213 W Decatur St · Madison, NC 27025

$110,000

2 bd · 2.0 ba · 1,120 sqft · SingleFamily public records · 83 Days on market

Built 1926 8,668 sqft lot Est $211k · 48% 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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Livability +3.5/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great Investment opportunity in Downtown Madison! This home can be a single family or a duplex for maximum income potential. Walking distance to dining and shopping! The home is a shell and ready for construction. The homeowner has gutted everything out and ran some electrical. No permits were pulled. This is a great opportunity to come in and make it your own. Home could have LR, Kitchen, 2 bdrms and 2 bath or each duplex could have LR, 1 bedrooom, Kitchen and one bath-you decide! Call today for your tour!

Key facts

• 8,668 sq ft lot
• Built 1926
• Listed 83 days

Tags

• INVESTMENT OPPORTUNITY
• WALKING DISTANCE TO DINING
• WALKING DISTANCE TO SHOPPING
• READY FOR CONSTRUCTION

Property features AI

Finance

• Other: Building area reported as 1,120 (unit not listed)
• HOA & community: Associated with High Point community (no association required)

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; No water heater reported
• Home design: Residential stick/site-built house; One story; Built in 1926; Existing structure
• Construction: Vinyl siding and wood siding; No fireplaces reported
• Exterior features: City lot, cleared and level; No fencing; Lot dimensions approximately 75 x 175 x 75 x 175; Public maintained road

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Cooling: Other (see remarks); Heating: See remarks
• Interior features: Primary bedroom on main level; Attic access only; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $405 ($5k/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 10.7% vs local median 2.9% in Madison — 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 69/100 on livability (#158 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment D, amenities F, commute F.
• Rockingham County Schools (rural): math 38% / reading 40% proficiency, ranked #120 of 178 in NC (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: John W Dillard Academy (math 37% / reading 37%, grade F, #771 of 1,410 statewide, top 57%, 284 students, 66% FRL); Western Rockingham Middle (math 39% / reading 40%, grade F, #232 of 475 statewide, top 50%, 556 students, 63% FRL); Dalton Mcmichael High (math 42% / reading 47%, grade F, #352 of 535 statewide, top 68%, 723 students, 59% FRL).
• Market conditions: 53 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 344 units permitted in Rockingham County in 2024 (0 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.
• Rockingham County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $24k; list at $110k implies a 368% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/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 83 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 1926 — 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. 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: 1.26% ✓
• Cap rate: 10.71%
• Cash-on-cash: 15.78%
• DSCR: 1.70
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $210,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
102 E Gene Hairston St	0.36mi	3/2.0 (+1)	1,120 (0%)	5mo	$230,000	$205	74
505 W Decatur St	0.31mi	2/1.0	1,173 (+5%)	2mo	$185,500	$158	72
109 S Lonesome Rd	0.53mi	3/2.0 (+1)	1,120 (0%)	2mo	$210,000	$188	68
411 Gene Hairston St	0.36mi	3/2.0 (+1)	1,232 (+10%)	3mo	$235,000	$191	59
602 Nichols St	0.51mi	3/2.0 (+1)	1,183 (+6%)	15mo	$150,000	$127	49
709 Sunset Ave	0.65mi	2/2.0	1,214 (+8%)	12mo	$185,000	$152	46
507 West End Blvd	0.58mi	3/2.0 (+1)	1,250 (+12%)	9mo	$240,500	$192	42
515 West End Blvd	0.57mi	3/2.0 (+1)	1,260 (+12%)	9mo	$237,500	$188	40
511 West End Blvd	0.58mi	3/2.0 (+1)	1,250 (+12%)	12mo	$235,000	$188	39
503 West End Blvd	0.58mi	3/2.0 (+1)	1,260 (+12%)	10mo	$239,500	$190	39
800 Mcgehee St	0.63mi	3/1.5 (+1)	1,024 (-9%)	17mo	$133,000	$130	35
709 W Academy St	0.73mi	3/1.5 (+1)	1,008 (-10%)	9mo	$170,000	$169	35

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: 6.6%
• Equity multiple: 1.26×
• Total profit: $7,955
• Equity at exit: $16,401

10-year hold

• IRR: 16.0%
• Equity multiple: 2.30×
• Total profit: $40,066
• 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 27025

• Home prices YoY: -12.0%
• Active inventory: 53
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,389 high
• Mortgage (P&I): −$577
• Tax from tax record: −$70 /mo · $835/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $405

