343 Chestnut Village Ln Unit 11 & 12 · Mars Hill, NC 28754

$475,000

3 bd · 2.5 ba · 2,084 sqft · SingleFamily · 59 Days on market

Built 1996 0.92 ac lot Est $394k · 21% over $192/mo HOA · 5% of rent

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Why this score? — see what drove the F 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).

• Appreciation +8.5/10.0
• Cash flow +7.9/30.0
• Schools +4.5/10.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• ARV discount +0.0/15.0

Listing remarks MLS

Impressive log home that offers mountain views on paved frontage. 4100 Feet elevation offers cool summers and private deck off master/dining area and great room. amazing master suite w/custom bath that offers heated floors,over-sized custom shower and double sinks. Mostly furnished, 2-story great room, media room/family room perfect for kids, custom roll out awning on master deck, bright open home on a wooded lot with babbling stream on property. Many upgrades

Key facts

• Covered porch
• Expansive windows
• Gourmet kitchen

Tags

• COVERED PORCH
• GREAT ROOM
• STONE FIREPLACE
• EXPANSIVE WINDOWS
• GOURMET KITCHEN
• BLUE CABINETRY

Property features AI

Finance

• Other: Zoning: R-2; Development status: Completed; Restrictions: Architectural review, building height limitations, manufactured homes not allowed (modular allowed), short-term rentals allowed, and other subdivision rules
• HOA & community: Mandatory HOA (Wolf Laurel POA and Blue Mountain POA referenced); Annual association fee of $575; Additional monthly fee of $145; Community amenities include clubhouse, fitness center, game court, golf, outdoor pool, picnic area, playground, pond, putting green, recreation area, ski slopes, sport court, tennis courts, and walking trails

Exterior

• Parking: Driveway
• Security: Gated community; Security gate access (appointment/process required at gate)
• Utilities: Community well; Septic installed (shared septic); Cable available and connected; Electricity connected; Propane available
• Home design: Single-family residence, site-built; Two levels; Crawl space foundation; Metal roof; Fiber cement and wood exterior
• Construction: Site-built construction; Fiber cement and wood siding; Metal roof; Crawl space foundation
• Exterior features: Deck; Front porch; Hot tub; Sloped, wooded lot with creek/stream and views; Private maintained road with road maintenance agreement; Asphalt/paved road access

Interior

• Kitchen: Dishwasher; Disposal; Exhaust fan; Gas oven; Gas range; Microwave
• Bedrooms: Three bedrooms total — one on the main level and two in the basement
• Flooring: Carpet; Tile; Wood
• Bathrooms: Two full bathrooms and one half bathroom
• Heating & cooling: Forced air heating (propane); No central cooling
• Interior features: Kitchen island; Insulated windows; Smoke detectors; Vaulted ceilings in multiple rooms; Ceiling fans in multiple rooms; Walk-in closet(s); Daylight, finished basement with interior entry and walk-out access; Fireplace in great room (propane)
• Laundry & utility: Washer and dryer included; Laundry room located in the basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $475k.

Deal economics

• At list price, monthly cash flow is $-516 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $400k (15.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $375k (21.2% below list).
• Recommended offer: $375k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 5.0% 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.
• Yancey County Schools (rural): math 55% / reading 52% proficiency, ranked #56 of 178 in NC (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mountain Heritage High (math 62% / reading 57%, grade C+, #216 of 535 statewide, top 43%, 639 students, 48% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: 254 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 100 units permitted in Yancey County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $36k of equity ($3k loan paydown + $33k appreciation (6.9% local appreciation)).
• Yancey County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 2, paydown + projected appreciation supports a ~$58k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $285k; list at $475k implies a 67% gain — meaningful room to come down on a strong offer.

