1664 Grouse Moor Dr #8 · Sugar Mountain, NC 28604

$229,000

2 bd · 2.0 ba · 888 sqft · Condo public records · 293 Days on market

Built 1984 $309/mo HOA · 14% of rent ↓ 18% since listing

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Why this score? — see what drove the D 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 +13.5/30.0
• ARV discount +7.5/15.0
• 1% rule +4.4/10.0
• DSCR +4.1/10.0
• Schools +4.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A rare opportunity! A two bedroom, two bath FULLY REMODELED Sugar Mountain condo for just $229,000! This Misty Woods condo also has LEVEL entry by driving around the side of the building to its own parking pad. A large private back deck that has been freshly stained. Wood burning fireplace. Short term rental allowed. The Association replaced the building's roof recently. New WINDOWS, new kitchen counters, cabinets and appliances, new flooring, new electric baseboard, new bathrooms and freshly painted and stained! The 4,600 elevation will provide welcome relief from warm temperatures elsewhere! Outside storage closet. Misty Woods puts you close to skiing, golf, tennis, hiking, Banner Elk

Key facts

• Fully remodeled
• Private back deck
• Level entry

Tags

• FULLY REMODELED
• LEVEL ENTRY
• PRIVATE BACK DECK
• WOOD BURNING FIREPLACE
• NEW WINDOWS
• NEW KITCHEN COUNTERS

Property features AI

Finance

• Other: Subdivision: Misty Woods
• HOA & community: Homeowners association with quarterly fee; Quarterly association fee

Exterior

• Parking: Driveway (paved); Shared driveway; Other parking (see remarks)
• Utilities: Cable available; Electric service
• Home design: Residential condominium; One story
• Construction: Vinyl and wood siding with frame construction; Concrete elements; Slab foundation; Shingle roof (and other — see remarks); Below-grade finished area present
• Exterior features: Patio/porch (see remarks); Has a view; Paved road access; Publicly maintained road

Interior

• Kitchen: Electric range; Dishwasher; Microwave; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Electric heating; Fireplace heating; No central cooling
• Interior features: High-speed internet; Wood-burning fireplace
• Laundry & utility: Washer and dryer on the main level; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $229k.

Deal economics

• At list price, monthly cash flow is $9 ($103/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 $215k (6.1% below list).
• Recommended offer: $202k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.3% vs local median 2.6% in Sugar Mountain — 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 (#81 in NC) — a middle-class / working-renter tenant base. Strengths: employment A+, crime A, housing A; Watch: health & safety C-, amenities F, commute F.
• Avery County Schools (rural): math 47% / reading 52% proficiency, ranked #70 of 178 in NC (top 39%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Banner Elk Elementary (math 57% / reading 62%, grade B-, #205 of 1,410 statewide, top 16%, 176 students, 47% FRL); Avery Middle (math 43% / reading 49%, grade D+, #151 of 475 statewide, top 32%, 230 students, 72% FRL); Avery County High (math 47% / reading 67%, grade C, #248 of 535 statewide, top 48%, 613 students, 58% FRL).
• Market conditions: 743 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 95 units permitted in Avery County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Avery County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 293 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.

Recommended offer $201,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 293 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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.
9. 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.
10. 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: 0.94% ✗
• Cap rate: 6.34%
• Cash-on-cash: 0.16%
• DSCR: 1.01
• GRM: 8.9

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: -16.0%
• Equity multiple: 0.43×
• Total profit: $-36,463
• Equity at exit: $34,145

10-year hold

• IRR: -7.5%
• Equity multiple: 0.52×
• Total profit: $-30,647
• Equity at exit: $19,800

Cash invested: $64,120 (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 28604

• Home prices YoY: -20.0%
• Active inventory: 743
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,150 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$85 /mo · $1,015/yr
• Insurance: −$95
• HOA: −$309
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $9

Break-even live

Break-even rent $2,139

Max offer price $229,000

Occupancy floor 95%

Sensitivity live

Price	-10% $138	-5% $73	+0% $9	+5% $-56	+10% $-121
Rent	-10% $-161	-5% $-76	+0% $9	+5% $94	+10% $178
Rate	-1.0pp $124	-0.5pp $67	base $9	+0.5pp $-51	+1.0pp $-111

