637 Miller St · Charlotte, NC 28203

$220,000

2 bd · 1.0 ba · 702 sqft · SingleFamily public records · 44 Days on market

Built 1962 3,484 sqft lot Est $231k · at est.

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Why this score? — see what drove the B- 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 +28.6/30.0
• DSCR +10.0/10.0
• ARV discount +9.6/15.0
• 1% rule +7.1/10.0
• 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

Renovated 2-bedroom, 1-bath brick ranch offering both comfort and opportunity. Features include a newer roof, updated kitchen and bathroom, fresh paint, and modern flooring throughout. Located in an area surrounded by ongoing revitalization and just minutes from South End, Uptown, and major transportation corridors—making it an ideal hold, rental, or future build investment. Schedule your showing today!

Key facts

• 3,484 sq ft lot
• Built 1962
• Listed 43 days

Property features AI

Finance

• Other: Zoning: N1-D
• HOA & community: No HOA

Exterior

• Parking: Driveway with 2 open parking spaces
• Utilities: City water; Public sewer
• Home design: Single-family residence (site built); One level; Crawl space foundation
• Construction: Brick full exterior
• Exterior features: Concrete and paved road access; Publicly maintained road

Interior

• Kitchen: Electric range
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Three total rooms; Electric range
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $661 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $213k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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: Marie G Davis School (math 15% / reading 23%, grade F, #1,269 of 1,410 statewide, top 91%, 355 students, 99% FRL); Sedgefield Middle (math 33% / reading 38%, grade F, #279 of 475 statewide, top 60%, 501 students, 99% 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 75% FRL vs 49% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.8%/yr); 134 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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).
• This rent runs 30% of the median local income ($105k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 44 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $51k; list at $220k implies a 331% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major 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 $213,400 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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: 1.21% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.18%
• DSCR: 1.63
• GRM: 6.9

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	0.03mi	2/1.0	705 (+0%)	21mo	$231,600	$329	80

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: 1.4%
• Equity multiple: 1.05×
• Total profit: $3,295
• Equity at exit: $32,803

10-year hold

• IRR: 9.8%
• Equity multiple: 1.72×
• Total profit: $44,379
• Equity at exit: $19,022

Cash invested: $61,600 (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: 134
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,652 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$122 /mo · $1,461/yr
• Insurance: −$92
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $661

Break-even live

Break-even rent $1,815

Max offer price $220,000

Occupancy floor 70%

Sensitivity live

Price	-10% $786	-5% $724	+0% $661	+5% $599	+10% $537
Rent	-10% $452	-5% $557	+0% $661	+5% $766	+10% $871
Rate	-1.0pp $772	-0.5pp $717	base $661	+0.5pp $604	+1.0pp $546

