100 Normandy Dr · Morganton, NC 28655

$299,000

4 bd · 2.0 ba · 1,408 sqft · MultiFamily public records · 859 Days on market

Built 1994 0.40 ac lot

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Why this score? — see what drove the D 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 +14.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Rare property! Great location! Approximately 1600sf duplex with a solid 14 year rental history. Two bed, one bath per unit on a comfortable sized lot on Carbon City road within Morganton city limits. Connected to city water and sewer. Across the street from Carbon City park/playground and a police/fire station. Close to I-40, Ingles, downtown, local colleges, the Linville Gorge and the Pisgah National Forest. Rent both sides to get your money back quickly. Perhaps live in one side and rent the other. Many possibilities! Great place to put your money with a great return on your money annually.

Key facts

• 0.4 acre lot
• Built 1994
• Listed 859 days

Property features AI

Finance

• Financial info: Two-unit property (2 total units); Owner responsible for water; tenants pay all other utilities
• HOA & community: No HOA; No pets allowed

Exterior

• Parking: Driveway; 4 open parking spaces
• Utilities: City water; Public sewer; Owner pays water for multi-family; Tenants pay all utilities except water
• Home design: Duplex (residential income property); Zoned R-3
• Construction: Site-built construction; Hardboard siding; Metal roof; Slab foundation
• Exterior features: Covered porch; Deck; Corner lot; Asphalt/paved road; publicly maintained

Interior

• Kitchen: Electric range and electric oven; Refrigerator; Dishwasher not listed
• Bedrooms: 4 total bedrooms; Property consists of two 2-bedroom units (one 2-bedroom unit and a second 2-bedroom unit)
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Appliances included: Dryer, Electric oven, Electric range, Refrigerator, Washer; Carpet, laminate, and tile flooring
• Laundry & utility: Dedicated laundry room; Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $15 ($178/yr) — positive. Per door: $7/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (21.2% below list).
• Recommended offer: $236k (21.2% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 3.5% in Morganton — 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 (#149 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, crime D-, commute F.
• Burke County Schools (rural): math 43% / reading 47% proficiency, ranked #89 of 178 in NC (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Glen Alpine Elementary (math 47% / reading 47%, grade D-, #497 of 1,410 statewide, top 38%, 279 students, 81% FRL); Table Rock Middle (math 36% / reading 43%, grade F, #232 of 475 statewide, top 50%, 502 students, 70% FRL); Freedom High (math 61% / reading 51%, grade C, #264 of 535 statewide, top 49%, 1,414 students, 64% FRL) — zoned schools average 72% FRL vs 52% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 436 active listings in the ZIP; 422 units permitted in Burke County in 2024 (94 in 5+ unit buildings).
• At $2,355/mo this rent would consume 49% of the median local household income ($58k/yr) (locally 1145% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Burke County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 859 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $90k; list at $299k implies a 232% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $235,500 (21.2% below list)

Questions for the listing agent

1. It's been on market 859 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.79% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.16%
• DSCR: 1.05
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.0%
• Equity multiple: 0.43×
• Total profit: $-47,607
• Equity at exit: $44,582

10-year hold

• IRR: -7.7%
• Equity multiple: 0.51×
• Total profit: $-40,647
• Equity at exit: $25,852

Cash invested: $83,720 (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 28655

• Home prices YoY: -13.2%
• Active inventory: 436
• Price-to-rent: 21.2×

Monthly cashflow live

• Estimated rent: $2,355 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$87 /mo · $1,039/yr
• Insurance: −$125
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $15

Break-even live

Break-even rent $2,336

Max offer price $299,000

Occupancy floor 94%

Sensitivity live

Price	-10% $184	-5% $99	+0% $15	+5% $-70	+10% $-154
Rent	-10% $-171	-5% $-78	+0% $15	+5% $108	+10% $201
Rate	-1.0pp $165	-0.5pp $91	base $15	+0.5pp $-63	+1.0pp $-141

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,356
Total (2 units)			$2,355

