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Price:  $119,900 (SOLD 7/9/20)

Location:  Madison County (North of Asheville)

Detailed Property Information

Heated Square Footage
1,494 heated square feet

Year Built
1980
# of Bedrooms
Two bedrooms plus additional areas
# of Baths
Two full baths
Overall Condition
Fair (needs work)
Acreage
Seven acres
Surface Water
Small creek and springs
Pond/Lake
None
Open Field/Pasture
None
Nearest Interstate Highway
20 miles (I-26)
Nearest Four Lane Road
8 miles (US 70/25)
Nearest High Density Area
20 miles (Weaverville)

Photo Gallery

This home on seven acres makes for a great starter bugout property.  Located approximately 24 minutes from downtown Marshall, its remote and private, but accessible year round via a good road system.  The seven acre property is part of what was an “intentional community” started in the 80’s by a group of folks looking to live closer to the land.  Over time, as individuals sold their holdings, the owner of this property acquired them along with an adjoining 45 acre parcel so that today, this individual owns all but two very small land holdings.

Though there are old covenants on the property (very minimal), the seller controls them and can amend or rescind them at will.  From the public paved road, you continue traveling on a gravel state maintained road for another mile before turning on Lothlorien Lane which is a private road leading to this property.  Follow it for another mile passing through large woodland tracts before arriving in a beautiful community.  In fact, the entire 100 acre property is presently available for sale and can be viewed by clicking here.

The house on the seven acres is truly a “fixer upper”.  It was lived in until November 2019 although the elderly lady who owned it didn’t to much to it in terms of maintenance for the past several years.  The result is a lot of deferred maintenance including a roof leak in the kitchen.  The house needs a deep cleaning and airing out, but is solid and could make for a great starter home.  On the seven acres there’s a large pole barn/equipment shed and views to the French Broad River over 1,500′ beyond.  Once out at this property, you’ll have total privacy.  The house has a private well and individual septic system along with a wood stove in the living room and an oil fired monitor heater.  The only financing option for a purchase other than cash is a “renovation loan”, which entails having a general contractor provide a bid and scope of work for renovations.  The house would then be appraised based on those renovations and the lender would lend 95% to 97% of that appraised amount.  At this asking price, for a solid house (in need of work) on seven acres, you could put $15k to $20k and end up with one incredible bugout property or mountain homestead.

A small spring comes out of the mountain within 100′ of the property and feeds a community pond down below.  Situated just below the house on its own seven acres are several former raised beds ideal for gardening.  So if you’re looking for a great value and don’t mind putting a little elbow grease into it, this could be a great investment.  Call us today for maps and more details.