104 Cherokee Trl · Norwood, NC 27306

$112,000

2 bd · 1.0 ba · 612 sqft · Manufactured public records · 718 Days on market

Built 1988 2,178 sqft lot Est $125k · 11% under $43/mo HOA · 3% of rent

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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 +27.5/30.0
• ARV discount +12.3/15.0
• DSCR +9.6/10.0
• 1% rule +6.7/10.0
• Appreciation +4.5/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to your lake getaway at Twin Harbor, whether you are seeking full-time residency or needing the perfect Lake Tillery getaway, this place covers all bases. Fresh gravel was just added and a tree removed to increase parking space! This park model with sunroom addition is ready to move in and has undergone a remodel with fresh paint throughout the interior, freshly stained decks, new LVP flooring and fixtures. The community is one of a kind. Some features of the community include: a pool, community store, cafe, arcade, basketball court, church, putt-putt golf area, playgrounds, a beach area on the lake, multiple boat ramps, pickleball court and tons of entertainment throughout the year

Key facts

• Community beach area
• Community pool
• Flex add on space

Tags

• FULLY ENCLOSED ADDITION
• FLEX ADD ON SPACE
• COMMUNITY POOL
• COMMUNITY BEACH AREA

Property features AI

Finance

• Other: Property type: Residential - Single Family Residence; Zoning specification: RV; Waterfront: Lake Tillery
• HOA & community: Has HOA; mandatory dues; Annual association fee of $520; Community amenities: lake access, outdoor pool, playground, tennis courts

Exterior

• Parking: Parking space(s)
• Security: Gated community
• Utilities: County water; County sewer
• Home design: Manufactured single-family residence; One level; Facing direction not specified
• Construction: Vinyl exterior; Metal roof; Manufactured construction; Foundation: Other (see remarks); Built/constructed details not specified
• Exterior features: Glass-enclosed patio/porch; Greenhouse; Beach access (public); Community boat ramp; Dirt and paved roads; Publicly maintained road

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: 1 bedroom on the main level
• Flooring: Carpet; Linoleum
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central heating (natural gas); Central air conditioning
• Interior features: 5 rooms; Dryer; Electric oven; Electric water heater; Refrigerator; Washer/Dryer
• Laundry & utility: Washer hookup; Electric dryer hookup; Washer/Dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $112k.

Deal economics

• At list price, monthly cash flow is $330 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $112k).
• Recommended offer: $99k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 2.9% in Norwood — 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 63/100 on livability (#410 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools F, amenities F, commute F.
• Montgomery County Schools (rural): math 29% / reading 34% proficiency, ranked #143 of 178 in NC (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 113 active listings in the ZIP; 138 units permitted in Montgomery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-0.9%/yr); year-one equity from $774 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Montgomery County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-0.9% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 718 days — a 12% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $33k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 718 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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?
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: 1.17% ✓
• Cap rate: 9.83%
• Cash-on-cash: 12.64%
• DSCR: 1.56
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $125,460
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Sunshine Trl	0.16mi	2/1.0	608 (-1%)	2mo	$124,900	$205	90
132 Larboard Trl	0.19mi	2/1.0	637 (+4%)	2mo	$160,000	$251	83
105 Hideaway Trl	0.16mi	3/1.0 (+1)	600 (-2%)	21mo	$85,000	$142	67
111 Hideaway Trl Unit A95	0.16mi	2/2.0	521 (-15%)	3mo	$50,000	$96	61

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.94% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.41×
• Total profit: $12,889
• Equity at exit: $27,368

10-year hold

• IRR: 15.2%
• Equity multiple: 2.52×
• Total profit: $47,655
• Equity at exit: $29,023

Cash invested: $31,360 (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 27306

• Home prices YoY: -0.3%
• Active inventory: 113
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,307 medium
• Mortgage (P&I): −$587
• Tax from tax record: −$25 /mo · $303/yr
• Insurance: −$47
• HOA: −$43
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $330

Break-even live

Break-even rent $889

Max offer price $112,000

Occupancy floor 70%

Sensitivity live

Price	-10% $394	-5% $362	+0% $330	+5% $299	+10% $267
Rent	-10% $227	-5% $279	+0% $330	+5% $382	+10% $433
Rate	-1.0pp $387	-0.5pp $359	base $330	+0.5pp $301	+1.0pp $272

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: $28,000
• Closing costs: $3,360
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $43 · $516/yr
• Likely covers: landscapingpool

