404 Huffman St · Morganton, NC 28655

$229,000

4 bd · 2.0 ba · 1,623 sqft · SingleFamily public records · 107 Days on market

Built 1930 0.42 ac lot Est $252k · 9% under ↓ 12% since listing

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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 +15.2/30.0
• ARV discount +11.5/15.0
• DSCR +4.7/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to this charming and spacious 4 bedroom bungalow in the heart of Morganton! Gorgeous yard comprised of 2 separate lots totaling just under half an acre. This home has had many recent updates including interior paint, a newer metal roof and 3 year old HVAC. Spend your summer evenings on your front porch swing or on the private back patio with custom storage. Just a mile from the festivities at Courthouse Square, the farmers market and downtown shopping and dining. Make this special home yours today!

Key facts

• Front porch swing
• 0.42 acre lot
• Built 1930

Tags

• FRONT PORCH SWING
• BACK YARD CLOSED-IN COURTYARD

Property features AI

Finance

• Other: Additional parcels included
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer; Electricity connected; Cable connected; Wired internet available
• Home design: Single family residence; Site-built construction; Two levels; Residential property; Zoned MID
• Construction: Wood construction; Basement and crawl space foundation; Shingle roof not specified
• Exterior features: Covered front porch; Patio; Outdoor storage and shed(s); Steep slope lot; Concrete and paved road access (publicly maintained)

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 4 bedrooms total (3 upper; 1 main)
• Bathrooms: 1 full bath (upper); 1 half bath (main)
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning
• Interior features: 11 rooms; Living room fireplace; Basement with dirt floor and storage space
• Laundry & utility: Washer and dryer present; Electric dryer hookup; Mud room on main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $229k.

Deal economics

• At list price, monthly cash flow is $81 ($967/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 $188k (17.8% below list).
• Recommended offer: $188k (17.8% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.5% in Morganton — 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 69/100 on livability (#149 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, crime D-, 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: Hillcrest Elementary (math 22% / reading 22%, grade F, #1,190 of 1,410 statewide, top 86%, 284 students, 94% FRL); Walter R Johnson Middle (math 28% / reading 34%, grade F, #326 of 475 statewide, top 69%, 465 students, 90% FRL); Freedom High (math 61% / reading 51%, grade C, #264 of 535 statewide, top 49%, 1,414 students, 64% FRL) — zoned schools average 83% FRL vs 52% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 436 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 422 units permitted in Burke County in 2024 (94 in 5+ unit buildings).
• This rent runs 39% of the median local income ($58k/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 $2k of loan paydown is wiped out by about $7k 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 107 days — a 9% lower offer ($208k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $188,313 (17.8% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 18% 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. 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 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.82% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.51%
• DSCR: 1.07
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $251,565
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
308 E Concord St	0.59mi	3/2.0 (-1)	1,623 (0%)	2mo	$210,000	$129	66
206 Park St	0.36mi	3/1.0 (-1)	1,678 (+3%)	11mo	$260,000	$155	60
114 Curtis St	0.52mi	3/2.0 (-1)	1,501 (-8%)	6mo	$253,000	$169	53
107 Powe St	0.44mi	3/2.0 (-1)	1,558 (-4%)	23mo	$345,000	$221	49
808 Vine Arden Rd	0.70mi	3/2.0 (-1)	1,512 (-7%)	13mo	$229,000	$151	40
209 Wilson St	0.65mi	3/2.0 (-1)	1,555 (-4%)	23mo	$160,000	$103	38
104 Dogwood Dr	0.69mi	3/2.5 (-1)	1,684 (+4%)	23mo	$275,000	$163	36

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: -13.9%
• Equity multiple: 0.50×
• Total profit: $-32,053
• Equity at exit: $34,145

10-year hold

• IRR: -5.2%
• Equity multiple: 0.66×
• Total profit: $-21,622
• Equity at exit: $19,800

Cash invested: $64,120 (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 28655

• Home prices YoY: -13.2%
• Active inventory: 436
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,883 medium
• Mortgage (P&I): −$1,201
• Tax from tax record: −$111 /mo · $1,329/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$395
• Net cashflow: $81

Break-even live

Break-even rent $1,781

Max offer price $229,000

Occupancy floor 91%

Sensitivity live

Price	-10% $210	-5% $145	+0% $81	+5% $16	+10% $-49
Rent	-10% $-68	-5% $6	+0% $81	+5% $155	+10% $229
Rate	-1.0pp $196	-0.5pp $139	base $81	+0.5pp $21	+1.0pp $-39

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
305 E Concord St Morganton, NC	3.0	2.0	1488	$2,000	$1.34	23d	1	0.62mi
204 E McDowell St Unit B Morganton, NC	4.0	1.0	1070	$1,500	$1.40	23d	1	0.82mi

Listing history 28 events

1. 2026-06-22
   days on market $229,000 Active 107 DOM
2. 2026-06-19
   days on market $229,000 Active 105 DOM
3. 2026-06-18
   days on market $229,000 Active 104 DOM
4. 2026-06-17
   days on market $229,000 Active 103 DOM
5. 2026-06-16
   days on market $229,000 Active 102 DOM
6. 2026-06-15
   days on market $229,000 Active 101 DOM
7. 2026-06-14
   days on market $229,000 Active 99 DOM
8. 2026-06-13
   days on market $229,000 Active 98 DOM
9. 2026-06-10
   days on market $229,000 Active 96 DOM
10. 2026-06-09
    days on market $229,000 Active 95 DOM
11. 2026-06-08
    days on market $229,000 Active 94 DOM
12. 2026-06-07
    days on market $229,000 Active 93 DOM
13. 2026-06-05
    days on market $229,000 Active 90 DOM
14. 2026-06-02
    days on market $229,000 Active 88 DOM
15. 2026-06-01
    days on market $229,000 Active 87 DOM
16. 2026-05-31
    days on market $229,000 Active 86 DOM
17. 2026-05-30
    days on market $229,000 Active 85 DOM
18. 2026-03-06
    listed $229,000 Active
19. 2025-09-02
    price $251,500
20. 2025-08-22
    price $254,000
21. 2025-08-16
    listed $259,000 Active
22. 2023-10-18
    soldstatus $229,000 Closed 516-char remark

