342 N Cleghorn St · Rutherfordton, NC 28139

$200,000

2 bd · 1.0 ba · 934 sqft · SingleFamily public records · 110 Days on market

Built 1940 0.35 ac lot Est $138k · 45% over

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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 +14.8/30.0
• DSCR +4.5/10.0
• 1% rule +4.1/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Positioned in the heart of downtown Rutherfordton, this beautifully remodeled bungalow offers the rare combination of quality craftsmanship, walkable mountain-town living and long-term value in one of Western North Carolina’s fastest-growing small towns. Thoughtfully renovated from top to bottom, the two-bedroom, one-bath home features vaulted exposed-beam ceilings, a charming fireplace, luxury vinyl plank flooring, solid-surface countertops, custom cabinetry, rustic hood vent, dedicated laundry room and tasteful designer finishes throughout. Major upgrades include new plumbing, electrical, windows, gutters, stucco siding, HVAC system and metal roof, delivering near-new confidence at

Key facts

• Custom cabinetry
• Charming fireplace
• Remodeled bungalow

Tags

• REMODELED BUNGALOW
• VAULTED EXPOSED-BEAM CEILINGS
• CHARMING FIREPLACE
• LUXURY VINYL PLANK FLOORING
• SOLID-SURFACE COUNTERTOPS
• CUSTOM CABINETRY

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer; Electricity connected; Propane available
• Home design: Single family residence (residential); One level; Completed development; R2 zoning
• Construction: Site-built construction; Hard stucco exterior; Metal roof; Crawl space foundation
• Exterior features: Covered front porch; Cleared, level lot with green area; Concrete, gravel and paved road access (publicly maintained)

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Exhaust hood; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Electric heating; Heat pump; Electric cooling; Heat pump cooling
• Interior features: Vaulted ceilings; 7 total rooms
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $56 ($668/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 $182k (9.0% below list).
• Recommended offer: $182k (9.0% below list) — sets the bar for 1% rule, market timing.
• Cap rate 6.6% vs local median 3.0% in Rutherfordton — 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 73/100 on livability (#67 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, amenities F, commute F.
• Rutherford County Schools (rural): math 43% / reading 44% proficiency, ranked #98 of 178 in NC (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Rutherfordton Elementary School (math 37% / reading 47%, grade F, #633 of 1,410 statewide, top 48%, 390 students, 99% FRL); R-S Middle School (math 32% / reading 43%, grade F, #256 of 475 statewide, top 55%, 574 students, 100% FRL); R-S Central High School (math 62% / reading 42%, grade D+, #292 of 535 statewide, top 56%, 758 students, 100% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 318 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 193 units permitted in Rutherford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Rutherford County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $182,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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 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 D 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. 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?
8. 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.
9. 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.
10. 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: 0.91% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.19%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $138,232
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
246 Elm St	0.09mi	2/1.0	810 (-13%)	12mo	$145,000	$179	64
112 Levi St	0.41mi	3/1.0 (+1)	912 (-2%)	18mo	$63,500	$70	56
138 North St	0.63mi	2/1.0	937 (+0%)	17mo	$190,000	$203	56
165 N Mitchell St	0.44mi	2/1.0	1,059 (+13%)	6mo	$136,800	$129	52
123 Cedar St	0.19mi	3/1.5 (+1)	1,056 (+13%)	23mo	$150,000	$142	44
156 Gabriel St	0.58mi	2/1.0	809 (-13%)	24mo	$120,000	$148	31

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.4%
• Equity multiple: 0.49×
• Total profit: $-28,837
• Equity at exit: $29,821

10-year hold

• IRR: -5.6%
• Equity multiple: 0.64×
• Total profit: $-20,436
• Equity at exit: $17,292

Cash invested: $56,000 (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 28139

• Home prices YoY: -21.6%
• Active inventory: 318
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,820 medium
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $56

Break-even live

Break-even rent $1,750

Max offer price $200,000

Occupancy floor 92%

Sensitivity live

Price	-10% $194	-5% $125	+0% $56	+5% $-13	+10% $-83
Rent	-10% $-88	-5% $-16	+0% $56	+5% $128	+10% $199
Rate	-1.0pp $156	-0.5pp $107	base $56	+0.5pp $4	+1.0pp $-49

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
125 Central St Rutherfordton, NC	1.0	1.0	740	$1,820	$2.46	15d	1	0.39mi

Listing history 20 events

1. 2026-06-22
   days on market $200,000 Active 110 DOM
2. 2026-06-19
   days on market $200,000 Active 108 DOM
3. 2026-06-18
   days on market $200,000 Active 107 DOM
4. 2026-06-17
   days on market $200,000 Active 106 DOM
5. 2026-06-16
   days on market $200,000 Active 105 DOM
6. 2026-06-15
   days on market $200,000 Active 104 DOM
7. 2026-06-14
   days on market $200,000 Active 102 DOM
8. 2026-06-13
   days on market $200,000 Active 101 DOM
9. 2026-06-10
   days on market $200,000 Active 99 DOM
10. 2026-06-09
    days on market $200,000 Active 98 DOM
11. 2026-06-08
    days on market $200,000 Active 97 DOM
12. 2026-06-07
    days on market $200,000 Active 96 DOM
13. 2026-06-02
    days on market $200,000 Active 91 DOM
14. 2026-06-01
    days on market $200,000 Active 90 DOM
15. 2026-05-31
    days on market $200,000 Active 89 DOM
16. 2026-05-30
    days on market $200,000 Active 88 DOM
17. 2026-05-20
    status Active
18. 2026-04-10
    status Pending
19. 2026-03-19
    historical Active Under Contract
20. 2026-01-22
    listed $200,000 Active

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $21,840
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,747
• − Management: −$1,747
• − Depreciation: −$5,818
• Taxable loss: −$2,676
• Est. tax savings @ 24.0%: +$642
• After-tax cash flow: $1,310/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: Rutherford County Schools
• NCES district ID: 3704080
• Math proficiency: 43% ▼ -1.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $36,490
• Composite: 36.11/100
• National rank: #4753
• State rank: #98 of 178 in NC

Livability — Rutherfordton

• Score: 73/100
• State rank: #67
• US rank: #5114

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rutherfordton, NC
• Population (ZIP): 18,887

Population outlook (Rutherford County) Hauer SSP2

• Today (2025): 63,695 people
• By 2030: 61,670 · -3.2%
• By 2040: 57,212 · -10.2%
• By 2050: 52,763 · -17.2%
• By 2075: 44,493 · -30.1%
• By 2100: 38,127 · -40.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Serbian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Rutherford

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -16.0pp toward R · 2008: -31.8pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+45.8 2016: R+47.9 2012: R+33.5 2008: R+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.65%
• Current HPI: 249.7007
• 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

4 events — show timeline

• 2026-05-20 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-04-10 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-03-19 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-01-22 Listed $200,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

-4.6%/yr

Latest (2025): $198 · +24.0% YoY. Source: county tax records.