306 Dunlap St · Albemarle, NC 28001

$128,000

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 297 Days on market

Built 1910 0.25 ac lot Est $158k · 19% under

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Why this score? — see what drove the C- 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 +17.6/30.0
• ARV discount +15.0/15.0
• DSCR +5.5/10.0
• 1% rule +4.8/10.0
• Schools +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment property. New paint and floor coverings make this property move-in ready.

Key facts

• In sink dishwasher
• Laundry area
• Remodeled cabinetry

Tags

• SPLIT BEDROOM LAYOUT
• REMODELED CABINETRY
• IN SINK DISHWASHER
• LAUNDRY AREA
• UPDATED FIXTURES

Property features AI

Finance

• Other: No community amenities listed; No horse amenities
• HOA & community: No HOA

Exterior

• Parking: Detached 2-car garage (approx. 780 sq ft)
• Utilities: City water; Public sewer; Cable available
• Home design: Single-family residence; Site-built construction; One story; Zoned R-8
• Construction: Wood construction; Metal roof; Crawl space foundation; Built in (site built)
• Exterior features: Front porch; Side porch; Creek frontage; Hilly lot; Asphalt / paved public road access

Interior

• Kitchen: Electric range; Exhaust fan / hood; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central heating (forced air) powered by natural gas; Central air conditioning; Ceiling fans
• Interior features: Built-in features; Ceiling fans in multiple rooms; Six total rooms
• Laundry & utility: Dedicated laundry room; Washer and dryer included; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $128k.

Deal economics

• At list price, monthly cash flow is $35 ($419/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 $125k (2.5% below list).
• Recommended offer: $113k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.2% vs local median 3.3% in Albemarle — 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 (#167 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.
• Stanly County Schools (rural): math 38% / reading 42% proficiency, ranked #113 of 178 in NC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Elementary (math 25% / reading 26%, grade F, #1,093 of 1,410 statewide, top 78%, 546 students, 100% FRL); Albemarle Middle (math 22% / reading 35%, grade F, #355 of 475 statewide, top 76%, 409 students, 99% FRL); Albemarle High (math 42% / reading 27%, grade F, #427 of 535 statewide, top 81%, 390 students, 97% FRL) — zoned schools average 98% FRL vs 46% district-wide (52 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 278 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 367 units permitted in Stanly County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $885 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Stanly County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 297 days — a 12% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $31k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $128k implies a 540% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $112,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 297 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.98% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.39%
• DSCR: 1.15
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $158,112
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1121 Lundix St	0.28mi	3/1.5 (+1)	900 (+4%)	0mo	$140,000	$156	73
1224 Bailey St	0.34mi	2/1.0	921 (+7%)	0mo	$82,000	$89	73
416 Richardson St	0.31mi	3/2.0 (+1)	870 (+1%)	5mo	$182,500	$210	71
520 Waddell Dr	0.35mi	2/1.0	914 (+6%)	13mo	$166,000	$182	63
529 Colston St	0.27mi	2/1.0	815 (-6%)	22mo	$97,500	$120	60
426 Lincoln St	0.19mi	2/1.0	759 (-12%)	19mo	$128,000	$169	55
616 Lee St	0.51mi	2/1.0	765 (-12%)	6mo	$140,000	$183	52
221 8th Street None	0.40mi	2/1.0	945 (+9%)	17mo	$194,900	$206	52
415 Peachtree St	0.68mi	3/1.0 (+1)	936 (+8%)	9mo	$185,000	$198	42
754 S 5th St	0.71mi	2/1.0	748 (-13%)	4mo	$161,500	$216	42
402 Peachtree St	0.66mi	2/1.0	804 (-7%)	23mo	$160,000	$199	39
808 S 4th St	0.68mi	2/1.0	991 (+15%)	7mo	$75,000	$76	38

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: 0.48×
• Total profit: $-18,459
• Equity at exit: $19,085

10-year hold

• IRR: -5.6%
• Equity multiple: 0.64×
• Total profit: $-12,969
• Equity at exit: $11,067

Cash invested: $35,840 (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 28001

• Home prices YoY: -33.1%
• Active inventory: 278
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,248 high
• Mortgage (P&I): −$671
• Tax est. 1.5%: −$160 /mo · $1,920/yr
• Insurance: −$53
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$262
• Net cashflow: $35

Break-even live

Break-even rent $1,204

Max offer price $128,000

Occupancy floor 92%

Sensitivity live

Price	-10% $123	-5% $79	+0% $35	+5% $-9	+10% $-54
Rent	-10% $-64	-5% $-14	+0% $35	+5% $84	+10% $133
Rate	-1.0pp $99	-0.5pp $67	base $35	+0.5pp $2	+1.0pp $-32

