2312 Painted Trl · Catawba, NC 28609

$279,525

3 bd · 2.0 ba · 1,501 sqft · SingleFamily · 24 Days on market

Built 2026 Poor condition 6,621 sqft lot Est $273k · at est.

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Why this score? — see what drove the F 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 +9.4/30.0
• ARV discount +6.5/15.0
• Schools +4.5/10.0
• Livability +3.1/5.0
• 1% rule +2.8/10.0
• DSCR +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is a to-be-built by Smith Douglas Homes in Catawba, NC, offering the opportunity to personalize your home from the ground up. This thoughtfully designed single-story home features 3 bedrooms, 2 full baths, an open-concept layout, a spacious kitchen with center island and breakfast nook, a charming rocking chair front porch, and a 2-car garage. Located just 10 minutes from Lake Normans nearest marina and convenient to Brookshire Freeway and the Historic Downtown Catawba District, Catawba Trace offers peaceful living with easy access to recreation, dining, and everyday conveniences. Design your finishes, choose your upgrades, and make it your own. Schedule your visit today to learn more and start building your dream home!

Key facts

• 6,621 sq ft lot
• 2 garage spots
• Built 2026

Property features AI

Finance

• Other: Property listed as proposed within the development; Lot size approximately 0.152 acres
• HOA & community: HOA required; Community features include sidewalks and street lights; Architectural review restrictions

Exterior

• Parking: Attached front-facing 2-car garage; Driveway
• Security: Carbon monoxide detector(s)
• Utilities: City water; Public sewer; Cable available; Fiber optics
• Home design: Single family residence; Site-built construction; One level; New construction (proposed completion 2026-09-30); Model: The Piedmont; Builder: Smith Douglas Homes; Accessibility: Two or more access exits; Zoning: RES
• Construction: Vinyl exterior; Slab foundation
• Exterior features: Front porch; Patio; Concrete and paved road access; Road dedicated to public use pending acceptance

Interior

• Kitchen: Dishwasher; Disposal; Electric oven; Electric range; Self-cleaning oven; Microwave; Exhaust fan; Plumbed for ice maker; Kitchen island; Breakfast bar; Pantry
• Bedrooms: 3 bedrooms on the main level; Primary with walk-in closet(s)
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Open floorplan; Breakfast bar; Kitchen island; Pantry; Walk-in closet(s); Insulated windows; Insulated door(s); Room count: 8
• Laundry & utility: Washer hookup on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $280k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $-200 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $251k (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (21.6% below list).
• Recommended offer: $219k (21.6% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.7% in Catawba — 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 61/100 on livability (#494 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, health & safety B; Watch: schools C-, crime F, amenities F.
• Catawba County Schools (rural): math 54% / reading 51% proficiency, ranked #54 of 178 in NC (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 94 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 2,016 units permitted in Catawba County in 2024 (255 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Catawba County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($275k) 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.

Recommended offer $219,258 (21.6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.78% ✗
• Cap rate: 5.44%
• Cash-on-cash: -3.06%
• DSCR: 0.86
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $273,182
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2219 Catawba Trace Dr	0.18mi	3/2.0	1,501 (0%)	12mo	$299,270	$199	82
2242 Catawba Trace Dr	0.25mi	3/2.0	1,501 (0%)	14mo	$298,400	$199	77
2195 Catawba Trace Dr	0.12mi	3/2.5	1,650 (+10%)	8mo	$279,240	$169	69
2198 Catawba Trace Dr	0.14mi	3/2.5	1,650 (+10%)	9mo	$300,595	$182	68
2206 Catawba Trace Dr	0.16mi	3/2.5	1,650 (+10%)	8mo	$289,980	$176	67
2226 Catawba Trace Dr	0.21mi	3/2.5	1,650 (+10%)	13mo	$293,840	$178	61
106 4th St SE	0.57mi	3/2.0	1,585 (+6%)	6mo	$467,080	$295	59
2323 Trollinger Dr	0.74mi	3/2.0	1,540 (+3%)	8mo	$280,000	$182	55
105 4th St SE	0.62mi	3/2.0	1,432 (-5%)	13mo	$325,000	$227	52
2338 Trollinger Dr	0.71mi	3/2.0	1,520 (+1%)	18mo	$256,000	$168	50
2425 Trollinger Dr	0.71mi	3/2.0	1,520 (+1%)	18mo	$257,000	$169	50
6040 Bridges St	0.70mi	3/2.0	1,680 (+12%)	1mo	$310,000	$185	47

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: -21.4%
• Equity multiple: 0.26×
• Total profit: $-57,974
• Equity at exit: $41,678

10-year hold

• IRR: -15.0%
• Equity multiple: 0.15×
• Total profit: $-66,718
• Equity at exit: $24,168

Cash invested: $78,267 (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 28609

• Home prices YoY: -9.6%
• Active inventory: 94
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,193 medium
• Mortgage (P&I): −$1,466
• Tax est. 1.5%: −$349 /mo · $4,193/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $-200

Break-even live

Break-even rent $2,445

Max offer price $250,643

Occupancy floor —

Sensitivity live

Price	-10% $-6	-5% $-103	+0% $-200	+5% $-296	+10% $-393
Rent	-10% $-373	-5% $-286	+0% $-200	+5% $-113	+10% $-26
Rate	-1.0pp $-59	-0.5pp $-129	base $-200	+0.5pp $-272	+1.0pp $-346

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: $69,881
• Closing costs: $8,386
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2539 Trollinger Dr Catawba, NC	4.0	2.5	1955	$2,039	$1.04	0d	1	0.77mi
2802 Legacy Ridge Ln Catawba, NC	4.0	2.5	1955	$2,350	$1.20	23d	1	0.79mi

