223 Orchard Trace Ln #5 · Charlotte, NC 28213

$138,000

2 bd · 2.0 ba · 897 sqft · Condo public records · 113 Days on market

Built 1974 $278/mo HOA · 20% of rent

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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 +12.8/30.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• Schools +3.8/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors welcome! 2 bedroom, 2 bath condo. Open floor plan. Second floor unit with rear balcony. Complex has pool, basketball (indoor) court, tennis, playground. Short distance to UNCC, shopping, transportation, entertainment and medical facilities.

Key facts

• Clubhouse
• Tennis courts
• Lynx light rail stop

Tags

• LYNX LIGHT RAIL STOP
• ONE FLOOR LIVING
• BUILT-INS FOR EXTRA STORAGE
• CLUBHOUSE
• TENNIS COURTS
• POOL

Property features AI

Finance

• Other: Pets allowed
• HOA & community: Mandatory HOA managed by Greenway Realty Mgmt; HOA fee $278 monthly

Exterior

• Parking: Parking lot and assigned parking spaces
• Utilities: City water; Public sewer
• Home design: Residential condominium; One story; Site-built construction; Brick partial exterior; Slab foundation; Zoned R17MF
• Construction: Site-built with partial brick exterior; Slab foundation
• Exterior features: Asphalt/paved road; publicly maintained; Parking lot with designated parking spaces

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 2 full bathrooms (main level)
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: 4 rooms; Entry level: 2
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $138k.

Deal economics

• At list price, monthly cash flow is $-13 ($-162/yr) — negative.
• To cash-flow at today's rent, offer at most $136k (1.7% below list).
• Meets the 1% rule at list price ($1k rent vs $138k).
• Recommended offer: $126k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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: Newell Elementary (math 14% / reading 19%, grade F, #1,307 of 1,410 statewide, top 93%, 699 students, 100% FRL); Martin Luther King Jr Middle (math 11% / reading 20%, grade F, #456 of 475 statewide, top 96%, 931 students, 100% FRL); Julius L. Chambers High School (math 40% / reading 35%, grade F, #411 of 535 statewide, top 77%, 2,224 students, 100% FRL) — zoned schools average 100% FRL vs 49% district-wide (51 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 23% at this address vs 44% district-wide (-21 pts) — the specific schools serving this property underperform the Charlotte-Mecklenburg Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 283 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $954 of loan paydown is wiped out by about $4k 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 113 days — a 9% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y 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 $60k; list at $138k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 23% 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 $125,580 (9.0% 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 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 1.03% ✓
• Cap rate: 6.18%
• Cash-on-cash: -0.42%
• DSCR: 0.98
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.63% rent growth · sell at horizon

5-year hold

• IRR: -20.1%
• Equity multiple: 0.32×
• Total profit: $-26,404
• Equity at exit: $20,576

10-year hold

• IRR: -20.7%
• Equity multiple: 0.05×
• Total profit: $-36,534
• Equity at exit: $11,932

Cash invested: $38,640 (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 28213

• Home prices YoY: -24.9%
• Rents YoY: 0.6%
• Active inventory: 283
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,425 high
• Mortgage (P&I): −$724
• Tax from tax record: −$80 /mo · $958/yr
• Insurance: −$58
• HOA: −$278
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $-13

Break-even live

Break-even rent $1,442

Max offer price $135,620

Occupancy floor 96%

Sensitivity live

Price	-10% $65	-5% $26	+0% $-13	+5% $-53	+10% $-92
Rent	-10% $-126	-5% $-70	+0% $-13	+5% $43	+10% $99
Rate	-1.0pp $56	-0.5pp $22	base $-13	+0.5pp $-49	+1.0pp $-86

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: $34,500
• Closing costs: $4,140
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 Orchard Trace Ln #4 Charlotte, NC	1.0	1.0	648	$1,050	$1.62	26d	1	0.05mi
241 Orchard Trace Ln #8 Charlotte, NC	1.0	1.0	648	$1,050	$1.62	22d	1	0.06mi
300 Orchard Trace Ln Charlotte, NC	3.0	2.0	989	$1,350	$1.37	26d	1	0.06mi
320 Orchard Trace Ln #5 Charlotte, NC	1.0	1.0	648	$1,050	$1.62	22d	1	0.08mi
325 Orchard Trace Ln Unit 326-7 Charlotte, NC	1.0	1.0	650	$1,050	$1.62	26d	1	0.08mi
340 Graham Meadow Dr Charlotte, NC	3.0	2.0	1052	$1,770	$1.68	18d	1	0.09mi
326 Orchard Trace Ln #5 Charlotte, NC	1.0	1.0	648	$1,050	$1.62	26d	1	0.09mi
330 Orchard Trace Ln #7 Charlotte, NC	2.0	1.0	864	$1,275	$1.48	7d	1	0.10mi
2508 April Liu Ln Charlotte, NC	1.0–3.0	1.0–2.5	1122	$1,546	$1.38	1d	30	0.12mi
405 Orchard Trace Ln #4 Charlotte, NC	2.0	1.0	864	$1,275	$1.48	26d	1	0.14mi
342 Orchard Trace Ln Charlotte, NC	2.0	1.0	682	$975	$1.43	26d	1	0.15mi
415 Orchard Trace Ln #2 Charlotte, NC	2.0	1.0	828	$1,195	$1.44	7d	1	0.16mi
419 Orchard Trace Ln #3 Charlotte, NC	3.0	2.0	1056	$1,450	$1.37	18d	1	0.18mi
8108 Grace Farms Dr Charlotte, NC	1.0–3.0	1.0–2.0	1084	$1,913	$1.76	1d	20	0.18mi
6812 Malagant Ln Charlotte, NC	3.0	2.0	1056	$1,700	$1.61	26d	1	0.21mi
520 Tom Hunter Rd Unit 309 Charlotte, NC	1.0	1.0	780	$1,545	$1.98	26d	1	0.35mi
520 Tom Hunter Rd Unit 301 Charlotte, NC	2.0	2.0	1054	$1,595	$1.51	26d	1	0.35mi
8812 Ikea Blvd Charlotte, NC	2.0	1.0–2.0	941	$1,919	$2.04	0d	78	0.36mi
404 Gallop Ln Charlotte, NC	1.0–2.0	1.0–2.0	1019	$2,294	$2.25	18d	5	0.39mi
2003 Canterwood Dr Charlotte, NC	1.0–3.0	1.0–2.0	990	$1,564	$1.58	1d	12	0.49mi
336 Blackhawk Rd Charlotte, NC	1.0–3.0	1.0–2.5	997	$1,782	$1.79	0d	16	0.58mi
5340 Periwinkle Hill Ave Charlotte, NC	1.0–3.0	1.0–2.0	1033	$1,674	$1.62	0d	37	0.59mi
6940 Hidden Forest Dr Charlotte, NC	1.0–2.0	1.0–2.0	773	$1,300	$1.68	5d	8	0.63mi
5025 Wembley Central Ln Charlotte, NC	1.0–3.0	1.0–2.0	1202	$1,925	$1.60	1d	19	0.66mi
6126 Amberly Ln Charlotte, NC	3.0	2.0	1115	$2,050	$1.84	22d	1	0.84mi
6126 Amberly Ln Charlotte, NC	3.0	2.0	1115	$2,050	$1.84	18d	1	0.84mi
1305 Hunter Oaks Ln Unit 115 Charlotte, NC	3.0	2.0	1076	$1,500	$1.39	26d	1	0.86mi
1305 Hunter Oaks Ln Unit 114 Charlotte, NC	1.0	1.0	744	$1,100	$1.48	26d	1	0.86mi
1300 Hunter Oaks Ln Charlotte, NC	1.0–3.0	1.0–2.0	910	$1,300	$1.43	7d	6	0.86mi
1117 Mineral Springs Rd Charlotte, NC	1.0	1.0	632	$1,400	$2.22	26d	1	0.88mi
5200 Oxford Pond Dr Charlotte, NC	1.0–3.0	1.0–2.5	1057	$1,906	$1.80	0d	24	0.88mi
1305 Hunter Oaks Ln Charlotte, NC	2.0	2.0	996	$1,300	$1.31	26d	1	0.88mi
1305 Hunter Oaks Ln Unit 1302-15 Charlotte, NC	2.0	2.0	996	$1,300	$1.31	7d	1	0.88mi
1305 Hunter Oaks Ln Unit 1303-01 Charlotte, NC	3.0	2.0	1076	$1,500	$1.39	7d	1	0.88mi
1400 Ventura Way Dr Charlotte, NC	3.0	1.0–1.5	650	$1,363	$2.10	1d	17	0.93mi
305 Prine Pl Charlotte, NC	3.0	1.0–2.0	1019	$2,151	$2.11	1d	35	1.15mi
1841 Prospect Dr Charlotte, NC	1.0–3.0	1.0–2.0	915	$1,291	$1.41	10d	25	1.20mi
815 Echo Glen Rd Charlotte, NC	3.0	1.5	1125	$1,495	$1.33	17d	1	1.23mi
1240 Merrick St Charlotte, NC	2.0–4.0	2.0	1204	$1,250	$1.04	26d	1	1.32mi
6008 Lewis St Charlotte, NC	1.0–3.0	1.0–2.0	1190	$1,572	$1.32	7d	20	1.40mi

