894 Mckinney Gap Dr · Mars Hill, NC 28754

$497,000

2 bd · 2.5 ba · 3,312 sqft · SingleFamily public records · 314 Days on market

Built 1976 0.61 ac lot Est $749k · 34% under $120/mo HOA · 3% of rent

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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 +18.4/30.0
• ARV discount +15.0/15.0
• Appreciation +8.5/10.0
• DSCR +5.8/10.0
• Schools +4.5/10.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Well Maintained Contemporary, Very Good Cond. New hot water on demand, new hot tub, new carpet on lower level. Hardi Board, Metal Roof, Long Range Views w/ Big Sunsets, 12 Ft Decks, newly stained, 2 Gas Log F Places, T and G Ceiling, Granite & Tile Gourmet Kitchen, wine cooler, bar sink, Gas Cook Top, DBL Ovens, Exhaust Hood, Kenmore PRO-Elite SS Appls, oak and laminate flooring on main 2 levels, Large Sunny Great Rm, Tile Baths, 1 BR Suite on Main, w/ Laundry, Large Master on Loft Level, with T and G ceiling, Tile BA, & Bonus Rm, Lower Fam Rm with Gas Logs, Wet Bar, & Bonus BR Suite, w/ Separate Deck. Non brokers must be accompanied for sec gate. Amenities are by separate paid memberships, country club social membership available to purchase . Conveys furnished, minus some seller exclusions. See PDFs

Key facts

• Fitness center
• Community amenities
• Rebuilt deck

Tags

• REBUILT DECK
• MOUNTAIN VIEWS
• COMMUNITY AMENITIES
• GOLF COURSE
• HIKING TRAILS
• FITNESS CENTER

Property features AI

Finance

• Other: Property zoned R-2; Restrictions and covenants apply (see deed); Lot size approximately 0.61 acres; Elevation approx. 4000 ft; Other structures on property
• HOA & community: Part of HOA (mandatory dues); Annual association fee listed; Community amenities: clubhouse, fitness center, game court, gated entry, golf, outdoor pool, picnic area, playground, pond, recreation area, ski slopes, sport court, tennis courts, walking trails

Exterior

• Parking: Driveway parking; Open parking for 3 cars
• Security: Security service
• Utilities: Community well water; Septic system installed; Electricity connected; Propane available; Cable available
• Home design: Single-family residence (site built); One and one-half levels; Basement with daylight, finished space, exterior entry, walk-up/walk-out access; Accessible via two or more access exits; Metal roof
• Construction: Fiber cement and hardboard siding; Basement foundation (permanent); Metal roof
• Exterior features: Wrap-around deck and rear porch; Porch; Hot tub; Wood fencing; Outbuilding; Paved road access; Sloped, steep slope and wooded lot with views; Private maintained road

Interior

• Kitchen: Gas cooktop; Gas oven; Double oven; Wall oven; Exhaust hood; Microwave; Refrigerator; Freezer; Dishwasher; Bar fridge; Wine refrigerator
• Bedrooms: 2 bedrooms total — 1 on the main level, 1 on the upper level
• Flooring: Wood flooring; Tile flooring; Laminate flooring; Carpet
• Bathrooms: 3 full bathrooms (full baths on main, upper, and basement levels)
• Heating & cooling: Forced air; Baseboard heating; Wall furnace; Electric heating components; Propane heating; Ceiling fans; No central air
• Interior features: Open floor plan; Breakfast bar; Pantry; Built-in features; Storage; Wet bar; Sliding doors; 12 total rooms
• Laundry & utility: Washer and dryer included / washer hookup; Laundry room; Laundry located in multiple locations (main level, in-bathroom, in-unit, basement); Laundry sink

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath single-family listed at $497k.

Deal economics

• At list price, monthly cash flow is $466 ($6k/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 $450k (9.5% below list).
• Recommended offer: $437k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% vs local median 2.3% in Mars Hill — 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 75/100 on livability (#49 in NC, #4,088 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: amenities D, commute F.
• Madison County Schools (rural): math 51% / reading 56% proficiency, ranked #55 of 178 in NC (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mars Hill Elementary (math 45% / reading 51%, grade D, #477 of 1,410 statewide, top 35%, 500 students, 53% FRL); Madison High School (math 57% / reading 52%, grade C-, #270 of 535 statewide, top 52%, 414 students, 48% FRL) — zoned schools at 50% FRL track the district average.
• Market conditions: 248 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 209 units permitted in Madison County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $38k of equity ($3k loan paydown + $34k appreciation (6.9% local appreciation)).
• At projected returns (6.9% appreciation + 3.0% rent growth), your $139k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 314 days — a 12% lower offer ($437k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $100k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $437,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 314 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 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.91% ✗
• Cap rate: 7.42%
• Cash-on-cash: 4.01%
• DSCR: 1.18
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $748,512
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
646 Overlook Dr	0.31mi	2/2.5	3,513 (+6%)	10mo	$700,000	$199	67
14 Zebulon Ln	0.50mi	3/3.5 (+1)	3,028 (-9%)	4mo	$685,000	$226	50
36 Goldenleaf Rd	0.46mi	3/4.5 (+1)	3,354 (+1%)	21mo	$1,200,000	$358	46

