203 Pine St · Asheville, NC 28715

$250,000

3 bd · 1.0 ba · 1,122 sqft · SingleFamily public records · 94 Days on market

Built 1953 0.27 ac lot $223/sqft · 33% below area Est $372k · 33% 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 +15.3/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

UNDER TAX VALUE. This updated bungalow sits where the mountains open wide and the sky fills with color. Some mornings, hot air balloons drift across the horizon. From the porch, you can trace the ridgelines toward Mt. Pisgah and feel the quiet hum of Asheville just minutes away. Whether you plan to live here, rent it out, or launch your next vacation rental, updates covering both aesthetics and essentials are complete, leaving a canvas for your own story to begin. High growth location with new retailers coming nearby soon and not far from the planned I-40 ramp. Convenience at your doorstep.

Key facts

• Convenience
• Updated bungalow
• Porch

Tags

• UPDATED BUNGALOW
• PORCH
• HIGH GROWTH LOCATION
• PLANNED I-40 RAMP
• CONVENIENCE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $93 ($1k/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 $205k (18.2% below list).
• Recommended offer: $205k (18.2% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 2.5% 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.
• Zoned schools: Sand Hill-Venable Elem (math 38% / reading 43%, grade F, #682 of 1,410 statewide, top 49%, 534 students, 77% FRL); Enka Middle (math 39% / reading 50%, grade D, #169 of 475 statewide, top 37%, 602 students, 65% FRL); Enka High (math 77% / reading 63%, grade B+, #119 of 535 statewide, top 22%, 1,045 students, 58% FRL) — zoned schools average 67% FRL vs 47% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 181 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $2k of loan paydown is wiped out by about $8k 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 94 days — a 9% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago; this cycle's ask has dropped $35k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $178k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $204,595 (18.2% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 6.74%
• Cash-on-cash: 1.59%
• DSCR: 1.07
• GRM: 10.2

CMA / ARV

• ARV (median comp): $372,018
• List price: $250,000
• Delta: -32.80%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32 Liberty Cir	0.52mi	3/2.0	1,190 (+6%)	7mo	$360,000	$303	56
35 Whispering Oaks Dr	0.55mi	3/2.0	1,232 (+10%)	18mo	$262,250	$213	38

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

Projected returns pro-forma

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

5-year hold

• IRR: -13.8%
• Equity multiple: 0.50×
• Total profit: $-34,681
• Equity at exit: $37,276

10-year hold

• IRR: -5.0%
• Equity multiple: 0.67×
• Total profit: $-22,956
• Equity at exit: $21,615

Cash invested: $70,000 (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: 181
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,046 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$108 /mo · $1,297/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $93

Break-even live

Break-even rent $1,928

Max offer price $250,000

Occupancy floor 90%

Sensitivity live

Price	-10% $235	-5% $164	+0% $93	+5% $22	+10% $-49
Rent	-10% $-69	-5% $12	+0% $93	+5% $174	+10% $255
Rate	-1.0pp $219	-0.5pp $157	base $93	+0.5pp $28	+1.0pp $-38

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 Two Creek Way Candler, NC	1.0–3.0	1.0–2.0	1095	$2,166	$1.98	16d	86	0.35mi
317 Pritchard Rd Unit 317 Candler, NC	2.0	1.0	1260	$1,550	$1.23	25d	1	0.82mi
220 TF Kirkpatrick Way Candler, NC	2.0	2.0	960	$1,575	$1.64	25d	1	1.24mi
219 TF Kirkpatrick Way Candler, NC	2.0	2.0	819	$1,500	$1.83	25d	1	1.25mi
95 Malcolm Ct Candler, NC	3.0	2.5	1375	$2,100	$1.53	46d	1	1.36mi
34 Malcolm Ct Candler, NC	3.0	2.5	1375	$2,100	$1.53	16d	1	1.38mi

