15 Spring St · Asheville, NC 28715

$175,000

3 bd · 2.0 ba · 1,064 sqft · Manufactured public records · 24 Days on market

Built 1997 0.35 ac lot

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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 +28.7/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable mountain-area living just minutes from Asheville! This well-maintained 3 bedroom, 2 bath home sits on approximately 0.35 acres in Candler, NC. Enjoy a peaceful setting with easy access to shopping, dining, schools, and outdoor recreation. This is the investment opportunity you been waiting for schedule your private showing today don't miss out.

Key facts

• Mountain area living
• Peaceful setting
• 0.35 acre lot

Tags

• MOUNTAIN AREA LIVING
• PEACEFUL SETTING
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING
• EASY ACCESS TO SCHOOLS

Property features AI

Finance

• Other: Lot size approximately 0.35 acres; Subdivision restriction applies
• HOA & community: No HOA dues; not subject to HOA

Exterior

• Parking: Parking lot
• Utilities: City water; Septic system installed
• Home design: Manufactured singlewide home; Single-family residential property; One level (single-story); Open use (OU) zoning; Property is completed
• Construction: Manufactured construction; Vinyl exterior; Crawl space foundation; Shallower year built not provided
• Exterior features: Deck; Front porch; Private maintained road; Asphalt and gravel road access

Interior

• Kitchen: Dishwasher, Oven, Refrigerator
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: 4 rooms total; Dishwasher, Oven, Refrigerator
• Laundry & utility: Laundry located inside

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $582 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 2.4% 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.
• Market conditions: 183 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 3,305 units permitted in Buncombe County in 2024 (1,855 in 5+ unit buildings).
• This rent runs 34% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.

Recommended offer $172,375 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.16% ✓
• Cap rate: 10.28%
• Cash-on-cash: 14.25%
• DSCR: 1.63
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 4.5%
• Equity multiple: 1.18×
• Total profit: $8,613
• Equity at exit: $26,093

10-year hold

• IRR: 14.0%
• Equity multiple: 2.12×
• Total profit: $54,872
• Equity at exit: $15,131

Cash invested: $49,000 (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 28715

• Active inventory: 183
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,031 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$32 /mo · $382/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $582

Break-even live

Break-even rent $1,294

Max offer price $175,000

Occupancy floor 66%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
270 Youngs Cove Rd Candler, NC	3.0	2.0	1100	$2,100	$1.91	13d	1	1.41mi

Listing history 15 events

1. 2026-06-18
   days on market $175,000 Active 24 DOM
2. 2026-06-17
   days on market $175,000 Active 23 DOM
3. 2026-06-16
   days on market $175,000 Active 22 DOM
4. 2026-06-15
   days on market $175,000 Active 21 DOM
5. 2026-06-14
   days on market $175,000 Active 19 DOM
6. 2026-06-10
   days on market $175,000 Active 16 DOM
7. 2026-06-09
   days on market $175,000 Active 15 DOM
8. 2026-06-08
   days on market $175,000 Active 14 DOM
9. 2026-06-07
   days on market $175,000 Active 13 DOM
10. 2026-06-03
    days on market $175,000 Active 9 DOM
11. 2026-06-02
    days on market $175,000 Active 8 DOM
12. 2026-06-01
    days on market $175,000 Active 7 DOM
13. 2026-05-31
    days on market $175,000 Active 6 DOM
14. 2026-05-30
    days on market $175,000 Active 5 DOM
15. 2026-05-24
    listed $175,000 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: $382 · $32/mo
• Projected year-2 tax: $1,435 · $120/mo
• Expected delta: +$1,053/yr (+$88/mo · 275.3%)

ⓘ 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 4/10 Moderate 7 d/yr ≥96°F today · 21 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: $24,369
• − Mortgage interest: −$9,803
• − Property taxes: −$382
• − Insurance: −$875
• − Repairs & maintenance: −$1,950
• − Management: −$1,950
• − Depreciation: −$5,091
• Taxable income: $4,319
• Est. tax owed @ 24.0%: −$1,037
• After-tax cash flow: $5,945/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

• County: Buncombe County · 241,085 people
• City population: 137,611
• Metro: Asheville, NC
• Population (ZIP): 30,328
• Household income: $71,716
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 419.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 8% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 4% Lithuanian 3% Serbian 3%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 6% 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: ▼ -154.92%
• Current HPI: 255.1985
• Rent YoY: —
• Metro: Asheville, NC
• 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

1 event — show timeline

• 2026-05-24 Listed $175,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+0.1%/yr

Latest (2025): $382 · +6.9% YoY. Source: county tax records.