15 Grindstaff Dr · Asheville, NC 28803

$949,000

2 bd · 7.0 ba · 4,876 sqft · MultiFamily public records · 277 Days on market

Built 1927 0.59 ac 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

HISTORIC CHARMER SEEKS LOVING NEW OWNER. Beautiful, 7-unit building in Kenilworth on a flat lot with loads of architectural personality. Have you been looking for a cool investment property in a prime location? This is the one! Centrally located near schools, hospitals, downtown Asheville, and Biltmore Village. Complete with a coin laundry, common spaces, and off-street parking. It's an elegant and distinguished building with solid 'bones' that's ready for its next chapter in ownership!

Key facts

• Flat lot
• Plenty of parking
• 0.59 acre lot

Tags

• FLAT LOT
• PLENTY OF PARKING

Property features AI

Finance

• Financial info: Multi-unit property with 7 total units
• HOA & community: No HOA dues; Pets allowed: contact listing for details

Exterior

• Parking: Assigned spaces in a parking lot
• Utilities: City water; Public sewer; Electricity connected
• Home design: Residential income apartment property; Apartment building; Site built construction; Development completed
• Construction: Wood construction materials; Composition roof
• Exterior features: Patio; Porch; Asphalt-paved public road access

Interior

• Kitchen: Electric oven, Electric range, Microwave, Refrigerator
• Bedrooms: 8 total bedrooms
• Flooring: Wood flooring
• Bathrooms: 7 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Window unit cooling
• Interior features: Electric oven, Electric range, Microwave, Refrigerator; Wood flooring; Has basement with dirt floor; Primary bedroom, Bathroom(s), Kitchen, Living room
• Laundry & utility: Laundry area located in basement

What this means for you Summary

Snapshot

• This is a 7 × 8-bed/7.0-bath units multifamily listed at $949k.

Deal economics

• At list price, monthly cash flow is $7k ($80k/yr) — positive. Per door: $952/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $949k).
• Recommended offer: $835k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.7% 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 soft (-2.2%/yr); 407 active listings in the ZIP; solid renter incomes; 3,305 units permitted in Buncombe County in 2024 (1,855 in 5+ unit buildings).
• At $16,039/mo this rent would consume 251% of the median local household income ($77k/yr) (locally 1583% 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 $7k of loan paydown is wiped out by about $28k 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 + 0.0% rent growth), your $266k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 277 days — a 12% lower offer ($835k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $201k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $750k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $835,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 277 days. Have you received any prior offers? Is the seller open to a 12% 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 1927 — 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: 1.69% ✓
• Cap rate: 14.72%
• Cash-on-cash: 30.10%
• DSCR: 2.34
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 21.4%
• Equity multiple: 1.84×
• Total profit: $223,611
• Equity at exit: $141,499

10-year hold

• IRR: 27.5%
• Equity multiple: 3.10×
• Total profit: $559,268
• Equity at exit: $82,052

Cash invested: $265,720 (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 28803

• Rents YoY: -2.2%
• Active inventory: 407
• Price-to-rent: 34.5×

Monthly cashflow live

• Estimated rent: $16,039 medium
• Mortgage (P&I): −$4,977
• Tax from tax record: −$634 /mo · $7,606/yr
• Insurance: −$395
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,368
• Net cashflow: $6,665

Break-even live

Break-even rent $7,602

Max offer price $949,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 7× units	8	7	$16,037
Total (7 units)			$16,039

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: $237,250
• Closing costs: $28,470
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $949,000 Active 277 DOM
2. 2026-06-17
   days on market $949,000 Active 276 DOM
3. 2026-06-16
   days on market $949,000 Active 275 DOM
4. 2026-06-15
   days on market $949,000 Active 274 DOM
5. 2026-06-14
   days on market $949,000 Active 272 DOM
6. 2026-06-09
   days on market $949,000 Active 270 DOM
7. 2026-06-08
   days on market $949,000 Active 269 DOM
8. 2026-06-07
   days on market $949,000 Active 268 DOM
9. 2026-06-05
   days on market $949,000 Active 265 DOM
10. 2026-06-03
    days on market $949,000 Active 264 DOM
11. 2026-06-02
    pricedays on market $949,000 Active 263 DOM
12. 2026-06-01
    days on market $999,000 Active 262 DOM
13. 2026-05-31
    days on market $999,000 Active 261 DOM
14. 2026-05-30
    days on market $999,000 Active 260 DOM
15. 2026-03-20
    status Active
16. 2026-02-04
    historical Active Under Contract
17. 2026-01-12
    price $999,000
18. 2025-10-21
    price $1,100,000
19. 2025-09-12
    listed $1,150,000 Active
20. 2018-12-11
    soldstatus $750,000
21. 1992-07-21
    soldstatus $80,000

ⓘ 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: $7,606 · $634/mo
• Projected year-2 tax: $7,782 · $648/mo
• Expected delta: +$176/yr (+$15/mo · 2.3%)

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

Taxation est. · year 1

• Rental income: $192,468
• − Mortgage interest: −$53,159
• − Property taxes: −$7,606
• − Insurance: −$4,745
• − Repairs & maintenance: −$15,397
• − Management: −$15,397
• − Depreciation: −$27,607
• Taxable income: $68,556
• Est. tax owed @ 24.0%: −$16,453
• After-tax cash flow: $63,525/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): 33,718
• Household income: $76,662
• Rent vs Own: 44.9% rent · 55.1% own
• Severe rent burden: 1583.0

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Black 7% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1% Cuban 1%
• Common ancestry: Slovak 5% Lithuanian 3% Serbian 3%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 89% English-only · Spanish 7% Other Indo-European 1% Russian/Polish/Slavic 1%

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: ▼ -217.76%
• Current HPI: 272.6799
• Rent YoY: ▼ -2.17%
• 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

+1148.8% since first listed

7 events — show timeline

• 2026-03-20 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-02-04 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-01-12 Price Changed $999,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-21 Price Changed $1,100,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-12 Listed $1,150,000 CANOPYMLS as Distributed by MLS Grid
• 2018-12-11 Sold (Public Records) $750,000 Public Records
• 1992-07-21 Sold (Public Records) $80,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $7,606 · +6.3% YoY. Source: county tax records.