We love pretty much everything within a half-hour drive of Asheville and are partial to Woodfin, Mars Hill, Marshall and Black Mountain. 

We wanted land between our house and the paved road to put in a private drive.

A few factors here... are you doing the work or subbing it out?

All of my properties are within a 40 minute drive, so I can address problems easily. 

There may also be non-monetary factors to consider, such as the family members expected rate of appreciation for the property and tax considerations. 

I recently looked at a duplex and wanted to get some thoughts on if these items should be factored into the offer price:The water heaters were over 10 years old, both gas furnaces were over 10 years old, the water was not separately metered, the front porch (cement) had some cracks in it, and both units would need some paint and new carpeting. 

But this is only after you factor in ALL the assumed potential expenses.

It depends on a lot of factors. 

Would those initial expenses factor into lowering the offer price?

That would drive refi or 1031 for me.