Recommended offer $374,506 (21.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.79% ✗
• Cap rate: 4.99%
• Cash-on-cash: -4.66%
• DSCR: 0.79
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $393,876
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
258 Lucas Ln	0.60mi	3/3.0	2,117 (+2%)	14mo	$327,500	$155	56
88 Siler Ln	0.55mi	2/2.0 (-1)	1,969 (-6%)	11mo	$353,333	$179	49
166 Cottage Ln #14	0.66mi	3/3.0	2,127 (+2%)	20mo	$733,500	$345	47
673 Chestnut Ln	0.59mi	4/2.0 (+1)	1,900 (-9%)	10mo	$190,000	$100	42
670 Overlook Dr	0.41mi	3/3.5	2,311 (+11%)	22mo	$810,000	$350	41
219 Siler Ln	0.49mi	3/3.0	1,851 (-11%)	21mo	$350,000	$189	39
486 Upper Haw Dr	0.50mi	3/3.0	1,800 (-14%)	23mo	$535,000	$297	32

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: 13.9%
• Equity multiple: 1.98×
• Total profit: $130,407
• Equity at exit: $326,216

10-year hold

• IRR: 14.1%
• Equity multiple: 4.04×
• Total profit: $404,285
• Equity at exit: $617,013

Cash invested: $133,000 (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 28754

• Home prices YoY: 2.3%
• Active inventory: 254
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $3,745 medium
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• HOA: −$192
• Vacancy / Maint / Mgmt: −$786
• Net cashflow: $-516

Break-even live

Break-even rent $4,398

Max offer price $400,331

Occupancy floor —

Sensitivity live

Price	-10% $-188	-5% $-352	+0% $-516	+5% $-680	+10% $-844
Rent	-10% $-812	-5% $-664	+0% $-516	+5% $-368	+10% $-220
Rate	-1.0pp $-277	-0.5pp $-395	base $-516	+0.5pp $-639	+1.0pp $-764

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	23d	1	0.97mi
269 Grouse Thicket Rd Mars Hill, NC	3.0	2.0	1800	$2,800	$1.56	15d	1	1.44mi

HOA detail

• Monthly dues: $192 · $2,304/yr

Listing history 25 events

1. 2026-06-22
   days on market $475,000 Active 59 DOM
2. 2026-06-18
   days on market $475,000 Active 56 DOM
3. 2026-06-17
   days on market $475,000 Active 55 DOM
4. 2026-06-16
   days on market $475,000 Active 54 DOM
5. 2026-06-15
   days on market $475,000 Active 53 DOM
6. 2026-06-14
   days on market $475,000 Active 51 DOM
7. 2026-06-13
   days on market $475,000 Active 50 DOM
8. 2026-06-10
   days on market $475,000 Active 48 DOM
9. 2026-06-09
   days on market $475,000 Active 47 DOM
10. 2026-06-08
    days on market $475,000 Active 46 DOM
11. 2026-06-07
    days on market $475,000 Active 45 DOM
12. 2026-06-03
    days on market $475,000 Active 41 DOM
13. 2026-06-02
    days on market $475,000 Active 40 DOM
14. 2026-06-01
    days on market $475,000 Active 39 DOM
15. 2026-05-31
    days on market $475,000 Active 38 DOM
16. 2026-05-30
    days on market $475,000 Active 37 DOM
17. 2026-04-23
    listed $475,000 Active
18. 2019-08-26
    soldstatus $285,000 Closed 464-char remark

    Show marketing remark (464 chars)

    Impressive log home that offers mountain views on paved frontage. 4100 Feet elevation offers cool summers and private deck off master/dining area and great room. amazing master suite w/custom bath that offers heated floors,over-sized custom shower and double sinks. Mostly furnished, 2-story great room, media room/family room perfect for kids, custom roll out awning on master deck, bright open home on a wooded lot with babbling stream on property. Many upgrades

19. 2019-07-24
    historical Under Contract - Show 464-char remark

    Show marketing remark (464 chars)

    Impressive log home that offers mountain views on paved frontage. 4100 Feet elevation offers cool summers and private deck off master/dining area and great room. amazing master suite w/custom bath that offers heated floors,over-sized custom shower and double sinks. Mostly furnished, 2-story great room, media room/family room perfect for kids, custom roll out awning on master deck, bright open home on a wooded lot with babbling stream on property. Many upgrades

20. 2019-05-28
    price $298,900 464-char remark

    Show marketing remark (464 chars)

    Impressive log home that offers mountain views on paved frontage. 4100 Feet elevation offers cool summers and private deck off master/dining area and great room. amazing master suite w/custom bath that offers heated floors,over-sized custom shower and double sinks. Mostly furnished, 2-story great room, media room/family room perfect for kids, custom roll out awning on master deck, bright open home on a wooded lot with babbling stream on property. Many upgrades

21. 2019-01-11
    status Active 464-char remark

    Show marketing remark (464 chars)