HOA detail condo

• Monthly dues: $278 · $3,336/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-22
   days on market $138,000 Active 113 DOM
2. 2026-06-21
   days on market $138,000 Active 112 DOM
3. 2026-06-18
   days on market $138,000 Active 109 DOM
4. 2026-06-17
   days on market $138,000 Active 108 DOM
5. 2026-06-16
   days on market $138,000 Active 107 DOM
6. 2026-06-15
   days on market $138,000 Active 106 DOM
7. 2026-06-13
   days on market $138,000 Active 104 DOM
8. 2026-06-10
   days on market $138,000 Active 100 DOM
9. 2026-06-08
   days on market $138,000 Active 99 DOM
10. 2026-06-07
    days on market $138,000 Active 98 DOM
11. 2026-06-04
    days on market $138,000 Active 95 DOM
12. 2026-06-03
    days on market $138,000 Active 94 DOM
13. 2026-06-02
    days on market $138,000 Active 93 DOM
14. 2026-06-02
    days on market $138,000 Active 92 DOM
15. 2026-05-31
    days on market $138,000 Active 91 DOM
16. 2026-03-01
    listed $138,000 Active
17. 2017-12-19
    soldstatus $60,000 Closed 250-char remark

    Show marketing remark (250 chars)

    Investors welcome! 2 bedroom, 2 bath condo. Open floor plan. Second floor unit with rear balcony. Complex has pool, basketball (indoor) court, tennis, playground. Short distance to UNCC, shopping, transportation, entertainment and medical facilities.

18. 2017-12-19
    soldstatus $60,000

    Show marketing remark (250 chars)

    Investors welcome! 2 bedroom, 2 bath condo. Open floor plan. Second floor unit with rear balcony. Complex has pool, basketball (indoor) court, tennis, playground. Short distance to UNCC, shopping, transportation, entertainment and medical facilities.

19. 2017-12-06
    historical Under Contract - No Show 250-char remark

    Show marketing remark (250 chars)

    Investors welcome! 2 bedroom, 2 bath condo. Open floor plan. Second floor unit with rear balcony. Complex has pool, basketball (indoor) court, tennis, playground. Short distance to UNCC, shopping, transportation, entertainment and medical facilities.

20. 2017-12-01
    listed $59,990 Active 250-char remark

    Show marketing remark (250 chars)

    Investors welcome! 2 bedroom, 2 bath condo. Open floor plan. Second floor unit with rear balcony. Complex has pool, basketball (indoor) court, tennis, playground. Short distance to UNCC, shopping, transportation, entertainment and medical facilities.

21. 2010-02-19
    listed $38,000
22. 2007-04-19
    soldstatus $44,000
23. 2001-10-31
    soldstatus $170,000
24. 1998-08-24
    soldstatus $62,000
25. 1998-08-24
    soldstatus $62,000

ⓘ 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: $958 · $80/mo
• Projected year-2 tax: $1,132 · $94/mo
• Expected delta: +$174/yr (+$14/mo · 18.1%)

ⓘ 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 ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,097
• − Mortgage interest: −$7,730
• − Property taxes: −$958
• − Insurance: −$690
• − Repairs & maintenance: −$1,368
• − Management: −$1,368
• − HOA: −$3,336
• − Depreciation: −$4,015
• Taxable loss: −$2,367
• Est. tax savings @ 24.0%: +$568
• After-tax cash flow: $406/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): 45,904
• Household income: $58,146
• Rent vs Own: 55.9% rent · 44.1% own
• Severe rent burden: 3547.0

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 0.66)
• Race & ethnicity: Black 48% Hispanic / Latino 27% White 18% Two or more races 9% Asian 4%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1% Dominican 2%
• Common ancestry: Romanian 1% Lithuanian 1% Italian 1%
• Foreign-born: 22% · Canada, Vietnam, China
• Languages at home: 70% English-only · Spanish 23% Other Indo-European 1% Arabic 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: ▼ -88.12%
• Current HPI: 265.9966
• Rent YoY: ▲ 0.63%
• 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

+122.6% since first listed

10 events — show timeline

• 2026-03-01 Listed $138,000 CANOPYMLS as Distributed by MLS Grid
• 2017-12-19 Sold (Public Records) $60,000 Public Records
• 2017-12-19 Sold (MLS) $60,000 CANOPYMLS as Distributed by MLS Grid
• 2017-12-06 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2017-12-01 Listed $59,990 CANOPYMLS as Distributed by MLS Grid
• 2010-02-19 Listed $38,000 CANOPYMLS as Distributed by MLS Grid
• 2007-04-19 Sold (Public Records) $44,000 Public Records
• 2001-10-31 Sold (Public Records) $170,000 Public Records
• 1998-08-24 Sold (Public Records) $62,000 Public Records
• 1998-08-24 Sold (Public Records) $62,000 Public Records

Property tax history

+4.3%/yr

Latest (2025): $958 · +9.2% YoY. Source: county tax records.