Listing history 31 events

1. 2026-06-22
   days on market $250,000 Active 94 DOM
2. 2026-06-18
   days on market $250,000 Active 91 DOM
3. 2026-06-17
   days on market $250,000 Active 90 DOM
4. 2026-06-16
   days on market $250,000 Active 89 DOM
5. 2026-06-15
   days on market $250,000 Active 88 DOM
6. 2026-06-14
   days on market $250,000 Active 86 DOM
7. 2026-06-10
   days on market $250,000 Active 83 DOM
8. 2026-06-09
   days on market $250,000 Active 82 DOM
9. 2026-06-08
   days on market $250,000 Active 81 DOM
10. 2026-06-07
    statusdays on market $250,000 Active 80 DOM
11. 2026-06-03
    days on market $250,000 Active Under Contract 76 DOM
12. 2026-06-02
    days on market $250,000 Active Under Contract 75 DOM
13. 2026-06-01
    days on market $250,000 Active Under Contract 74 DOM
14. 2026-05-31
    days on market $250,000 Active Under Contract 73 DOM
15. 2026-05-30
    days on market $250,000 Active Under Contract 72 DOM
16. 2026-05-13
    price $250,000 597-char remark

    Show marketing remark (597 chars)

    UNDER TAX VALUE. This updated bungalow sits where the mountains open wide and the sky fills with color. Some mornings, hot air balloons drift across the horizon. From the porch, you can trace the ridgelines toward Mt. Pisgah and feel the quiet hum of Asheville just minutes away. Whether you plan to live here, rent it out, or launch your next vacation rental, updates covering both aesthetics and essentials are complete, leaving a canvas for your own story to begin. High growth location with new retailers coming nearby soon and not far from the planned I-40 ramp. Convenience at your doorstep.

17. 2026-05-13
    status Active 597-char remark

    Show marketing remark (597 chars)

    UNDER TAX VALUE. This updated bungalow sits where the mountains open wide and the sky fills with color. Some mornings, hot air balloons drift across the horizon. From the porch, you can trace the ridgelines toward Mt. Pisgah and feel the quiet hum of Asheville just minutes away. Whether you plan to live here, rent it out, or launch your next vacation rental, updates covering both aesthetics and essentials are complete, leaving a canvas for your own story to begin. High growth location with new retailers coming nearby soon and not far from the planned I-40 ramp. Convenience at your doorstep.

18. 2026-04-16
    historical Active Under Contract 597-char remark

    Show marketing remark (597 chars)

    UNDER TAX VALUE. This updated bungalow sits where the mountains open wide and the sky fills with color. Some mornings, hot air balloons drift across the horizon. From the porch, you can trace the ridgelines toward Mt. Pisgah and feel the quiet hum of Asheville just minutes away. Whether you plan to live here, rent it out, or launch your next vacation rental, updates covering both aesthetics and essentials are complete, leaving a canvas for your own story to begin. High growth location with new retailers coming nearby soon and not far from the planned I-40 ramp. Convenience at your doorstep.

19. 2026-04-02
    price $268,000 597-char remark

    Show marketing remark (597 chars)

    UNDER TAX VALUE. This updated bungalow sits where the mountains open wide and the sky fills with color. Some mornings, hot air balloons drift across the horizon. From the porch, you can trace the ridgelines toward Mt. Pisgah and feel the quiet hum of Asheville just minutes away. Whether you plan to live here, rent it out, or launch your next vacation rental, updates covering both aesthetics and essentials are complete, leaving a canvas for your own story to begin. High growth location with new retailers coming nearby soon and not far from the planned I-40 ramp. Convenience at your doorstep.

20. 2026-03-19
    listed $285,000 Active 597-char remark

    Show marketing remark (597 chars)

    UNDER TAX VALUE. This updated bungalow sits where the mountains open wide and the sky fills with color. Some mornings, hot air balloons drift across the horizon. From the porch, you can trace the ridgelines toward Mt. Pisgah and feel the quiet hum of Asheville just minutes away. Whether you plan to live here, rent it out, or launch your next vacation rental, updates covering both aesthetics and essentials are complete, leaving a canvas for your own story to begin. High growth location with new retailers coming nearby soon and not far from the planned I-40 ramp. Convenience at your doorstep.

