1109 7th St · Statesville, NC 28677

$165,000

2 bd · 1.0 ba · 1,124 sqft · SingleFamily public records · 74 Days on market

Built 1930 0.31 ac lot Est $220k · 25% under

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Why this score? — see what drove the C 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 +20.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.4/10.0
• Schools +4.5/10.0
• 1% rule +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Exceptional investment opportunity just minutes from downtown Statesville! This unique portfolio offers 16 total units across 12 separate parcels (Parcel ID(s): 4733876245; 4733885394; 4733886666; 4733992545; 4733994319; 4734800899; 4734807354; 4734807436; 4743093456; 4744140404; 4744049339), all situated on approximately 2.4 acres. Currently, eight (8) units are rented with a strong rental history and reliable tenants. The portfolio consists of two (2) triplexes and ten (10) single-family homes, providing a balanced mix of stable income and future potential. This combination of income-producing properties and redevelopment possibilities makes the portfolio well-suited for investors seeking

Key facts

• Immediate cash flow
• Long-term upside
• 0.31 acre lot

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL HISTORY
• INCOME-PRODUCING PROPERTIES
• REDEVELOPMENT POSSIBILITIES
• IMMEDIATE CASH FLOW
• LONG-TERM UPSIDE

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway parking
• Utilities: City water; Public sewer
• Home design: Single family residence; Site-built home; One story; R5MFM zoning
• Construction: Shingle/Shake exterior; Crawl space foundation
• Exterior features: Concrete and paved driveway and road access; Publicly maintained road

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Single-level living; Refrigerator included
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $150k (8.9% below list).
• Recommended offer: $150k (8.9% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 3.5% in Statesville — 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 59/100 on livability (#557 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D, crime D, amenities F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 471 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,955 units permitted in Iredell County in 2024 (128 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 $5k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $150,252 (8.9% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 7.78%
• Cash-on-cash: 5.33%
• DSCR: 1.24
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $220,304
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
926 Winston Ave	0.26mi	3/2.0 (+1)	1,118 (-0%)	6mo	$219,500	$196	73
933 Wallace St	0.30mi	2/1.0	1,216 (+8%)	2mo	$85,000	$70	70
1121 Wilmington Ave	0.43mi	3/2.0 (+1)	1,106 (-2%)	6mo	$226,500	$205	63
1114 5th St	0.12mi	3/2.0 (+1)	1,257 (+12%)	5mo	$140,000	$111	62
914 Wilmington Ave	0.30mi	3/2.0 (+1)	1,240 (+10%)	1mo	$220,000	$177	59
405 Winston Ave	0.22mi	3/2.5 (+1)	1,234 (+10%)	4mo	$240,000	$194	59
1316 4th St	0.25mi	3/2.5 (+1)	1,244 (+11%)	3mo	$225,000	$181	57
504 Fayetteville Ave	0.46mi	3/2.0 (+1)	1,050 (-7%)	3mo	$225,000	$214	56
1701 5th St	0.53mi	3/2.0 (+1)	1,082 (-4%)	5mo	$218,000	$201	56
1021 4th St	0.22mi	3/2.5 (+1)	1,266 (+13%)	3mo	$240,000	$190	55
620 W Bell St	0.56mi	3/2.0 (+1)	1,209 (+8%)	7mo	$238,000	$197	47
626 W Bell St	0.56mi	3/2.0 (+1)	1,209 (+8%)	7mo	$238,000	$197	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.61×
• Total profit: $-17,871
• Equity at exit: $24,602

10-year hold

• IRR: -5.7%
• Equity multiple: 0.67×
• Total profit: $-15,027
• Equity at exit: $14,266

Cash invested: $46,200 (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 28677

• Rents YoY: 0.2%
• Active inventory: 471
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,503 high
• Mortgage (P&I): −$865
• Tax from tax record: −$48 /mo · $575/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $205

Break-even live

Break-even rent $1,243

Max offer price $165,000

Occupancy floor 81%

Sensitivity live

Price	-10% $298	-5% $252	+0% $205	+5% $158	+10% $112
Rent	-10% $86	-5% $146	+0% $205	+5% $264	+10% $324
Rate	-1.0pp $288	-0.5pp $247	base $205	+0.5pp $162	+1.0pp $119

