2427 Carmine St · Charlotte, NC 28206

$1,250,000

2 bd · 11.0 ba · 2,964 sqft · MultiFamily public records · 147 Days on market

Built 1963 0.76 ac lot ↓ 43% since listing

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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 +26.5/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

This 11-unit multifamily asset offers a straight-forward value-add opportunity in North Charlotte's path of growth. The property is currently ~45% occupied, with some vacancies immediately rent-ready and others requiring finishing the renovation plan to drive NOI growth. The unit mix consists of six 2BR/1BA units and 5 1BR/1BA units. Significant capital improvements have been carried out by current ownership including exterior, roof, HVACs, and multiple unit renovations.

Key facts

• 0.76 acre lot
• Built 1963
• Listed 147 days

Property features AI

Finance

• Other: Multifamily property with 11 units total; Total building living area: 6,517
• Financial info: Tenants pay all utilities
• HOA & community: No HOA; Pets allowed with conditions

Exterior

• Parking: Parking lot (no main-level garage)
• Utilities: City water; Public sewer
• Home design: Residential income property (apartment); Zoning: N2-B
• Construction: Site-built construction; Brick exterior; Crawl space foundation
• Exterior features: Asphalt-paved driveway/road access; Publicly maintained road

Interior

• Kitchen: Kitchens equipped with dishwasher, electric range, microwave, refrigerator
• Bedrooms: Total of 17 bedrooms across the property; Unit mix includes six 2-bedroom units and five 1-bedroom units
• Bathrooms: 11 full bathrooms
• Heating & cooling: Central heating; Central air conditioning (electric)
• Interior features: Dishwasher; Electric range; Microwave; Refrigerator
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 11 × 2.0-bed/1.0-bath units multifamily listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $302/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.25M).
• