223 Jerusalem Ave · Cooleemee, NC 27028

$85,000

4 bd · 1.0 ba · 1,644 sqft · SingleFamily public records · 377 Days on market

Built 1917 8,276 sqft lot ↓ 32% since listing

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

PRICED TO SELL! This charming, country farmhouse style four-bedroom two-story home offers a perfect blend of space, comfort and value. Relax on the spacious front porch. This home features generous living areas with a bright and airy floor plan. Yes, it's an older home and needs refreshing but liveable as is. Outbuildings are on another lot and not for sale and carport does not convey. In much better condition than most homes in this price range. Some furnishings will remain if the buyer wants them.

Key facts

• Spacious front porch
• 8,276 sq ft lot
• Built 1917

Tags

• SPACIOUS FRONT PORCH
• GENEROUS LIVING AREAS
• BRIGHT AND AIRY LAYOUT

Property features AI

Finance

• HOA & community: No homeowners association

Exterior

• Parking: Driveway (no garage)
• Utilities: Public water supply; Sewer: see remarks; Water heater: unknown
• Home design: Residential stick/site-built house; Two stories; Built in 1917; Existing structure
• Construction: Vinyl siding; No fireplaces; Crawl space foundation
• Exterior features: Level lot; No fencing; Flat land; Public water

Interior

• Kitchen: Kitchen on main level
• Bedrooms: Bedrooms located on main and second levels
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Electric forced-air heating
• Interior features: Primary bedroom located on the main level
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.7% vs local median 3.6% in Cooleemee — 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 68/100 on livability (#189 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• Davie County Schools (rural): math 51% / reading 52% proficiency, ranked #57 of 178 in NC (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Cooleemee Elementary (math 40% / reading 35%, grade F, #766 of 1,410 statewide, top 55%, 478 students, 80% FRL); South Davie Middle (math 38% / reading 40%, grade F, #238 of 475 statewide, top 51%, 547 students, 67% FRL); Davie County High (math 62% / reading 62%, grade B-, #184 of 535 statewide, top 37%, 1,770 students, 42% FRL) — zoned schools average 63% FRL vs 37% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 221 active listings in the ZIP; 250 units permitted in Davie County in 2024 (65 in 5+ unit buildings).
• This rent runs 35% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Davie County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 377 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $40k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1917 — 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 $74,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 377 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1917 — 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: 2.40% ✓
• Cap rate: 21.74%
• Cash-on-cash: 55.17%
• DSCR: 3.45
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $272,904
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
176 Midway St	0.67mi	3/1.5 (-1)	1,679 (+2%)	1mo	$325,000	$194	58
105 Watt St	0.47mi	3/1.0 (-1)	1,452 (-12%)	2mo	$175,000	$121	52
111 Springhill Dr	0.69mi	3/2.0 (-1)	1,600 (-3%)	8mo	$265,000	$166	48

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: 53.4%
• Equity multiple: 3.35×
• Total profit: $55,903
• Equity at exit: $12,674

10-year hold

• IRR: 58.6%
• Equity multiple: 6.81×
• Total profit: $138,362
• Equity at exit: $7,349

Cash invested: $23,800 (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 27028

• Home prices YoY: -23.8%
• Active inventory: 221
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,038 medium
• Mortgage (P&I): −$446
• Tax from tax record: −$35 /mo · $419/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $1,094

Break-even live

Break-even rent $653

Max offer price $85,000

Occupancy floor 41%

Sensitivity live

Price	-10% $1,142	-5% $1,118	+0% $1,094	+5% $1,070	+10% $1,046
Rent	-10% $933	-5% $1,014	+0% $1,094	+5% $1,175	+10% $1,255
Rate	-1.0pp $1,137	-0.5pp $1,116	base $1,094	+0.5pp $1,072	+1.0pp $1,050

