218 Dreamers Ln

Asheville, NC 28805

$112,900C

2 bd · 2.0 ba · 896 sqft · Built 2023 · Manufactured · Active · 937 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,196/mo
• Mortgage (P&I): −$592
• Tax + insurance: −$188
• HOA: −$0
• Vac / Maint / Mgmt: −$251
• Net cashflow: $165/mo
• Annual: $1,979/yr
• Cap rate: 8.05%
• Cash-on-cash: 6.26%
• DSCR: 1.28
• 1% rule: 1.06%
• Cash to close: $31,612

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $113k. Condition is rated good.
• At list price, monthly cash flow is $165 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $113k).
• It's been on market 937 days — a 12% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (12.0% below list) — sets the bar for market timing.
• 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.
• 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); 166 active listings in the ZIP; solid renter incomes; 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.
• Cap rate 8.0% 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.

Questions for listing agent

• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.