5595 American Way · Denver, NC 28037

$350,000

8 bd · 4.0 ba · 3,435 sqft · MultiFamily · 34 Days on market

Built 2018 2.11 ac lot

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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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great opportunity for investors! Seller motivated! 1 singlewide and 1 doublewide on a 2 acre lot. The doublewide has had some remodeling. There is enough room to add up to 2 more doublewides onto property.

Key facts

• 2.11 acre lot
• Built 2018
• Listed 34 days

Property features AI

Finance

• Financial info: Three-unit property; Owner pays water; tenants pay all other utilities
• HOA & community: No HOA; Pets allowed

Exterior

• Parking: Driveway
• Utilities: Shared well for water; Septic system installed
• Home design: Residential income property (triplex)
• Construction: Manufactured construction; Aluminum, block, and vinyl exterior materials; Crawl space foundation
• Exterior features: Level lot; Dirt and gravel road access on a privately maintained road

Interior

• Kitchen: Dishwasher; Electric oven
• Bedrooms: Seven bedrooms total; Unit breakdown: one 3-bedroom unit and two 2-bedroom units
• Bathrooms: Four full bathrooms
• Heating & cooling: Heat pump; Ductless heating; Central air conditioning; Ductless cooling
• Interior features: Dishwasher; Electric oven; Primary bedroom, additional bedrooms, bathrooms, living room, dining room, den, and laundry included among rooms
• Laundry & utility: Laundry in a utility room

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $545/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Recommended offer: $340k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 2.1% in Denver — 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 66/100 on livability (#255 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: employment D, amenities F, commute F.
• Lincoln County Schools (rural): math 57% / reading 55% proficiency, ranked #42 of 178 in NC (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.3%/yr); 373 active listings in the ZIP; high-income renter base; 697 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• At $4,442/mo this rent would consume 48% of the median local household income ($112k/yr) (locally 546% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Lincoln County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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.
• Current owner paid $48k; list at $350k implies a 637% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $339,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.27% ✓
• Cap rate: 10.03%
• Cash-on-cash: 13.35%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-217
• Equity at exit: $52,186

10-year hold

• IRR: 6.2%
• Equity multiple: 1.40×
• Total profit: $39,201
• Equity at exit: $30,262

Cash invested: $98,000 (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 28037

• Home prices YoY: -22.3%
• Rents YoY: -0.3%
• Active inventory: 373
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $4,442 medium
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$933
• Net cashflow: $1,090

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$4,442
Total (2 units)			$4,442

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $350,000 Active 34 DOM
2. 2026-06-17
   days on market $350,000 Active 33 DOM
3. 2026-06-16
   days on market $350,000 Active 32 DOM
4. 2026-06-15
   days on market $350,000 Active 31 DOM
5. 2026-06-13
   days on market $350,000 Active 29 DOM
6. 2026-06-09
   days on market $350,000 Active 25 DOM
7. 2026-06-08
   days on market $350,000 Active 24 DOM
8. 2026-06-07
   days on market $350,000 Active 23 DOM
9. 2026-06-04
   days on market $350,000 Active 20 DOM
10. 2026-06-03
    days on market $350,000 Active 19 DOM
11. 2026-06-02
    days on market $350,000 Active 18 DOM
12. 2026-06-01
    days on market $350,000 Active 17 DOM
13. 2026-05-31
    days on market $350,000 Active 16 DOM
14. 2026-05-15
    listed $350,000 Active
15. 2017-03-17
    soldstatus $47,500 Closed 207-char remark

    Show marketing remark (207 chars)

    Great opportunity for investors! Seller motivated! 1 singlewide and 1 doublewide on a 2 acre lot. The doublewide has had some remodeling. There is enough room to add up to 2 more doublewides onto property.

16. 2017-02-22
    historical Under Contract - Show 207-char remark

    Show marketing remark (207 chars)

    Great opportunity for investors! Seller motivated! 1 singlewide and 1 doublewide on a 2 acre lot. The doublewide has had some remodeling. There is enough room to add up to 2 more doublewides onto property.

17. 2017-02-07
    status Active 207-char remark

    Show marketing remark (207 chars)

    Great opportunity for investors! Seller motivated! 1 singlewide and 1 doublewide on a 2 acre lot. The doublewide has had some remodeling. There is enough room to add up to 2 more doublewides onto property.

18. 2017-02-02
    historical 207-char remark

    Show marketing remark (207 chars)

    Great opportunity for investors! Seller motivated! 1 singlewide and 1 doublewide on a 2 acre lot. The doublewide has had some remodeling. There is enough room to add up to 2 more doublewides onto property.

19. 2016-09-01
    price $85,000 207-char remark

    Show marketing remark (207 chars)

    Great opportunity for investors! Seller motivated! 1 singlewide and 1 doublewide on a 2 acre lot. The doublewide has had some remodeling. There is enough room to add up to 2 more doublewides onto property.

20. 2016-01-29
    listed $95,000 Active 207-char remark

    Show marketing remark (207 chars)

    Great opportunity for investors! Seller motivated! 1 singlewide and 1 doublewide on a 2 acre lot. The doublewide has had some remodeling. There is enough room to add up to 2 more doublewides onto property.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 7% 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: $53,304
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$4,264
• − Management: −$4,264
• − Depreciation: −$10,182
• Taxable income: $7,988
• Est. tax owed @ 24.0%: −$1,917
• After-tax cash flow: $11,168/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: Lincoln County Schools
• NCES district ID: 3702680
• Math proficiency: 57% ▲ 7.00%
• Reading proficiency: 55% ▲ 1.00%
• Median HH income: $49,203
• Composite: 47.7/100
• National rank: #2242
• State rank: #42 of 178 in NC

Livability — Denver

• Score: 66/100
• State rank: #255
• US rank: #11212

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lincoln County · 69,118 people
• City population: 28,768
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 28,768
• Household income: $111,703
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 546.0

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 86,972 people
• By 2030: 89,467 · +2.9%
• By 2040: 93,107 · +7.1%
• By 2050: 94,304 · +8.4%
• By 2075: 95,190 · +9.4%
• By 2100: 90,096 · +3.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 4% Black 2%
• Common ancestry: Slovak 4% Romanian 3% Iranian 3%
• Foreign-born: 3% · Canada, Guatemala
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Lincoln

• 2024 margin: Solid R (+45.7) · D 26.8% · R 72.5%
• 2008→2024 swing: -12.4pp toward R · 2008: -33.3pp · 2024: -45.7pp
• All cycles: 2024: R+45.7 2020: R+45.9 2016: R+47.7 2012: R+38.9 2008: R+33.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.60%
• Current HPI: 263.1328
• Rent YoY: ▼ -0.26%
• 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

+268.4% since first listed

7 events — show timeline

• 2026-05-15 Listed $350,000 CANOPYMLS as Distributed by MLS Grid
• 2017-03-17 Sold (MLS) $47,500 CANOPYMLS as Distributed by MLS Grid
• 2017-02-22 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2017-02-07 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2017-02-02 Delisted — CANOPYMLS as Distributed by MLS Grid
• 2016-09-01 Price Changed $85,000 CANOPYMLS as Distributed by MLS Grid
• 2016-01-29 Listed $95,000 CANOPYMLS as Distributed by MLS Grid