448 Sand Hill Rd · Asheville, NC 28806

$350,000

4 bd · 2.0 ba · 1,560 sqft · MultiFamily public records · 87 Days on market

Built 1931 6,969 sqft lot

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Why this score? — see what drove the B- 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 +29.3/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Don’t miss this rare opportunity to own a duplex in the heart of highly desirable West Asheville! This property features two separate units, each offering 2 bedrooms and 1 full bath—perfect for investors, or multi-generational living. Both units are currently vacant, making it easy to set your own rents or move in right away. Each unit offers a functional layout with comfortable living spaces and plenty of natural light. Step outside and enjoy direct access to the Hominy Creek Greenway, ideal for walking, biking, and enjoying the outdoors right from your backyard. The location puts you just minutes from West Asheville’s vibrant shops, restaurants, and entertainment, while

Key facts

• Two separate units
• Duplex
• 6,969 sq ft lot

Tags

• DUPLEX
• TWO SEPARATE UNITS
• STRONG INCOME POTENTIAL

Property features AI

Finance

• Other: Zoning: RM6; Roads are publicly maintained; road surfaces include gravel and paved
• Financial info: Property is residential income (duplex) with 2 total units; Owner pays: none; Tenant pays: none
• HOA & community: No HOA; Community features: sidewalks, street lights, walking trails; Pets allowed

Exterior

• Parking: Two open parking spaces
• Utilities: City / public water; Public sewer; Electricity connected
• Home design: Duplex (residential income property); Site-built construction
• Construction: Vinyl exterior; Composition roof; Basement foundation
• Exterior features: Private, level lot with wooded and sloped areas; Flood plain / bottom land; Adjoins Hominy Creek Greenway

Interior

• Kitchen: Dishwasher; Electric range / oven; Microwave; Refrigerator
• Bedrooms: 4 bedrooms total (configured as two 2-bedroom units)
• Flooring: Carpet; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump (heating and cooling)
• Interior features: Open floor plan; Basement with exterior entry, dirt floor, unfinished
• Laundry & utility: Washer and dryer in unit; Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $617/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $329k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 2.4% 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.
• Asheville City Schools (urban): math 39% / reading 55% proficiency, ranked #80 of 178 in NC (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Asheville High (math 52% / reading 65%, grade C, #235 of 535 statewide, top 45%, 1,166 students, 33% FRL).
• Market conditions: Rents rising (+2.1%/yr); 334 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 3,305 units permitted in Buncombe County in 2024 (1,855 in 5+ unit buildings).
• At $4,283/mo this rent would consume 81% of the median local household income ($63k/yr) (locally 1783% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $98k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $22k; list at $350k implies a 1491% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $329,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 10.52%
• Cash-on-cash: 15.10%
• DSCR: 1.67
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.06% rent growth · sell at horizon

5-year hold

• IRR: 4.7%
• Equity multiple: 1.18×
• Total profit: $17,736
• Equity at exit: $52,186

10-year hold

• IRR: 13.3%
• Equity multiple: 2.02×
• Total profit: $100,041
• Equity at exit: $30,262

Cash invested: $98,000 (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 28806

• Rents YoY: 2.1%
• Active inventory: 334
• Price-to-rent: 13.6×

Monthly cashflow live

• Estimated rent: $4,283 high
• Mortgage (P&I): −$1,835
• Tax from tax record: −$169 /mo · $2,025/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$899
• Net cashflow: $1,234

Break-even live

Break-even rent $2,722

Max offer price $350,000

Occupancy floor 66%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,282
Total (2 units)			$4,283

