6 Azalea Rd Unit F · Asheville, NC 28704

$202,500

2 bd · 1.5 ba · 992 sqft · Condo public records · 75 Days on market

Built 1998 $250/mo HOA · 15% of rent

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Why this score? — see what drove the F 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 +8.0/30.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• 1% rule +3.1/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this bright and inviting 2-bedroom, 1.5-bathroom home, ideally located in Arden just off Sweeten Creek Rd., offering easy access to all the dining, shopping, and amenities South Asheville has to offer. Filled with abundant natural light, the main living area creates a warm and welcoming atmosphere perfect for everyday living. Recent updates throughout include new flooring, fresh paint, popcorn ceiling removal, new light fixtures, new closet doors, and a new range, giving the home a clean, modern feel. Upstairs, you’ll find two spacious bedrooms with generous closet space, providing comfort and flexibility. Enjoy outdoor living with both front and rear decks, recently stained and ready for relaxing or entertaining. Additional highlights include two dedicated parking spaces and a highly convenient location that combines comfort and accessibility in one appealing property.

Key facts

• Recent updates
• Fresh paint
• New flooring

Tags

• ABUNDANT NATURAL LIGHT
• RECENT UPDATES
• NEW FLOORING
• FRESH PAINT
• POPCORN CEILING REMOVAL
• NEW LIGHT FIXTURES

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $202k.

Deal economics

• At list price, monthly cash flow is $-209 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (18.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $164k (19.2% below list).
• Recommended offer: $164k (19.2% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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.
• Buncombe County Schools (suburban): math 45% / reading 50% proficiency, ranked #72 of 178 in NC (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 251 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,305 units permitted in Buncombe County in 2024 (1,855 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.
• Buncombe County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($190k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $12k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $126k; list at $202k implies a 60% gain — meaningful room to come down on a strong offer.

Recommended offer $163,536 (19.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
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. 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. 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?
10. 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.
11. 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.
12. 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: 0.81% ✗
• Cap rate: 5.05%
• Cash-on-cash: -4.43%
• DSCR: 0.80
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.35% rent growth · sell at horizon

5-year hold

• IRR: -27.0%
• Equity multiple: 0.11×
• Total profit: $-50,311
• Equity at exit: $30,193

10-year hold

• IRR: -38.8%
• Equity multiple: -0.36×
• Total profit: $-77,160
• Equity at exit: $17,508

Cash invested: $56,700 (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 28704

• Home prices YoY: -34.8%
• Rents YoY: 0.3%
• Active inventory: 251
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,635 high
• Mortgage (P&I): −$1,062
• Tax from tax record: −$105 /mo · $1,260/yr
• Insurance: −$84
• HOA: −$250
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $-209

Break-even live

Break-even rent $1,900

Max offer price $165,508

Occupancy floor —

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: $50,625
• Closing costs: $6,075
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 Heywood Shores Dr Arden, NC	1.0–3.0	1.0–2.0	880	$1,538	$1.75	13d	11	0.63mi
30 Allen Ave Asheville, NC	1.0–2.0	1.0–1.5	733	$1,800	$2.45	23d	1	0.69mi
12 Sky Exchange Dr Asheville, NC	1.0–3.0	1.0–2.0	1032	$1,678	$1.63	13d	40	0.72mi
110 Heywood Rd Arden, NC	2.0	2.0	1048	$1,448	$1.38	43d	2	0.82mi
66 Long Shoals Rd Arden, NC	1.0–3.0	1.0–2.0	1106	$1,699	$1.54	13d	6	0.96mi
2359 Hendersonville Rd Arden, NC	2.0	2.0	900	$1,395	$1.55	21d	1	1.03mi
133 Springside Rd Asheville, NC	3.0	2.0	1100	$2,020	$1.84	13d	1	1.16mi
223 Long Shoals Rd Arden, NC	3.0	1.0–2.0	783	$2,034	$2.60	13d	62	1.21mi
5000 Davis Grey Dr Asheville, NC	1.0–2.0	1.0–2.0	947	$1,561	$1.65	13d	12	1.21mi
60 Mills Gap Rd Asheville, NC	1.0–3.0	1.0–2.0	1129	$1,792	$1.59	13d	15	1.26mi
1100 Palisades Cir Asheville, NC	1.0	1.0	781	$1,325	$1.70	13d	1	1.37mi
1100 Palisades Cir Asheville, NC	2.0	2.0	990	$1,615	$1.63	43d	1	1.37mi
13 Christ School Rd Unit 9 Arden, NC	2.0	1.0	720	$1,300	$1.81	43d	1	1.44mi

