508 Washburn Switch Rd · Shelby, NC 28150

$169,900

3 bd · 2.0 ba · 1,844 sqft · SingleFamily public records · 84 Days on market

Built 1952 0.98 ac lot

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Why this score? — see what drove the D 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 +11.9/30.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Schools +4.0/10.0
• Livability +3.8/5.0
• DSCR +3.5/10.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.5/10.0

Listing remarks

Spacious Single Story Ranch 3 bedroom 2 bath with a carport and out building located in Shelby. Priced to sell. Come and see it today. Sold As Is.

Key facts

• 0.98 acre lot
• Built 1952
• Listed 84 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Attached carport
• Utilities: County water; Septic system installed
• Home design: Single-family residence; Site-built construction; One story; R20 zoning
• Construction: Brick exterior; Other foundation (see remarks)
• Exterior features: Dirt road access; Publicly maintained road

Interior

• Kitchen: Gas range
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 2 full bathrooms (all on the main level)
• Heating & cooling: Baseboard heating; Central air conditioning
• Interior features: Gas range; Baseboard heating; Central air conditioning; 6 rooms; Fireplace in den and living room; Laundry inside
• Laundry & utility: Indoor laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $-43 ($-513/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $134k (21.3% below list).
• Recommended offer: $134k (21.3% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.9% in Shelby — 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 75/100 on livability (#52 in NC, #4,349 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment F.
• Cleveland County Schools (rural): math 47% / reading 49% proficiency, ranked #76 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Springmore Elementary (math 53% / reading 56%, grade C, #302 of 1,410 statewide, top 23%, 553 students, 64% FRL); Crest High (math 61% / reading 57%, grade C+, #233 of 535 statewide, top 44%, 1,114 students, 54% FRL) — zoned schools at 59% FRL track the district average.
• Market conditions: Rents rising fast (+6.7%/yr); 241 active listings in the ZIP; 461 units permitted in Cleveland County in 2024 (38 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.
• Cleveland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1952 — 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 $133,786 (21.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.79% ✗
• Cap rate: 5.99%
• Cash-on-cash: -1.08%
• DSCR: 0.95
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.66% rent growth · sell at horizon

5-year hold

• IRR: -14.3%
• Equity multiple: 0.47×
• Total profit: $-25,170
• Equity at exit: $25,333

10-year hold

• IRR: -0.8%
• Equity multiple: 0.94×
• Total profit: $-2,925
• Equity at exit: $14,690

Cash invested: $47,572 (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 28150

• Home prices YoY: -2.0%
• Rents YoY: 6.7%
• Active inventory: 241
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $1,338 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$138 /mo · $1,654/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $-43

Break-even live

Break-even rent $1,392

Max offer price $162,353

Occupancy floor 98%

Sensitivity live

Price	-10% $53	-5% $5	+0% $-43	+5% $-91	+10% $-139
Rent	-10% $-148	-5% $-96	+0% $-43	+5% $10	+10% $63
Rate	-1.0pp $43	-0.5pp $0	base $-43	+0.5pp $-87	+1.0pp $-132

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $169,900 Active 84 DOM
2. 2026-06-18
   days on market $169,900 Active 83 DOM
3. 2026-06-17
   days on market $169,900 Active 82 DOM
4. 2026-06-17
   price $169,900 Active 81 DOM
5. 2026-06-16
   days on market $175,000 Active 81 DOM
6. 2026-06-15
   days on market $175,000 Active 80 DOM
7. 2026-06-14
   days on market $175,000 Active 78 DOM
8. 2026-06-13
   days on market $175,000 Active 77 DOM
9. 2026-06-10
   days on market $175,000 Active 75 DOM
10. 2026-06-09
    days on market $175,000 Active 74 DOM
11. 2026-06-08
    days on market $175,000 Active 73 DOM
12. 2026-06-07
    days on market $175,000 Active 72 DOM
13. 2026-06-05
    days on market $175,000 Active 69 DOM
14. 2026-06-03
    days on market $175,000 Active 68 DOM
15. 2026-06-02
    days on market $175,000 Active 67 DOM
16. 2026-06-01
    days on market $175,000 Active 66 DOM
17. 2026-05-31
    days on market $175,000 Active 65 DOM
18. 2026-05-30
    days on market $175,000 Active 64 DOM
19. 2026-04-24
    status Active
20. 2026-04-15
    status Pending
21. 2026-03-18
    listed $175,000 Active

ⓘ 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: $1,654 · $138/mo
• Projected year-2 tax: $1,654 · $138/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,054
• − Mortgage interest: −$9,517
• − Property taxes: −$1,654
• − Insurance: −$850
• − Repairs & maintenance: −$1,284
• − Management: −$1,284
• − Depreciation: −$4,943
• Taxable loss: −$3,478
• Est. tax savings @ 24.0%: +$835
• After-tax cash flow: $322/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: Cleveland County Schools
• NCES district ID: 3700900
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 49% ▲ 4.00%
• Median HH income: $38,501
• Composite: 40.03/100
• National rank: #3823
• State rank: #76 of 178 in NC

Livability — Shelby

• Score: 75/100
• State rank: #52
• US rank: #4349

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelby, NC
• County: Cleveland County · 83,736 people
• City population: 26,134
• Metro: Shelby, NC
• Population (ZIP): 28,142
• Household income: $55,832
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 790.0

Population outlook (Cleveland County) Hauer SSP2

• Today (2025): 93,671 people
• By 2030: 91,157 · -2.7%
• By 2040: 85,519 · -8.7%
• By 2050: 79,708 · -14.9%
• By 2075: 68,317 · -27.1%
• By 2100: 57,145 · -39.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Black 27% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Serbian 2% Italian 2% Lithuanian 1%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Cleveland

• 2024 margin: Solid R (+35.0) · D 32.2% · R 67.2%
• 2008→2024 swing: -15.1pp toward R · 2008: -19.9pp · 2024: -35.0pp
• All cycles: 2024: R+35.0 2020: R+32.8 2016: R+30.6 2012: R+20.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -8.92%
• Current HPI: 447.16
• Rent YoY: ▲ 6.66%
• Metro: Shelby, NC
• 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

3 events — show timeline

• 2026-04-24 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-04-15 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-03-18 Listed $175,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+2.5%/yr

Latest (2025): $1,654 · +5.0% YoY. Source: county tax records.