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
113 Hominy Ridge Ct Asheville, NC	3.0	1.0–2.0	945	$2,309	$2.44	13d	68	0.32mi
110 Bear Creek Ln Asheville, NC	1.0–3.0	1.0–2.0	910	$1,824	$2.00	13d	23	0.43mi
11 Shadowlawn Dr Asheville, NC	3.0	2.0	1410	$2,250	$1.60	43d	1	0.98mi
17 Bolton St Asheville, NC	3.0	2.5	1592	$1,795	$1.13	13d	1	1.01mi
11 Bolton St Asheville, NC	3.0	2.5	1629	$1,895	$1.16	43d	1	1.02mi
5 Bolton St Asheville, NC	3.0	2.5	1629	$1,845	$1.13	21d	1	1.03mi
96 Louisiana Ave Asheville, NC	3.0	2.0	1602	$2,595	$1.62	23d	1	1.25mi
16 Evergreen Ave Unit B Asheville, NC	3.0	2.0	1200	$1,865	$1.55	43d	1	1.30mi
16 Evergreen Ave Unit A Asheville, NC	3.0	2.0	1200	$1,795	$1.50	23d	1	1.30mi
82 Hanover St Asheville, NC	4.0	2.0	1404	$2,200	$1.57	13d	1	1.39mi
5 Mayday St Asheville, NC	3.0	3.0	1528	$2,999	$1.96	43d	1	1.43mi

Listing history 17 events

1. 2026-06-18
   days on market $350,000 Active 87 DOM
2. 2026-06-17
   days on market $350,000 Active 86 DOM
3. 2026-06-16
   days on market $350,000 Active 85 DOM
4. 2026-06-15
   days on market $350,000 Active 84 DOM
5. 2026-06-14
   days on market $350,000 Active 82 DOM
6. 2026-06-10
   days on market $350,000 Active 79 DOM
7. 2026-06-09
   days on market $350,000 Active 78 DOM
8. 2026-06-08
   days on market $350,000 Active 77 DOM
9. 2026-06-07
   pricedays on market $350,000 Active 76 DOM
10. 2026-06-05
    days on market $425,000 Active 73 DOM
11. 2026-06-03
    days on market $425,000 Active 72 DOM
12. 2026-06-02
    days on market $425,000 Active 71 DOM
13. 2026-06-01
    days on market $425,000 Active 70 DOM
14. 2026-05-31
    days on market $425,000 Active 69 DOM
15. 2026-05-30
    days on market $425,000 Active 68 DOM
16. 2026-03-23
    listed $425,000 Active
17. 1988-12-21
    soldstatus $22,000

ⓘ 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: $2,025 · $169/mo
• Projected year-2 tax: $2,870 · $239/mo
• Expected delta: +$845/yr (+$70/mo · 41.7%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,396
• − Mortgage interest: −$19,605
• − Property taxes: −$2,025
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,112
• − Management: −$4,112
• − Depreciation: −$10,182
• Taxable income: $9,610
• Est. tax owed @ 24.0%: −$2,306
• After-tax cash flow: $12,496/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: Asheville City Schools
• NCES district ID: 3700270
• Math proficiency: 39% ▼ -7.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $42,367
• Composite: 39.51/100
• National rank: #3948
• State rank: #80 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

• Census place: Asheville, NC
• County: Buncombe County · 241,085 people
• City population: 137,611
• Metro: Asheville, NC
• Population (ZIP): 43,433
• Household income: $63,273
• Rent vs Own: 40.1% rent · 59.9% own
• Severe rent burden: 1783.0

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 (77%)
• Race & ethnicity: White 77% Hispanic / Latino 11% Two or more races 9% Black 6% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Serbian 3% Slovak 3% Italian 3%
• Foreign-born: 10% · Canada, China
• Languages at home: 86% English-only · Spanish 9% Russian/Polish/Slavic 3% Other Indo-European 2%

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: ▼ -271.16%
• Current HPI: 350.3071
• Rent YoY: ▲ 2.06%
• 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

+1831.8% since first listed

2 events — show timeline

• 2026-03-23 Listed $425,000 CANOPYMLS as Distributed by MLS Grid
• 1988-12-21 Sold (Public Records) $22,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $2,025 · -23.6% YoY. Source: county tax records.