HOA detail condo

• Monthly dues: $250 · $3,000/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-03
   days on market $202,500 Active 75 DOM
2. 2026-06-02
   days on market $202,500 Active 74 DOM
3. 2026-06-01
   days on market $202,500 Active 73 DOM
4. 2026-05-31
   days on market $202,500 Active 72 DOM
5. 2026-05-30
   days on market $202,500 Active 71 DOM
6. 2026-04-29
   price $202,500 908-char remark

   Show marketing remark (908 chars)

   Welcome to this bright and inviting 2-bedroom, 1.5-bathroom home, ideally located in Arden just off Sweeten Creek Rd., offering easy access to all the dining, shopping, and amenities South Asheville has to offer. Filled with abundant natural light, the main living area creates a warm and welcoming atmosphere perfect for everyday living. Recent updates throughout include new flooring, fresh paint, popcorn ceiling removal, new light fixtures, new closet doors, and a new range, giving the home a clean, modern feel. Upstairs, you’ll find two spacious bedrooms with generous closet space, providing comfort and flexibility. Enjoy outdoor living with both front and rear decks, recently stained and ready for relaxing or entertaining. Additional highlights include two dedicated parking spaces and a highly convenient location that combines comfort and accessibility in one appealing property.

7. 2026-04-07
   price $210,000 908-char remark

   Show marketing remark (908 chars)

   Welcome to this bright and inviting 2-bedroom, 1.5-bathroom home, ideally located in Arden just off Sweeten Creek Rd., offering easy access to all the dining, shopping, and amenities South Asheville has to offer. Filled with abundant natural light, the main living area creates a warm and welcoming atmosphere perfect for everyday living. Recent updates throughout include new flooring, fresh paint, popcorn ceiling removal, new light fixtures, new closet doors, and a new range, giving the home a clean, modern feel. Upstairs, you’ll find two spacious bedrooms with generous closet space, providing comfort and flexibility. Enjoy outdoor living with both front and rear decks, recently stained and ready for relaxing or entertaining. Additional highlights include two dedicated parking spaces and a highly convenient location that combines comfort and accessibility in one appealing property.

8. 2026-03-20
   listed $215,000 Active 908-char remark

   Show marketing remark (908 chars)

   Welcome to this bright and inviting 2-bedroom, 1.5-bathroom home, ideally located in Arden just off Sweeten Creek Rd., offering easy access to all the dining, shopping, and amenities South Asheville has to offer. Filled with abundant natural light, the main living area creates a warm and welcoming atmosphere perfect for everyday living. Recent updates throughout include new flooring, fresh paint, popcorn ceiling removal, new light fixtures, new closet doors, and a new range, giving the home a clean, modern feel. Upstairs, you’ll find two spacious bedrooms with generous closet space, providing comfort and flexibility. Enjoy outdoor living with both front and rear decks, recently stained and ready for relaxing or entertaining. Additional highlights include two dedicated parking spaces and a highly convenient location that combines comfort and accessibility in one appealing property.

9. 2018-05-04
   soldstatus $126,500 Closed 328-char remark

   Show marketing remark (328 chars)

   Move in ready and freshly painted, light filled condo in South Asheville. Great location near 12 Bones, BB Barns, Earthfare, Mission Hospital and all the amenities that South Asheville offers. This is a great place to call home. Two parking spaces, private back deck ,maintenance free, all appliances and Home Warranty included.

10. 2018-05-04
    soldstatus $126,500

    Show marketing remark (328 chars)

    Move in ready and freshly painted, light filled condo in South Asheville. Great location near 12 Bones, BB Barns, Earthfare, Mission Hospital and all the amenities that South Asheville offers. This is a great place to call home. Two parking spaces, private back deck ,maintenance free, all appliances and Home Warranty included.

11. 2018-04-09
    historical Under Contract - Show 328-char remark

    Show marketing remark (328 chars)

    Move in ready and freshly painted, light filled condo in South Asheville. Great location near 12 Bones, BB Barns, Earthfare, Mission Hospital and all the amenities that South Asheville offers. This is a great place to call home. Two parking spaces, private back deck ,maintenance free, all appliances and Home Warranty included.