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

Projected returns pro-forma

6.91% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.7%
• Equity multiple: 2.44×
• Total profit: $200,162
• Equity at exit: $341,325

10-year hold

• IRR: 19.5%
• Equity multiple: 5.02×
• Total profit: $559,628
• Equity at exit: $645,591

Cash invested: $139,160 (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 28754

• Home prices YoY: 2.3%
• Active inventory: 248
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $4,500 medium
• Mortgage (P&I): −$2,606
• Tax from tax record: −$156 /mo · $1,872/yr
• Insurance: −$207
• HOA: −$120
• Vacancy / Maint / Mgmt: −$945
• Net cashflow: $466

Break-even live

Break-even rent $3,911

Max offer price $497,000

Occupancy floor 85%

Sensitivity live

Price	-10% $747	-5% $606	+0% $466	+5% $325	+10% $184
Rent	-10% $110	-5% $288	+0% $466	+5% $643	+10% $821
Rate	-1.0pp $716	-0.5pp $592	base $466	+0.5pp $337	+1.0pp $206

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: $124,250
• Closing costs: $14,910
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2535 El Miner Dr Mars Hill, NC	3.0	3.0	2850	$4,500	$1.58	22d	1	0.57mi

HOA detail

• Monthly dues: $120 · $1,440/yr
• Likely covers: watergas

Listing history 28 events

1. 2026-06-17
   days on market $497,000 Active 314 DOM
2. 2026-06-16
   days on market $497,000 Active 313 DOM
3. 2026-06-15
   days on market $497,000 Active 312 DOM
4. 2026-06-14
   days on market $497,000 Active 310 DOM
5. 2026-06-12
   days on market $497,000 Active 309 DOM
6. 2026-06-09
   days on market $497,000 Active 306 DOM
7. 2026-06-08
   days on market $497,000 Active 305 DOM
8. 2026-06-07
   days on market $497,000 Active 304 DOM
9. 2026-06-03
   days on market $497,000 Active 300 DOM
10. 2026-06-02
    days on market $497,000 Active 299 DOM
11. 2026-06-01
    days on market $497,000 Active 298 DOM
12. 2026-05-31
    days on market $497,000 Active 297 DOM
13. 2026-05-30
    days on market $497,000 Active 296 DOM
14. 2026-05-08
    price $497,000
15. 2026-03-28
    price $547,000
16. 2025-10-15
    price $567,000
17. 2025-08-07
    listed $597,000 Active
18. 2025-05-27
    price $500,000
19. 2024-07-25
    status Active
20. 2024-07-09
    historical Active Under Contract
21. 2024-07-03
    listed $629,000 Active
22. 2022-08-18
    soldstatus $545,000 Closed 830-char remark

    Show marketing remark (830 chars)

    Well Maintained Contemporary, Very Good Cond. New hot water on demand, new hot tub, new carpet on lower level. Hardi Board, Metal Roof, Long Range Views w/ Big Sunsets, 12 Ft Decks, newly stained, 2 Gas Log F Places, T and G Ceiling, Granite & Tile Gourmet Kitchen, wine cooler, bar sink, Gas Cook Top, DBL Ovens, Exhaust Hood, Kenmore PRO-Elite SS Appls, oak and laminate flooring on main 2 levels, Large Sunny Great Rm, Tile Baths, 1 BR Suite on Main, w/ Laundry, Large Master on Loft Level, with T and G ceiling, Tile BA, & Bonus Rm, Lower Fam Rm with Gas Logs, Wet Bar, & Bonus BR Suite, w/ Separate Deck. Non brokers must be accompanied for sec gate. Amenities are by separate paid memberships, country club social membership available to purchase . Conveys furnished, minus some seller exclusions. See PDFs

23. 2022-08-17
    soldstatus $550,000
24. 2022-07-18
    status Pending 830-char remark

    Show marketing remark (830 chars)

    Well Maintained Contemporary, Very Good Cond. New hot water on demand, new hot tub, new carpet on lower level. Hardi Board, Metal Roof, Long Range Views w/ Big Sunsets, 12 Ft Decks, newly stained, 2 Gas Log F Places, T and G Ceiling, Granite & Tile Gourmet Kitchen, wine cooler, bar sink, Gas Cook Top, DBL Ovens, Exhaust Hood, Kenmore PRO-Elite SS Appls, oak and laminate flooring on main 2 levels, Large Sunny Great Rm, Tile Baths, 1 BR Suite on Main, w/ Laundry, Large Master on Loft Level, with T and G ceiling, Tile BA, & Bonus Rm, Lower Fam Rm with Gas Logs, Wet Bar, & Bonus BR Suite, w/ Separate Deck. Non brokers must be accompanied for sec gate. Amenities are by separate paid memberships, country club social membership available to purchase . Conveys furnished, minus some seller exclusions. See PDFs

25. 2022-06-23
    historical Active Under Contract 830-char remark

    Show marketing remark (830 chars)

