411 Klumac Rd · Salisbury, NC 28144

$139,900

2 bd · 2.0 ba · 975 sqft · SingleFamily public records · 42 Days on market

Built 1925 0.40 ac lot Est $152k · 8% under ↓ 7% 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 +15.9/30.0
• ARV discount +11.1/15.0
• DSCR +4.9/10.0
• 1% rule +4.1/10.0
• 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

Two bed one bath investment property located on same parcel as 413 Klumac. There is potential to separate the homes into two separate lots, or maybe even a third. City requires minimum 50ft road frontage for any subdividing of the lot. Check with city to confirm. Very convenient location in Salisbury. MLS ID 413 Klumac

Key facts

• 0.4 acre lot
• Built 1925
• Listed 42 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Single-family residence; One story; Site built
• Construction: Vinyl exterior; Crawl space foundation
• Exterior features: Lot is approximately 0.4 acres; Road surface: gravel and paved; Publicly maintained road

Interior

• Kitchen: No built-in kitchen appliances listed
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central heating; Electric cooling
• Interior features: 3 total rooms; Appliances: None
• Laundry & utility: Laundry located in the kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $66 ($796/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 $128k (8.7% below list).
• Recommended offer: $128k (8.7% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 3.3% 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: crime F, amenities D-, commute F.
• 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.
• Zoned schools: Koontz Elementary (math 8% / reading 17%, grade F, #1,362 of 1,410 statewide, top 97%, 515 students, 94% FRL); Knox Middle (math 12% / reading 21%, grade F, #449 of 475 statewide, top 96%, 514 students, 95% FRL); Salisbury High (math 27% / reading 47%, grade F, #414 of 535 statewide, top 79%, 959 students, 66% FRL) — zoned schools average 85% FRL vs 54% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 291 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 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 42 days — a 3% lower offer ($136k) 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.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $127,790 (8.7% below list)

Questions for the listing agent

1. It's been on market 42 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 1925 — 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. 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?
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: 0.91% ✗
• Cap rate: 6.86%
• Cash-on-cash: 2.03%
• DSCR: 1.09
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $152,100
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
405 Klumac Rd	0.02mi	2/2.0	1,025 (+5%)	2mo	$147,000	$143	89
1823 2nd St	0.53mi	3/2.0 (+1)	1,017 (+4%)	19mo	$159,000	$156	48
134 Crawford St	0.63mi	2/1.0	1,002 (+3%)	18mo	$135,000	$135	47
120 Mitchell St	0.59mi	3/2.0 (+1)	1,110 (+14%)	3mo	$214,900	$194	42
1307 Bell St	0.33mi	3/2.0 (+1)	1,120 (+15%)	22mo	$204,000	$182	36
106 Crawford St	0.69mi	1/1.0 (-1)	849 (-13%)	6mo	$60,000	$71	33
1027 S Church St	0.66mi	3/2.0 (+1)	1,089 (+12%)	20mo	$230,000	$211	28

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: -13.1%
• Equity multiple: 0.53×
• Total profit: $-18,441
• Equity at exit: $20,860

10-year hold

• IRR: -4.1%
• Equity multiple: 0.73×
• Total profit: $-10,599
• Equity at exit: $12,096

Cash invested: $39,172 (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: 9.1×

Monthly cashflow live

• Estimated rent: $1,278 high
• Mortgage (P&I): −$734
• Tax from tax record: −$151 /mo · $1,815/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $66

Break-even live

Break-even rent $1,194

Max offer price $139,900

Occupancy floor 90%

Sensitivity live

Price	-10% $146	-5% $106	+0% $66	+5% $27	+10% $-13
Rent	-10% $-35	-5% $16	+0% $66	+5% $117	+10% $167
Rate	-1.0pp $137	-0.5pp $102	base $66	+0.5pp $30	+1.0pp $-7

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 10 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	25d	1	0.78mi
1119 Fries St Salisbury, NC	2.0	1.0	850	$940	$1.11	19d	1	0.83mi
200 Hamilton Dr Salisbury, NC	3.0	1.0–2.0	750	$1,305	$1.74	0d	15	0.88mi
1300 Old Concord Rd Salisbury, NC	2.0	1.0	800	$1,000	$1.25	4d	1	0.94mi
1300 Old Concord Rd Salisbury, NC	2.0	1.0	800	$950	$1.19	25d	1	0.94mi
322 W McCubbins St Salisbury, NC	2.0	1.0	900	$1,050	$1.17	5d	1	0.96mi
100 Emerson Ln Salisbury, NC	2.0–3.0	2.0	1101	$684	$0.62	25d	1	0.97mi
711 S Jackson St Unit 102 Salisbury, NC	2.0	1.0	760	$1,250	$1.64	22d	1	0.98mi
1039 Old Plank Rd Salisbury, NC	2.0	1.0	923	$1,290	$1.40	25d	1	1.31mi
201 E Innes St #204 Salisbury, NC	2.0	2.0	912	$1,650	$1.81	25d	1	1.46mi

Listing history 16 events

1. 2026-06-21
   days on market $139,900 Active 42 DOM
2. 2026-06-18
   days on market $139,900 Active 39 DOM
3. 2026-06-17
   days on market $139,900 Active 38 DOM
4. 2026-06-16
   days on market $139,900 Active 37 DOM
5. 2026-06-15
   days on market $139,900 Active 36 DOM
6. 2026-06-13
   days on market $139,900 Active 34 DOM
7. 2026-06-09
   days on market $139,900 Active 30 DOM
8. 2026-06-08
   days on market $139,900 Active 29 DOM
9. 2026-06-07
   days on market $139,900 Active 28 DOM
10. 2026-06-04
    days on market $139,900 Active 25 DOM
11. 2026-06-03
    days on market $139,900 Active 24 DOM
12. 2026-06-02
    days on market $139,900 Active 23 DOM
13. 2026-06-01
    days on market $139,900 Active 22 DOM
14. 2026-05-31
    days on market $139,900 Active 21 DOM
15. 2026-05-10
    listed $139,900 Active
16. 2025-06-13
    listed $149,900 Active

ⓘ 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: $1,815 · $151/mo
• Projected year-2 tax: $1,815 · $151/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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $15,335
• − Mortgage interest: −$7,837
• − Property taxes: −$1,815
• − Insurance: −$700
• − Repairs & maintenance: −$1,227
• − Management: −$1,227
• − Depreciation: −$4,070
• Taxable loss: −$1,540
• Est. tax savings @ 24.0%: +$370
• After-tax cash flow: $1,166/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

-6.7% since first listed

2 events — show timeline

• 2026-05-10 Listed $139,900 CANOPYMLS as Distributed by MLS Grid
• 2025-06-13 Listed $149,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+2.0%/yr

Latest (2025): $1,815 · +0.0% YoY. Source: county tax records.