365 Ollis Rd · Spruce Pine, NC 28777

$124,900

3 bd · 2.0 ba · 1,648 sqft · SingleFamily public records · 195 Days on market

Built 1975 0.79 ac lot Est $234k · 47% under

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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 +18.2/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +5.7/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Enjoy paved access and one-level living from this 3BR/1.5BA, 1600sq. ft. Brink Ranch home on . 79 acres near downtown Spruce Pine. Main level of home offers 2 separate living areas, one with hearth/flue for a freestanding fireplace and a second living area with fireplace in addition to the kitchen, primary bedroom with 1/2 bath, 2 additional bedrooms and full bath. The unfinished basement offers room for storage or workshop space. Home has city water but not subject to city taxes. The mostly open lot offers room for gardens, storage shed placement, etc. Roof was replaced in 2025.

Key facts

• Large family room
• One-level living
• Unfinished basement

Tags

• ONE-LEVEL LIVING
• LARGE FAMILY ROOM
• FREESTANDING FIREPLACE
• UNFINISHED BASEMENT
• ROOM FOR GARDENS
• STORAGE SHED PLACEMENT

Property features AI

Finance

• Financial info: Short term rentals allowed
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Private sewer
• Home design: Single-family residence; Site-built construction; One story; Main-level access with ramp(s)
• Construction: Brick full exterior; Composition roof; Basement foundation
• Exterior features: Covered porch/patio; Cleared lot; Asphalt/paved road access; Publicly maintained road

Interior

• Kitchen: No appliances listed
• Bedrooms: 3 bedrooms on the main level
• Flooring: Vinyl
• Bathrooms: 1 full bath (main); 1 half bath (main)
• Heating & cooling: Forced air heating (oil); No central cooling listed
• Interior features: 6 total rooms; Full unfinished basement; Fireplace in family room and living room; Vinyl flooring; No listed kitchen appliances
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $113 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $112k (10.2% below list).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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: Deyton Elementary (math 48% / reading 38%, grade F, #622 of 1,410 statewide, top 44%, 219 students, 63% 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 $13k of equity ($864 loan paydown + $12k 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $40k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $109,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
6. 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.
7. 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: 0.90% ✗
• Cap rate: 7.38%
• Cash-on-cash: 3.87%
• DSCR: 1.17
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $234,016
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
88 Jack Sullins Rd	0.10mi	3/2.0	1,650 (+0%)	15mo	$234,000	$142	83
271 Sunnybrook Dr	0.71mi	3/2.0	1,814 (+10%)	5mo	$165,000	$91	46

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: 27.1%
• Equity multiple: 3.15×
• Total profit: $75,169
• Equity at exit: $112,520

10-year hold

• IRR: 23.7%
• Equity multiple: 7.17×
• Total profit: $215,634
• Equity at exit: $242,653

Cash invested: $34,972 (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: 9.3×

Monthly cashflow live

• Estimated rent: $1,121 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$66 /mo · $792/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$235
• Net cashflow: $113

Break-even live

Break-even rent $979

Max offer price $124,900

Occupancy floor 85%

Sensitivity live

Price	-10% $183	-5% $148	+0% $113	+5% $77	+10% $42
Rent	-10% $24	-5% $68	+0% $113	+5% $157	+10% $201
Rate	-1.0pp $176	-0.5pp $145	base $113	+0.5pp $80	+1.0pp $47

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $124,900 Active 195 DOM
2. 2026-06-18
   days on market $124,900 Active 193 DOM
3. 2026-06-17
   days on market $124,900 Active 192 DOM
4. 2026-06-16
   days on market $124,900 Active 191 DOM
5. 2026-06-15
   days on market $124,900 Active 190 DOM
6. 2026-06-13
   days on market $124,900 Active 188 DOM
7. 2026-06-12
   days on market $124,900 Active 187 DOM
8. 2026-06-09
   days on market $124,900 Active 184 DOM
9. 2026-06-08
   days on market $124,900 Active 183 DOM
10. 2026-06-07
    days on market $124,900 Active 182 DOM
11. 2026-06-07
    days on market $124,900 Active 181 DOM
12. 2026-06-04
    days on market $124,900 Active 178 DOM
13. 2026-06-02
    days on marketlisting id $124,900 Active 177 DOM
14. 2026-06-01
    remarks 586-char remark
15. 2026-06-01
    days on marketlisting id $124,900 Active 194 DOM
16. 2026-05-31
    days on market $124,900 Active 177 DOM
17. 2026-05-11
    price $124,900
18. 2026-05-09
    price $124,900 586-char remark

    Show marketing remark (586 chars)

    Enjoy paved access and one-level living from this 3BR/1.5BA, 1600sq. ft. Brink Ranch home on . 79 acres near downtown Spruce Pine. Main level of home offers 2 separate living areas, one with hearth/flue for a freestanding fireplace and a second living area with fireplace in addition to the kitchen, primary bedroom with 1/2 bath, 2 additional bedrooms and full bath. The unfinished basement offers room for storage or workshop space. Home has city water but not subject to city taxes. The mostly open lot offers room for gardens, storage shed placement, etc. Roof was replaced in 2025.

