crown molding throughout. Energy-efficient windows with 2-inch blinds and smart thermostat. The kitchen includes all-new stainless steel, energy-efficient appliances, and an island with a sink. Enjoy the open floor plan with central air and heat and a full-view storm door. The laundry area has a washer and dryer hookups. The covered carport has a concrete pad. Always laid back and pet friendly, onsite management would love to answer your questions about the Asheville metro area manufactured home community. Call today 828-298-3822.

9. 2024-01-24
   price $114,900 925-char remark

   Show marketing remark (925 chars)

   55+ age qualified community. Set among the breathtaking backdrop of the Smoky Mountains, Scenic Community is one of the best-kept secrets in Asheville NC (North Carolina). With it a variety of community-organized activities, the spacious I clubhouse hosts social events and a community swimming pool to relax. Beautiful 2-bedroom 2 bath Manufactured home This home is 897 square feet with crown molding throughout. Energy-efficient windows with 2-inch blinds and smart thermostat. The kitchen includes all-new stainless steel, energy-efficient appliances, and an island with a sink. Enjoy the open floor plan with central air and heat and a full-view storm door. The laundry area has a washer and dryer hookups. The covered carport has a concrete pad. Always laid back and pet friendly, onsite management would love to answer your questions about the Asheville metro area manufactured home community. Call today 828-298-3822.

10. 2023-11-08
    listed $108,900 Active 925-char remark

    Show marketing remark (925 chars)

    55+ age qualified community. Set among the breathtaking backdrop of the Smoky Mountains, Scenic Community is one of the best-kept secrets in Asheville NC (North Carolina). With it a variety of community-organized activities, the spacious I clubhouse hosts social events and a community swimming pool to relax. Beautiful 2-bedroom 2 bath Manufactured home This home is 897 square feet with crown molding throughout. Energy-efficient windows with 2-inch blinds and smart thermostat. The kitchen includes all-new stainless steel, energy-efficient appliances, and an island with a sink. Enjoy the open floor plan with central air and heat and a full-view storm door. The laundry area has a washer and dryer hookups. The covered carport has a concrete pad. Always laid back and pet friendly, onsite management would love to answer your questions about the Asheville metro area manufactured home community. Call today 828-298-3822.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 9 d/yr ≥93°F today · 24 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: $18,645
• − Mortgage interest: −$6,324
• − Property taxes: −$1,694
• − Insurance: −$564
• − Repairs & maintenance: −$1,492
• − Management: −$1,492
• − Depreciation: −$3,284
• Taxable income: $3,795
• Est. tax owed @ 24.0%: −$911
• After-tax cash flow: $4,456/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This manufactured home is in good condition with a good condition score of 80. It is move-in ready with minimal cosmetic updates needed to enhance its resale and rental value.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping and curb appeal improvements — Improves property's visual appeal
• Both Add smart home features — Enhances home's modern appeal and convenience

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping and curb appeal improvements — Improves property's visual appeal ↑
• Both Add smart home features — Enhances home's modern appeal and convenience ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Buncombe County Schools
• NCES district ID: 3700450
• Math proficiency: 45% ▬ 0.00%
• Reading proficiency: 50% ▲ 2.00%
• Median HH income: $45,981
• Composite: 40.32/100
• National rank: #3749
• State rank: #72 of 178 in NC

Livability — Asheville

• Score: 72/100
• State rank: #96
• US rank: #6307

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Buncombe County · 241,085 people
• City population: 137,611
• Metro: Asheville, NC
• Population (ZIP): 19,993
• Household income: $75,151
• Rent vs Own: 35.9% rent · 64.1% own
• Severe rent burden: 678.0

Population outlook (Buncombe County) Hauer SSP2

• Today (2025): 286,475 people
• By 2030: 302,237 · +5.5%
• By 2040: 330,687 · +15.4%
• By 2050: 356,370 · +24.4%
• By 2075: 409,383 · +42.9%
• By 2100: 437,270 · +52.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 8% Two or more races 6% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 4% Slovak 3% Serbian 3%
• Foreign-born: 7% · Canada
• Languages at home: 94% English-only · Spanish 4% Russian/Polish/Slavic 1% Arabic 1%

Political lean MEDSL · Buncombe

• 2024 margin: Strong D (+24.8) · D 61.7% · R 36.9% · Other 1.4%
• 2008→2024 swing: +10.9pp toward D · 2008: 13.9pp · 2024: 24.8pp
• All cycles: 2024: D+24.8 2020: D+21.1 2016: D+14.6 2012: D+12.4 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -333.54%
• Current HPI: 287.7647
• Rent YoY: ▲ 4.38%
• 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

+3.7% since first listed

6 events — show timeline

• 2025-07-08 Price Changed $112,900 Zillow
• 2024-09-20 Price Changed $114,900 Zillow
• 2024-08-14 Price Changed $115,900 Zillow
• 2024-02-09 Price Changed $116,900 Zillow
• 2024-01-24 Price Changed $114,900 Zillow
• 2023-11-08 Listed $108,900 Zillow