204 W C Ave · Salisbury, NC 28144

$135,000

2 bd · 1.0 ba · 1,541 sqft · SingleFamily public records · 118 Days on market

Built 1941 0.34 ac lot Est $227k · 40% 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 +22.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.8/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor Opportunity – Short Sale Subject to Lender Approval. Strong value-add opportunity in Salisbury with excellent upside potential. Property is currently not livable due to structural concerns; however, temporary stabilization measures are in place to prevent further shifting. Offers the opportunity to renovate and restore the existing structure. Ideal for investors, builders, or buyers utilizing renovation financing. Property sold AS-IS. All terms subject to third-party approval.

Key facts

• 0.34 acre lot
• Built 1941
• Listed 118 days

Property features AI

Finance

• HOA & community: Has HOA (optional)

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Single-family residential home; Site-built construction; One and one-half levels; R1 zoning
• Construction: Construction materials: Other (see remarks); Basement foundation
• Exterior features: Gravel and concrete road access; Publicly maintained road

Interior

• Kitchen: Electric oven
• Bedrooms: 2 bedrooms (2 on main level)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Electric cooling
• Interior features: 4 total rooms; Full basement
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $228 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Recommended offer: $123k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.2% in Salisbury — 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 64/100 on livability (#365 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, crime F, amenities D-.
• Rowan-Salisbury Schools (rural): math 26% / reading 35% proficiency, ranked #142 of 178 in NC (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 291 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).
• This rent runs 33% of the median local income ($53k/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 $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Rowan 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 118 days — a 9% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $59k; list at $135k implies a 129% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1941 — 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 $122,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.08% ✓
• Cap rate: 8.32%
• Cash-on-cash: 7.24%
• DSCR: 1.32
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $226,527
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1617 3rd St	0.16mi	2/1.0	1,395 (-10%)	3mo	$205,000	$147	74
1618 4th St	0.22mi	3/2.0 (+1)	1,514 (-2%)	6mo	$220,000	$145	72
1720 S Main St	0.07mi	2/1.0	1,381 (-10%)	15mo	$160,000	$116	67
421 Wiley Ave	0.45mi	2/1.0	1,485 (-4%)	14mo	$225,000	$152	62
119 Wiley Ave	0.47mi	3/1.5 (+1)	1,613 (+5%)	6mo	$275,000	$170	59
835 Maple Ave	0.72mi	3/2.0 (+1)	1,610 (+4%)	1mo	$225,000	$140	49
2424 Cranberry Way	0.75mi	3/2.5 (+1)	1,566 (+2%)	7mo	$291,000	$186	46
1212 Bell St	0.53mi	3/1.0 (+1)	1,420 (-8%)	16mo	$120,000	$85	44
110 Par Dr	0.71mi	3/1.5 (+1)	1,701 (+10%)	3mo	$309,000	$182	40
531 Elm St	0.58mi	3/2.0 (+1)	1,690 (+10%)	11mo	$242,000	$143	39
1860 Rosemont St	0.37mi	3/2.0 (+1)	1,771 (+15%)	13mo	$191,000	$108	38
714 Sunset Dr	0.62mi	3/2.0 (+1)	1,320 (-14%)	14mo	$274,900	$208	27

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.81×
• Total profit: $-7,343
• Equity at exit: $20,129

10-year hold

• IRR: 4.5%
• Equity multiple: 1.33×
• Total profit: $12,361
• Equity at exit: $11,672

Cash invested: $37,800 (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 28144

• Active inventory: 291
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,456 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$158 /mo · $1,895/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$306
• Net cashflow: $228

Break-even live

Break-even rent $1,167

Max offer price $135,000

Occupancy floor 79%

Sensitivity live

Price	-10% $304	-5% $266	+0% $228	+5% $190	+10% $152
Rent	-10% $113	-5% $170	+0% $228	+5% $285	+10% $343
Rate	-1.0pp $296	-0.5pp $262	base $228	+0.5pp $193	+1.0pp $157

