The Olive Mill House is a beautifully preserved Four-over-Four colonial farmhouse in the heart of Banco, Virginia. Originally a Sears Kit Home, it was delivered by train to Orange, VA, then transported to Banco and assembled on site. Built nearly a century ago, the home was added to the property by the Tysinger family, who operated the Olive Mill—grinding cornmeal just steps away. This 4-bedroom, 2-bath home rests on 2.4 total acres (two parcels) and has gracefully stood the test of time, retaining its original hardwood floors, front and rear staircases, high ceilings, and welcoming porches. Historic charm is found in every detail—from the antique doors and intricate moldings to the portrait rails and beautiful woodwork. Over the years, the Olive Mill House has served not only as a residence but also as a bed & breakfast, offering guests a taste of Madison County’s rich history. Outdoors, you’ll find a backyard in-ground pool—perfect for summer gatherings—set against the backdrop of one of Virginia’s most picturesque regions. The home is located on a Virginia Scenic byway, close to White Oak Falls, Old Rag, and Graves Mtn Lodge. This rare find combines historic craftsmanship with modern comfort, making it a truly special place to call home. Property will be active on the market on Sept 3rd , 2025. Three Bedroom Septic.
Single-familyProperty Type
1928Year Built
2.48 acresLot Size
$184Est. Price/Sq.Ft.
Listed by Patti Lillard• Montague, Miller & Company
Living Room, Dining Room, Master Bedroom, Bedroom 2, Bedroom 3, Bedroom 4, Kitchen, Family Room, Master Bathroom, Full Bath
Laundry Type: Main Floor, Washer In Unit, Dryer In Unit
Fireplace Information
Has Fireplace
# of Fireplaces: 1
Gas/Propane
Basement Information
Basement: No
Exterior
Property Information
Not Federal Flood Zone
Total Below Grade Sq. Ft.: 0
Accessibility Features: Chairlift
# of Floors In Unit: 2
Improvement Assessed Value: $347,300
Ownership Interest: Fee Simple
Property Condition: Very Good
Year Built Source: Assessor
Building Information
Construction Materials: Wood Siding
Foundation Details: Concrete Perimeter
Other Structures: Above Grade, Below Grade
Roof: Metal
Structure Type: Detached
Window Features: Double Hung
Exterior Information
Outbuilding(s), Stone Retaining Walls
Pool Information
Personal Pool
Fenced, In Ground
Lot Information
Lot Features: Backs to Trees, Landscaping, Open, Private, Rear Yard, Rural, Secluded, SideYard(s), Sloping
Tidal Water: No
Land Information
Land Assessed Value: $81,900
Above Grade Information
Finished Sq.Ft.: 2,866
Finished Sq.Ft. Source: Assessor
Below Grade Information
Unfinished Sq.Ft. Source: Assessor
Finished Sq.Ft. Source: Assessor
Financial
Tax Information
Agricultural Tax Due: No
County Tax: $2,189
Tax Assessed Value: $429,200
Tax Year: 2025
Tax Annual Amount: $2,189
Assessments Information
Year Assessed: 2024
Lease Information
Lease Considered: No
Utilities
Utilities Information
Cooling Type: Window Unit(s)
Cooling Fuel: Electric
Baseboard - Electric
Heating Fuel: Electric
Hot Water: Electric
Sewer Septic: On Site Septic
Water Source: Well
Municipal Trash: No
Location
School Information
Elementary School: WAVERLY YOWELL
Middle Or Junior School: WILLIAM WETSEL
High School: MADISON COUNTY
School District Name: MADISON COUNTY PUBLIC SCHOOLS
Elementary School Source: Listing Agent
Middle School Source: Listing Agent
High School Source: Listing Agent
School District Source: Listing Agent
Location Information
Outside City Limits
Directions: From the town of Madison, take Rd 231 N for 5.2 miles. The property will be on your right with a sign. Turn in the driveway just before the Old Mill. ( If you pass it, Old Blue Ridge Tpke goes off to the left toward Graves Mtn Lodge). From North of Madison County you can turn Right onto Hoover Rd and follow all the way to 231 and then take a right and the property will be a short distance.
Location Type: Rural
Public facts
Beds: 4
Baths: 2.0
Sq. Ft.: 2,846
Stories: 2.0
Lot Size: 1.46 acres
Style: Single Family Residential
Year Built: 1928
Year Renovated: —
County: Madison County
APN: 30 5
Home facts updated by county records on Jul 23, 2026
Around this home
Schools
Waverly Yowell Elementary School
Public 3-5 • Assigned • 4.9mi
4/10
William H. Wetsel Middle School
Public 6-8 • Assigned • 6.1mi
4/10
Madison County High School
Public 9-12 • Assigned • 6.1mi
6/10
Provided by GreatSchools
Lifestyle
Provided by Walk Score and Local Logic
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
4/10 Fire Factor
1% chance of being in a wildfire in next 30 years
6/10 Heat Factor
7 days above 106° expected this year, 17 days in 30 years
2/10 Wind Factor
2% chance of strong winds in next 30 years
1/10 Air Factor
0 unhealthy days expected this year, 0 days in 30 years
Provided by First Street
Historical weather
Madison, VA • 22727
Average low and high temperatures (°F)
41
24
48
30
65
41
72
50
74
55
85
65
89
70
81
63
80
59
71
48
61
41
47
30
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
In this area, properties receive around 9.1 hours in
June and 4.2 hours in December, placing it below the
U.S. average for solar exposure.
9.1 hrs
4.2 hrs
JuneDecember
Provided by Shadowmap
Estimated sale price
$502,000 – $608,000
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