21. 2019-08-01
    soldstatus $178,000
22. 2019-07-31
    soldstatus $178,000 Closed 604-char remark

    Show marketing remark (604 chars)

    **BACK-UP OFFERS WELCOME!!** Freshly updated bungalow with fantastic views! Priced below pre-listing appraisal, this charmer is poised to appeal to any budget. Turn the key to passive income, or move right into a great investment with equity from day one. Lightning fast access to West Asheville, Downtown, and Mt Pisgah makes this a great Air B&B/VRBO candidate, icing the cake with nearby amenities like Doc Brown's BBQ and the Miami Restaurant just down the hill. Aesthetics and efficiency updates are completed - this is a must see property with a clean palate ready for you to furnish and love!

23. 2019-07-02
    historical Under Contract - Show 604-char remark

    Show marketing remark (604 chars)

    **BACK-UP OFFERS WELCOME!!** Freshly updated bungalow with fantastic views! Priced below pre-listing appraisal, this charmer is poised to appeal to any budget. Turn the key to passive income, or move right into a great investment with equity from day one. Lightning fast access to West Asheville, Downtown, and Mt Pisgah makes this a great Air B&B/VRBO candidate, icing the cake with nearby amenities like Doc Brown's BBQ and the Miami Restaurant just down the hill. Aesthetics and efficiency updates are completed - this is a must see property with a clean palate ready for you to furnish and love!

24. 2019-06-28
    price $175,000 604-char remark

    Show marketing remark (604 chars)

    **BACK-UP OFFERS WELCOME!!** Freshly updated bungalow with fantastic views! Priced below pre-listing appraisal, this charmer is poised to appeal to any budget. Turn the key to passive income, or move right into a great investment with equity from day one. Lightning fast access to West Asheville, Downtown, and Mt Pisgah makes this a great Air B&B/VRBO candidate, icing the cake with nearby amenities like Doc Brown's BBQ and the Miami Restaurant just down the hill. Aesthetics and efficiency updates are completed - this is a must see property with a clean palate ready for you to furnish and love!

25. 2019-06-28
    status Active 604-char remark

    Show marketing remark (604 chars)

    **BACK-UP OFFERS WELCOME!!** Freshly updated bungalow with fantastic views! Priced below pre-listing appraisal, this charmer is poised to appeal to any budget. Turn the key to passive income, or move right into a great investment with equity from day one. Lightning fast access to West Asheville, Downtown, and Mt Pisgah makes this a great Air B&B/VRBO candidate, icing the cake with nearby amenities like Doc Brown's BBQ and the Miami Restaurant just down the hill. Aesthetics and efficiency updates are completed - this is a must see property with a clean palate ready for you to furnish and love!

26. 2019-05-22
    historical 604-char remark

    Show marketing remark (604 chars)

    **BACK-UP OFFERS WELCOME!!** Freshly updated bungalow with fantastic views! Priced below pre-listing appraisal, this charmer is poised to appeal to any budget. Turn the key to passive income, or move right into a great investment with equity from day one. Lightning fast access to West Asheville, Downtown, and Mt Pisgah makes this a great Air B&B/VRBO candidate, icing the cake with nearby amenities like Doc Brown's BBQ and the Miami Restaurant just down the hill. Aesthetics and efficiency updates are completed - this is a must see property with a clean palate ready for you to furnish and love!