Break-even live

Break-even rent $876

Max offer price $110,000

Occupancy floor 66%

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 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
301 Dahl St Unit A Madison, NC	2.0	2.0	960	$1,295	$1.35	14d	1	0.26mi
109 S Lonesome Rd Madison, NC	3.0	2.0	1120	$1,695	$1.51	23d	1	0.52mi
254 H W Cir Madison, NC	3.0	1.0	974	$1,500	$1.54	23d	1	0.65mi
254 H W Cir Madison, NC	3.0	1.0	974	$1,350	$1.39	14d	1	0.65mi
4501 N Carolina 704 Unit Bdl 1 (2 Bedroom) Madison, NC	2.0	1.0	990	$1,199	$1.21	23d	1	1.25mi
4501 N Carolina 704 Unit Bld1 (1 Bedroom) Madison, NC	1.0	1.0	750	$949	$1.27	23d	1	1.25mi

Listing history 20 events

1. 2026-06-18
   days on market $110,000 Active 83 DOM
2. 2026-06-17
   days on market $110,000 Active 82 DOM
3. 2026-06-16
   days on market $110,000 Active 81 DOM
4. 2026-06-15
   days on market $110,000 Active 80 DOM
5. 2026-06-14
   days on market $110,000 Active 78 DOM
6. 2026-06-13
   days on market $110,000 Active 77 DOM
7. 2026-06-10
   days on market $110,000 Active 75 DOM
8. 2026-06-09
   days on market $110,000 Active 74 DOM
9. 2026-06-08
   days on market $110,000 Active 73 DOM
10. 2026-06-07
    days on market $110,000 Active 72 DOM
11. 2026-06-03
    days on market $110,000 Active 68 DOM
12. 2026-06-02
    days on market $110,000 Active 67 DOM
13. 2026-06-01
    days on market $110,000 Active 66 DOM
14. 2026-05-31
    days on market $110,000 Active 65 DOM
15. 2026-05-31
    days on market $110,000 Active 64 DOM
16. 2026-03-27
    listed $110,000 Active
17. 2021-05-26
    price $78,000
18. 2021-04-19
    price $85,000
19. 2021-03-26
    price $99,900
20. 2008-09-25
    soldstatus $23,500

ⓘ 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: $835 · $70/mo
• Projected year-2 tax: $902 · $75/mo
• Expected delta: +$67/yr (+$6/mo · 8.0%)

ⓘ 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 6/10 Major 7 d/yr ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,669
• − Mortgage interest: −$6,162
• − Property taxes: −$835
• − Insurance: −$550
• − Repairs & maintenance: −$1,333
• − Management: −$1,333
• − Depreciation: −$3,200
• Taxable income: $3,255
• Est. tax owed @ 24.0%: −$781
• After-tax cash flow: $4,080/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: Rockingham County Schools
• NCES district ID: 3703990
• Math proficiency: 38% ▼ -2.00%
• Reading proficiency: 40% ▲ 1.00%
• Median HH income: $38,914
• Composite: 32.6/100
• National rank: #5673
• State rank: #120 of 178 in NC

Livability — Madison

• Score: 69/100
• State rank: #158
• US rank: #8684

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Madison, NC
• Population (ZIP): 12,333

Population outlook (Rockingham County) Hauer SSP2

• Today (2025): 87,103 people
• By 2030: 83,763 · -3.8%
• By 2040: 76,082 · -12.7%
• By 2050: 68,106 · -21.8%
• By 2075: 52,531 · -39.7%
• By 2100: 39,871 · -54.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Black 10% Hispanic / Latino 5% Two or more races 5%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Serbian 3% Italian 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 1%

Political lean MEDSL · Rockingham

• 2024 margin: Solid R (+35.9) · D 31.7% · R 67.6%
• 2008→2024 swing: -19.9pp toward R · 2008: -16.0pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+32.0 2016: R+30.0 2012: R+21.3 2008: R+16.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -32.83%
• Current HPI: 240.0188
• 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

+368.1% since first listed

5 events — show timeline

• 2026-03-27 Listed $110,000 Triad MLS
• 2021-05-26 Price Changed $78,000 Triad MLS
• 2021-04-19 Price Changed $85,000 Triad MLS
• 2021-03-26 Price Changed $99,900 Triad MLS
• 2008-09-25 Sold (Public Records) $23,500 Public Records

Property tax history

+5.0%/yr

Latest (2025): $835 · +0.9% YoY. Source: county tax records.