15 College St · Thomasville, NC 27360

$225,000

6 bd · 2.0 ba · 2,296 sqft · MultiFamily · 110 Days on market

Built 1916 5,532 sqft lot ↓ 2% since listing

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Why this score? — see what drove the C 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 +23.7/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• 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

Converted duplex on a corner lot in the heart of Thomasville! This well-maintained property features two income-producing units: Unit B offers 3BR/1BA and Unit A offers 1BR/1BA. Both units are currently occupied with separate meters in place, providing immediate rental income. Located in an up-and-coming area, this property offers an approximate 7% cap rate and strong investment potential. A sought-after option allows an owner to live in one unit while renting the other (possible FHA financing for qualified buyers). Conveniently located near shopping, dining, and everyday amenities. A rare opportunity for investors or owner-occupants looking to build equity and generate income!

Key facts

• 5,532 sq ft lot
• Built 1916
• Listed 110 days

Property features AI

Finance

• Other: Property is listed as residential income (duplex)
• HOA & community: No homeowners association

Exterior

• Parking: Driveway (no garage)
• Utilities: Public sewer; Electric water heater
• Home design: Duplex (residential income); Built in 1916; Existing structure
• Construction: Aluminum and vinyl siding; 2,296 total building area
• Exterior features: Corner lot; Public water

Interior

• Kitchen: Electric water heater
• Heating & cooling: Heat pump and electric heating; Central air conditioning
• Interior features: No basement
• Laundry & utility: Washer/Dryer connection

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $428 ($5k/yr) — positive. Per door: $214/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $205k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.1% in Thomasville — 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 81/100 on livability (#16 in NC, #1,454 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, schools F, employment F.
• Thomasville City Schools (suburban): math 24% / reading 25% proficiency, ranked #164 of 178 in NC (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 82% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.3%/yr); 307 active listings in the ZIP; 990 units permitted in Davidson County in 2024 (54 in 5+ unit buildings).
• At $2,510/mo this rent would consume 49% of the median local household income ($62k/yr) (locally 1052% 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 $7k of value loss. Plan a longer hold.
• Davidson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 110 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1916 — 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 $204,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% 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. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
10. 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.
11. 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: 1.12% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.34% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-5,735
• Equity at exit: $33,548

10-year hold

• IRR: 8.7%
• Equity multiple: 1.71×
• Total profit: $44,721
• Equity at exit: $19,454

Cash invested: $63,000 (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 27360

• Rents YoY: 4.3%
• Active inventory: 307
• Price-to-rent: 14.9×

Monthly cashflow live

• Estimated rent: $2,510 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$527
• Net cashflow: $428

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1	$2,510
Total (2 units)			$2,510

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $225,000 Active 110 DOM
2. 2026-06-17
   days on market $225,000 Active 109 DOM
3. 2026-06-16
   days on market $225,000 Active 108 DOM
4. 2026-06-15
   days on market $225,000 Active 107 DOM
5. 2026-06-14
   days on market $225,000 Active 105 DOM
6. 2026-06-13
   days on market $225,000 Active 104 DOM
7. 2026-06-10
   days on market $225,000 Active 102 DOM
8. 2026-06-09
   days on market $225,000 Active 101 DOM
9. 2026-06-08
   days on market $225,000 Active 100 DOM
10. 2026-06-07
    days on market $225,000 Active 99 DOM
11. 2026-06-05
    days on market $225,000 Active 96 DOM
12. 2026-06-03
    days on market $225,000 Active 95 DOM
13. 2026-06-02
    days on market $225,000 Active 94 DOM
14. 2026-06-01
    days on market $225,000 Active 93 DOM
15. 2026-05-31
    days on market $225,000 Active 92 DOM
16. 2026-05-31
    days on market $225,000 Active 91 DOM
17. 2026-04-29
    price $225,000
18. 2026-02-28
    listed $229,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 14% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,120
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,410
• − Management: −$2,410
• − Depreciation: −$6,545
• Taxable income: $1,652
• Est. tax owed @ 24.0%: −$396
• After-tax cash flow: $4,739/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: Thomasville City Schools
• NCES district ID: 3704500
• Math proficiency: 24% ▲ 1.00%
• Reading proficiency: 25% ▲ 2.00%
• Median HH income: $29,831
• Composite: 19.72/100
• National rank: #8717
• State rank: #164 of 178 in NC

Livability — Thomasville

• Score: 81/100
• State rank: #16
• US rank: #1454

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Thomasville, NC
• County: Davidson County · 129,088 people
• City population: 49,510
• Metro: Winston-Salem, NC
• Population (ZIP): 49,510
• Household income: $61,983
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1052.0

Population outlook (Davidson County) Hauer SSP2

• Today (2025): 167,156 people
• By 2030: 167,216 · +0.0%
• By 2040: 164,524 · -1.6%
• By 2050: 157,229 · -5.9%
• By 2075: 138,084 · -17.4%
• By 2100: 112,729 · -32.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Hispanic / Latino 11% Black 11% Two or more races 11%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 2% Serbian 1% Italian 1%
• Foreign-born: 7% · Canada
• Languages at home: 88% English-only · Spanish 10% Other Indo-European 1%

Political lean MEDSL · Davidson

• 2024 margin: Solid R (+47.1) · D 25.9% · R 73.0% · Other 1.1%
• 2008→2024 swing: -13.5pp toward R · 2008: -33.5pp · 2024: -47.1pp
• All cycles: 2024: R+47.1 2020: R+47.5 2016: R+49.4 2012: R+40.9 2008: R+33.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -146.33%
• Current HPI: 243.0953
• Rent YoY: ▲ 4.34%
• Metro: Winston-Salem, 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

-2.1% since first listed

2 events — show timeline

• 2026-04-29 Price Changed $225,000 Triad MLS
• 2026-02-28 Listed $229,900 Triad MLS