27. 2019-04-23
    historical Under Contract - Show 604-char remark

    Show marketing remark (604 chars)

    **BACK-UP OFFERS WELCOME!!** Freshly updated bungalow with fantastic views! Priced below pre-listing appraisal, this charmer is poised to appeal to any budget. Turn the key to passive income, or move right into a great investment with equity from day one. Lightning fast access to West Asheville, Downtown, and Mt Pisgah makes this a great Air B&B/VRBO candidate, icing the cake with nearby amenities like Doc Brown's BBQ and the Miami Restaurant just down the hill. Aesthetics and efficiency updates are completed - this is a must see property with a clean palate ready for you to furnish and love!

28. 2019-04-06
    status Active 604-char remark

    Show marketing remark (604 chars)

    **BACK-UP OFFERS WELCOME!!** Freshly updated bungalow with fantastic views! Priced below pre-listing appraisal, this charmer is poised to appeal to any budget. Turn the key to passive income, or move right into a great investment with equity from day one. Lightning fast access to West Asheville, Downtown, and Mt Pisgah makes this a great Air B&B/VRBO candidate, icing the cake with nearby amenities like Doc Brown's BBQ and the Miami Restaurant just down the hill. Aesthetics and efficiency updates are completed - this is a must see property with a clean palate ready for you to furnish and love!

29. 2019-03-31
    historical Under Contract - Show 604-char remark

    Show marketing remark (604 chars)

    **BACK-UP OFFERS WELCOME!!** Freshly updated bungalow with fantastic views! Priced below pre-listing appraisal, this charmer is poised to appeal to any budget. Turn the key to passive income, or move right into a great investment with equity from day one. Lightning fast access to West Asheville, Downtown, and Mt Pisgah makes this a great Air B&B/VRBO candidate, icing the cake with nearby amenities like Doc Brown's BBQ and the Miami Restaurant just down the hill. Aesthetics and efficiency updates are completed - this is a must see property with a clean palate ready for you to furnish and love!

30. 2019-03-27
    listed $187,500 Active 604-char remark

    Show marketing remark (604 chars)

    **BACK-UP OFFERS WELCOME!!** Freshly updated bungalow with fantastic views! Priced below pre-listing appraisal, this charmer is poised to appeal to any budget. Turn the key to passive income, or move right into a great investment with equity from day one. Lightning fast access to West Asheville, Downtown, and Mt Pisgah makes this a great Air B&B/VRBO candidate, icing the cake with nearby amenities like Doc Brown's BBQ and the Miami Restaurant just down the hill. Aesthetics and efficiency updates are completed - this is a must see property with a clean palate ready for you to furnish and love!

31. 2019-01-14
    soldstatus $65,000

ⓘ 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: $1,297 · $108/mo
• Projected year-2 tax: $2,050 · $171/mo
• Expected delta: +$753/yr (+$63/mo · 58.0%)

ⓘ 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 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: $24,551
• − Mortgage interest: −$14,004
• − Property taxes: −$1,297
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,964
• − Management: −$1,964
• − Depreciation: −$7,273
• Taxable loss: −$3,201
• Est. tax savings @ 24.0%: +$768
• After-tax cash flow: $1,884/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

+284.6% since first listed

16 events — show timeline

• 2026-05-13 Price Changed $250,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-13 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-04-16 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-04-02 Price Changed $268,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-19 Listed $285,000 CANOPYMLS as Distributed by MLS Grid
• 2019-08-01 Sold (Public Records) $178,000 Public Records
• 2019-07-31 Sold (MLS) $178,000 CANOPYMLS as Distributed by MLS Grid
• 2019-07-02 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2019-06-28 Price Changed $175,000 CANOPYMLS as Distributed by MLS Grid
• 2019-06-28 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2019-05-22 Delisted — CANOPYMLS as Distributed by MLS Grid
• 2019-04-23 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2019-04-06 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2019-03-31 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2019-03-27 Listed $187,500 CANOPYMLS as Distributed by MLS Grid
• 2019-01-14 Sold (Public Records) $65,000 Public Records

Property tax history

+13.8%/yr

Latest (2025): $1,297 · +6.9% YoY. Source: county tax records.