50 & 52 Smith Rd · Asheville, NC 28748

$1,449,000

16 bd · 16.0 ba · 1,809 sqft · MultiFamily public records · 76 Days on market

Built 2004 1.90 ac lot $801/sqft · 315% above area Est $1492k · at est.

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Why this score? — see what drove the D- 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 +10.5/30.0
• ARV discount +8.8/15.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

NOW FULLY OCCUPIED!! BRINING IN $13,100/MONTH!! Excellent Investment Opportunity! Approx 8.2% CAP RATE!! This 8-unit property is 2 quads on adjacent lots, qualifying for conventional lending opportunities. It is just outside of city limits (no city taxes!) but within 20 minutes to the center of Asheville. The buildings share a paved driveway and parking lot, a private 60gpm well, and each has its own septic system (no municipal water/storm drain bill!). All units are 2bd/2ba and have their own washer & dryer. Tenants enjoy nice mountain views from the peaceful back decks, and the big backyard has lots of trees around the perimeter. Units rent for $1600-1650. This easy property is perfect for new investors just venturing into multi-unit ownership, and is also great for seasoned investors looking to grow their portfolio.

Key facts

• 1.9 acre lot
• Built 2004
• Listed 76 days

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/2.0-bath units multifamily listed at $1.45M.

Deal economics

• At list price, monthly cash flow is $-730 ($-9k/yr) — negative. Per door: $-91/mo.
• To cash-flow at today's rent, offer at most $1.34M (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.18M (18.9% below list).
• Recommended offer: $1.18M (18.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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: West Buncombe Elementary (math 56% / reading 52%, grade C, #328 of 1,410 statewide, top 24%, 588 students, 66% FRL); Erwin Middle (math 37% / reading 37%, grade F, #262 of 475 statewide, top 57%, 568 students, 74% FRL); Erwin High (math 52% / reading 49%, grade D+, #306 of 535 statewide, top 57%, 1,096 students, 64% FRL) — zoned schools average 68% FRL vs 47% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 118 active listings in the ZIP; 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 $10k of loan paydown is wiped out by about $43k 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.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($1.36M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago 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 $600k; list at $1.45M implies a 142% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,175,200 (18.9% 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 76 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 5.69%
• Cash-on-cash: -2.16%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

• ARV (median comp): $1,492,090
• List price: $1,449,000
• Delta: -2.89%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -19.9%
• Equity multiple: 0.31×
• Total profit: $-281,094
• Equity at exit: $216,051

10-year hold

• IRR: -12.7%
• Equity multiple: 0.25×
• Total profit: $-303,889
• Equity at exit: $125,283

Cash invested: $405,720 (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 28748

• Home prices YoY: -9.5%
• Active inventory: 118
• Price-to-rent: 82.2×

Monthly cashflow live

• Estimated rent: $11,752 high
• Mortgage (P&I): −$7,599
• Tax est. 1.5%: −$1,811 /mo · $21,735/yr
• Insurance: −$604
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,468
• Net cashflow: $-730

Break-even live

Break-even rent $12,676

Max offer price $1,343,421

Occupancy floor —

Sensitivity live

Price	-10% $272	-5% $-229	+0% $-730	+5% $-1,230	+10% $-1,731
Rent	-10% $-1,658	-5% $-1,194	+0% $-730	+5% $-265	+10% $199
Rate	-1.0pp $0	-0.5pp $-361	base $-730	+0.5pp $-1,105	+1.0pp $-1,487

8-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	2	2	$11,752
Total (8 units)			$11,752

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: $362,250
• Closing costs: $43,470
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-22
   days on market $1,449,000 Active 76 DOM
2. 2026-06-18
   days on market $1,449,000 Active 73 DOM
3. 2026-06-17
   days on market $1,449,000 Active 72 DOM
4. 2026-06-16
   days on market $1,449,000 Active 71 DOM
5. 2026-06-15
   days on market $1,449,000 Active 70 DOM
6. 2026-06-14
   days on market $1,449,000 Active 68 DOM
7. 2026-06-10
   days on market $1,449,000 Active 65 DOM
8. 2026-06-09
   days on market $1,449,000 Active 64 DOM
9. 2026-06-08
   days on market $1,449,000 Active 63 DOM
10. 2026-06-07
    days on market $1,449,000 Active 62 DOM
11. 2026-06-03
    days on market $1,449,000 Active 58 DOM
12. 2026-06-02
    days on market $1,449,000 Active 57 DOM
13. 2026-06-01
    days on market $1,449,000 Active 56 DOM
14. 2026-05-31
    days on market $1,449,000 Active 55 DOM
15. 2026-05-30
    days on market $1,449,000 Active 54 DOM
16. 2026-05-14
    price $1,449,000 842-char remark

    Show marketing remark (842 chars)

    NOW FULLY OCCUPIED!! BRINING IN $13,100/MONTH!! Excellent Investment Opportunity! Approx 8.2% CAP RATE!! This 8-unit property is 2 quads on adjacent lots, qualifying for conventional lending opportunities. It is just outside of city limits (no city taxes!) but within 20 minutes to the center of Asheville. The buildings share a paved driveway and parking lot, a private 60gpm well, and each has its own septic system (no municipal water/storm drain bill!). All units are 2bd/2ba and have their own washer & dryer. Tenants enjoy nice mountain views from the peaceful back decks, and the big backyard has lots of trees around the perimeter. Units rent for $1600-1650. This easy property is perfect for new investors just venturing into multi-unit ownership, and is also great for seasoned investors looking to grow their portfolio.