12. 2018-03-25
    status Active 328-char remark

    Show marketing remark (328 chars)

    Move in ready and freshly painted, light filled condo in South Asheville. Great location near 12 Bones, BB Barns, Earthfare, Mission Hospital and all the amenities that South Asheville offers. This is a great place to call home. Two parking spaces, private back deck ,maintenance free, all appliances and Home Warranty included.

13. 2018-03-23
    historical Under Contract - Show 328-char remark

    Show marketing remark (328 chars)

    Move in ready and freshly painted, light filled condo in South Asheville. Great location near 12 Bones, BB Barns, Earthfare, Mission Hospital and all the amenities that South Asheville offers. This is a great place to call home. Two parking spaces, private back deck ,maintenance free, all appliances and Home Warranty included.

14. 2018-03-14
    listed $128,000 Active 328-char remark

    Show marketing remark (328 chars)

    Move in ready and freshly painted, light filled condo in South Asheville. Great location near 12 Bones, BB Barns, Earthfare, Mission Hospital and all the amenities that South Asheville offers. This is a great place to call home. Two parking spaces, private back deck ,maintenance free, all appliances and Home Warranty included.

15. 2017-01-25
    price $87,675
16. 2017-01-25
    soldstatus $87,675
17. 2017-01-25
    soldstatus $87,675 Sold
18. 2017-01-18
    historical
19. 2016-12-19
    historical Under Contract (Show)
20. 2016-12-19
    historical
21. 2016-12-16
    listed $85,000 Active
22. 2016-12-16
    listed $85,000
23. 2007-04-13
    soldstatus $101,000

ⓘ 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: $1,260 · $105/mo
• Projected year-2 tax: $1,661 · $138/mo
• Expected delta: +$400/yr (+$33/mo · 31.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 6 d/yr ≥96°F today · 17 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: $19,624
• − Mortgage interest: −$11,343
• − Property taxes: −$1,260
• − Insurance: −$1,012
• − Repairs & maintenance: −$1,570
• − Management: −$1,570
• − HOA: −$3,000
• − Depreciation: −$5,891
• Taxable loss: −$6,022
• Est. tax savings @ 24.0%: +$1,445
• After-tax cash flow: $-1,067/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: Buncombe County Schools
• NCES district ID: 3700450
• Math proficiency: 45% ▬ 0.00%
• Reading proficiency: 50% ▲ 2.00%
• Median HH income: $45,981
• Composite: 40.32/100
• National rank: #3749
• State rank: #72 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): 24,138
• Household income: $81,096
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 511.0

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 (74%)
• Race & ethnicity: White 74% Two or more races 13% Hispanic / Latino 11% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Slovak 3% Serbian 2% Scotch-Irish 2%
• Foreign-born: 10% · Canada, South Korea
• Languages at home: 84% English-only · Spanish 11% Russian/Polish/Slavic 2% Tagalog/Filipino 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: ▼ -143.22%
• Current HPI: 268.2861
• Rent YoY: ▲ 0.35%
• 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

+100.5% since first listed

18 events — show timeline

• 2026-04-29 Price Changed $202,500 CANOPYMLS as Distributed by MLS Grid
• 2026-04-07 Price Changed $210,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-20 Listed $215,000 CANOPYMLS as Distributed by MLS Grid
• 2018-05-04 Sold (Public Records) $126,500 Public Records
• 2018-05-04 Sold (MLS) $126,500 CANOPYMLS as Distributed by MLS Grid
• 2018-04-09 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2018-03-25 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2018-03-23 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2018-03-14 Listed $128,000 CANOPYMLS as Distributed by MLS Grid
• 2017-01-25 Price Changed $87,675 NCMMLS
• 2017-01-25 Sold (MLS) $87,675 NCMMLS
• 2017-01-25 Sold (MLS) $87,675 CANOPYMLS as Distributed by MLS Grid
• 2017-01-18 Delisted — NCMMLS
• 2016-12-19 Contingent — NCMMLS
• 2016-12-19 Delisted — CANOPYMLS as Distributed by MLS Grid
• 2016-12-16 Listed $85,000 NCMMLS
• 2016-12-16 Listed $85,000 CANOPYMLS as Distributed by MLS Grid
• 2007-04-13 Sold (Public Records) $101,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $1,260 · +6.6% YoY. Source: county tax records.