299 Blue Ridge Dr S #1 · Spruce Pine, NC 28752

$184,000

2 bd · 2.0 ba · 1,098 sqft · Condo public records · 155 Days on market

Built 1997 $487/mo HOA · 16% of rent ↓ 8% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your mountain retreat in North Cove Valley, ideally located just minutes from Linville Falls, the Blue Ridge Parkway, and Linville Falls Winery. This well maintained 2 bedroom, 2 bathroom ground level condo offers an open concept living and dining area perfect for relaxing or entertaining. Enjoy gorgeous year round mountain views from your private screened porch, the ideal spot for morning coffee or unwinding at the end of the day. Additional features include an in unit washer and dryer, convenient parking, and easy access. Outdoor enthusiasts will love having a professional disc golf course and scenic walking areas along the North Fork Catawba River right outside your door. This

Key facts

• In unit washer dryer
• Mountain views
• $487 HOA

Tags

• MOUNTAIN VIEWS
• PRIVATE SCREENED PORCH
• IN UNIT WASHER DRYER
• PROFESSIONAL DISC GOLF COURSE
• HIGHLY SOUGHT AFTER COMMUNITY

Property features AI

Finance

• Other: Directions: Contact listing agent for alternate route due to community bridge damage
• HOA & community: Has HOA (mandatory/required); Annual association fee of $3,246.40; Quarterly association fee of $650; Association annual expenses reported

Exterior

• Parking: Parking lot (no main-level garage)
• Utilities: Community well water; Private sewer
• Home design: Residential condominium; Site-built construction; One story
• Construction: Wood construction; Slab foundation
• Exterior features: Covered screened patio/porch; Storage; Level lot with views; Private maintained paved/asphalt road

Interior

• Kitchen: Dishwasher; Electric cooktop; Electric oven; Freezer; Microwave; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Linoleum; Tile
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Sliding doors; Has fireplace; One entry level; Room count: 1
• Laundry & utility: Washer/Dryer included; Inside laundry in a laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $184k.

Deal economics

• At list price, monthly cash flow is $740 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $184k).
• Recommended offer: $162k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.6% vs local median 1.7% in Spruce Pine — 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 80/100 on livability (#19 in NC, #1,753 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, employment D+, commute F.
• Mcdowell County Schools (rural): math 35% / reading 46% proficiency, ranked #115 of 178 in NC (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 266 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 175 units permitted in McDowell County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• McDowell County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $15k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $161,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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 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: 1.68% ✓
• Cap rate: 11.56%
• Cash-on-cash: 18.79%
• DSCR: 1.84
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 8.7%
• Equity multiple: 1.34×
• Total profit: $17,657
• Equity at exit: $27,435

10-year hold

• IRR: 18.0%
• Equity multiple: 2.50×
• Total profit: $77,378
• Equity at exit: $15,909

Cash invested: $51,520 (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 28752

• Active inventory: 266
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $3,100 medium
• Mortgage (P&I): −$965
• Tax from tax record: −$114 /mo · $1,363/yr
• Insurance: −$77
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$487
• Vacancy / Maint / Mgmt: −$651
• Net cashflow: $740

Break-even live

Break-even rent $2,163

Max offer price $184,000

Occupancy floor 71%

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: $46,000
• Closing costs: $5,520
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
452 Wilderness Dr Marion, NC	2.0	2.0	1200	$3,100	$2.58	13d	1	0.77mi