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-22
   days on market $299,000 Active 859 DOM
2. 2026-06-19
   days on market $299,000 Active 857 DOM
3. 2026-06-18
   days on market $299,000 Active 856 DOM
4. 2026-06-17
   days on market $299,000 Active 855 DOM
5. 2026-06-16
   days on market $299,000 Active 854 DOM
6. 2026-06-15
   days on market $299,000 Active 853 DOM
7. 2026-06-14
   days on market $299,000 Active 851 DOM
8. 2026-06-13
   days on market $299,000 Active 850 DOM
9. 2026-06-10
   days on market $299,000 Active 848 DOM
10. 2026-06-09
    days on market $299,000 Active 847 DOM
11. 2026-06-08
    days on market $299,000 Active 846 DOM
12. 2026-06-07
    days on market $299,000 Active 845 DOM
13. 2026-06-05
    days on market $299,000 Active 842 DOM
14. 2026-06-02
    days on market $299,000 Active 840 DOM
15. 2026-06-01
    days on market $299,000 Active 839 DOM
16. 2026-05-31
    days on market $299,000 Active 838 DOM
17. 2026-05-30
    days on market $299,000 Active 837 DOM
18. 2024-11-19
    price $299,000
19. 2024-07-31
    price $309,000
20. 2024-06-28
    price $325,000
21. 2024-04-01
    price $335,000
22. 2024-02-13
    listed $349,000 Active
23. 2010-10-26
    soldstatus $90,000

ⓘ 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: $1,039 · $87/mo
• Projected year-2 tax: $2,452 · $204/mo
• Expected delta: +$1,413/yr (+$118/mo · 135.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 97% 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 2/10 Low 100% 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: $28,260
• − Mortgage interest: −$16,749
• − Property taxes: −$1,039
• − Insurance: −$2,292
• − Repairs & maintenance: −$2,261
• − Management: −$2,261
• − Depreciation: −$8,698
• Taxable loss: −$5,040
• Est. tax savings @ 24.0%: +$1,210
• After-tax cash flow: $1,387/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: Burke County Schools
• NCES district ID: 3700480
• Math proficiency: 43% ▼ -2.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $38,342
• Composite: 37.51/100
• National rank: #4400
• State rank: #89 of 178 in NC

Livability — Morganton

• Score: 69/100
• State rank: #149
• US rank: #8307

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morganton, NC
• County: Burke County · 55,100 people
• City population: 55,100
• Metro: Hickory-Lenoir-Morganton, NC
• Population (ZIP): 55,100
• Household income: $57,713
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 1145.0

Population outlook (Burke County) Hauer SSP2

• Today (2025): 86,552 people
• By 2030: 84,123 · -2.8%
• By 2040: 78,165 · -9.7%
• By 2050: 71,099 · -17.9%
• By 2075: 56,264 · -35.0%
• By 2100: 44,742 · -48.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 11% Black 8% Two or more races 5% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 2% Italian 2% Serbian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Other Asian/Pacific 1% Arabic 1%

Political lean MEDSL · Burke

• 2024 margin: Solid R (+41.2) · D 29.0% · R 70.3%
• 2008→2024 swing: -22.0pp toward R · 2008: -19.2pp · 2024: -41.2pp
• All cycles: 2024: R+41.2 2020: R+40.1 2016: R+39.4 2012: R+23.6 2008: R+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.07%
• Current HPI: 362.0732
• Rent YoY: —
• Metro: Hickory-Lenoir-Morganton, 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

+232.2% since first listed

6 events — show timeline

• 2024-11-19 Price Changed $299,000 CANOPYMLS as Distributed by MLS Grid
• 2024-07-31 Price Changed $309,000 CANOPYMLS as Distributed by MLS Grid
• 2024-06-28 Price Changed $325,000 CANOPYMLS as Distributed by MLS Grid
• 2024-04-01 Price Changed $335,000 CANOPYMLS as Distributed by MLS Grid
• 2024-02-13 Listed $349,000 CANOPYMLS as Distributed by MLS Grid
• 2010-10-26 Sold (Public Records) $90,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,039 · +0.0% YoY. Source: county tax records.