    Well Maintained Contemporary, Very Good Cond. New hot water on demand, new hot tub, new carpet on lower level. Hardi Board, Metal Roof, Long Range Views w/ Big Sunsets, 12 Ft Decks, newly stained, 2 Gas Log F Places, T and G Ceiling, Granite & Tile Gourmet Kitchen, wine cooler, bar sink, Gas Cook Top, DBL Ovens, Exhaust Hood, Kenmore PRO-Elite SS Appls, oak and laminate flooring on main 2 levels, Large Sunny Great Rm, Tile Baths, 1 BR Suite on Main, w/ Laundry, Large Master on Loft Level, with T and G ceiling, Tile BA, & Bonus Rm, Lower Fam Rm with Gas Logs, Wet Bar, & Bonus BR Suite, w/ Separate Deck. Non brokers must be accompanied for sec gate. Amenities are by separate paid memberships, country club social membership available to purchase . Conveys furnished, minus some seller exclusions. See PDFs

26. 2022-06-18
    listed $569,000 Active 830-char remark

    Show marketing remark (830 chars)

    Well Maintained Contemporary, Very Good Cond. New hot water on demand, new hot tub, new carpet on lower level. Hardi Board, Metal Roof, Long Range Views w/ Big Sunsets, 12 Ft Decks, newly stained, 2 Gas Log F Places, T and G Ceiling, Granite & Tile Gourmet Kitchen, wine cooler, bar sink, Gas Cook Top, DBL Ovens, Exhaust Hood, Kenmore PRO-Elite SS Appls, oak and laminate flooring on main 2 levels, Large Sunny Great Rm, Tile Baths, 1 BR Suite on Main, w/ Laundry, Large Master on Loft Level, with T and G ceiling, Tile BA, & Bonus Rm, Lower Fam Rm with Gas Logs, Wet Bar, & Bonus BR Suite, w/ Separate Deck. Non brokers must be accompanied for sec gate. Amenities are by separate paid memberships, country club social membership available to purchase . Conveys furnished, minus some seller exclusions. See PDFs

27. 2017-07-13
    soldstatus $243,000
28. 1997-10-19
    soldstatus $127,500

ⓘ 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: $1,872 · $156/mo
• Projected year-2 tax: $4,075 · $340/mo
• Expected delta: +$2,203/yr (+$184/mo · 117.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 1 d/yr ≥87°F today · 3 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: $54,000
• − Mortgage interest: −$27,840
• − Property taxes: −$1,872
• − Insurance: −$2,485
• − Repairs & maintenance: −$4,320
• − Management: −$4,320
• − HOA: −$1,440
• − Depreciation: −$14,458
• Taxable loss: −$2,735
• Est. tax savings @ 24.0%: +$656
• After-tax cash flow: $6,244/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: Madison County Schools
• NCES district ID: 3702820
• Math proficiency: 51% ▲ 3.00%
• Reading proficiency: 56% ▲ 4.00%
• Median HH income: $39,050
• Composite: 44.62/100
• National rank: #2774
• State rank: #55 of 178 in NC

Livability — Mars Hill

• Score: 75/100
• State rank: #49
• US rank: #4088

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 9,897

Population outlook (Madison County) Hauer SSP2

• Today (2025): 21,646 people
• By 2030: 21,839 · +0.9%
• By 2040: 22,031 · +1.8%
• By 2050: 22,050 · +1.9%
• By 2075: 22,327 · +3.1%
• By 2100: 21,365 · -1.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 5% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 6% Slovak 4% Lithuanian 3%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Madison

• 2024 margin: Strong R (+23.5) · D 37.5% · R 61.0% · Other 1.4%
• 2008→2024 swing: -21.9pp toward R · 2008: -1.6pp · 2024: -23.5pp
• All cycles: 2024: R+23.5 2020: R+23.5 2016: R+25.9 2012: R+9.1 2008: R+1.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.91%
• Current HPI: 304.2399
• 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

+289.8% since first listed

15 events — show timeline

• 2026-05-08 Price Changed $497,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-28 Price Changed $547,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-15 Price Changed $567,000 CANOPYMLS as Distributed by MLS Grid
• 2025-08-07 Listed $597,000 CANOPYMLS as Distributed by MLS Grid
• 2025-05-27 Price Changed $500,000 CANOPYMLS as Distributed by MLS Grid
• 2024-07-25 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2024-07-09 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2024-07-03 Listed $629,000 CANOPYMLS as Distributed by MLS Grid
• 2022-08-18 Sold (MLS) $545,000 CANOPYMLS as Distributed by MLS Grid
• 2022-08-17 Sold (Public Records) $550,000 Public Records
• 2022-07-18 Pending — CANOPYMLS as Distributed by MLS Grid
• 2022-06-23 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2022-06-18 Listed $569,000 CANOPYMLS as Distributed by MLS Grid
• 2017-07-13 Sold (Public Records) $243,000 Public Records
• 1997-10-19 Sold (Public Records) $127,500 Public Records

Property tax history

+2.5%/yr

Latest (2023): $1,872 · +0.0% YoY. Source: county tax records.