315 S Gardner Ave · Charlotte, NC 28208

$3,000,000

3 bd · 289.0 ba · 2,448 sqft · MultiFamily public records · 86 Days on market

Built 1956 0.85 ac lot

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 17 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great investment opportunity! 17 units in the poular Seversville neighborhood. ½ mile from JC Smith University, Five Points and Gold Line stop. Down the street from Blue Blaze, a local microbrewery and a quick walk or bike ride to coffee shops and resturants. New architectural shingle roofs in 2020 &2021. 45 windows replaced in 2022, balance replaced between 2018 and 2021. Exterior paint 2021, repaved parking lot 2021. Updated baths, many new kitchens. 4 units recently finished with granite countertops. 40 townhomes being built adjoining property on Turner and Chamberlin. 300+ apartments being developed across the street on Chamberlin. 24 hour notice to show.

Key facts

• 1 1 story building
• 3 buildings total
• 0.85 acre lot

Tags

• 17 UNIT MULTI FAMILY COMPLEX
• 3 BUILDINGS TOTAL
• 2 TWO STORY BUILDINGS
• 1 1 STORY BUILDING
• COMPLETELY RENOVATED UNIT
• 13 UNITS HAVE HAD UPGRADES

Property features AI

Finance

• Financial info: Tenant pays all utilities; Owner pays: none
• HOA & community: No HOA; Pets not allowed

Exterior

• Parking: Parking lot
• Utilities: City water; Public sewer
• Home design: Residential income property; Apartment building; Zoning: N1-D
• Construction: Site-built construction; Brick exterior; Crawl space foundation; Slab foundation
• Exterior features: Concrete road access; Private maintained road

Interior

• Kitchen: Electric range; Microwave; Refrigerator; Garbage disposal
• Bedrooms: 30 total bedrooms; Apartment mix: thirteen 2-bedroom units and four 1-bedroom units
• Bathrooms: 17 full bathrooms
• Heating & cooling: Baseboard heating; Ductless heating; Forced air heating; Ductless cooling; Window unit(s) for cooling
• Interior features: Disposal; Electric range; Microwave; Refrigerator
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 13×2bd/1.5ba + 4×1bd/1.0ba units multifamily listed at $3.00M.

Deal economics

• At list price, monthly cash flow is $14k ($166k/yr) — positive. Per door: $815/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($40k rent vs $3.00M).
• Recommended offer: $2.82M (6.0% below list) — sets the bar for market timing.
• Cap rate 11.8% 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: schools D+, 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.
• Market conditions: Rents rising (+1.5%/yr); 349 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).
• At $40,156/mo this rent would consume 869% of the median local household income ($55k/yr) (locally 2368% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $21k of loan paydown is wiped out by about $90k 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.
• At projected returns (-3.0% appreciation + 1.5% rent growth), your $840k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($2.82M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $500k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $2.55M; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% 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 $2,820,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.34% ✓
• Cap rate: 11.84%
• Cash-on-cash: 19.79%
• DSCR: 1.88
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.47% rent growth · sell at horizon

5-year hold

• IRR: 10.3%
• Equity multiple: 1.40×
• Total profit: $334,290
• Equity at exit: $447,310

10-year hold

• IRR: 18.1%
• Equity multiple: 2.41×
• Total profit: $1,180,425
• Equity at exit: $259,385

Cash invested: $840,000 (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 28208

• Home prices YoY: -33.4%
• Rents YoY: 1.5%
• Active inventory: 349
• Price-to-rent: 96.4×

Monthly cashflow live

• Estimated rent: $40,156 high
• Mortgage (P&I): −$15,732
• Tax from tax record: −$885 /mo · $10,625/yr
• Insurance: −$1,250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,433
• Net cashflow: $13,856

Break-even live

Break-even rent $22,617

Max offer price $3,000,000

Occupancy floor 60%

17-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 13× units	2	1.5	$33,722
▸ 4× units	1	1	$6,432
Total (17 units)			$40,156