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 Sugar Ski Dr Unit APPres-Ski Sugar Mountain, NC	2.0	2.0	900	$2,150	$2.39	15d	1	0.38mi

HOA detail condo

• Monthly dues: $309 · $3,708/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-22
   days on market $229,000 Active 293 DOM
2. 2026-06-21
   days on market $229,000 Active 292 DOM
3. 2026-06-21
   days on market $229,000 Active 291 DOM
4. 2026-06-18
   days on market $229,000 Active 289 DOM
5. 2026-06-17
   days on market $229,000 Active 288 DOM
6. 2026-06-16
   days on market $229,000 Active 287 DOM
7. 2026-06-15
   days on market $229,000 Active 286 DOM
8. 2026-06-13
   days on market $229,000 Active 284 DOM
9. 2026-06-12
   days on market $229,000 Active 283 DOM
10. 2026-06-09
    days on market $229,000 Active 280 DOM
11. 2026-06-08
    days on market $229,000 Active 279 DOM
12. 2026-06-07
    days on market $229,000 Active 278 DOM
13. 2026-06-07
    days on market $229,000 Active 277 DOM
14. 2026-06-04
    days on market $229,000 Active 274 DOM
15. 2026-06-02
    days on market $229,000 Active 273 DOM
16. 2026-06-01
    days on market $229,000 Active 272 DOM
17. 2026-05-31
    days on market $229,000 Active 271 DOM
18. 2026-02-04
    price $229,000
19. 2025-11-25
    price $239,000
20. 2025-10-16
    price $249,000
21. 2025-09-22
    price $269,000
22. 2025-09-02
    listed $279,000 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: $1,015 · $85/mo
• Projected year-2 tax: $1,878 · $156/mo
• Expected delta: +$863/yr (+$72/mo · 85.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 5 d/yr ≥84°F today · 14 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: $25,800
• − Mortgage interest: −$12,828
• − Property taxes: −$1,015
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,064
• − Management: −$2,064
• − HOA: −$3,708
• − Depreciation: −$6,662
• Taxable loss: −$3,686
• Est. tax savings @ 24.0%: +$885
• After-tax cash flow: $988/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: Avery County Schools
• NCES district ID: 3700300
• Math proficiency: 47% ▼ -2.00%
• Reading proficiency: 52% ▲ 1.00%
• Median HH income: $36,713
• Composite: 41.09/100
• National rank: #3571
• State rank: #70 of 178 in NC

Livability — Sugar Mountain

• Score: 72/100
• State rank: #81
• US rank: #5775

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sugar Mountain, NC
• Population (ZIP): 7,280

Population outlook (Avery County) Hauer SSP2

• Today (2025): 17,283 people
• By 2030: 16,979 · -1.8%
• By 2040: 16,222 · -6.1%
• By 2050: 15,581 · -9.8%
• By 2075: 14,499 · -16.1%
• By 2100: 13,463 · -22.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 4% Black 1% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 6% Italian 4% Serbian 3%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 6% Other Indo-European 1%

Political lean MEDSL · Avery

• 2024 margin: Solid R (+52.4) · D 23.4% · R 75.8%
• 2008→2024 swing: -8.3pp toward R · 2008: -44.1pp · 2024: -52.4pp
• All cycles: 2024: R+52.4 2020: R+52.7 2016: R+56.5 2012: R+50.2 2008: R+44.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.36%
• Current HPI: 337.4743
• 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

-17.9% since first listed

5 events — show timeline

• 2026-02-04 Price Changed $229,000 HCMLS
• 2025-11-25 Price Changed $239,000 HCMLS
• 2025-10-16 Price Changed $249,000 HCMLS
• 2025-09-22 Price Changed $269,000 HCMLS
• 2025-09-02 Listed $279,000 HCMLS

Property tax history

+13.9%/yr

Latest (2025): $1,015 · +0.0% YoY. Source: county tax records.