229 Friendship Dr · Ellenboro, NC 28040

$171,000

3 bd · 1.0 ba · 1,632 sqft · SingleFamily public records · 55 Days on market

Built 1930 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 +14.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.4/10.0
• Schools +3.6/10.0
• 1% rule +3.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming home in Ellenboro with level yard and recent flooring and bathroom updates. Roof is 3 years old. Private screened porch is perfect for relaxing with family and friends. Less than ten houses on the street, which ends in cul-de-sac. Two outbuildings are perfect for storage.

Key facts

• 0.4 acre lot
• Built 1930
• Listed 55 days

Property features AI

Finance

• Other: Property status: completed; Property subtype: single family residence; Restrictions: other — see remarks (unknown restrictions)
• HOA & community: No HOA

Exterior

• Parking: No garage; no designated parking features listed
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Site-built construction; One story (entry on main level)
• Construction: Partial brick and wood exterior; Composition roof; Built on crawl space
• Exterior features: Covered patio/porch; Fenced yard; Shed(s) and workshop on the property; Located on a cul-de-sac; Stone/gravel road; publicly maintained

Interior

• Kitchen: Electric range; Microwave
• Bedrooms: Three bedrooms on the main level (one ~12' x 16', two ~10' x 12')
• Flooring: Tile flooring; Crawl space foundation
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Electric heating; Electric cooling
• Interior features: Walk-in closets; 5 total rooms
• Laundry & utility: Main-level laundry room with washer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $171k.

Deal economics

• At list price, monthly cash flow is $39 ($473/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 $142k (16.9% below list).
• Recommended offer: $142k (16.9% below list) — sets the bar for 1% rule.

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 Middle School (math 32% / reading 40%, grade F, #273 of 475 statewide, top 58%, 552 students, 100% 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y ago 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $142,028 (16.9% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.83% ✗
• Cap rate: 6.57%
• Cash-on-cash: 0.99%
• DSCR: 1.04
• GRM: 10.0

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: -14.8%
• Equity multiple: 0.47×
• Total profit: $-25,237
• Equity at exit: $25,497

10-year hold

• IRR: -6.1%
• Equity multiple: 0.61×
• Total profit: $-18,902
• Equity at exit: $14,785

Cash invested: $47,880 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,420 medium
• Mortgage (P&I): −$897
• Tax from tax record: −$115 /mo · $1,375/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $39

Break-even live

Break-even rent $1,370

Max offer price $171,000

Occupancy floor 92%

Sensitivity live

Price	-10% $136	-5% $88	+0% $39	+5% $-9	+10% $-57
Rent	-10% $-73	-5% $-17	+0% $39	+5% $96	+10% $152
Rate	-1.0pp $126	-0.5pp $83	base $39	+0.5pp $-5	+1.0pp $-50

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: $42,750
• Closing costs: $5,130
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-22
   days on market $171,000 Active 55 DOM
2. 2026-06-19
   days on market $171,000 Active 53 DOM
3. 2026-06-18
   days on market $171,000 Active 52 DOM
4. 2026-06-17
   days on market $171,000 Active 51 DOM
5. 2026-06-16
   days on market $171,000 Active 50 DOM
6. 2026-06-15
   days on market $171,000 Active 49 DOM
7. 2026-06-14
   days on market $171,000 Active 47 DOM
8. 2026-06-13
   days on market $171,000 Active 46 DOM
9. 2026-06-10
   days on market $171,000 Active 44 DOM
10. 2026-06-09
    days on market $171,000 Active 43 DOM
11. 2026-06-08
    days on market $171,000 Active 42 DOM
12. 2026-06-07
    days on market $171,000 Active 41 DOM
13. 2026-06-02
    days on market $171,000 Active 36 DOM
14. 2026-06-01
    days on market $171,000 Active 35 DOM
15. 2026-05-31
    days on market $171,000 Active 34 DOM
16. 2026-05-30
    days on market $171,000 Active 33 DOM
17. 2026-04-27
    listed $171,000 Active
18. 2025-02-28
    status Active
19. 2025-01-15
    price $210,000
20. 2024-09-12
    listed $220,000 Active
21. 2023-01-26
    soldstatus $192,500 Closed 284-char remark

    Show marketing remark (284 chars)

    Charming home in Ellenboro with level yard and recent flooring and bathroom updates. Roof is 3 years old. Private screened porch is perfect for relaxing with family and friends. Less than ten houses on the street, which ends in cul-de-sac. Two outbuildings are perfect for storage.

22. 2023-01-26
    soldstatus $192,500

    Show marketing remark (284 chars)

    Charming home in Ellenboro with level yard and recent flooring and bathroom updates. Roof is 3 years old. Private screened porch is perfect for relaxing with family and friends. Less than ten houses on the street, which ends in cul-de-sac. Two outbuildings are perfect for storage.

23. 2022-12-29
    historical Active Under Contract 284-char remark

    Show marketing remark (284 chars)

    Charming home in Ellenboro with level yard and recent flooring and bathroom updates. Roof is 3 years old. Private screened porch is perfect for relaxing with family and friends. Less than ten houses on the street, which ends in cul-de-sac. Two outbuildings are perfect for storage.

24. 2022-10-27
    listed $190,000 Active 284-char remark

    Show marketing remark (284 chars)

    Charming home in Ellenboro with level yard and recent flooring and bathroom updates. Roof is 3 years old. Private screened porch is perfect for relaxing with family and friends. Less than ten houses on the street, which ends in cul-de-sac. Two outbuildings are perfect for storage.

25. 2020-07-10
    soldstatus $120,000 Closed
26. 2020-07-10
    soldstatus $120,000
27. 2020-02-20
    historical Under Contract - Show
28. 2020-02-12
    listed $115,000 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: $1,375 · $115/mo
• Projected year-2 tax: $1,402 · $117/mo
• Expected delta: +$27/yr (+$2/mo · 2.0%)

ⓘ 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 5/10 Major 7 d/yr ≥104°F today · 15 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: $17,043
• − Mortgage interest: −$9,579
• − Property taxes: −$1,375
• − Insurance: −$855
• − Repairs & maintenance: −$1,363
• − Management: −$1,363
• − Depreciation: −$4,975
• Taxable loss: −$2,467
• Est. tax savings @ 24.0%: +$592
• After-tax cash flow: $1,065/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

+48.7% since first listed

12 events — show timeline

• 2026-04-27 Listed $171,000 CANOPYMLS as Distributed by MLS Grid
• 2025-02-28 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-01-15 Price Changed $210,000 CANOPYMLS as Distributed by MLS Grid
• 2024-09-12 Listed $220,000 CANOPYMLS as Distributed by MLS Grid
• 2023-01-26 Sold (Public Records) $192,500 Public Records
• 2023-01-26 Sold (MLS) $192,500 CANOPYMLS as Distributed by MLS Grid
• 2022-12-29 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2022-10-27 Listed $190,000 CANOPYMLS as Distributed by MLS Grid
• 2020-07-10 Sold (Public Records) $120,000 Public Records
• 2020-07-10 Sold (MLS) $120,000 CANOPYMLS as Distributed by MLS Grid
• 2020-02-20 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2020-02-12 Listed $115,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+11.7%/yr

Latest (2025): $1,375 · +6.4% YoY. Source: county tax records.