502 Fayetteville Ave · Statesville, NC 28677

$110,000

2 bd · 1.0 ba · 945 sqft · SingleFamily public records · 61 Days on market

Built 1948 6,969 sqft lot Est $190k · 42% under

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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 +26.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.8/10.0
• 1% rule +5.9/10.0
• Schools +4.5/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Special – Full Rehab Needed! This property will need to be gutted and completely renovated, making it ideal for experienced investors or flippers. Great opportunity to maximize resale value after repairs. Home is currently tenant occupied 48 hr. notice for showings. Seller has another property available for purchase at 1134 Wilson W Lee Statesville.

Key facts

• 6,969 sq ft lot
• Built 1948
• Listed 61 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway (no main-level garage)
• Utilities: County water; County sewer
• Home design: Single-family residential home; Site-built construction; One story; Crawl space foundation; R5MFM zoning
• Construction: Asbestos construction materials
• Exterior features: Road surfaces include gravel and paved; Publicly maintained road

Interior

• Kitchen: No appliances listed
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Natural gas heating; Window unit(s) for cooling
• Interior features: 6 total rooms; Appliances not included
• Laundry & utility: Laundry located inside

🏷️ Possibly a rental listed for sale. The $110,000 price doesn't fit this home's estimated sale value (~$189,945) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $277 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 3.5% in Statesville — 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 59/100 on livability (#557 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D, crime D, amenities F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 471 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $6k; list at $110k implies a 1733% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — 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 $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 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 1948 — 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. 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.
8. 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.
9. 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: 1.09% ✓
• Cap rate: 9.32%
• Cash-on-cash: 10.81%
• DSCR: 1.48
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $189,945
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
504 Fayetteville Ave	0.01mi	3/2.0 (+1)	1,050 (+11%)	3mo	$225,000	$214	69
1605 5th St	0.04mi	2/1.0	822 (-13%)	12mo	$169,000	$206	66
1904 5th St	0.23mi	3/1.5 (+1)	918 (-3%)	15mo	$152,000	$166	65
1701 5th St	0.08mi	3/2.0 (+1)	1,082 (+14%)	5mo	$218,000	$201	59
1324 7th St Unit 17, 18	0.30mi	2/1.0	894 (-5%)	22mo	$95,000	$106	59
1521 10th St	0.35mi	2/1.0	872 (-8%)	20mo	$99,000	$114	54
1223 4th St	0.32mi	3/2.0 (+1)	990 (+5%)	20mo	$203,000	$205	51
1025 Old Charlotte Rd	0.50mi	3/2.0 (+1)	1,075 (+14%)	10mo	$230,000	$214	37
812 Charlotte Ave	0.73mi	2/1.0	867 (-8%)	20mo	$175,000	$202	36
908 Mccollough St	0.73mi	3/1.0 (+1)	1,047 (+11%)	10mo	$190,000	$181	34
1114 8th St	0.50mi	3/2.0 (+1)	1,056 (+12%)	20mo	$160,000	$152	31
1110 8th St	0.51mi	3/2.0 (+1)	1,062 (+12%)	20mo	$155,000	$146	30

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 · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.89×
• Total profit: $-3,465
• Equity at exit: $16,401

10-year hold

• IRR: 3.5%
• Equity multiple: 1.22×
• Total profit: $6,874
• Equity at exit: $9,511

Cash invested: $30,800 (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 28677

• Rents YoY: 0.2%
• Active inventory: 471
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,195 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$44 /mo · $526/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $277

Break-even live

Break-even rent $844

Max offer price $110,000

Occupancy floor 72%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
708 W Front St Statesville, NC	2.0	1.0	950	$985	$1.04	2d	1	1.23mi
626 Walnut St Unit D Statesville, NC	2.0	1.5	1090	$1,100	$1.01	23d	1	1.30mi
627 Cherry St Unit F Statesville, NC	2.0	1.5	1098	$1,200	$1.09	23d	1	1.34mi

Listing history 3 events

1. 2026-03-24
   listed $110,000 Active
2. 2021-07-19
   listed $79,900 Active
3. 2008-03-26
   soldstatus $6,000

ⓘ 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: $526 · $44/mo
• Projected year-2 tax: $902 · $75/mo
• Expected delta: +$376/yr (+$31/mo · 71.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,339
• − Mortgage interest: −$6,162
• − Property taxes: −$526
• − Insurance: −$550
• − Repairs & maintenance: −$1,147
• − Management: −$1,147
• − Depreciation: −$3,200
• Taxable income: $1,607
• Est. tax owed @ 24.0%: −$386
• After-tax cash flow: $2,944/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: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Statesville

• Score: 59/100
• State rank: #557
• US rank: #20505

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Statesville, NC
• County: Iredell County · 182,638 people
• City population: 78,393
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 38,819
• Household income: $62,406
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 1174.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 14% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 3% Slovak 2% Scandinavian 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 12% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.76%
• Current HPI: 243.0445
• Rent YoY: ▲ 0.20%
• 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

+1733.3% since first listed

3 events — show timeline

• 2026-03-24 Listed $110,000 CANOPYMLS as Distributed by MLS Grid
• 2021-07-19 Listed $79,900 CANOPYMLS as Distributed by MLS Grid
• 2008-03-26 Sold (Public Records) $6,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $526 · +0.0% YoY. Source: county tax records.