2432 Grapevine Rd · Mars Hill, NC 28753

$225,000

3 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 70 Days on market

Built 1964 1.04 ac lot Est $242k · 7% 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 +17.3/30.0
• ARV discount +10.7/15.0
• Appreciation +10.0/10.0
• DSCR +5.4/10.0
• Schools +4.5/10.0
• Livability +3.8/5.0
• 1% rule +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Investor opportunity with untapped potential. This unique property offers multiple living spaces and is ideal for buyers looking to renovate, invest, or create a flexible homestead. The property features a block ranch home alongside a singlewide trailer, providing options for extended family living or future rental income. With convenient road frontage, access is easy and practical for a variety of uses. A creek runs alongside the property, adding character and a sense of tranquility. A two-story canhouse is also included, offering additional space for storage, a workshop, or creative repurposing. While the property does require an extensive amount of work and updates, it presents a valuabl

Key facts

• Creek alongside
• Extra storage
• Road frontage

Tags

• MULTIPLE LIVING SPACES
• ROAD FRONTAGE
• BLOCK RANCH HOME
• CREEK ALONGSIDE
• EXTRA STORAGE
• WORKSPACE

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway; Attached garage; Main-level garage (yes); Has garage
• Utilities: Spring water; Septic system installed
• Home design: Single family residence; Site-built construction; One story; R-A zoning
• Construction: Block and stone construction; Crawl space foundation
• Exterior features: Level lot; Roads are gravel and paved; Publicly maintained road

Interior

• Kitchen: No appliances listed
• Bedrooms: 3 bedrooms on the main level
• Flooring: Wood flooring; Linoleum flooring
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: No heating system listed; No cooling system listed; Unheated area: 676
• Interior features: Wood and linoleum flooring; Living room fireplace
• Laundry & utility: Laundry located in the garage

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $166 ($2k/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 $188k (16.3% below list).
• Recommended offer: $188k (16.3% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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: 136 active listings in the ZIP; 209 units permitted in Madison County in 2024 (5 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $188,234 (16.3% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
2. Built in 1964 — 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. 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: 0.84% ✗
• Cap rate: 7.18%
• Cash-on-cash: 3.16%
• DSCR: 1.14
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $242,424
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1178 E Fork Rd	0.42mi	3/1.5	1,195 (+9%)	11mo	$265,000	$222	53

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.5%
• Equity multiple: 3.11×
• Total profit: $133,008
• Equity at exit: $202,698

10-year hold

• IRR: 23.2%
• Equity multiple: 7.08×
• Total profit: $383,135
• Equity at exit: $437,126

Cash invested: $63,000 (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 28753

• Home prices YoY: 10.2%
• Active inventory: 136
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,882 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$47 /mo · $567/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $166

Break-even live

Break-even rent $1,672

Max offer price $225,000

Occupancy floor 86%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $225,000 Active 70 DOM
2. 2026-06-18
   days on market $225,000 Active 69 DOM
3. 2026-06-17
   days on market $225,000 Active 68 DOM
4. 2026-06-16
   days on market $225,000 Active 67 DOM
5. 2026-06-15
   days on market $225,000 Active 66 DOM
6. 2026-06-14
   days on market $225,000 Active 64 DOM
7. 2026-06-12
   days on market $225,000 Active 63 DOM
8. 2026-06-09
   days on market $225,000 Active 60 DOM
9. 2026-06-08
   days on market $225,000 Active 59 DOM
10. 2026-06-07
    days on market $225,000 Active 58 DOM
11. 2026-06-03
    days on market $225,000 Active 54 DOM
12. 2026-06-02
    days on market $225,000 Active 53 DOM
13. 2026-06-01
    days on market $225,000 Active 52 DOM
14. 2026-05-31
    days on market $225,000 Active 51 DOM
15. 2026-05-30
    days on market $225,000 Active 50 DOM
16. 2026-04-10
    listed $225,000 Active

ⓘ 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: $567 · $47/mo
• Projected year-2 tax: $1,845 · $154/mo
• Expected delta: +$1,278/yr (+$107/mo · 225.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 9/10 Extreme
• 🌡 Heat 4/10 Moderate 8 d/yr ≥99°F today · 24 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,588
• − Mortgage interest: −$12,603
• − Property taxes: −$567
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,807
• − Management: −$1,807
• − Depreciation: −$6,545
• Taxable loss: −$1,867
• Est. tax savings @ 24.0%: +$448
• After-tax cash flow: $2,442/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): 9,778

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 3%
• Common ancestry: Serbian 6% Slovak 3% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

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: ▲ 28.22%
• Current HPI: 305.7339
• 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

• 2026-04-10 Listed $225,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+6.7%/yr

Latest (2023): $567 · +0.0% YoY. Source: county tax records.