204 Shelby St · Rhodhiss, NC 28602

$149,500

3 bd · 1.0 ba · 1,146 sqft · SingleFamily public records · 39 Days on market

Built 1918 0.61 ac lot Est $212k · 29% under

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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 +23.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.5/10.0
• Schools +3.8/10.0
• Rent growth +3.5/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity near Lake Rhodhiss with plenty of potential. This 3-bedroom, 1-bath bungalow offers one-level living with 1,139 square feet and a classic covered front porch that adds to the home’s welcoming feel. Inside, the layout is functional and straightforward, with laundry located in the kitchen and a spacious backyard offering room to enjoy the outdoors on approximately . 61 acres. A rear covered porch provides additional outdoor space for relaxing or storage. Built in 1918, the home has seen updates over the years and is ready for its next chapter. This home is conveniently located near Lake Rhodhiss in the coveted Ray Childer's school district. This is an affordable opportunity

Key facts

• Covered front porch
• Spacious backyard
• Rear covered porch

Tags

• COVERED FRONT PORCH
• SPACIOUS BACKYARD
• REAR COVERED PORCH
• RAY CHILDER'S SCHOOL DISTRICT

Property features AI

Finance

• Other: Lot is approximately 0.61 acres; Road surface: gravel and paved; publicly maintained road; Restrictions noted as "Other - See Remarks" with description "Undiscovered"
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer; Electricity connected
• Home design: Single-family residence; Site-built construction; One story; Accessibility with two or more access exits; Zoning: R-3
• Construction: Vinyl exterior; Crawl space foundation
• Exterior features: Covered front and rear porches

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Three bedrooms on the main level
• Flooring: Wood flooring; Vinyl flooring; Linoleum flooring
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Electric heating; Electric cooling
• Interior features: One-level home; Room count: 1
• Laundry & utility: Laundry located in the kitchen

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $283 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#515 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: crime F, amenities F, 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: Ray Childers Elementary (math 40% / reading 39%, grade F, #694 of 1,410 statewide, top 53%, 457 students, 75% FRL) — zoned schools average 75% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.2%/yr); 212 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 422 units permitted in Burke County in 2024 (94 in 5+ unit buildings).
• This rent runs 30% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 39 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $40k; list at $150k implies a 274% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — 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 $145,015 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — 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. 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?
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: 1.05% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.11%
• DSCR: 1.36
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $212,010
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
109 Dogwood Dr	0.24mi	3/2.0	1,188 (+4%)	13mo	$149,900	$126	68
103 Burch St	0.53mi	3/1.0	1,108 (-3%)	7mo	$160,000	$144	64
411 Carolina Ave	0.19mi	2/2.0 (-1)	1,102 (-4%)	19mo	$200,000	$181	60
100 Dogwood Dr	0.10mi	3/2.0	1,276 (+11%)	18mo	$275,000	$216	57
100 Howell St Unit 13A	0.18mi	3/2.0	1,292 (+13%)	15mo	$295,000	$228	54
152 River Rdg	0.36mi	3/2.0	1,224 (+7%)	20mo	$270,000	$221	51
122 River Ridge Ln	0.40mi	3/2.0	1,296 (+13%)	11mo	$240,000	$185	46
302 Catawba Ave	0.40mi	2/1.0 (-1)	1,040 (-9%)	18mo	$95,000	$91	46
201 Martha Dr	0.68mi	3/1.0	1,014 (-12%)	20mo	$195,000	$192	33

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 · 4.16% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.90×
• Total profit: $-4,371
• Equity at exit: $22,291

10-year hold

• IRR: 8.1%
• Equity multiple: 1.65×
• Total profit: $27,093
• Equity at exit: $12,926

Cash invested: $41,860 (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 28602

• Home prices YoY: -13.6%
• Rents YoY: 4.2%
• Active inventory: 212
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,569 medium
• Mortgage (P&I): −$784
• Tax from tax record: −$110 /mo · $1,323/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $283

