6 Woodland St · Spruce Pine, NC 28777

$190,000

3 bd · 2.0 ba · 1,120 sqft · SingleFamily public records · 78 Days on market

Built 1993 1.56 ac lot Est $164k · 16% over

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• Cash flow +6.0/30.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.4/10.0
• 1% rule +0.2/10.0
• ARV discount +0.2/15.0

Listing remarks

6 Woodland Street in Spruce Pine, NC is a 1618-square-foot ranch-style home on 1.56 wooded acres, offering true main-level living with an exterior ramp for easy access. Built in 1993, this property is a genuine fixer-upper and presents a prime investment opportunity for buyers ready to add value through updates and renovations. With its open-concept potential, single-level accessibility, and proximity to the Blue Ridge Mountains, the home is ideal for those seeking a customizable mountain retreat. The expansive lot provides privacy and room to create outdoor living spaces, while the home itself offers a solid foundation for personalization. Whether you’re looking for sweat equity, a v

Key facts

• Expansive lot
• Main-level living
• Exterior ramp

Tags

• MAIN-LEVEL LIVING
• EXTERIOR RAMP
• INVESTMENT OPPORTUNITY
• OPEN-CONCEPT POTENTIAL
• SINGLE-LEVEL ACCESSIBILITY
• EXPANSIVE LOT

Property features AI

Finance

• Other: Lot approximately 1.56 acres; Zoning: R01
• HOA & community: No HOA or HOA dues

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Manufactured doublewide single-family residence; One level; Crawl space foundation
• Construction: Manufactured construction; Vinyl exterior; Composition roof
• Exterior features: Deck; No interior steps and main-level ramp(s) for accessibility; Gravel and paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric range; Microwave
• Bedrooms: 3 bedrooms — all on the main level
• Bathrooms: 2 full bathrooms — both on the main level
• Heating & cooling: Heat pump for heating and cooling
• Interior features: 10 total rooms; Insulated windows; Ceiling fans in multiple rooms; Walk-in closet(s); Family room fireplace
• Laundry & utility: Main-level laundry room; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-359 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $126k (33.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (47.9% below list).
• Recommended offer: $99k (47.9% below list) — sets the bar for 1% rule.
• Cap rate 4.0% vs local median 1.7% in Spruce Pine — 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 80/100 on livability (#19 in NC, #1,753 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, commute F.
• Mitchell County Schools (rural): math 45% / reading 47% proficiency, ranked #87 of 178 in NC (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Greenlee Primary (222 students, 60% FRL); Mitchell High (math 57% / reading 52%, grade C-, #270 of 535 statewide, top 52%, 497 students, 50% FRL).
• Market conditions: 133 active listings in the ZIP; 44 units permitted in Mitchell County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Mitchell County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $95k; list at $190k implies a 100% gain — meaningful room to come down on a strong offer.

Recommended offer $98,997 (47.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.52% ✗
• Cap rate: 4.02%
• Cash-on-cash: -8.11%
• DSCR: 0.64
• GRM: 16.0

CMA / ARV

• ARV (on-the-fly): $163,520
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
457 Overlook Dr	0.11mi	2/2.0 (-1)	1,215 (+8%)	1mo	$300,000	$247	75
929 Altapass Hwy	0.37mi	2/1.5 (-1)	1,075 (-4%)	19mo	$99,500	$93	53
138 Chapel St	0.37mi	3/2.0	1,232 (+10%)	22mo	$180,000	$146	48

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.5%
• Equity multiple: 2.51×
• Total profit: $80,495
• Equity at exit: $171,167

10-year hold

• IRR: 17.2%
• Equity multiple: 5.79×
• Total profit: $254,867
• Equity at exit: $369,128

Cash invested: $53,200 (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 28777

• Home prices YoY: 3.7%
• Active inventory: 133
• Price-to-rent: 16.0×

Monthly cashflow live

• Estimated rent: $990 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$66 /mo · $792/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$208
• Net cashflow: $-359

Break-even live

Break-even rent $1,445

Max offer price $126,500

Occupancy floor —

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $190,000 Active 78 DOM
2. 2026-06-17
   days on market $190,000 Active 77 DOM
3. 2026-06-16
   days on market $190,000 Active 76 DOM
4. 2026-06-15
   days on market $190,000 Active 75 DOM
5. 2026-06-13
   days on market $190,000 Active 73 DOM
6. 2026-06-12
   days on market $190,000 Active 72 DOM
7. 2026-06-09
   days on market $190,000 Active 69 DOM
8. 2026-06-08
   days on market $190,000 Active 68 DOM
9. 2026-06-07
   days on market $190,000 Active 67 DOM
10. 2026-06-07
    days on market $190,000 Active 66 DOM
11. 2026-06-04
    days on market $190,000 Active 63 DOM
12. 2026-06-02
    days on market $190,000 Active 62 DOM
13. 2026-06-01
    days on market $190,000 Active 61 DOM
14. 2026-05-31
    days on market $190,000 Active 60 DOM
15. 2026-04-01
    listed $190,000 Active
16. 2026-01-07
    price $199,000
17. 2025-12-01
    listed $210,000 Active
18. 2007-11-16
    soldstatus $95,000

ⓘ 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: $792 · $66/mo
• Projected year-2 tax: $1,558 · $130/mo
• Expected delta: +$766/yr (+$64/mo · 96.8%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,880
• − Mortgage interest: −$10,643
• − Property taxes: −$792
• − Insurance: −$950
• − Repairs & maintenance: −$950
• − Management: −$950
• − Depreciation: −$5,527
• Taxable loss: −$7,933
• Est. tax savings @ 24.0%: +$1,904
• After-tax cash flow: $-2,410/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: Mitchell County Schools
• NCES district ID: 3703000
• Math proficiency: 45% ▲ 4.00%
• Reading proficiency: 47% ▼ -1.00%
• Median HH income: $37,795
• Composite: 38.3/100
• National rank: #4231
• State rank: #87 of 178 in NC

Livability — Spruce Pine

• Score: 80/100
• State rank: #19
• US rank: #1753

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spruce Pine, NC
• City population: 10,368
• Population (ZIP): 10,368

Population outlook (Mitchell County) Hauer SSP2

• Today (2025): 14,295 people
• By 2030: 13,667 · -4.4%
• By 2040: 12,277 · -14.1%
• By 2050: 10,966 · -23.3%
• By 2075: 8,777 · -38.6%
• By 2100: 7,166 · -49.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 8% Black 6% Two or more races 5%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 6% Slovak 4% Romanian 1%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 6% Other Indo-European 1%

Political lean MEDSL · Mitchell

• 2024 margin: Solid R (+55.9) · D 21.7% · R 77.6%
• 2008→2024 swing: -14.3pp toward R · 2008: -41.6pp · 2024: -55.9pp
• All cycles: 2024: R+55.9 2020: R+57.8 2016: R+58.4 2012: R+51.7 2008: R+41.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.17%
• Current HPI: 315.0198
• 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

+100.0% since first listed

4 events — show timeline

• 2026-04-01 Listed $190,000 CANOPYMLS as Distributed by MLS Grid
• 2026-01-07 Price Changed $199,000 CANOPYMLS as Distributed by MLS Grid
• 2025-12-01 Listed $210,000 CANOPYMLS as Distributed by MLS Grid
• 2007-11-16 Sold (Public Records) $95,000 Public Records

Property tax history

+7.1%/yr

Latest (2025): $792 · +0.0% YoY. Source: county tax records.