19. 2026-04-02
    status Active
20. 2026-03-05
    price $144,900
21. 2026-03-04
    price $144,900 586-char remark

    Show marketing remark (586 chars)

    Enjoy paved access and one-level living from this 3BR/1.5BA, 1600sq. ft. Brink Ranch home on . 79 acres near downtown Spruce Pine. Main level of home offers 2 separate living areas, one with hearth/flue for a freestanding fireplace and a second living area with fireplace in addition to the kitchen, primary bedroom with 1/2 bath, 2 additional bedrooms and full bath. The unfinished basement offers room for storage or workshop space. Home has city water but not subject to city taxes. The mostly open lot offers room for gardens, storage shed placement, etc. Roof was replaced in 2025.

22. 2026-01-30
    price $147,900
23. 2026-01-29
    price $147,900 586-char remark

    Show marketing remark (586 chars)

    Enjoy paved access and one-level living from this 3BR/1.5BA, 1600sq. ft. Brink Ranch home on . 79 acres near downtown Spruce Pine. Main level of home offers 2 separate living areas, one with hearth/flue for a freestanding fireplace and a second living area with fireplace in addition to the kitchen, primary bedroom with 1/2 bath, 2 additional bedrooms and full bath. The unfinished basement offers room for storage or workshop space. Home has city water but not subject to city taxes. The mostly open lot offers room for gardens, storage shed placement, etc. Roof was replaced in 2025.

24. 2026-01-06
    price $154,900

    Show marketing remark (586 chars)

    Enjoy paved access and one-level living from this 3BR/1.5BA, 1600sq. ft. Brink Ranch home on . 79 acres near downtown Spruce Pine. Main level of home offers 2 separate living areas, one with hearth/flue for a freestanding fireplace and a second living area with fireplace in addition to the kitchen, primary bedroom with 1/2 bath, 2 additional bedrooms and full bath. The unfinished basement offers room for storage or workshop space. Home has city water but not subject to city taxes. The mostly open lot offers room for gardens, storage shed placement, etc. Roof was replaced in 2025.

25. 2026-01-06
    price $154,900 586-char remark

    Show marketing remark (586 chars)

    Enjoy paved access and one-level living from this 3BR/1.5BA, 1600sq. ft. Brink Ranch home on . 79 acres near downtown Spruce Pine. Main level of home offers 2 separate living areas, one with hearth/flue for a freestanding fireplace and a second living area with fireplace in addition to the kitchen, primary bedroom with 1/2 bath, 2 additional bedrooms and full bath. The unfinished basement offers room for storage or workshop space. Home has city water but not subject to city taxes. The mostly open lot offers room for gardens, storage shed placement, etc. Roof was replaced in 2025.

26. 2025-11-19
    listed $164,900 Active

    Show marketing remark (586 chars)

    Enjoy paved access and one-level living from this 3BR/1.5BA, 1600sq. ft. Brink Ranch home on . 79 acres near downtown Spruce Pine. Main level of home offers 2 separate living areas, one with hearth/flue for a freestanding fireplace and a second living area with fireplace in addition to the kitchen, primary bedroom with 1/2 bath, 2 additional bedrooms and full bath. The unfinished basement offers room for storage or workshop space. Home has city water but not subject to city taxes. The mostly open lot offers room for gardens, storage shed placement, etc. Roof was replaced in 2025.

27. 2025-11-19
    listed $164,900 Active 586-char remark

    Show marketing remark (586 chars)

    Enjoy paved access and one-level living from this 3BR/1.5BA, 1600sq. ft. Brink Ranch home on . 79 acres near downtown Spruce Pine. Main level of home offers 2 separate living areas, one with hearth/flue for a freestanding fireplace and a second living area with fireplace in addition to the kitchen, primary bedroom with 1/2 bath, 2 additional bedrooms and full bath. The unfinished basement offers room for storage or workshop space. Home has city water but not subject to city taxes. The mostly open lot offers room for gardens, storage shed placement, etc. Roof was replaced in 2025.

28. 2025-04-28
    status Active
29. 2025-04-28
    price $75,000
30. 2025-02-26
    listed $65,000 Active

ⓘ 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: $1,024 · $85/mo
• Expected delta: +$232/yr (+$19/mo · 29.3%)

ⓘ 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 8 d/yr ≥92°F today · 22 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: $13,456
• − Mortgage interest: −$6,996
• − Property taxes: −$792
• − Insurance: −$624
• − Repairs & maintenance: −$1,076
• − Management: −$1,076
• − Depreciation: −$3,633
• Taxable loss: −$744
• Est. tax savings @ 24.0%: +$178
• After-tax cash flow: $1,532/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

• 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

+92.2% since first listed

14 events — show timeline

• 2026-05-11 Price Changed $124,900 CANOPYMLS as Distributed by MLS Grid
• 2026-05-09 Price Changed $124,900 HCMLS
• 2026-04-02 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-03-05 Price Changed $144,900 CANOPYMLS as Distributed by MLS Grid
• 2026-03-04 Price Changed $144,900 HCMLS
• 2026-01-30 Price Changed $147,900 CANOPYMLS as Distributed by MLS Grid
• 2026-01-29 Price Changed $147,900 HCMLS
• 2026-01-06 Price Changed $154,900 CANOPYMLS as Distributed by MLS Grid
• 2026-01-06 Price Changed $154,900 HCMLS
• 2025-11-19 Listed $164,900 HCMLS
• 2025-11-19 Listed $164,900 CANOPYMLS as Distributed by MLS Grid
• 2025-04-28 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-04-28 Price Changed $75,000 CANOPYMLS as Distributed by MLS Grid
• 2025-02-26 Listed $65,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+9.8%/yr

Latest (2025): $792 · +103.2% YoY. Source: county tax records.