    Impressive log home that offers mountain views on paved frontage. 4100 Feet elevation offers cool summers and private deck off master/dining area and great room. amazing master suite w/custom bath that offers heated floors,over-sized custom shower and double sinks. Mostly furnished, 2-story great room, media room/family room perfect for kids, custom roll out awning on master deck, bright open home on a wooded lot with babbling stream on property. Many upgrades

22. 2019-01-04
    historical 464-char remark

    Show marketing remark (464 chars)

    Impressive log home that offers mountain views on paved frontage. 4100 Feet elevation offers cool summers and private deck off master/dining area and great room. amazing master suite w/custom bath that offers heated floors,over-sized custom shower and double sinks. Mostly furnished, 2-story great room, media room/family room perfect for kids, custom roll out awning on master deck, bright open home on a wooded lot with babbling stream on property. Many upgrades

23. 2018-08-27
    price $309,999 464-char remark

    Show marketing remark (464 chars)

    Impressive log home that offers mountain views on paved frontage. 4100 Feet elevation offers cool summers and private deck off master/dining area and great room. amazing master suite w/custom bath that offers heated floors,over-sized custom shower and double sinks. Mostly furnished, 2-story great room, media room/family room perfect for kids, custom roll out awning on master deck, bright open home on a wooded lot with babbling stream on property. Many upgrades

24. 2018-05-17
    price $349,900 464-char remark

    Show marketing remark (464 chars)

    Impressive log home that offers mountain views on paved frontage. 4100 Feet elevation offers cool summers and private deck off master/dining area and great room. amazing master suite w/custom bath that offers heated floors,over-sized custom shower and double sinks. Mostly furnished, 2-story great room, media room/family room perfect for kids, custom roll out awning on master deck, bright open home on a wooded lot with babbling stream on property. Many upgrades

25. 2018-01-17
    listed $359,900 Active 464-char remark

    Show marketing remark (464 chars)

    Impressive log home that offers mountain views on paved frontage. 4100 Feet elevation offers cool summers and private deck off master/dining area and great room. amazing master suite w/custom bath that offers heated floors,over-sized custom shower and double sinks. Mostly furnished, 2-story great room, media room/family room perfect for kids, custom roll out awning on master deck, bright open home on a wooded lot with babbling stream on property. Many upgrades

ⓘ 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 1/10 Low 7 d/yr ≥87°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: $44,941
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$2,375
• − Repairs & maintenance: −$3,595
• − Management: −$3,595
• − HOA: −$2,304
• − Depreciation: −$13,818
• Taxable loss: −$14,479
• Est. tax savings @ 24.0%: +$3,475
• After-tax cash flow: $-2,717/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: Yancey County Schools
• NCES district ID: 3705070
• Math proficiency: 55% ▲ 6.00%
• Reading proficiency: 52% ▲ 5.00%
• Median HH income: $37,576
• Composite: 44.52/100
• National rank: #2795
• State rank: #56 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 (Yancey County) Hauer SSP2

• Today (2025): 16,797 people
• By 2030: 16,215 · -3.5%
• By 2040: 14,830 · -11.7%
• By 2050: 13,469 · -19.8%
• By 2075: 10,583 · -37.0%
• By 2100: 7,497 · -55.4%

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 · Yancey

• 2024 margin: Solid R (+34.4) · D 32.3% · R 66.8%
• 2008→2024 swing: -28.7pp toward R · 2008: -5.8pp · 2024: -34.4pp
• All cycles: 2024: R+34.4 2020: R+33.7 2016: R+32.5 2012: R+13.9 2008: R+5.8

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

+32.0% since first listed

9 events — show timeline

• 2026-04-23 Listed $475,000 CANOPYMLS as Distributed by MLS Grid
• 2019-08-26 Sold (MLS) $285,000 CANOPYMLS as Distributed by MLS Grid
• 2019-07-24 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2019-05-28 Price Changed $298,900 CANOPYMLS as Distributed by MLS Grid
• 2019-01-11 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2019-01-04 Delisted — CANOPYMLS as Distributed by MLS Grid
• 2018-08-27 Price Changed $309,999 CANOPYMLS as Distributed by MLS Grid
• 2018-05-17 Price Changed $349,900 CANOPYMLS as Distributed by MLS Grid
• 2018-01-17 Listed $359,900 CANOPYMLS as Distributed by MLS Grid