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-22
   days on market $85,000 Active 377 DOM
2. 2026-06-18
   days on market $85,000 Active 374 DOM
3. 2026-06-17
   days on market $85,000 Active 373 DOM
4. 2026-06-16
   days on market $85,000 Active 372 DOM
5. 2026-06-15
   days on market $85,000 Active 371 DOM
6. 2026-06-14
   days on market $85,000 Active 369 DOM
7. 2026-06-10
   days on market $85,000 Active 366 DOM
8. 2026-06-09
   days on market $85,000 Active 365 DOM
9. 2026-06-08
   days on market $85,000 Active 364 DOM
10. 2026-06-07
    days on market $85,000 Active 363 DOM
11. 2026-06-03
    days on market $85,000 Active 359 DOM
12. 2026-06-02
    days on market $85,000 Active 358 DOM
13. 2026-06-01
    days on market $85,000 Active 357 DOM
14. 2026-05-31
    days on market $85,000 Active 356 DOM
15. 2026-05-31
    days on market $85,000 Active 355 DOM
16. 2026-04-13
    status Active
17. 2026-04-01
    historical
18. 2026-02-02
    status Active
19. 2026-01-24
    status Pending
20. 2026-01-03
    price $85,000
21. 2025-11-20
    status Active
22. 2025-11-16
    historical
23. 2025-10-07
    price $89,000
24. 2025-07-12
    price $100,000
25. 2025-06-18
    price $110,000
26. 2025-05-16
    listed $125,000 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: $419 · $35/mo
• Projected year-2 tax: $697 · $58/mo
• Expected delta: +$278/yr (+$23/mo · 66.4%)

ⓘ 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 ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,460
• − Mortgage interest: −$4,761
• − Property taxes: −$419
• − Insurance: −$425
• − Repairs & maintenance: −$1,957
• − Management: −$1,957
• − Depreciation: −$2,473
• Taxable income: $12,468
• Est. tax owed @ 24.0%: −$2,992
• After-tax cash flow: $10,138/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: Davie County Schools
• NCES district ID: 3701170
• Math proficiency: 51% ▲ 2.00%
• Reading proficiency: 52% ▲ 2.00%
• Median HH income: $51,331
• Composite: 44.16/100
• National rank: #2860
• State rank: #57 of 178 in NC

Livability — Cooleemee

• Score: 68/100
• State rank: #189
• US rank: #9461

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Davie County · 42,813 people
• City population: 921
• Metro: Winston-Salem, NC
• Population (ZIP): 26,566
• Household income: $69,137
• Rent vs Own: 21.5% rent · 78.5% own
• Severe rent burden: 512.0

Population outlook (Davie County) Hauer SSP2

• Today (2025): 42,613 people
• By 2030: 42,691 · +0.2%
• By 2040: 42,137 · -1.1%
• By 2050: 40,445 · -5.1%
• By 2075: 35,939 · -15.7%
• By 2100: 29,103 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 11% Two or more races 11% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Slovak 4% Italian 2% Serbian 2%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 9% German/W. Germanic 1%

Political lean MEDSL · Davie

• 2024 margin: Solid R (+46.5) · D 26.2% · R 72.6% · Other 1.2%
• 2008→2024 swing: -8.2pp toward R · 2008: -38.3pp · 2024: -46.5pp
• All cycles: 2024: R+46.5 2020: R+45.5 2016: R+48.1 2012: R+43.7 2008: R+38.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -59.58%
• Current HPI: 191.2464
• Rent YoY: —
• Metro: Winston-Salem, NC
• 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

-32.0% since first listed

11 events — show timeline

• 2026-04-13 Relisted — Triad MLS
• 2026-04-01 Delisted — Triad MLS
• 2026-02-02 Relisted — Triad MLS
• 2026-01-24 Pending — Triad MLS
• 2026-01-03 Price Changed $85,000 Triad MLS
• 2025-11-20 Relisted — Triad MLS
• 2025-11-16 Delisted — Triad MLS
• 2025-10-07 Price Changed $89,000 Triad MLS
• 2025-07-12 Price Changed $100,000 Triad MLS
• 2025-06-18 Price Changed $110,000 Triad MLS
• 2025-05-16 Listed $125,000 Triad MLS

Property tax history

+5.3%/yr

Latest (2025): $419 · -23.6% YoY. Source: county tax records.