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
704 W Tremont Ave Charlotte, NC	3.0	1.0–2.0	936	$2,679	$2.86	0d	12	0.39mi
536 W Tremont Ave Charlotte, NC	2.0	1.0–2.0	953	$3,230	$3.39	0d	18	0.44mi
2120 Dunavant St Charlotte, NC	3.0	1.0–2.0	1046	$3,553	$3.39	0d	33	0.46mi
421 W Tremont Ave Charlotte, NC	3.0	1.0–2.0	893	$3,173	$3.55	0d	31	0.49mi
2200 Dunavant St Charlotte, NC	1.0–2.0	1.0–2.0	894	$3,403	$3.80	0d	28	0.52mi
2250 Hawkins St Charlotte, NC	3.0	1.0–3.0	1480	$3,030	$2.05	0d	1	0.53mi
205 Foster Ave Charlotte, NC	4.0	1.0–2.0	641	$2,982	$4.65	0d	33	0.57mi
327 W Tremont Ave Charlotte, NC	2.0	1.0–2.0	915	$3,227	$3.53	0d	15	0.58mi
1504 Mainline Blvd Charlotte, NC	1.0	1.0–2.0	862	$2,120	$2.46	0d	17	0.59mi
2630 South Blvd Charlotte, NC	3.0	1.0–2.0	1072	$3,024	$2.82	0d	25	0.60mi
2520 South Blvd Charlotte, NC	2.0	1.0–2.0	822	$2,757	$3.35	0d	23	0.60mi
2720 South Blvd Charlotte, NC	2.0	1.0–2.0	827	$2,628	$3.18	0d	40	0.61mi
2408 South Blvd Charlotte, NC	2.0	1.0–2.0	836	$3,265	$3.90	0d	15	0.61mi
2225 Hawkins St Charlotte, NC	2.0	1.0–2.0	988	$2,883	$2.92	0d	15	0.64mi
3310 S Tryon St Charlotte, NC	1.0–3.0	1.0–2.0	1051	$2,172	$2.07	0d	15	0.64mi
145 New Bern St Charlotte, NC	2.0	1.0–2.0	994	$3,705	$3.73	0d	37	0.66mi
335 Doggett St Charlotte, NC	3.0	1.0–2.0	864	$2,273	$2.63	0d	1	0.67mi
452 New Bern Station Ct #452 Charlotte, NC	1.0	1.0	693	$1,550	$2.24	25d	1	0.68mi
2300 South Blvd Charlotte, NC	2.0	1.0–2.0	941	$2,969	$3.16	0d	16	0.69mi
2161 Hawkins St Charlotte, NC	3.0	1.0–3.0	1321	$6,751	$5.11	0d	22	0.70mi
2705 Haverford Pl Charlotte, NC	2.0	1.0–2.0	967	$3,110	$3.22	0d	14	0.74mi
2100 South Blvd Charlotte, NC	2.0	1.0–2.0	876	$3,592	$4.10	0d	24	0.81mi
1701 West Blvd Unit E7 Charlotte, NC	1.0	1.0	584	$1,010	$1.73	25d	1	0.82mi
1822 Merriman Ave Unit C Charlotte, NC	2.0	1.0	700	$1,350	$1.93	25d	1	0.83mi
3305 South Blvd Charlotte, NC	2.0	1.0–2.5	945	$3,665	$3.88	0d	20	0.85mi
2125 Southend Dr Charlotte, NC	1.0	1.0	673	$1,762	$2.62	0d	6	0.86mi
1701 Remount Rd Charlotte, NC	1.0	1.0	525	$950	$1.81	25d	1	0.89mi
2025 Cleveland Ave Charlotte, NC	1.0–3.0	1.0–3.0	1242	$4,922	$3.96	0d	22	0.90mi
3615 Tryclan Dr Charlotte, NC	2.0	1.0–2.0	993	$3,493	$3.52	0d	32	0.92mi
222 West Blvd Charlotte, NC	2.0	1.0–2.0	628	$2,515	$4.00	3d	11	0.92mi
2210 Sumner Green Ave Unit H Charlotte, NC	1.0	1.0	557	$1,650	$2.96	18d	1	0.95mi
1613 S Mint St Unit C Charlotte, NC	1.0	1.0	550	$2,750	$5.00	25d	1	0.95mi
3441 South Blvd Charlotte, NC	2.0	1.0–2.0	868	$2,470	$2.84	0d	10	0.95mi
2005 Empire St Charlotte, NC	2.0	1.0–2.0	875	$2,617	$2.99	0d	102	0.96mi
1750 Camden Rd Charlotte, NC	2.0	1.0–2.0	782	$2,659	$3.40	0d	20	1.01mi
120 Hollis Rd Charlotte, NC	3.0	1.0–3.0	1155	$2,963	$2.56	0d	32	1.05mi
124 E Kingston Ave Charlotte, NC	2.0	1.0–2.0	931	$5,136	$5.51	0d	21	1.07mi
4015 Craft St Charlotte, NC	1.0	1.0	662	$2,128	$3.21	22d	1	1.07mi
125 W Park Ave Charlotte, NC	1.0	1.0–1.5	817	$2,480	$3.03	0d	5	1.07mi
2314 Berryhill Rd Charlotte, NC	2.0	1.0–2.5	989	$2,474	$2.50	3d	20	1.16mi

Listing history 21 events

1. 2026-06-21
   days on market $220,000 Active 44 DOM
2. 2026-06-19
   price $220,000 Active 41 DOM
3. 2026-06-18
   days on market $230,000 Active 41 DOM
4. 2026-06-17
   days on market $230,000 Active 40 DOM
5. 2026-06-16
   days on market $230,000 Active 39 DOM
6. 2026-06-15
   days on market $230,000 Active 38 DOM
7. 2026-06-13
   pricedays on market $230,000 Active 36 DOM
8. 2026-06-09
   days on market $235,000 Active 32 DOM
9. 2026-06-08
   days on market $235,000 Active 31 DOM
10. 2026-06-07
    days on market $235,000 Active 30 DOM
11. 2026-06-04
    days on market $235,000 Active 27 DOM
12. 2026-06-03
    days on market $235,000 Active 26 DOM
13. 2026-06-02
    days on market $235,000 Active 25 DOM
14. 2026-06-02
    days on market $235,000 Active 24 DOM
15. 2026-05-31
    days on market $235,000 Active 23 DOM
16. 2026-05-15
    price $245,000
17. 2026-05-09
    listed $255,000 Active
18. 2026-05-06
    historical $255,000
19. 2018-02-08
    soldstatus $51,000
20. 1991-04-01
    soldstatus $24,000
21. 1989-11-01
    soldstatus $23,000

ⓘ 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: $1,461 · $122/mo
• Projected year-2 tax: $1,804 · $150/mo
• Expected delta: +$343/yr (+$29/mo · 23.4%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 75% 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: $31,822
• − Mortgage interest: −$12,323
• − Property taxes: −$1,461
• − Insurance: −$1,898
• − Repairs & maintenance: −$2,546
• − Management: −$2,546
• − Depreciation: −$6,400
• Taxable income: $4,648
• Est. tax owed @ 24.0%: −$1,116
• After-tax cash flow: $6,821/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

+965.2% since first listed

6 events — show timeline

• 2026-05-15 Price Changed $245,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-09 Listed $255,000 CANOPYMLS as Distributed by MLS Grid
• 2026-05-06 Coming Soon $255,000 CANOPYMLS as Distributed by MLS Grid
• 2018-02-08 Sold (Public Records) $51,000 Public Records
• 1991-04-01 Sold (Public Records) $24,000 Public Records
• 1989-11-01 Sold (Public Records) $23,000 Public Records

Property tax history

+6.5%/yr

Latest (2025): $1,461 · +2.6% YoY. Source: county tax records.