163 Old Leicester Hwy · Woodfin, NC 28804

$219,500

2 bd · 2.0 ba · 1,120 sqft · Manufactured public records · 111 Days on market

Built 1996 0.45 ac lot $196/sqft · 43% below area Est $383k · 43% under

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Why this score? — see what drove the C 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 +17.9/30.0
• ARV discount +15.0/15.0
• DSCR +5.6/10.0
• 1% rule +4.8/10.0
• Schools +4.0/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fully renovated 1120 sqft home with 2 bedroom, 2 full bath located approximately 3.5 miles from downtown Asheville. Set on nearly half an acre with city water and private septic. Renovations include an updated kitchen and bathrooms, refreshed interior finishes, and central heat and air. Washer and dryer hookups installed. Convenient access to everyday amenities and the future Whitewater Park. Move-in ready with outdoor living space.

Key facts

• Central heat and air
• Convenient access
• Updated kitchen

Tags

• UPDATED KITCHEN
• REFRESHED INTERIOR FINISHES
• CENTRAL HEAT AND AIR
• OUTDOOR LIVING SPACE
• CONVENIENT ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $220k.

Deal economics

• At list price, monthly cash flow is $187 ($2k/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 $216k (1.8% below list).
• Recommended offer: $200k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 2.7% in Woodfin — 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 59/100 on livability (#538 in NC) — a working-class tenant base; expect higher turnover. Strengths: housing A+, crime A-, cost of living B; Watch: schools F, amenities F, commute 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: Rents flat; 373 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $2k of loan paydown is wiped out by about $7k 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 111 days — a 9% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $145k; list at $220k implies a 51% gain — meaningful room to come down on a strong offer.

Recommended offer $199,745 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.98% ✗
• Cap rate: 7.31%
• Cash-on-cash: 3.65%
• DSCR: 1.16
• GRM: 8.5

CMA / ARV

• ARV (median comp): $382,719
• List price: $219,500
• Delta: -42.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.46% rent growth · sell at horizon

5-year hold

• IRR: -13.5%
• Equity multiple: 0.53×
• Total profit: $-29,017
• Equity at exit: $32,728

10-year hold

• IRR: -9.1%
• Equity multiple: 0.50×
• Total profit: $-30,782
• Equity at exit: $18,978

Cash invested: $61,460 (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 28804

• Rents YoY: 0.5%
• Active inventory: 373
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $2,157 high
• Mortgage (P&I): −$1,151
• Tax est. 1.5%: −$274 /mo · $3,292/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $187

Break-even live

Break-even rent $1,920

Max offer price $219,500

Occupancy floor 86%

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: $54,875
• Closing costs: $6,585
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Frankie Ln Asheville, NC	3.0	1.0	912	$2,500	$2.74	43d	1	0.51mi
46 Celebration Pl Asheville, NC	2.0	2.0	840	$1,950	$2.32	43d	1	0.89mi
42 Celebration Pl Asheville, NC	3.0	2.0	1336	$2,500	$1.87	43d	1	0.90mi
13 Kilkenny Dr Asheville, NC	3.0	1.0	1155	$1,850	$1.60	13d	1	0.97mi
33 Skyland Cir Asheville, NC	3.0	1.5	1224	$2,800	$2.29	43d	1	1.50mi

Listing history 19 events

1. 2026-06-18
   days on market $219,500 Active 111 DOM
2. 2026-06-17
   days on market $219,500 Active 110 DOM
3. 2026-06-16
   days on market $219,500 Active 109 DOM
4. 2026-06-15
   days on market $219,500 Active 108 DOM
5. 2026-06-14
   days on market $219,500 Active 106 DOM
6. 2026-06-10
   days on market $219,500 Active 103 DOM
7. 2026-06-09
   days on market $219,500 Active 102 DOM
8. 2026-06-08
   days on market $219,500 Active 101 DOM
9. 2026-06-07
   days on market $219,500 Active 100 DOM
10. 2026-06-03
    days on market $219,500 Active 96 DOM
11. 2026-06-02
    days on market $219,500 Active 95 DOM
12. 2026-06-01
    days on market $219,500 Active 94 DOM
13. 2026-05-31
    days on market $219,500 Active 93 DOM
14. 2026-05-30
    days on market $219,500 Active 92 DOM
15. 2026-03-16
    price $226,000 436-char remark

    Show marketing remark (436 chars)

    Fully renovated 1120 sqft home with 2 bedroom, 2 full bath located approximately 3.5 miles from downtown Asheville. Set on nearly half an acre with city water and private septic. Renovations include an updated kitchen and bathrooms, refreshed interior finishes, and central heat and air. Washer and dryer hookups installed. Convenient access to everyday amenities and the future Whitewater Park. Move-in ready with outdoor living space.

16. 2026-02-27
    listed $232,500 Active 436-char remark

    Show marketing remark (436 chars)

    Fully renovated 1120 sqft home with 2 bedroom, 2 full bath located approximately 3.5 miles from downtown Asheville. Set on nearly half an acre with city water and private septic. Renovations include an updated kitchen and bathrooms, refreshed interior finishes, and central heat and air. Washer and dryer hookups installed. Convenient access to everyday amenities and the future Whitewater Park. Move-in ready with outdoor living space.

17. 2025-09-16
    soldstatus $145,000
18. 2012-01-05
    soldstatus $70,000
19. 2007-02-16
    soldstatus $40,000

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 19 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: $25,878
• − Mortgage interest: −$12,295
• − Property taxes: −$3,292
• − Insurance: −$1,098
• − Repairs & maintenance: −$2,070
• − Management: −$2,070
• − Depreciation: −$6,385
• Taxable loss: −$1,333
• Est. tax savings @ 24.0%: +$320
• After-tax cash flow: $2,561/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 — Woodfin

• Score: 59/100
• State rank: #538
• US rank: #19731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Woodfin, NC
• County: Buncombe County · 241,085 people
• Metro: Asheville, NC
• Population (ZIP): 25,776
• Household income: $88,312
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 396.0

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 (82%)
• Race & ethnicity: White 82% Two or more races 9% Hispanic / Latino 8% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Slovak 5% Lithuanian 4% Serbian 3%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 6% French/Haitian/Cajun 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: ▼ -410.50%
• Current HPI: 333.3821
• Rent YoY: ▲ 0.46%
• 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

+465.0% since first listed

5 events — show timeline

• 2026-03-16 Price Changed $226,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-27 Listed $232,500 CANOPYMLS as Distributed by MLS Grid
• 2025-09-16 Sold (Public Records) $145,000 Public Records
• 2012-01-05 Sold (Public Records) $70,000 Public Records
• 2007-02-16 Sold (Public Records) $40,000 Public Records

Property tax history

-4.7%/yr

Latest (2025): $349 · -2.9% YoY. Source: county tax records.