Okay ... I already wrote a whole post detailing my Asheville thoughts only to have it vanish into the internets.
Basically it goes like this:
Asheville reminds me of Austin, TX. Particularly the Austin of 2001-2002... up and coming "cool" town with plenty of sketch still around the corners. West Asheville (where the house we want is) is in the equivalent of SoCo in Austin (again in 2001). This area is just turning over and while there is a pretty run down house down the street, with weird junker vehicles all over their yard, I expect they'll be gone soon. We feel pretty confident that this house will appreciate over the next few years... and while it might not be as nice as our house (or as big... or technically have a freaking yard... but who's counting?) it is well maintained and what renovations have been done have been done mostly to period.
For you NYers out there you can compare the area to Cobble Hill/Carroll Gardens in B'klyn circa 1997-1999 same kind of vibe going on down on Smith Street then as you feel in West Asheville now. And you know what I lived there then and I considered living in Austin in 2002... the only difference is that then I didn't have two little kids and a cute run down 2 bedroom fixer upper sounded like fun... and now it sounds like a rip-off.
Those are my thoughts for now... gotta get some rest