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
620 W Bell St Statesville, NC	3.0	2.0	1209	$1,850	$1.53	22d	1	0.53mi
321 Vernon Ln Statesville, NC	3.0	2.0	1300	$1,675	$1.29	3d	1	0.55mi
333 Vernon Ln Statesville, NC	3.0	3.0	1300	$1,675	$1.29	3d	1	0.57mi
708 W Front St Statesville, NC	2.0	1.0	950	$985	$1.04	3d	1	0.74mi
626 Walnut St Unit D Statesville, NC	2.0	1.5	1090	$1,100	$1.01	24d	1	0.81mi
627 Cherry St Unit F Statesville, NC	2.0	1.5	1098	$1,200	$1.09	24d	1	0.85mi
804 Jost St Unit 70 Statesville, NC	3.0	2.5	1446	$1,923	$1.33	24d	1	1.09mi
1151 Alexander St Unit 1151 Statesville, NC	2.0	1.0	900	$1,200	$1.33	24d	1	1.28mi
548 Greenway Dr Statesville, NC	3.0	2.0	1474	$1,850	$1.26	13d	1	1.29mi
548 Greenway Dr Statesville, NC	3.0	2.0	1474	$1,850	$1.26	11d	1	1.29mi
1711 Younger Ave Statesville, NC	3.0	1.0	1020	$1,350	$1.32	24d	1	1.49mi

Listing history 17 events

1. 2026-06-09
   days on market $165,000 Active 74 DOM
2. 2026-06-08
   days on market $165,000 Active 73 DOM
3. 2026-06-07
   days on market $165,000 Active 72 DOM
4. 2026-06-04
   days on market $165,000 Active 69 DOM
5. 2026-06-03
   days on market $165,000 Active 68 DOM
6. 2026-06-02
   days on market $165,000 Active 67 DOM
7. 2026-06-01
   days on market $165,000 Active 66 DOM
8. 2026-05-31
   days on market $165,000 Active 65 DOM
9. 2026-03-27
   listed $165,000 Active
10. 2021-09-29
    soldstatus $375,000
11. 2021-08-18
    historical Active Under Contract
12. 2021-07-27
    status Active
13. 2021-07-24
    status Pending
14. 2021-07-13
    listed $60,000 Active
15. 2021-07-10
    historical
16. 2014-03-24
    soldstatus $31,500
17. 1998-11-01
    soldstatus $24,000

ⓘ 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: $575 · $48/mo
• Projected year-2 tax: $1,353 · $113/mo
• Expected delta: +$778/yr (+$65/mo · 135.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,030
• − Mortgage interest: −$9,243
• − Property taxes: −$575
• − Insurance: −$825
• − Repairs & maintenance: −$1,442
• − Management: −$1,442
• − Depreciation: −$4,800
• Taxable loss: −$297
• Est. tax savings @ 24.0%: +$71
• After-tax cash flow: $2,532/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: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Statesville

• Score: 59/100
• State rank: #557
• US rank: #20505

Category grades

Amenities F Commute F Cost of living A+ Crime D Employment F Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Statesville, NC
• County: Iredell County · 182,638 people
• City population: 78,393
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 38,819
• Household income: $62,406
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 1174.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 14% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 3% Slovak 2% Scandinavian 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 12% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.76%
• Current HPI: 243.0445
• Rent YoY: ▲ 0.20%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• 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

+587.5% since first listed

9 events — show timeline

• 2026-03-27 Listed $165,000 CANOPYMLS as Distributed by MLS Grid
• 2021-09-29 Sold (Public Records) $375,000 Public Records
• 2021-08-18 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2021-07-27 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2021-07-24 Pending — CANOPYMLS as Distributed by MLS Grid
• 2021-07-13 Listed $60,000 CANOPYMLS as Distributed by MLS Grid
• 2021-07-10 Coming Soon — CANOPYMLS as Distributed by MLS Grid
• 2014-03-24 Sold (Public Records) $31,500 Public Records
• 1998-11-01 Sold (Public Records) $24,000 Public Records

Property tax history

+7.1%/yr

Latest (2025): $575 · +0.0% YoY. Source: county tax records.