HOA detail condo

• Monthly dues: $487 · $5,844/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-19
   days on market $184,000 Active 155 DOM
2. 2026-06-18
   days on market $184,000 Active 154 DOM
3. 2026-06-17
   days on market $184,000 Active 153 DOM
4. 2026-06-16
   days on market $184,000 Active 152 DOM
5. 2026-06-15
   days on market $184,000 Active 151 DOM
6. 2026-06-14
   days on market $184,000 Active 149 DOM
7. 2026-06-13
   days on market $184,000 Active 148 DOM
8. 2026-06-10
   days on market $184,000 Active 146 DOM
9. 2026-06-09
   days on market $184,000 Active 145 DOM
10. 2026-06-08
    days on market $184,000 Active 144 DOM
11. 2026-06-07
    days on market $184,000 Active 143 DOM
12. 2026-06-02
    days on market $184,000 Active 138 DOM
13. 2026-06-01
    days on market $184,000 Active 137 DOM
14. 2026-05-31
    days on market $184,000 Active 136 DOM
15. 2026-05-30
    days on market $184,000 Active 135 DOM
16. 2026-04-24
    price $184,000
17. 2026-04-10
    price $189,000
18. 2026-03-10
    price $194,000
19. 2026-01-15
    listed $199,000 Active
20. 2025-06-26
    price $199,000
21. 2025-06-26
    historical $1,200
22. 2025-05-27
    listed $1,200
23. 2025-05-14
    price $169,000
24. 2025-04-18
    price $174,000
25. 2025-04-13
    price $184,000
26. 2025-03-25
    price $194,000
27. 2025-02-27
    listed $199,000 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: $1,363 · $114/mo
• Projected year-2 tax: $1,509 · $126/mo
• Expected delta: +$146/yr (+$12/mo · 10.7%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 9 d/yr ≥94°F today · 26 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: $37,200
• − Mortgage interest: −$10,307
• − Property taxes: −$1,363
• − Insurance: −$1,718
• − Repairs & maintenance: −$2,976
• − Management: −$2,976
• − HOA: −$5,844
• − Depreciation: −$5,353
• Taxable income: $6,664
• Est. tax owed @ 24.0%: −$1,599
• After-tax cash flow: $7,285/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: Mcdowell County Schools
• NCES district ID: 3702940
• Math proficiency: 35% ▼ -3.00%
• Reading proficiency: 46% ▬ 0.00%
• Median HH income: $36,769
• Composite: 33.6/100
• National rank: #5413
• State rank: #115 of 178 in NC

Livability — Spruce Pine

• Score: 80/100
• State rank: #19
• US rank: #1753

Category grades

Amenities C+ Commute F Cost of living A+ Crime A Employment D+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 10,368
• Population (ZIP): 30,602

Population outlook (McDowell County) Hauer SSP2

• Today (2025): 44,615 people
• By 2030: 44,002 · -1.4%
• By 2040: 42,285 · -5.2%
• By 2050: 39,906 · -10.6%
• By 2075: 34,396 · -22.9%
• By 2100: 27,970 · -37.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 5% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Serbian 4% Slovak 2% Iranian 1%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 8% German/W. Germanic 1% Vietnamese 1%

Political lean MEDSL · McDowell

• 2024 margin: Solid R (+49.2) · D 25.1% · R 74.2%
• 2008→2024 swing: -22.2pp toward R · 2008: -27.0pp · 2024: -49.2pp
• All cycles: 2024: R+49.2 2020: R+48.0 2016: R+50.5 2012: R+31.9 2008: R+27.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.41%
• Current HPI: 182.9225
• 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

-7.5% since first listed

12 events — show timeline

• 2026-04-24 Price Changed $184,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-10 Price Changed $189,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-10 Price Changed $194,000 CANOPYMLS as Distributed by MLS Grid
• 2026-01-15 Listed $199,000 CANOPYMLS as Distributed by MLS Grid
• 2025-06-26 Price Changed $199,000 CANOPYMLS as Distributed by MLS Grid
• 2025-06-26 Rental Removed $1,200 TENANTTURNER2
• 2025-05-27 Listed for Rent $1,200 TENANTTURNER2
• 2025-05-14 Price Changed $169,000 CANOPYMLS as Distributed by MLS Grid
• 2025-04-18 Price Changed $174,000 CANOPYMLS as Distributed by MLS Grid
• 2025-04-13 Price Changed $184,000 CANOPYMLS as Distributed by MLS Grid
• 2025-03-25 Price Changed $194,000 CANOPYMLS as Distributed by MLS Grid
• 2025-02-27 Listed $199,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+14.1%/yr

Latest (2025): $1,363 · +0.0% YoY. Source: county tax records.