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: $32,000
• Closing costs: $3,840
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
435 Davis St Albemarle, NC	2.0	1.0	576	$895	$1.55	25d	1	0.26mi
117 N 6th St Albemarle, NC	1.0	1.0	739	$950	$1.29	25d	1	0.32mi
121 Heath St Apt 16 Albemarle, NC	2.0	1.0	750	$995	$1.33	14d	1	0.33mi
412 N 4th St Albemarle, NC	2.0	1.5	820	$1,400	$1.71	25d	1	0.67mi
255 N 3rd St Albemarle, NC	2.0	2.0	1100	$1,000	$0.91	25d	1	0.71mi
197 N 2nd St Albemarle, NC	2.0	1.0	1100	$2,365	$2.15	25d	1	0.72mi
197 N 2nd St Unit 005 Albemarle, NC	1.0	1.0	733	$1,225	$1.67	25d	1	0.72mi
197 N 2nd St Unit 301 Albemarle, NC	1.0	1.0	872	$1,800	$2.06	25d	1	0.72mi
404 Moss Springs Rd Albemarle, NC	2.0	2.0	999	$1,700	$1.70	25d	1	0.73mi
100 Fairway St Unit 37 Albemarle, NC	2.0	1.5	878	$925	$1.05	22d	1	0.84mi
330 N Depot St Albemarle, NC	2.0	1.0	950	$1,350	$1.42	6d	1	0.96mi
1110 Magnolia St Albemarle, NC	1.0	1.0	708	$1,525	$2.15	14d	1	1.01mi

Listing history 26 events

1. 2026-06-21
   days on market $128,000 Active 297 DOM
2. 2026-06-18
   days on market $128,000 Active 294 DOM
3. 2026-06-17
   days on market $128,000 Active 293 DOM
4. 2026-06-16
   days on market $128,000 Active 292 DOM
5. 2026-06-15
   days on market $128,000 Active 291 DOM
6. 2026-06-13
   days on market $128,000 Active 289 DOM
7. 2026-06-09
   days on market $128,000 Active 285 DOM
8. 2026-06-08
   days on market $128,000 Active 284 DOM
9. 2026-06-07
   days on market $128,000 Active 283 DOM
10. 2026-06-04
    days on market $128,000 Active 280 DOM
11. 2026-06-03
    days on market $128,000 Active 279 DOM
12. 2026-06-02
    days on market $128,000 Active 278 DOM
13. 2026-06-02
    remarks 611-char remark
14. 2026-06-02
    pricestatus $128,000 Active 277 DOM
15. 2026-06-01
    days on market $148,600 Active Under Contract 277 DOM
16. 2026-05-31
    days on market $148,600 Active Under Contract 276 DOM
17. 2026-05-06
    historical Active Under Contract
18. 2026-04-01
    price $148,600
19. 2025-12-01
    status Active
20. 2025-08-27
    listed $158,600 Active
21. 2014-12-30
    soldstatus $20,000 Closed 91-char remark

    Show marketing remark (91 chars)

    Great investment property. New paint and floor coverings make this property move-in ready.

22. 2014-12-10
    historical Under Contract - Show 91-char remark

    Show marketing remark (91 chars)

    Great investment property. New paint and floor coverings make this property move-in ready.

23. 2014-11-17
    price $23,000 91-char remark

    Show marketing remark (91 chars)

    Great investment property. New paint and floor coverings make this property move-in ready.

24. 2014-10-28
    price $26,000 91-char remark

    Show marketing remark (91 chars)

    Great investment property. New paint and floor coverings make this property move-in ready.

25. 2014-07-10
    listed $28,000 Active 91-char remark

    Show marketing remark (91 chars)

    Great investment property. New paint and floor coverings make this property move-in ready.

26. 2003-06-12
    soldstatus $55,000

ⓘ 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $14,976
• − Mortgage interest: −$7,170
• − Property taxes: −$1,920
• − Insurance: −$1,438
• − Repairs & maintenance: −$1,198
• − Management: −$1,198
• − Depreciation: −$3,724
• Taxable loss: −$1,671
• Est. tax savings @ 24.0%: +$401
• After-tax cash flow: $820/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: Stanly County Schools
• NCES district ID: 3704320
• Math proficiency: 38% ▼ -1.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $43,802
• Composite: 33.9/100
• National rank: #5343
• State rank: #113 of 178 in NC

Livability — Albemarle

• Score: 68/100
• State rank: #167
• US rank: #8957

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albemarle, NC
• City population: 26,187
• Population (ZIP): 26,187

Population outlook (Stanly County) Hauer SSP2

• Today (2025): 60,082 people
• By 2030: 59,485 · -1.0%
• By 2040: 57,407 · -4.5%
• By 2050: 54,051 · -10.0%
• By 2075: 45,384 · -24.5%
• By 2100: 34,694 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 15% Hispanic / Latino 5% Two or more races 3% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 3% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 2% Vietnamese 1%

Political lean MEDSL · Stanly

• 2024 margin: Solid R (+50.9) · D 24.2% · R 75.1%
• 2008→2024 swing: -14.2pp toward R · 2008: -36.7pp · 2024: -50.9pp
• All cycles: 2024: R+50.9 2020: R+51.1 2016: R+50.2 2012: R+40.4 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.68%
• Current HPI: 221.8601
• 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

+170.2% since first listed

10 events — show timeline

• 2026-05-06 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-04-01 Price Changed $148,600 CANOPYMLS as Distributed by MLS Grid
• 2025-12-01 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-08-27 Listed $158,600 CANOPYMLS as Distributed by MLS Grid
• 2014-12-30 Sold (MLS) $20,000 CANOPYMLS as Distributed by MLS Grid
• 2014-12-10 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2014-11-17 Price Changed $23,000 CANOPYMLS as Distributed by MLS Grid
• 2014-10-28 Price Changed $26,000 CANOPYMLS as Distributed by MLS Grid
• 2014-07-10 Listed $28,000 CANOPYMLS as Distributed by MLS Grid
• 2003-06-12 Sold (Public Records) $55,000 Public Records

Property tax history

-3.3%/yr

Latest (2025): $212 · -22.5% YoY. Source: county tax records.