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: $750,000
• Closing costs: $90,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
312 S Turner Ave #12 Charlotte, NC	4.0	3.5	2733	$4,000	$1.46	23d	1	0.06mi
725 Savona Mill Ln Charlotte, NC	3.0	1.0–2.5	1372	$3,082	$2.25	2d	12	0.20mi
135 S Smallwood Pl Charlotte, NC	4.0	3.0	2423	$4,500	$1.86	23d	1	0.21mi
2623 Rozzelles Ferry Rd Charlotte, NC	3.0	3.5	1617	$3,299	$2.04	16d	1	0.27mi
2004 Caldera St Charlotte, NC	3.0	3.5	1617	$3,299	$2.04	23d	1	0.30mi
2713 Rozzelles Ferry Rd Charlotte, NC	3.0	3.5	1673	$2,899	$1.73	23d	1	0.31mi
2706 Coronet Way Charlotte, NC	4.0	3.5	2000	$2,999	$1.50	13d	1	0.33mi
2710 Coronet Way Charlotte, NC	4.0	3.5	2000	$2,999	$1.50	17d	1	0.33mi
2116 Caldera St Charlotte, NC	3.0	3.5	1617	$3,299	$2.04	23d	1	0.34mi
212 State St Charlotte, NC	3.0	2.0	1670	$2,495	$1.49	2d	1	0.35mi
2701 Rozzelles Ferry Rd Charlotte, NC	3.0	4.0	1617	$2,499	$1.55	23d	1	0.35mi
2741 Rozzelles Ferry Rd Charlotte, NC	3.0	3.5	1673	$2,899	$1.73	23d	1	0.35mi
1935 W Trade St Charlotte, NC	3.0	3.5	1715	$4,950	$2.89	16d	1	0.36mi
2132 Caldera St Charlotte, NC	3.0	3.5	1617	$3,299	$2.04	23d	1	0.36mi
2743 Rozzelles Ferry Rd Charlotte, NC	3.0	3.5	1673	$2,899	$1.73	23d	1	0.36mi
2136 Caldera St Charlotte, NC	3.0	3.5	1617	$3,299	$2.04	23d	1	0.36mi
637 Ethridge Pl Charlotte, NC	3.0	3.5	1572	$2,096	$1.33	2d	15	0.36mi
2146 Caldera St Charlotte, NC	3.0	3.5	1617	$3,299	$2.04	23d	1	0.37mi
371 S Bruns Ave Charlotte, NC	3.0	3.5	2026	$2,800	$1.38	2d	1	0.39mi
203 State St Charlotte, NC	4.0	3.0	1799	$3,200	$1.78	23d	1	0.39mi
156 Mattoon St Charlotte, NC	3.0	3.5	1944	$2,700	$1.39	23d	1	0.40mi
212 Mattoon St Charlotte, NC	3.0	3.5	1832	$2,525	$1.38	21d	1	0.41mi
570 West End Dr Charlotte, NC	3.0	2.5	1786	$2,700	$1.51	2d	1	0.41mi
570 West End Dr Charlotte, NC	3.0	3.0	1786	$2,940	$1.65	16d	1	0.41mi
219 S Bruns Ave Charlotte, NC	2.0	2.5	1708	$2,700	$1.58	23d	1	0.42mi
144 Mattoon St Charlotte, NC	3.0	3.5	1846	$2,700	$1.46	13d	1	0.42mi
144 Mattoon St Charlotte, NC	3.0	3.5	1846	$2,700	$1.46	13d	1	0.42mi
2635 W Trade St Charlotte, NC	3.0–4.0	3.5	1723	$2,425	$1.41	7d	6	0.42mi
142 Mattoon St Charlotte, NC	3.0	3.5	1846	$2,800	$1.52	13d	1	0.42mi
648 West End Dr Charlotte, NC	2.0	2.5	1951	$3,500	$1.79	23d	1	0.43mi
129 French St Unit Side A Charlotte, NC	3.0	3.5	2277	$3,650	$1.60	7d	1	0.44mi
415 Cemetery St Charlotte, NC	4.0	2.0	1714	$2,800	$1.63	23d	1	0.54mi
708 Drakeford Ct Charlotte, NC	3.0	3.5	1664	$2,165	$1.30	23d	1	0.57mi
704 Drakeford Ct Charlotte, NC	3.0	3.5	1627	$2,195	$1.35	23d	1	0.57mi
728 Drakeford Ct Charlotte, NC	3.0	3.5	1664	$2,195	$1.32	23d	1	0.58mi
724 Drakeford Ct Charlotte, NC	3.0	3.5	1664	$2,165	$1.30	23d	1	0.58mi
712 Drakeford Ct Charlotte, NC	3.0	3.5	1664	$2,165	$1.30	23d	1	0.58mi
528 Beatties Ford Rd Charlotte, NC	3.0	3.5	1664	$2,195	$1.32	23d	1	0.58mi
716 Drakeview Ct Charlotte, NC	3.0	3.5	1664	$2,165	$1.30	23d	1	0.58mi
534 Beatties Ford Rd Charlotte, NC	3.0	3.5	1664	$2,195	$1.32	23d	1	0.58mi

