612 Miller St · Charlotte, NC 28203

$240,000

2 bd · 1.0 ba · 702 sqft · SingleFamily public records · 55 Days on market

Built 1962 5,619 sqft lot Est $231k · at est.

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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 +26.2/30.0
• DSCR +8.8/10.0
• 1% rule +5.9/10.0
• ARV discount +5.7/15.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor/Builder opportunity in highly desirable 28203. This 2BR/1BA brick home is currently tenant-occupied with a strong rental history, providing immediate income while you plan for the future. Situated on a . 13-acre lot with N1-D zoning, the property is ideally suited for residential redevelopment in an area experiencing ongoing infill and new construction. Surrounded by revitalization and conveniently located near South End, Uptown, and major transportation corridors, this is a prime hold-or-build scenario. Property is being sold subject to lease—do not disturb tenant.

Key facts

• 0.13 acre lot
• N1-d zoning
• 5,619 sq ft lot

Tags

• 0.13 ACRE LOT
• N1-D ZONING
• STRONG RENTAL HISTORY
• RESIDENTIAL REDEVELOPMENT
• PRIME HOLD OR BUILD SCENARIO

Property features AI

Finance

• HOA & community: No HOA dues

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer; Cable connected; Electricity connected
• Home design: Single-family residence; Site-built property; One story; Completed development; Zoned N1-D
• Construction: Partially brick construction; Crawl space foundation
• Exterior features: Gravel and paved road access; Publicly maintained road; Partially brick exterior

Interior

• Kitchen: Electric range
• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Five total rooms; Electric range
• Laundry & utility: Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $542 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.1% in Charlotte — 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 78/100 on livability (#26 in NC, #2,502 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Charlotte-Mecklenburg Schools (urban): math 42% / reading 46% proficiency, ranked #85 of 178 in NC (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Park Road Montessori (math 60% / reading 72%, grade B+, #135 of 1,410 statewide, top 10%, 513 students, 13% FRL); Myers Park High School (math 81% / reading 75%, grade A-, #85 of 535 statewide, top 16%, 3,593 students, 26% FRL) — zoned schools average 19% FRL vs 49% district-wide (30 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 72% at this address vs 44% district-wide (+28 pts) — the actual schools serving this property are materially stronger than the Charlotte-Mecklenburg Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+1.8%/yr); 132 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $16k; list at $240k implies a 1400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $232,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 F 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: 1.09% ✓
• Cap rate: 9.34%
• Cash-on-cash: 10.87%
• DSCR: 1.48
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $230,958
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
616 Chicago Ave	0.05mi	2/1.0	705 (+0%)	21mo	$231,600	$329	79

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 · 1.8% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-7,522
• Equity at exit: $35,785

10-year hold

• IRR: 5.4%
• Equity multiple: 1.38×
• Total profit: $25,250
• Equity at exit: $20,751

Cash invested: $67,200 (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 28203

• Rents YoY: 1.8%
• Active inventory: 132
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,610 high
• Mortgage (P&I): −$1,259
• Tax from tax record: −$95 /mo · $1,134/yr
• Insurance: −$100
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$548
• Net cashflow: $542