Listing history 30 events

1. 2026-06-18
   days on market $112,000 Active 718 DOM
2. 2026-06-17
   days on market $112,000 Active 717 DOM
3. 2026-06-16
   days on market $112,000 Active 716 DOM
4. 2026-06-15
   days on market $112,000 Active 715 DOM
5. 2026-06-14
   days on market $112,000 Active 713 DOM
6. 2026-06-13
   pricedays on market $112,000 Active 712 DOM
7. 2026-06-10
   days on market $118,000 Active 710 DOM
8. 2026-06-09
   days on market $118,000 Active 709 DOM
9. 2026-06-08
   days on market $118,000 Active 708 DOM
10. 2026-06-07
    days on market $118,000 Active 707 DOM
11. 2026-06-05
    days on market $118,000 Active 704 DOM
12. 2026-06-03
    days on market $118,000 Active 703 DOM
13. 2026-06-02
    days on market $118,000 Active 702 DOM
14. 2026-06-01
    days on market $118,000 Active 701 DOM
15. 2026-05-31
    days on market $118,000 Active 700 DOM
16. 2026-05-31
    days on market $118,000 Active 699 DOM
17. 2026-03-15
    price $118,000
18. 2026-02-20
    price $122,999
19. 2025-10-16
    price $123,000
20. 2025-07-30
    price $128,000
21. 2025-06-27
    price $132,500
22. 2025-06-04
    price $137,500
23. 2025-03-28
    status Active
24. 2025-02-06
    price $145,000
25. 2024-12-27
    price $112,000
26. 2024-09-25
    price $120,000
27. 2024-06-12
    price $132,000
28. 2024-05-29
    price $137,500
29. 2024-05-11
    listed $145,000 Active
30. 2024-04-29
    soldstatus $75,000

ⓘ 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: $303 · $25/mo
• Projected year-2 tax: $918 · $77/mo
• Expected delta: +$615/yr (+$51/mo · 202.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,684
• − Mortgage interest: −$6,274
• − Property taxes: −$303
• − Insurance: −$560
• − Repairs & maintenance: −$1,255
• − Management: −$1,255
• − HOA: −$516
• − Depreciation: −$3,258
• Taxable income: $2,263
• Est. tax owed @ 24.0%: −$543
• After-tax cash flow: $3,420/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: Montgomery County Schools
• NCES district ID: 3703060
• Math proficiency: 29% ▼ -6.00%
• Reading proficiency: 34% ▼ -2.00%
• Median HH income: $34,706
• Composite: 25.97/100
• National rank: #7328
• State rank: #143 of 178 in NC

Livability — Norwood

• Score: 63/100
• State rank: #410
• US rank: #15485

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,457

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 26,533 people
• By 2030: 25,724 · -3.0%
• By 2040: 23,842 · -10.1%
• By 2050: 22,077 · -16.8%
• By 2075: 18,754 · -29.3%
• By 2100: 15,537 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 26% Asian 6% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Slovak 2% Serbian 1% Iranian 1%
• Foreign-born: 6% · China, Canada, Philippines
• Languages at home: 92% English-only · Other Asian/Pacific 5% Spanish 2% Chinese 1%

Political lean MEDSL · Montgomery

• 2024 margin: Solid R (+37.8) · D 30.8% · R 68.6%
• 2008→2024 swing: -26.9pp toward R · 2008: -11.0pp · 2024: -37.8pp
• All cycles: 2024: R+37.8 2020: R+31.8 2016: R+25.9 2012: R+15.2 2008: R+11.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.94%
• Current HPI: 334.2599
• 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

+57.3% since first listed

14 events — show timeline

• 2026-03-15 Price Changed $118,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-20 Price Changed $122,999 CANOPYMLS as Distributed by MLS Grid
• 2025-10-16 Price Changed $123,000 CANOPYMLS as Distributed by MLS Grid
• 2025-07-30 Price Changed $128,000 CANOPYMLS as Distributed by MLS Grid
• 2025-06-27 Price Changed $132,500 CANOPYMLS as Distributed by MLS Grid
• 2025-06-04 Price Changed $137,500 CANOPYMLS as Distributed by MLS Grid
• 2025-03-28 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-02-06 Price Changed $145,000 CANOPYMLS as Distributed by MLS Grid
• 2024-12-27 Price Changed $112,000 CANOPYMLS as Distributed by MLS Grid
• 2024-09-25 Price Changed $120,000 CANOPYMLS as Distributed by MLS Grid
• 2024-06-12 Price Changed $132,000 CANOPYMLS as Distributed by MLS Grid
• 2024-05-29 Price Changed $137,500 CANOPYMLS as Distributed by MLS Grid
• 2024-05-11 Listed $145,000 CANOPYMLS as Distributed by MLS Grid
• 2024-04-29 Sold (Public Records) $75,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $303 · +0.0% YoY. Source: county tax records.