Break-even live

Break-even rent $1,211

Max offer price $149,500

Occupancy floor 77%

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: $37,375
• Closing costs: $4,485
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16 Duke Power Rd Unit 1 Granite Falls, NC	3.0	2.0	1500	$1,500	$1.00	13d	1	1.06mi

Listing history 23 events

1. 2026-06-19
   days on market $149,500 Active 39 DOM
2. 2026-06-18
   days on market $149,500 Active 38 DOM
3. 2026-06-17
   days on market $149,500 Active 37 DOM
4. 2026-06-16
   days on market $149,500 Active 36 DOM
5. 2026-06-15
   days on market $149,500 Active 35 DOM
6. 2026-06-14
   days on market $149,500 Active 33 DOM
7. 2026-06-13
   days on market $149,500 Active 32 DOM
8. 2026-06-10
   days on market $149,500 Active 30 DOM
9. 2026-06-09
   days on market $149,500 Active 29 DOM
10. 2026-06-08
    days on market $149,500 Active 28 DOM
11. 2026-06-07
    days on market $149,500 Active 27 DOM
12. 2026-06-05
    days on market $149,500 Active 24 DOM
13. 2026-06-02
    days on market $149,500 Active 22 DOM
14. 2026-06-01
    days on market $149,500 Active 21 DOM
15. 2026-05-31
    days on market $149,500 Active 20 DOM
16. 2026-05-30
    days on market $149,500 Active 19 DOM
17. 2026-05-11
    listed $149,500 Active
18. 2026-04-10
    price $150,000
19. 2025-12-30
    price $185,000
20. 2025-11-05
    listed $190,000 Active
21. 2025-11-03
    historical
22. 2022-11-30
    soldstatus $40,000
23. 1990-01-10
    soldstatus $15,000

ⓘ 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: $1,323 · $110/mo
• Projected year-2 tax: $1,323 · $110/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥102°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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,829
• − Mortgage interest: −$8,374
• − Property taxes: −$1,323
• − Insurance: −$748
• − Repairs & maintenance: −$1,506
• − Management: −$1,506
• − Depreciation: −$4,349
• Taxable income: $1,022
• Est. tax owed @ 24.0%: −$245
• After-tax cash flow: $3,151/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 — Rhodhiss

• Score: 60/100
• State rank: #515
• US rank: #18892

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rhodhiss, NC
• County: Catawba County · 105,763 people
• City population: 282
• Metro: Hickory-Lenoir-Morganton, NC
• Population (ZIP): 31,113
• Household income: $62,048
• Rent vs Own: 37.1% rent · 62.9% own
• Severe rent burden: 642.0

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 (70%)
• Race & ethnicity: White 70% Black 12% Hispanic / Latino 10% Two or more races 7% Asian 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 3% Italian 3% Iranian 2%
• Foreign-born: 6% · Canada, Dominican Republic
• Languages at home: 88% English-only · Spanish 7% Other Asian/Pacific 4%

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: ▼ -41.01%
• Current HPI: 259.947
• Rent YoY: ▲ 4.16%
• 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

+896.7% since first listed

7 events — show timeline

• 2026-05-11 Listed $149,500 CANOPYMLS as Distributed by MLS Grid
• 2026-04-10 Price Changed $150,000 CANOPYMLS as Distributed by MLS Grid
• 2025-12-30 Price Changed $185,000 CANOPYMLS as Distributed by MLS Grid
• 2025-11-05 Listed $190,000 CANOPYMLS as Distributed by MLS Grid
• 2025-11-03 Coming Soon — CANOPYMLS as Distributed by MLS Grid
• 2022-11-30 Sold (Public Records) $40,000 Public Records
• 1990-01-10 Sold (Public Records) $15,000 Public Records

Property tax history

+10.8%/yr

Latest (2025): $1,323 · -0.1% YoY. Source: county tax records.