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 Sunset Dr Salisbury, NC	1.0–2.0	1.0–2.0	1018	$1,475	$1.45	24d	1	0.49mi
200 Hamilton Dr Salisbury, NC	3.0	1.0–2.0	750	$1,305	$1.74	2d	18	0.51mi
100 Emerson Ln Salisbury, NC	2.0–3.0	2.0	1101	$684	$0.62	24d	1	0.52mi
237 Century Dr Salisbury, NC	3.0	2.5	1500	$1,475	$0.98	5d	1	0.59mi
839 Carpenters Cir Salisbury, NC	3.0	2.0	1188	$1,560	$1.31	24d	1	0.96mi

Listing history 16 events

1. 2026-06-18
   days on market $135,000 Active 118 DOM
2. 2026-06-17
   days on market $135,000 Active 117 DOM
3. 2026-06-16
   days on market $135,000 Active 116 DOM
4. 2026-06-15
   days on market $135,000 Active 115 DOM
5. 2026-06-13
   days on market $135,000 Active 113 DOM
6. 2026-06-10
   days on market $135,000 Active 109 DOM
7. 2026-06-08
   days on market $135,000 Active 108 DOM
8. 2026-06-07
   days on market $135,000 Active 107 DOM
9. 2026-06-04
   days on market $135,000 Active 104 DOM
10. 2026-06-03
    days on market $135,000 Active 103 DOM
11. 2026-06-02
    days on market $135,000 Active 102 DOM
12. 2026-06-01
    days on market $135,000 Active 101 DOM
13. 2026-05-31
    days on market $135,000 Active 100 DOM
14. 2026-04-30
    price $135,000
15. 2026-02-20
    listed $169,900 Active
16. 2016-06-03
    soldstatus $59,000

ⓘ 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: $1,895 · $158/mo
• Projected year-2 tax: $1,895 · $158/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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 13% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,469
• − Mortgage interest: −$7,562
• − Property taxes: −$1,895
• − Insurance: −$675
• − Repairs & maintenance: −$1,398
• − Management: −$1,398
• − Depreciation: −$3,927
• Taxable income: $615
• Est. tax owed @ 24.0%: −$148
• After-tax cash flow: $2,588/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: Rowan-Salisbury Schools
• NCES district ID: 3704050
• Math proficiency: 26% ▲ 2.00%
• Reading proficiency: 35% ▲ 1.00%
• Median HH income: $43,953
• Composite: 26.01/100
• National rank: #7317
• State rank: #142 of 178 in NC

Livability — Salisbury

• Score: 64/100
• State rank: #365
• US rank: #14533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salisbury, NC
• County: Rowan County · 103,630 people
• City population: 85,081
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 27,977
• Household income: $52,568
• Rent vs Own: 45.3% rent · 54.7% own
• Severe rent burden: 1438.0

Population outlook (Rowan County) Hauer SSP2

• Today (2025): 140,430 people
• By 2030: 140,193 · -0.2%
• By 2040: 137,617 · -2.0%
• By 2050: 131,826 · -6.1%
• By 2075: 115,123 · -18.0%
• By 2100: 92,774 · -33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 49% Black 35% Hispanic / Latino 12% Two or more races 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Serbian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Indo-European 1%

Political lean MEDSL · Rowan

• 2024 margin: Solid R (+35.9) · D 31.6% · R 67.5%
• 2008→2024 swing: -13.1pp toward R · 2008: -22.8pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+35.7 2016: R+36.8 2012: R+26.0 2008: R+22.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -217.00%
• Current HPI: 276.1097
• Rent YoY: —
• 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

+128.8% since first listed

3 events — show timeline

• 2026-04-30 Price Changed $135,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-20 Listed $169,900 CANOPYMLS as Distributed by MLS Grid
• 2016-06-03 Sold (Public Records) $59,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $1,895 · +43.2% YoY. Source: county tax records.