Listing history 21 events

1. 2026-06-18
   days on market $3,000,000 Active 86 DOM
2. 2026-06-17
   days on market $3,000,000 Active 85 DOM
3. 2026-06-16
   days on market $3,000,000 Active 84 DOM
4. 2026-06-15
   days on market $3,000,000 Active 83 DOM
5. 2026-06-13
   days on market $3,000,000 Active 81 DOM
6. 2026-06-10
   days on market $3,000,000 Active 77 DOM
7. 2026-06-08
   days on market $3,000,000 Active 76 DOM
8. 2026-06-07
   pricedays on market $3,000,000 Active 75 DOM
9. 2026-06-04
   days on market $3,500,000 Active 72 DOM
10. 2026-06-03
    days on market $3,500,000 Active 71 DOM
11. 2026-06-02
    days on market $3,500,000 Active 70 DOM
12. 2026-06-02
    days on market $3,500,000 Active 69 DOM
13. 2026-05-31
    days on market $3,500,000 Active 68 DOM
14. 2026-03-24
    listed $3,500,000 Active
15. 2023-01-11
    soldstatus $2,550,000 Closed 682-char remark

    Show marketing remark (682 chars)

    Great investment opportunity! 17 units in the poular Seversville neighborhood. ½ mile from JC Smith University, Five Points and Gold Line stop. Down the street from Blue Blaze, a local microbrewery and a quick walk or bike ride to coffee shops and resturants. New architectural shingle roofs in 2020 &2021. 45 windows replaced in 2022, balance replaced between 2018 and 2021. Exterior paint 2021, repaved parking lot 2021. Updated baths, many new kitchens. 4 units recently finished with granite countertops. 40 townhomes being built adjoining property on Turner and Chamberlin. 300+ apartments being developed across the street on Chamberlin. 24 hour notice to show.

16. 2022-11-28
    historical Active Under Contract 682-char remark

    Show marketing remark (682 chars)

    Great investment opportunity! 17 units in the poular Seversville neighborhood. ½ mile from JC Smith University, Five Points and Gold Line stop. Down the street from Blue Blaze, a local microbrewery and a quick walk or bike ride to coffee shops and resturants. New architectural shingle roofs in 2020 &2021. 45 windows replaced in 2022, balance replaced between 2018 and 2021. Exterior paint 2021, repaved parking lot 2021. Updated baths, many new kitchens. 4 units recently finished with granite countertops. 40 townhomes being built adjoining property on Turner and Chamberlin. 300+ apartments being developed across the street on Chamberlin. 24 hour notice to show.

17. 2022-10-26
    listed $2,800,000 Active 682-char remark

    Show marketing remark (682 chars)

    Great investment opportunity! 17 units in the poular Seversville neighborhood. ½ mile from JC Smith University, Five Points and Gold Line stop. Down the street from Blue Blaze, a local microbrewery and a quick walk or bike ride to coffee shops and resturants. New architectural shingle roofs in 2020 &2021. 45 windows replaced in 2022, balance replaced between 2018 and 2021. Exterior paint 2021, repaved parking lot 2021. Updated baths, many new kitchens. 4 units recently finished with granite countertops. 40 townhomes being built adjoining property on Turner and Chamberlin. 300+ apartments being developed across the street on Chamberlin. 24 hour notice to show.

18. 2007-12-14
    soldstatus $380,000
19. 2007-12-14
    soldstatus $380,000
20. 2005-01-28
    soldstatus $348,000
21. 1998-06-12
    soldstatus $236,000

ⓘ 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: $10,625 · $885/mo
• Projected year-2 tax: $24,600 · $2,050/mo
• Expected delta: +$13,975/yr (+$1,165/mo · 131.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% 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: $481,872
• − Mortgage interest: −$168,047
• − Property taxes: −$10,625
• − Insurance: −$15,000
• − Repairs & maintenance: −$38,550
• − Management: −$38,550
• − Depreciation: −$87,273
• Taxable income: $123,829
• Est. tax owed @ 24.0%: −$29,719
• After-tax cash flow: $136,548/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): 40,197
• Household income: $55,431
• Rent vs Own: 60.6% rent · 39.4% own
• Severe rent burden: 2368.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 61% White 16% Hispanic / Latino 14% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 1%
• Foreign-born: 11% · Canada, Vietnam, China
• Languages at home: 83% English-only · Spanish 12% Other Asian/Pacific 1% French/Haitian/Cajun 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: ▼ -162.76%
• Current HPI: 324.3642
• Rent YoY: ▲ 1.47%
• 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

+1383.1% since first listed

8 events — show timeline

• 2026-03-24 Listed $3,500,000 CANOPYMLS as Distributed by MLS Grid
• 2023-01-11 Sold (MLS) $2,550,000 CANOPYMLS as Distributed by MLS Grid
• 2022-11-28 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2022-10-26 Listed $2,800,000 CANOPYMLS as Distributed by MLS Grid
• 2007-12-14 Sold (Public Records) $380,000 Public Records
• 2007-12-14 Sold (Public Records) $380,000 Public Records
• 2005-01-28 Sold (Public Records) $348,000 Public Records
• 1998-06-12 Sold (Public Records) $236,000 Public Records

Property tax history

+6.7%/yr

Latest (2022): $10,625 · +1.8% YoY. Source: county tax records.