322 Goldenleaf Rd

Mars Hill, NC 28754

$659,000D-

3 bd · 2.0 ba · 2,192 sqft · Built 1990 · SingleFamily · Active · 161 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,773/mo
• Mortgage (P&I): −$3,456
• Tax + insurance: −$424
• HOA: −$213
• Vac / Maint / Mgmt: −$792
• Net cashflow: $-1,112/mo
• Annual: $-13,345/yr
• Cap rate: 4.27%
• Cash-on-cash: -7.23%
• DSCR: 0.68
• 1% rule: 0.57%
• Cash to close: $184,520

Investor read

• This is a 3-bed/2.0-bath single-family listed at $659k.
• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $463k (29.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $377k (42.7% below list).
• It's been on market 161 days — a 12% lower offer ($580k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $377k (42.7% below list) — sets the bar for 1% rule.
• In year one you build about $50k of equity ($5k loan paydown + $46k appreciation (6.9% local appreciation)).
• 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).
• Yancey County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $116k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$80k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.3% 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.

Questions for listing agent

• 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?
• It's been on market 161 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.