Break-even live

Break-even rent $1,924

Max offer price $240,000

Occupancy floor 74%

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: $60,000
• Closing costs: $7,200
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2120 Dunavant St Charlotte, NC	3.0	1.0–2.0	1044	$3,553	$3.40	3d	33	0.41mi
704 W Tremont Ave Charlotte, NC	3.0	1.0–2.0	936	$2,679	$2.86	1d	9	0.42mi
2200 Dunavant St Charlotte, NC	1.0–2.0	1.0–2.0	894	$3,403	$3.80	1d	27	0.46mi
536 W Tremont Ave Charlotte, NC	2.0	1.0–2.0	953	$3,196	$3.35	2d	18	0.47mi
2250 Hawkins St Charlotte, NC	3.0	1.0–3.0	1480	$3,048	$2.06	2d	1	0.48mi
205 Foster Ave Charlotte, NC	4.0	1.0–2.0	641	$2,982	$4.65	2d	36	0.49mi
421 W Tremont Ave Charlotte, NC	3.0	1.0–2.0	893	$3,173	$3.55	2d	29	0.49mi
2630 South Blvd Charlotte, NC	3.0	1.0–2.0	1072	$3,117	$2.91	1d	25	0.51mi
2720 South Blvd Charlotte, NC	2.0	1.0–2.0	827	$2,628	$3.18	1d	38	0.52mi
2520 South Blvd Charlotte, NC	2.0	1.0–2.0	822	$2,757	$3.35	3d	24	0.52mi
1504 Mainline Blvd Charlotte, NC	1.0	1.0–2.0	862	$2,120	$2.46	2d	16	0.53mi
2408 South Blvd Charlotte, NC	2.0	1.0–2.0	836	$3,265	$3.90	2d	14	0.54mi
3310 S Tryon St Charlotte, NC	1.0–3.0	1.0–2.0	1045	$2,170	$2.08	2d	16	0.58mi
2225 Hawkins St Charlotte, NC	2.0	1.0–2.0	988	$2,883	$2.92	1d	14	0.59mi
452 New Bern Station Ct #452 Charlotte, NC	1.0	1.0	693	$1,550	$2.24	24d	1	0.59mi
2300 South Blvd Charlotte, NC	2.0	1.0–2.0	943	$2,969	$3.15	1d	15	0.63mi
2705 Haverford Pl Charlotte, NC	2.0	1.0–2.0	967	$3,134	$3.24	1d	14	0.65mi
335 Doggett St Charlotte, NC	3.0	1.0–2.0	864	$2,208	$2.56	2d	1	0.66mi
2161 Hawkins St Charlotte, NC	3.0	1.0–3.0	1284	$6,751	$5.26	1d	21	0.66mi
3405 S Tryon St Charlotte, NC	1.0–3.0	1.0–2.0	1056	$2,208	$2.09	2d	66	0.67mi
2100 South Blvd Charlotte, NC	2.0	1.0–2.0	876	$3,583	$4.09	3d	24	0.76mi
3305 South Blvd Charlotte, NC	2.0	1.0–2.5	945	$3,665	$3.88	3d	19	0.77mi
2125 Southend Dr Charlotte, NC	1.0	1.0	672	$1,762	$2.62	14d	5	0.80mi
2025 Cleveland Ave Charlotte, NC	1.0–3.0	1.0–3.0	1242	$4,922	$3.96	2d	27	0.85mi
3615 Tryclan Dr Charlotte, NC	2.0	1.0–2.0	993	$3,528	$3.55	1d	31	0.85mi
1822 Merriman Ave Unit C Charlotte, NC	2.0	1.0	700	$1,350	$1.93	24d	1	0.87mi
2210 Sumner Green Ave Unit H Charlotte, NC	1.0	1.0	557	$1,650	$2.96	16d	1	0.88mi
3441 South Blvd Charlotte, NC	2.0	1.0–2.0	868	$2,470	$2.84	1d	9	0.88mi
1701 West Blvd Unit E7 Charlotte, NC	1.0	1.0	584	$1,010	$1.73	24d	1	0.90mi
222 West Blvd Charlotte, NC	2.0	1.0–2.0	628	$2,515	$4.00	2d	11	0.91mi
2005 Empire St Charlotte, NC	2.0	1.0–2.0	875	$2,439	$2.79	5d	104	0.91mi
120 Hollis Rd Charlotte, NC	3.0	1.0–3.0	1155	$2,946	$2.55	2d	28	0.97mi
1613 S Mint St Unit C Charlotte, NC	1.0	1.0	550	$2,750	$5.00	24d	1	0.97mi
1701 Remount Rd Charlotte, NC	1.0	1.0	525	$950	$1.81	24d	1	0.98mi
1750 Camden Rd Charlotte, NC	2.0	1.0–2.0	782	$2,629	$3.36	2d	20	0.99mi
4015 Craft St Charlotte, NC	1.0	1.0	662	$2,128	$3.21	20d	1	1.00mi
124 E Kingston Ave Charlotte, NC	2.0	1.0–2.0	931	$5,136	$5.51	2d	25	1.05mi
125 W Park Ave Charlotte, NC	1.0	1.0–1.5	817	$2,480	$3.03	3d	4	1.06mi
2145 Kirkwood Ave #1 Charlotte, NC	1.0	1.0	592	$1,575	$2.66	5d	1	1.23mi
1449 S Church St Charlotte, NC	2.0	1.0–2.0	857	$2,596	$3.03	2d	16	1.24mi

