9238 Nc Hwy 90 Hwy E · Stony Point, NC 28678

$245,000

5 bd · 1.0 ba · 1,696 sqft · SingleFamily public records · 15 Days on market

Built 1925 0.45 ac lot

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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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• Schools +4.5/10.0
• 1% rule +4.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming renovated older home full of character and updates! This move-in ready property features a new roof, fresh paint throughout, new carpet and flooring, a totally updated bathroom, and a brand-new deck perfect for relaxing or entertaining. Situated on a large lot with plenty of outdoor space, this home offers convenient access to the nearby towns of Statesville and Taylorsville, plus it’s only about 10 minutes to the interstate for an easy commute. A great blend of classic charm and modern improvements! One of the bed rooms upstairs has been rough-in plumbed in the walls for future install of a bathroom on the second floor providing even more potential for the home.

Key facts

• 0.45 acre lot
• Built 1925
• Listed 14 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: County water; Private sewer
• Home design: Single-family residential home; Two levels; Site-built construction
• Construction: Aluminum exterior; Crawl space foundation
• Exterior features: Lot roughly 0.45 acres; Roads are a mix of gravel and paved; Publicly maintained road access

Interior

• Kitchen: No appliances included
• Bedrooms: Five bedrooms total — four upstairs, one on the main level
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central heating; Heat pump; Central air conditioning
• Interior features: Fireplace; Mud room / laundry area; One main-level room listed (approx. 14' x 12')
• Laundry & utility: Mud room serves as laundry area

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $245k.

Deal economics

• At list price, monthly cash flow is $363 ($4k/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 $229k (6.6% below list).
• Recommended offer: $229k (6.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#436 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• Alexander County Schools (rural): math 52% / reading 55% proficiency, ranked #52 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Stony Point Elementary (math 57% / reading 47%, grade C-, #354 of 1,410 statewide, top 28%, 207 students, 83% FRL); Alexander Central High (math 67% / reading 60%, grade B-, #175 of 535 statewide, top 33%, 1,312 students, 47% FRL) — zoned schools average 65% FRL vs 43% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 37 active listings in the ZIP; 113 units permitted in Alexander County in 2024 (0 in 5+ unit buildings).

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.
• Alexander 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 15 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $117k; list at $245k implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $228,731 (6.6% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 0.93% ✗
• Cap rate: 8.07%
• Cash-on-cash: 6.36%
• DSCR: 1.28
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -6.6%
• Equity multiple: 0.76×
• Total profit: $-16,674
• Equity at exit: $36,530

10-year hold

• IRR: 3.0%
• Equity multiple: 1.22×
• Total profit: $14,801
• Equity at exit: $21,183

Cash invested: $68,600 (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 28678

• Home prices YoY: -3.9%
• Active inventory: 37
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,287 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$57 /mo · $680/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $363

Break-even live

Break-even rent $1,827

Max offer price $245,000

Occupancy floor 79%

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $245,000 Active 15 DOM
2. 2026-06-18
   days on market $245,000 Active 14 DOM
3. 2026-06-17
   days on market $245,000 Active 13 DOM
4. 2026-06-16
   days on market $245,000 Active 12 DOM
5. 2026-06-15
   days on market $245,000 Active 11 DOM
6. 2026-06-14
   days on market $245,000 Active 9 DOM
7. 2026-06-13
   days on market $245,000 Active 8 DOM
8. 2026-06-10
   days on market $245,000 Active 6 DOM
9. 2026-06-09
   days on market $245,000 Active 5 DOM
10. 2026-06-08
    days on market $245,000 Active 4 DOM
11. 2026-06-07
    statusdays on market $245,000 Active 3 DOM
12. 2026-06-03
    days on market $245,000 Coming Soon 6 DOM
13. 2026-06-02
    days on market $245,000 Coming Soon 5 DOM
14. 2026-06-01
    days on market $245,000 Coming Soon 4 DOM
15. 2026-05-31
    days on market $245,000 Coming Soon 3 DOM
16. 2026-05-30
    days on market $245,000 Coming Soon 2 DOM
17. 2026-05-28
    historical $245,000
18. 2010-06-04
    soldstatus $117,000

ⓘ 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: $680 · $57/mo
• Projected year-2 tax: $2,009 · $167/mo
• Expected delta: +$1,329/yr (+$111/mo · 195.4%)

ⓘ 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 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,448
• − Mortgage interest: −$13,724
• − Property taxes: −$680
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,196
• − Management: −$2,196
• − Depreciation: −$7,127
• Taxable income: $300
• Est. tax owed @ 24.0%: −$72
• After-tax cash flow: $4,289/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: Alexander County Schools
• NCES district ID: 3700090
• Math proficiency: 52% ▲ 5.00%
• Reading proficiency: 55% ▲ 7.00%
• Median HH income: $41,189
• Composite: 44.84/100
• National rank: #2732
• State rank: #52 of 178 in NC

Livability — Stony Point

• Score: 63/100
• State rank: #436
• US rank: #16073

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Stony Point, NC
• Population (ZIP): 4,701

Population outlook (Alexander County) Hauer SSP2

• Today (2025): 36,916 people
• By 2030: 36,085 · -2.3%
• By 2040: 33,528 · -9.2%
• By 2050: 30,229 · -18.1%
• By 2075: 23,159 · -37.3%
• By 2100: 15,981 · -56.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 14% Two or more races 6% Black 4%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Serbian 6% Italian 3% Slovak 2%
• Foreign-born: 5% · Canada
• Languages at home: 89% English-only · Spanish 10% German/W. Germanic 1%

Political lean MEDSL · Alexander

• 2024 margin: Solid R (+59.9) · D 19.7% · R 79.5%
• 2008→2024 swing: -21.5pp toward R · 2008: -38.4pp · 2024: -59.9pp
• All cycles: 2024: R+59.9 2020: R+58.0 2016: R+55.9 2012: R+44.6 2008: R+38.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.68%
• Current HPI: 265.1481
• Rent YoY: —
• Metro: —
• 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

+109.4% since first listed

2 events — show timeline

• 2026-05-28 Coming Soon $245,000 CANOPYMLS as Distributed by MLS Grid
• 2010-06-04 Sold (Public Records) $117,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $680 · +1.4% YoY. Source: county tax records.