17. 2026-04-06
    listed $1,500,000 Active 842-char remark

    Show marketing remark (842 chars)

    NOW FULLY OCCUPIED!! BRINING IN $13,100/MONTH!! Excellent Investment Opportunity! Approx 8.2% CAP RATE!! This 8-unit property is 2 quads on adjacent lots, qualifying for conventional lending opportunities. It is just outside of city limits (no city taxes!) but within 20 minutes to the center of Asheville. The buildings share a paved driveway and parking lot, a private 60gpm well, and each has its own septic system (no municipal water/storm drain bill!). All units are 2bd/2ba and have their own washer & dryer. Tenants enjoy nice mountain views from the peaceful back decks, and the big backyard has lots of trees around the perimeter. Units rent for $1600-1650. This easy property is perfect for new investors just venturing into multi-unit ownership, and is also great for seasoned investors looking to grow their portfolio.

18. 2024-10-23
    soldstatus $600,000
19. 2024-10-22
    soldstatus $1,200,000 Closed 589-char remark

    Show marketing remark (589 chars)

    Fully leased eight-plex located off New Leicester Hwy. Property is on well and septic with no interior common areas to maintain. Located in a quiet, peaceful and scenic area and close to town. All units have decks and a view. Property management company in place and knows all tenants and the property. See the attached list of expenses. Some of the expenses should be less going forward. Some rents are lower at $1275 and $1400. Others are at market value bringing $1600. The rent amounts could easily all be brought up to market and bring in an additional $1562 a month for the complex.

20. 2024-08-29
    status Pending 589-char remark

    Show marketing remark (589 chars)

    Fully leased eight-plex located off New Leicester Hwy. Property is on well and septic with no interior common areas to maintain. Located in a quiet, peaceful and scenic area and close to town. All units have decks and a view. Property management company in place and knows all tenants and the property. See the attached list of expenses. Some of the expenses should be less going forward. Some rents are lower at $1275 and $1400. Others are at market value bringing $1600. The rent amounts could easily all be brought up to market and bring in an additional $1562 a month for the complex.

21. 2024-08-15
    status Active 589-char remark

    Show marketing remark (589 chars)

    Fully leased eight-plex located off New Leicester Hwy. Property is on well and septic with no interior common areas to maintain. Located in a quiet, peaceful and scenic area and close to town. All units have decks and a view. Property management company in place and knows all tenants and the property. See the attached list of expenses. Some of the expenses should be less going forward. Some rents are lower at $1275 and $1400. Others are at market value bringing $1600. The rent amounts could easily all be brought up to market and bring in an additional $1562 a month for the complex.

22. 2024-07-17
    status Pending 589-char remark

    Show marketing remark (589 chars)

    Fully leased eight-plex located off New Leicester Hwy. Property is on well and septic with no interior common areas to maintain. Located in a quiet, peaceful and scenic area and close to town. All units have decks and a view. Property management company in place and knows all tenants and the property. See the attached list of expenses. Some of the expenses should be less going forward. Some rents are lower at $1275 and $1400. Others are at market value bringing $1600. The rent amounts could easily all be brought up to market and bring in an additional $1562 a month for the complex.

23. 2024-07-02
    listed $1,335,000 Active 589-char remark

    Show marketing remark (589 chars)

    Fully leased eight-plex located off New Leicester Hwy. Property is on well and septic with no interior common areas to maintain. Located in a quiet, peaceful and scenic area and close to town. All units have decks and a view. Property management company in place and knows all tenants and the property. See the attached list of expenses. Some of the expenses should be less going forward. Some rents are lower at $1275 and $1400. Others are at market value bringing $1600. The rent amounts could easily all be brought up to market and bring in an additional $1562 a month for the complex.

24. 2017-12-04
    soldstatus $830,000
25. 2005-06-14
    soldstatus $365,000
26. 2003-08-01
    soldstatus $55,000

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $141,024
• − Mortgage interest: −$81,167
• − Property taxes: −$21,735
• − Insurance: −$7,245
• − Repairs & maintenance: −$11,282
• − Management: −$11,282
• − Depreciation: −$42,153
• Taxable loss: −$33,839
• Est. tax savings @ 24.0%: +$8,121
• After-tax cash flow: $-634/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: 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

• City population: 137,611
• Population (ZIP): 12,922

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% Two or more races 11% Hispanic / Latino 10% Black 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 3% Serbian 2% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 89% English-only · Spanish 10% Russian/Polish/Slavic 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: ▼ -31.97%
• Current HPI: 306.1369
• 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

+2534.5% since first listed

11 events — show timeline

• 2026-05-14 Price Changed $1,449,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-06 Listed $1,500,000 CANOPYMLS as Distributed by MLS Grid
• 2024-10-23 Sold (Public Records) $600,000 Public Records
• 2024-10-22 Sold (MLS) $1,200,000 CANOPYMLS as Distributed by MLS Grid
• 2024-08-29 Pending — CANOPYMLS as Distributed by MLS Grid
• 2024-08-15 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2024-07-17 Pending — CANOPYMLS as Distributed by MLS Grid
• 2024-07-02 Listed $1,335,000 CANOPYMLS as Distributed by MLS Grid
• 2017-12-04 Sold (Public Records) $830,000 Public Records
• 2005-06-14 Sold (Public Records) $365,000 Public Records
• 2003-08-01 Sold (Public Records) $55,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $2,795 · +6.7% YoY. Source: county tax records.