Listing history 15 events

1. 2026-06-18
   days on market $240,000 Active 55 DOM
2. 2026-06-17
   days on market $240,000 Active 54 DOM
3. 2026-06-16
   days on market $240,000 Active 53 DOM
4. 2026-06-15
   days on market $240,000 Active 52 DOM
5. 2026-06-13
   days on market $240,000 Active 50 DOM
6. 2026-06-09
   days on market $240,000 Active 46 DOM
7. 2026-06-08
   days on market $240,000 Active 45 DOM
8. 2026-06-07
   days on market $240,000 Active 44 DOM
9. 2026-06-04
   days on market $240,000 Active 41 DOM
10. 2026-06-03
    days on market $240,000 Active 40 DOM
11. 2026-06-02
    days on market $240,000 Active 39 DOM
12. 2026-06-02
    days on market $240,000 Active 38 DOM
13. 2026-05-31
    days on market $240,000 Active 37 DOM
14. 2026-04-24
    listed $240,000 Active
15. 1978-09-01
    soldstatus $16,000

ⓘ 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: $1,134 · $95/mo
• Projected year-2 tax: $1,968 · $164/mo
• Expected delta: +$834/yr (+$69/mo · 73.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,317
• − Mortgage interest: −$13,444
• − Property taxes: −$1,134
• − Insurance: −$1,997
• − Repairs & maintenance: −$2,505
• − Management: −$2,505
• − Depreciation: −$6,982
• Taxable income: $2,749
• Est. tax owed @ 24.0%: −$660
• After-tax cash flow: $5,846/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: Charlotte-Mecklenburg Schools
• NCES district ID: 3702970
• Math proficiency: 42% ▼ -6.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $57,175
• Composite: 38.49/100
• National rank: #4183
• State rank: #85 of 178 in NC

Livability — Charlotte

• Score: 78/100
• State rank: #26
• US rank: #2502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlotte, NC
• County: Mecklenburg County · 1,167,319 people
• City population: 920,422
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 18,823
• Household income: $104,696
• Rent vs Own: 70.6% rent · 29.4% own
• Severe rent burden: 1101.0

Population outlook (Mecklenburg County) Hauer SSP2

• Today (2025): 1,305,740 people
• By 2030: 1,442,752 · +10.5%
• By 2040: 1,722,441 · +31.9%
• By 2050: 1,999,450 · +53.1%
• By 2075: 2,642,495 · +102.4%
• By 2100: 3,106,755 · +137.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 10% Two or more races 5% Hispanic / Latino 5% Asian 4%
• Common ancestry: Romanian 3% Slovak 3% Serbian 2%
• Foreign-born: 7% · Canada, Vietnam, China
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Mecklenburg

• 2024 margin: Solid D (+32.9) · D 65.6% · R 32.7% · Other 1.6%
• 2008→2024 swing: +8.5pp toward D · 2008: 24.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+35.1 2016: D+29.9 2012: D+22.5 2008: D+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1410.28%
• Current HPI: 327.5818
• Rent YoY: ▲ 1.80%
• 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

+1400.0% since first listed

2 events — show timeline

• 2026-04-24 Listed $240,000 CANOPYMLS as Distributed by MLS Grid
• 1978-09-01 Sold (Public Records) $16,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $1,134 · +48.0% YoY. Source: county tax records.