Listing history 18 events

1. 2026-06-21
   days on market $279,525 Active 24 DOM
2. 2026-06-18
   days on market $279,525 Active 21 DOM
3. 2026-06-17
   days on market $279,525 Active 20 DOM
4. 2026-06-16
   days on market $279,525 Active 19 DOM
5. 2026-06-15
   days on market $279,525 Active 18 DOM
6. 2026-06-13
   days on market $279,525 Active 16 DOM
7. 2026-06-13
   pricedays on market $279,525 Active 15 DOM
8. 2026-06-09
   days on market $278,525 Active 12 DOM
9. 2026-06-08
   days on market $278,525 Active 11 DOM
10. 2026-06-07
    days on market $278,525 Active 10 DOM
11. 2026-06-04
    days on market $278,525 Active 7 DOM
12. 2026-06-03
    days on market $278,525 Active 6 DOM
13. 2026-06-02
    days on market $278,525 Active 5 DOM
14. 2026-06-01
    days on market $278,525 Active 4 DOM
15. 2026-05-31
    days on market $278,525 Active 3 DOM
16. 2026-05-29
    listed $278,525 Active 734-char remark

    Show marketing remark (734 chars)

    This is a to-be-built by Smith Douglas Homes in Catawba, NC, offering the opportunity to personalize your home from the ground up. This thoughtfully designed single-story home features 3 bedrooms, 2 full baths, an open-concept layout, a spacious kitchen with center island and breakfast nook, a charming rocking chair front porch, and a 2-car garage. Located just 10 minutes from Lake Normans nearest marina and convenient to Brookshire Freeway and the Historic Downtown Catawba District, Catawba Trace offers peaceful living with easy access to recreation, dining, and everyday conveniences. Design your finishes, choose your upgrades, and make it your own. Schedule your visit today to learn more and start building your dream home!

17. 2026-05-28
    price $278,525
18. 2026-05-28
    listed $270,990 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $26,311
• − Mortgage interest: −$15,658
• − Property taxes: −$4,193
• − Insurance: −$1,398
• − Repairs & maintenance: −$2,105
• − Management: −$2,105
• − Depreciation: −$8,132
• Taxable loss: −$7,279
• Est. tax savings @ 24.0%: +$1,747
• After-tax cash flow: $-648/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.

Condition & rehab AI · 2 photos

Poor 20/100 Gut rehab

This is a to-be-built home in Catawba, NC, requiring extensive renovations to bring it up to a livable condition. Significant repairs and updates are needed across all systems and areas.

Repairs flagged

• Major roof — No visible roof in photos
• Major exterior siding — No visible exterior siding in photos
• Major interior walls/paint — No visible interior walls/paint in photos
• Major HVAC/mechanical — No visible HVAC/mechanical in photos
• Major landscaping/curb appeal — No visible landscaping/curb appeal in photos

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and value
• Both exterior siding replacement — New siding would enhance curb appeal and increase value
• Both interior wall and paint refresh — Fresh paint and updated interior would make the home more appealing
• Both HVAC system upgrade — A new HVAC system would improve comfort and energy efficiency
• Both landscaping and curb appeal improvements — A well-maintained yard and landscaping would enhance curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · No visible roof in photos	Major	$15,000–50,000
exterior siding · No visible exterior siding in photos	Major	$15,000–50,000
interior walls/paint · No visible interior walls/paint in photos	Major	$15,000–50,000
HVAC/mechanical · No visible HVAC/mechanical in photos	Major	$15,000–50,000
landscaping/curb appeal · No visible landscaping/curb appeal in photos	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both roof replacement — A new roof would significantly improve the home's appearance and value ↑
• Both exterior siding replacement — New siding would enhance curb appeal and increase value ↑
• Both interior wall and paint refresh — Fresh paint and updated interior would make the home more appealing ↑
• Both HVAC system upgrade — A new HVAC system would improve comfort and energy efficiency ↑
• Both landscaping and curb appeal improvements — A well-maintained yard and landscaping would enhance curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Catawba County Schools
• NCES district ID: 3700690
• Math proficiency: 54% ▲ 9.00%
• Reading proficiency: 51% ▲ 3.00%
• Median HH income: $48,180
• Composite: 44.71/100
• National rank: #2754
• State rank: #54 of 178 in NC

Livability — Catawba

• Score: 61/100
• State rank: #494
• US rank: #18075

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Catawba, NC
• Population (ZIP): 6,617

Population outlook (Catawba County) Hauer SSP2

• Today (2025): 156,513 people
• By 2030: 155,267 · -0.8%
• By 2040: 151,110 · -3.5%
• By 2050: 145,524 · -7.0%
• By 2075: 134,047 · -14.4%
• By 2100: 119,424 · -23.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 13% Two or more races 9% Black 5%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Serbian 2% Italian 2% Romanian 2%
• Foreign-born: 5% · Canada
• Languages at home: 94% English-only · Spanish 5% Other Indo-European 1%

Political lean MEDSL · Catawba

• 2024 margin: Solid R (+38.0) · D 30.6% · R 68.6%
• 2008→2024 swing: -13.0pp toward R · 2008: -25.0pp · 2024: -38.0pp
• All cycles: 2024: R+38.0 2020: R+37.0 2016: R+38.0 2012: R+29.6 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.61%
• Current HPI: 277.7327
• 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

+2.8% since first listed

3 events — show timeline

• 2026-05-29 Listed $278,525 Zillow
• 2026-05-28 Price Changed $278,525 CANOPYMLS as Distributed by MLS Grid
• 2026-05-28 Listed $270,990 CANOPYMLS as Distributed by MLS Grid