5158 Bob Farr Drive
About This Property
A truly unique opportunity in Morganton! This property offers right almost 44 acres, including an estimated 33 acres of fenced-in pasture featuring gently rolling land and beautiful year-round mountain views. The property may also qualify for agricultural tax benefits, potentially allowing the new owner to enjoy remarkably low property taxes.
The well-maintained brick ranch home features 3 bedrooms, 2 full baths, a spacious mudroom with sink, and an open-concept kitchen, dining, and living area. The living room showcases a beautiful brick fireplace, while the recently remodeled hall bath adds a fresh touch. The primary suite offers ample closet space and a private en-suite bath. Additional updates include a 30-year roof installed in 2021, updated HVAC, newer SS appliances, replacement windows, and granite countertops throughout. The full basement provides an abundance of space for storage, a workshop, and a third garage. Enjoy relaxing on the covered front porch or back porch overlooking the rolling pasture and taking in beautiful sunsets. Adding even more versatility is the impressive 2,000-square-foot detached garage, previously used as a mechanic's garage. It features three bays, two with 12-foot doors, exceptionally high ceilings, and its own 200-amp electrical panel. Whether you're looking for a working farm, equestrian property, hobby farm, workshop, business space, or simply a private acreage retreat with mountain views, the possibilities are endless.
Properties like this rarely come available. Don't miss your opportunity to own nearly 44 acres of beautiful, gently rolling land with incredible views and an abundance of possibilities!
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Cap Rate Calculator
What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Oct 15, 2026 | Sold | ||
| Sold | |||
| Sep 19, 2026 | In contract | - | |
| In contract | |||
| Sep 7, 2026 | Price Decreased |
$849,900
↓ $25K
(2.9%) | |
| Price Decreased | |||
| Aug 29, 2026 | Listed by WNC Real Estate at Lake James | $875,000 | |
| Listed by WNC Real Estate at Lake James | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017