    Show marketing remark (516 chars)

    Welcome home to this charming and spacious 4 bedroom bungalow in the heart of Morganton! Gorgeous yard comprised of 2 separate lots totaling just under half an acre. This home has had many recent updates including interior paint, a newer metal roof and 3 year old HVAC. Spend your summer evenings on your front porch swing or on the private back patio with custom storage. Just a mile from the festivities at Courthouse Square, the farmers market and downtown shopping and dining. Make this special home yours today!

23. 2023-10-16
    soldstatus $229,000
24. 2023-09-19
    status Pending 516-char remark

    Show marketing remark (516 chars)

    Welcome home to this charming and spacious 4 bedroom bungalow in the heart of Morganton! Gorgeous yard comprised of 2 separate lots totaling just under half an acre. This home has had many recent updates including interior paint, a newer metal roof and 3 year old HVAC. Spend your summer evenings on your front porch swing or on the private back patio with custom storage. Just a mile from the festivities at Courthouse Square, the farmers market and downtown shopping and dining. Make this special home yours today!

25. 2023-09-13
    price $235,000 516-char remark

    Show marketing remark (516 chars)

    Welcome home to this charming and spacious 4 bedroom bungalow in the heart of Morganton! Gorgeous yard comprised of 2 separate lots totaling just under half an acre. This home has had many recent updates including interior paint, a newer metal roof and 3 year old HVAC. Spend your summer evenings on your front porch swing or on the private back patio with custom storage. Just a mile from the festivities at Courthouse Square, the farmers market and downtown shopping and dining. Make this special home yours today!

26. 2023-09-04
    price $245,000 516-char remark

    Show marketing remark (516 chars)

    Welcome home to this charming and spacious 4 bedroom bungalow in the heart of Morganton! Gorgeous yard comprised of 2 separate lots totaling just under half an acre. This home has had many recent updates including interior paint, a newer metal roof and 3 year old HVAC. Spend your summer evenings on your front porch swing or on the private back patio with custom storage. Just a mile from the festivities at Courthouse Square, the farmers market and downtown shopping and dining. Make this special home yours today!

27. 2023-08-17
    price $250,000 516-char remark

    Show marketing remark (516 chars)

    Welcome home to this charming and spacious 4 bedroom bungalow in the heart of Morganton! Gorgeous yard comprised of 2 separate lots totaling just under half an acre. This home has had many recent updates including interior paint, a newer metal roof and 3 year old HVAC. Spend your summer evenings on your front porch swing or on the private back patio with custom storage. Just a mile from the festivities at Courthouse Square, the farmers market and downtown shopping and dining. Make this special home yours today!

28. 2023-07-25
    listed $260,000 Active 516-char remark

    Show marketing remark (516 chars)

    Welcome home to this charming and spacious 4 bedroom bungalow in the heart of Morganton! Gorgeous yard comprised of 2 separate lots totaling just under half an acre. This home has had many recent updates including interior paint, a newer metal roof and 3 year old HVAC. Spend your summer evenings on your front porch swing or on the private back patio with custom storage. Just a mile from the festivities at Courthouse Square, the farmers market and downtown shopping and dining. Make this special home yours today!

ⓘ 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: $1,329 · $111/mo
• Projected year-2 tax: $1,878 · $156/mo
• Expected delta: +$549/yr (+$46/mo · 41.3%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $22,598
• − Mortgage interest: −$12,828
• − Property taxes: −$1,329
• − Insurance: −$1,145
• − Repairs & maintenance: −$1,808
• − Management: −$1,808
• − Depreciation: −$6,662
• Taxable loss: −$2,981
• Est. tax savings @ 24.0%: +$715
• After-tax cash flow: $1,683/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 — Morganton

• Score: 69/100
• State rank: #149
• US rank: #8307

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morganton, NC
• County: Burke County · 55,100 people
• City population: 55,100
• Metro: Hickory-Lenoir-Morganton, NC
• Population (ZIP): 55,100
• Household income: $57,713
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 1145.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 11% Black 8% Two or more races 5% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 2% Italian 2% Serbian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Other Asian/Pacific 1% Arabic 1%

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: ▼ -55.07%
• Current HPI: 362.0732
• Rent YoY: —
• 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

-11.9% since first listed

11 events — show timeline

• 2026-03-06 Listed $229,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-02 Price Changed $251,500 CANOPYMLS as Distributed by MLS Grid
• 2025-08-22 Price Changed $254,000 CANOPYMLS as Distributed by MLS Grid
• 2025-08-16 Listed $259,000 CANOPYMLS as Distributed by MLS Grid
• 2023-10-18 Sold (MLS) $229,000 CANOPYMLS as Distributed by MLS Grid
• 2023-10-16 Sold (Public Records) $229,000 Public Records
• 2023-09-19 Pending — CANOPYMLS as Distributed by MLS Grid
• 2023-09-13 Price Changed $235,000 CANOPYMLS as Distributed by MLS Grid
• 2023-09-04 Price Changed $245,000 CANOPYMLS as Distributed by MLS Grid
• 2023-08-17 Price Changed $250,000 CANOPYMLS as Distributed by MLS Grid
• 2023-07-25 Listed $260,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+7.6%/yr

Latest (2025): $1,329 · -0.5% YoY. Source: county tax records.