307 Blue Ridge Dr S #4 · Spruce Pine, NC 28752

$235,000

3 bd · 3.0 ba · 1,536 sqft · Townhouse · 47 Days on market

Built 1998 Good condition 4,791 sqft lot $318/mo HOA · 10% 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 +24.9/30.0
• 1% rule +8.2/10.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Opportunity – Turnkey Townhome Priced Below Tax Value Strong investment potential with this fully furnished 3BR/3BA townhome offered below tax value—an increasingly rare entry point in today’s market. Whether you’re building a short-term rental portfolio, seeking a low-maintenance long-term hold, or looking for a second home with income upside, this property checks the right boxes. The interior offers a functional, rental-friendly layout with three well-appointed bedrooms and three full baths, allowing for flexible occupancy and strong guest appeal. Being sold fully furnished, the property is ready for immediate use or rental with minimal upfront expense or

Key facts

• $318 HOA
• Built 1998
• Listed 46 days

Property features AI

Finance

• Other: Architectural review and other community restrictions; short-term rentals allowed
• HOA & community: HOA: Linville Falls Club POA; Mandatory HOA dues; Annual association fee $3,119; Additional annual association fee $700

Exterior

• Parking: Parking lot with 2 open parking spaces
• Utilities: Community well water; Private sewer; Cable available; Propane
• Home design: Residential townhouse; Two levels; Entry on level 1
• Construction: Site-built wood construction; Asbestos shingle roof; Crawl space foundation; Property includes land
• Exterior features: Covered patio; Rear porch; Screened porch; Corner lot; On golf course; Private maintained asphalt paved road

Interior

• Kitchen: Dishwasher; Electric range
• Bedrooms: Three bedrooms total — one on the main level and two on the upper level
• Flooring: Carpet; Wood
• Bathrooms: Three full bathrooms — one on the main level and two on the upper level
• Heating & cooling: Electric heating; Heat pump; Central air
• Interior features: 7 total rooms; Covered entry level (Level 1); Gas log fireplace
• Laundry & utility: Laundry closet on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $235k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $228k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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.
• Mcdowell County Schools (rural): math 35% / reading 46% proficiency, ranked #115 of 178 in NC (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mcdowell High School (math 50% / reading 57%, grade C-, #279 of 535 statewide, top 52%, 1,416 students, 60% FRL) — zoned schools at 60% FRL track the district average.
• Zoned-school proficiency averages 54% at this address vs 40% district-wide (+13 pts) — the actual schools serving this property are materially stronger than the Mcdowell County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 266 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 175 units permitted in McDowell County in 2024 (0 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.
• McDowell County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,950 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 1.32% ✓
• Cap rate: 8.88%
• Cash-on-cash: 9.25%
• DSCR: 1.41
• GRM: 6.3

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: -3.9%
• Equity multiple: 0.85×
• Total profit: $-9,741
• Equity at exit: $35,039

10-year hold

• IRR: 5.9%
• Equity multiple: 1.44×
• Total profit: $28,795
• Equity at exit: $20,319

Cash invested: $65,800 (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 28752

• Active inventory: 266
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $3,100 medium
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$318
• Vacancy / Maint / Mgmt: −$651
• Net cashflow: $441

Break-even live

Break-even rent $2,542

Max offer price $235,000

Occupancy floor 81%

Sensitivity live

Price	-10% $603	-5% $522	+0% $441	+5% $359	+10% $278
Rent	-10% $196	-5% $318	+0% $441	+5% $563	+10% $685
Rate	-1.0pp $559	-0.5pp $500	base $441	+0.5pp $380	+1.0pp $318

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
452 Wilderness Dr Marion, NC	2.0	2.0	1200	$3,100	$2.58	14d	1	0.77mi

HOA detail

• Monthly dues: $318 · $3,816/yr

Listing history 16 events

1. 2026-06-19
   days on market $235,000 Active 47 DOM
2. 2026-06-18
   days on market $235,000 Active 46 DOM
3. 2026-06-17
   days on market $235,000 Active 45 DOM
4. 2026-06-16
   days on market $235,000 Active 44 DOM
5. 2026-06-15
   days on market $235,000 Active 43 DOM
6. 2026-06-14
   days on market $235,000 Active 41 DOM
7. 2026-06-13
   days on market $235,000 Active 40 DOM
8. 2026-06-10
   days on market $235,000 Active 38 DOM
9. 2026-06-09
   days on market $235,000 Active 37 DOM
10. 2026-06-08
    days on market $235,000 Active 36 DOM
11. 2026-06-07
    days on market $235,000 Active 35 DOM
12. 2026-06-02
    days on market $235,000 Active 30 DOM
13. 2026-06-01
    days on market $235,000 Active 29 DOM
14. 2026-05-31
    days on market $235,000 Active 28 DOM
15. 2026-05-30
    days on market $235,000 Active 27 DOM
16. 2026-05-03
    listed $235,000 Active

ⓘ 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 10/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 9 d/yr ≥94°F today · 26 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: $37,200
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,972
• − Repairs & maintenance: −$2,976
• − Management: −$2,976
• − HOA: −$3,816
• − Depreciation: −$6,836
• Taxable income: $1,934
• Est. tax owed @ 24.0%: −$464
• After-tax cash flow: $4,822/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This fully furnished townhome is in good condition with a good condition score of 75. It is ready for immediate use or rental with minimal upfront expense. The property has a good curb appeal and rental potential.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both update flooring — modernizes the space and improves rental appeal

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both update flooring — modernizes the space and improves rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mcdowell County Schools
• NCES district ID: 3702940
• Math proficiency: 35% ▼ -3.00%
• Reading proficiency: 46% ▬ 0.00%
• Median HH income: $36,769
• Composite: 33.6/100
• National rank: #5413
• State rank: #115 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): 30,602

Population outlook (McDowell County) Hauer SSP2

• Today (2025): 44,615 people
• By 2030: 44,002 · -1.4%
• By 2040: 42,285 · -5.2%
• By 2050: 39,906 · -10.6%
• By 2075: 34,396 · -22.9%
• By 2100: 27,970 · -37.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 5% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Serbian 4% Slovak 2% Iranian 1%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 8% German/W. Germanic 1% Vietnamese 1%

Political lean MEDSL · McDowell

• 2024 margin: Solid R (+49.2) · D 25.1% · R 74.2%
• 2008→2024 swing: -22.2pp toward R · 2008: -27.0pp · 2024: -49.2pp
• All cycles: 2024: R+49.2 2020: R+48.0 2016: R+50.5 2012: R+31.9 2008: R+27.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.41%
• Current HPI: 182.9225
• 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

1 event — show timeline

• 2026-05-03 Listed $235,000 CANOPYMLS as Distributed by MLS Grid