1121 Old Us Highway 421 · North Wilkesboro, NC 28697

$149,900

5 bd · 1.0 ba · 960 sqft · SingleFamily public records · 72 Days on market

Built 1943 0.59 ac lot

---

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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +4.9/10.0
• Schools +4.3/10.0
• Appreciation +4.0/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Great opportunity for an investor or for a homeowner who wants to start with a blank canvas. Sits on approximately 3ac. Needs complete renovation, good potential and convenient location.

Key facts

• 0.59 acre lot
• Built 1943
• Listed 71 days

Property features AI

Finance

• HOA & community: No homeowners association

Exterior

• Parking: Gravel parking
• Utilities: Public water; Public sewer and septic tank; Electric water heater
• Home design: Residential stick/site-built house; Two-story; Built in 1943; Living room fireplace
• Construction: Brick construction; Existing structure
• Exterior features: Lot approximately 0.59 acre; Public maintained road frontage; Public water; No pool

Interior

• Bedrooms: 1 room listed on main level
• Bathrooms: 1 full bathroom
• Heating & cooling: Heat pump heating (electric); Central air conditioning
• Interior features: Primary bedroom on main level; Unfinished basement

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $148k (1.5% below list).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 2.7% in North Wilkesboro — 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 (#293 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Wilkes County Schools (rural): math 55% / reading 50% proficiency, ranked #59 of 178 in NC (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 98 active listings in the ZIP; 134 units permitted in Wilkes County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-2.1%/yr); year-one equity from $1k of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Wilkes County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask is 30% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-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. 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 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: 0.99% ✗
• Cap rate: 8.07%
• Cash-on-cash: 6.35%
• DSCR: 1.28
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.1% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.89×
• Total profit: $-4,450
• Equity at exit: $28,446

10-year hold

• IRR: 5.5%
• Equity multiple: 1.46×
• Total profit: $19,286
• Equity at exit: $23,677

Cash invested: $41,972 (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 28697

• Home prices YoY: -0.7%
• Active inventory: 98
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,477 medium
• Mortgage (P&I): −$786
• Tax from tax record: −$96 /mo · $1,151/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $222

Break-even live

Break-even rent $1,196

Max offer price $149,900

Occupancy floor 80%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-19
   days on market $149,900 Active 72 DOM
2. 2026-06-18
   days on market $149,900 Active 71 DOM
3. 2026-06-17
   days on market $149,900 Active 70 DOM
4. 2026-06-16
   days on market $149,900 Active 69 DOM
5. 2026-06-15
   days on market $149,900 Active 68 DOM
6. 2026-06-14
   days on market $149,900 Active 66 DOM
7. 2026-06-12
   days on market $149,900 Active 65 DOM
8. 2026-06-09
   days on market $149,900 Active 62 DOM
9. 2026-06-08
   days on market $149,900 Active 61 DOM
10. 2026-06-07
    days on market $149,900 Active 60 DOM
11. 2026-06-03
    days on market $149,900 Active 56 DOM
12. 2026-06-02
    days on market $149,900 Active 55 DOM
13. 2026-06-01
    days on market $149,900 Active 54 DOM
14. 2026-05-31
    days on market $149,900 Active 53 DOM
15. 2026-05-30
    days on market $149,900 Active 52 DOM
16. 2026-04-15
    status Active
17. 2026-04-15
    price $149,900
18. 2026-04-09
    historical
19. 2026-04-09
    status Active
20. 2026-02-26
    status Pending
21. 2026-02-19
    listed $115,000 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: $1,151 · $96/mo
• Projected year-2 tax: $1,229 · $102/mo
• Expected delta: +$78/yr (+$7/mo · 6.8%)

ⓘ 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 5/10 Major 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,720
• − Mortgage interest: −$8,397
• − Property taxes: −$1,151
• − Insurance: −$750
• − Repairs & maintenance: −$1,418
• − Management: −$1,418
• − Depreciation: −$4,361
• Taxable income: $227
• Est. tax owed @ 24.0%: −$54
• After-tax cash flow: $2,611/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: Wilkes County Schools
• NCES district ID: 3704950
• Math proficiency: 55% ▲ 13.00%
• Reading proficiency: 50% ▲ 5.00%
• Median HH income: $34,538
• Composite: 43.41/100
• National rank: #3017
• State rank: #59 of 178 in NC

Livability — North Wilkesboro

• Score: 66/100
• State rank: #293
• US rank: #12385

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 13,412

Population outlook (Wilkes County) Hauer SSP2

• Today (2025): 66,349 people
• By 2030: 64,411 · -2.9%
• By 2040: 59,800 · -9.9%
• By 2050: 54,770 · -17.5%
• By 2075: 45,211 · -31.9%
• By 2100: 36,956 · -44.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 10% Black 5% Two or more races 5%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Serbian 4% Italian 2% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 7%

Political lean MEDSL · Wilkes

• 2024 margin: Solid R (+59.6) · D 19.9% · R 79.5%
• 2008→2024 swing: -21.5pp toward R · 2008: -38.2pp · 2024: -59.6pp
• All cycles: 2024: R+59.6 2020: R+56.6 2016: R+55.2 2012: R+42.7 2008: R+38.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.10%
• Current HPI: 312.7598
• Rent YoY: —
• Metro: —
• 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

+30.3% since first listed

6 events — show timeline

• 2026-04-15 Relisted — Triad MLS
• 2026-04-15 Price Changed $149,900 Triad MLS
• 2026-04-09 Delisted — Triad MLS
• 2026-04-09 Relisted — Triad MLS
• 2026-02-26 Pending — Triad MLS
• 2026-02-19 Listed $115,000 Triad MLS

Property tax history

+4.3%/yr

Latest (2025): $1,151 · +59.9% YoY. Source: county tax records.