3823 Hickory Hwy · Catawba, NC 28677

$168,000

2 bd · 1.0 ba · 952 sqft · SingleFamily · 53 Days on market

Built 1966 1.00 ac lot ↓ 4% since listing

---

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 +14.2/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• DSCR +4.3/10.0
• Livability +3.1/5.0
• 1% rule +2.6/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This one-of-a-kind property invites you to step back in time and experience a simpler way of life. Originally a 1966 single-wide manufactured home, this residence was thoughtfully expanded by a stick-built structure in 1986-blending vintage charm with enduring craftsmanship. Lovingly maintained over the years, this cozy home offers 2 bedrooms and 1 bath, filled with warmth, character, and a sense of nostalgia you just can't replicate. Nestled in a private clearing on a beautiful 1-acre lot, you'll enjoy peaceful surroundings. Conveniently located between Statesville, Taylorsville, and Hickory, you get the best of both worlds - serenity and accessibility. If you've been dreaming of a place w

Key facts

• Vintage charm
• Private clearing
• Beautiful lot

Tags

• ONE OF A KIND PROPERTY
• VINTAGE CHARM
• ENDURING CRAFTSMANSHIP
• PRIVATE CLEARING
• BEAUTIFUL LOT
• PEACEFUL SURROUNDINGS

Property features AI

Finance

• Financial info: No restrictions
• HOA & community: No HOA

Exterior

• Parking: Attached carport; Driveway
• Security: Carbon monoxide detector(s); Smoke detector(s)
• Utilities: County water; Septic system installed; Electricity connected
• Home design: Residential single-family property; Manufactured singlewide component; One story (entry on main level)
• Construction: Manufactured and site-built construction; Aluminum, metal and wood exterior materials; Crawl space foundation
• Exterior features: Front porch; Private, rolling and wooded lot; Gravel and paved road access (publicly maintained)

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet; Linoleum
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating (oil); Window unit cooling
• Interior features: 4 total rooms; Carbon monoxide and smoke detectors
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $168k.

Deal economics

• At list price, monthly cash flow is $27 ($319/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 $127k (24.1% below list).
• Recommended offer: $127k (24.1% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.7% in Catawba — 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 61/100 on livability (#494 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, health & safety B; Watch: schools C-, crime F, amenities F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 475 active listings in the ZIP; 1,955 units permitted in Iredell County in 2024 (128 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.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,463 (24.1% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — 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: 0.76% ✗
• Cap rate: 6.48%
• Cash-on-cash: 0.68%
• DSCR: 1.03
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -18.0%
• Equity multiple: 0.38×
• Total profit: $-29,116
• Equity at exit: $25,049

10-year hold

• IRR: -15.7%
• Equity multiple: 0.21×
• Total profit: $-37,101
• Equity at exit: $14,526

Cash invested: $47,040 (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 28677

• Rents YoY: 0.2%
• Active inventory: 475
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,275 medium
• Mortgage (P&I): −$881
• Tax from tax record: −$29 /mo · $353/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $27

Break-even live

Break-even rent $1,241

Max offer price $168,000

Occupancy floor 93%

Sensitivity live

Price	-10% $122	-5% $74	+0% $27	+5% $-212	+10% $-270
Rent	-10% $-74	-5% $-24	+0% $27	+5% $77	+10% $127
Rate	-1.0pp $111	-0.5pp $69	base $27	+0.5pp $-17	+1.0pp $-61

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $168,000 Active 53 DOM
2. 2026-06-18
   days on market $168,000 Active 50 DOM
3. 2026-06-17
   days on market $168,000 Active 49 DOM
4. 2026-06-16
   days on market $168,000 Active 48 DOM
5. 2026-06-15
   days on market $168,000 Active 47 DOM
6. 2026-06-13
   days on market $168,000 Active 45 DOM
7. 2026-06-13
   days on market $168,000 Active 44 DOM
8. 2026-06-09
   days on market $168,000 Active 41 DOM
9. 2026-06-08
   days on market $168,000 Active 40 DOM
10. 2026-06-07
    days on market $168,000 Active 39 DOM
11. 2026-06-04
    days on market $168,000 Active 36 DOM
12. 2026-06-03
    days on market $168,000 Active 35 DOM
13. 2026-06-02
    days on market $168,000 Active 34 DOM
14. 2026-06-01
    days on market $168,000 Active 33 DOM
15. 2026-05-31
    days on market $168,000 Active 32 DOM
16. 2026-05-19
    price $168,000
17. 2026-04-29
    listed $175,000 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: $353 · $29/mo
• Projected year-2 tax: $1,378 · $115/mo
• Expected delta: +$1,025/yr (+$85/mo · 290.7%)

ⓘ 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 5/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 3% 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: $15,296
• − Mortgage interest: −$9,411
• − Property taxes: −$353
• − Insurance: −$840
• − Repairs & maintenance: −$1,224
• − Management: −$1,224
• − Depreciation: −$4,887
• Taxable loss: −$2,642
• Est. tax savings @ 24.0%: +$634
• After-tax cash flow: $953/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: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Catawba

• Score: 61/100
• State rank: #494
• US rank: #18075

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Iredell County · 182,638 people
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 38,819
• Household income: $62,406
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 1174.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 14% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 3% Slovak 2% Scandinavian 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 12% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.76%
• Current HPI: 243.0445
• Rent YoY: ▲ 0.20%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• 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

-4.0% since first listed

2 events — show timeline

• 2026-05-19 Price Changed $168,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-29 Listed $175,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+3.9%/yr

Latest (2024): $353 · +0.6% YoY. Source: county tax records.