198 Morningside Dr · Ellenboro, NC 28040

$89,900

2 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 327 Days on market

Built 1950 0.71 ac lot ↓ 40% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

DIAMOND IN THE RUFF looking for a Buyer! Being sold CASH AS-IS. 2BD/1BA Ranch on . 71 acres that offers you privacy, and is fenced. Covered front porch welcomes you inside to a family room, and the kitchen is open to the dining area with a FP. The laundry area is to the left of the kitchen with shelving. Primary bedroom and 2nd. bedroom with a full bath that has a tub/shower. Detached metal carport has been turned into an outbuilding. There is a dog lot in the back right corner of the property. It is on Ellenboro city water and sewer services which also provide weekly trash and recycle pick ups. Convenient to shopping, restaurants, and US 74! Schedule your appointment soon!

Key facts

• Covered front porch
• Laundry area
• Fenced

Tags

• FENCED
• COVERED FRONT PORCH
• FAMILY ROOM
• KITCHEN OPEN TO DINING AREA
• LAUNDRY AREA
• DETACHED METAL CARPORT

Property features AI

Finance

• Other: Other structures on the property including an outbuilding
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Single-family residence; Site-built home; One story; Crawl space foundation; Metal roof; Vinyl exterior; Additional parcels included
• Construction: Site-built construction; Vinyl siding; Metal roof; Crawl space foundation
• Exterior features: Covered patio/porch; Deck; Front porch; Full fenced yard; Level, private, wooded lot; Dirt and paved road access; Publicly maintained road

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms on the main level
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Heating: other (see remarks); Cooling: other (see remarks)
• Interior features: Seven total rooms; Fireplace (see remarks)
• Laundry & utility: Washer hookup inside on the main level; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $429 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#407 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Rutherford County Schools (rural): math 43% / reading 44% proficiency, ranked #98 of 178 in NC (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ellenboro Elementary School (math 50% / reading 48%, grade D, #459 of 1,410 statewide, top 33%, 595 students, 99% FRL); East Rutherford High School (math 62% / reading 47%, grade C-, #270 of 535 statewide, top 52%, 659 students, 100% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 48 active listings in the ZIP; 193 units permitted in Rutherford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Rutherford County population projected at -17% 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 $25k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 327 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $60k (40%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 327 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 1950 — 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. 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?
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: 1.40% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.46%
• DSCR: 1.91
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $183,040
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
245 Church St	0.11mi	3/1.0 (+1)	960 (-8%)	1mo	$193,000	$201	76
279 Webb Church Rd	0.41mi	2/1.0	1,018 (-2%)	21mo	$155,000	$152	60
120 Race Path Church Rd	0.37mi	3/1.0 (+1)	1,144 (+10%)	8mo	$235,000	$205	55
143 Temple Dr	0.14mi	3/2.0 (+1)	920 (-12%)	21mo	$162,000	$176	48
138 Friendship Dr	0.51mi	3/1.0 (+1)	1,134 (+9%)	12mo	$150,000	$132	46

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: 12.7%
• Equity multiple: 1.51×
• Total profit: $12,753
• Equity at exit: $13,404

10-year hold

• IRR: 21.6%
• Equity multiple: 2.84×
• Total profit: $46,239
• Equity at exit: $7,773

Cash invested: $25,172 (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 28040

• Home prices YoY: -10.1%
• Active inventory: 48
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,257 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$55 /mo · $657/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$264
• Net cashflow: $429

Break-even live

Break-even rent $713

Max offer price $89,900

Occupancy floor 61%

Sensitivity live

Price	-10% $480	-5% $455	+0% $429	+5% $404	+10% $378
Rent	-10% $330	-5% $380	+0% $429	+5% $479	+10% $529
Rate	-1.0pp $474	-0.5pp $452	base $429	+0.5pp $406	+1.0pp $382

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-07
   statusdays on market $89,900 Pending 327 DOM
2. 2026-06-02
   days on market $89,900 Active 326 DOM
3. 2026-06-01
   days on market $89,900 Active 325 DOM
4. 2026-05-31
   days on market $89,900 Active 324 DOM
5. 2026-05-30
   days on market $89,900 Active 323 DOM
6. 2026-04-16
   price $89,900
7. 2026-04-08
   status Active
8. 2026-04-03
   historical Active Under Contract
9. 2026-04-02
   status Pending
10. 2026-03-24
    historical Active Under Contract
11. 2026-01-02
    price $99,900
12. 2025-12-05
    price $109,900
13. 2025-10-29
    price $119,900
14. 2025-09-24
    price $129,900
15. 2025-08-15
    price $139,900
16. 2025-07-10
    listed $149,900 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: $657 · $55/mo
• Projected year-2 tax: $737 · $61/mo
• Expected delta: +$81/yr (+$7/mo · 12.3%)

ⓘ 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 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,081
• − Mortgage interest: −$5,036
• − Property taxes: −$657
• − Insurance: −$450
• − Repairs & maintenance: −$1,206
• − Management: −$1,206
• − Depreciation: −$2,615
• Taxable income: $3,911
• Est. tax owed @ 24.0%: −$939
• After-tax cash flow: $4,212/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: Rutherford County Schools
• NCES district ID: 3704080
• Math proficiency: 43% ▼ -1.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $36,490
• Composite: 36.11/100
• National rank: #4753
• State rank: #98 of 178 in NC

Livability — Ellenboro

• Score: 63/100
• State rank: #407
• US rank: #15416

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ellenboro, NC
• Population (ZIP): 7,047

Population outlook (Rutherford County) Hauer SSP2

• Today (2025): 63,695 people
• By 2030: 61,670 · -3.2%
• By 2040: 57,212 · -10.2%
• By 2050: 52,763 · -17.2%
• By 2075: 44,493 · -30.1%
• By 2100: 38,127 · -40.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 4% Hispanic / Latino 4%
• Common ancestry: Serbian 3% Italian 1% Romanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Rutherford

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -16.0pp toward R · 2008: -31.8pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+45.8 2016: R+47.9 2012: R+33.5 2008: R+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -30.84%
• Current HPI: 274.2615
• 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

-40.0% since first listed

11 events — show timeline

• 2026-04-16 Price Changed $89,900 CANOPYMLS as Distributed by MLS Grid
• 2026-04-08 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-04-03 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-04-02 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-03-24 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-01-02 Price Changed $99,900 CANOPYMLS as Distributed by MLS Grid
• 2025-12-05 Price Changed $109,900 CANOPYMLS as Distributed by MLS Grid
• 2025-10-29 Price Changed $119,900 CANOPYMLS as Distributed by MLS Grid
• 2025-09-24 Price Changed $129,900 CANOPYMLS as Distributed by MLS Grid
• 2025-08-15 Price Changed $139,900 CANOPYMLS as Distributed by MLS Grid
• 2025-07-10 Listed $149,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+6.7%/yr

Latest (2025): $657 · +9.2% YoY. Source: county tax records.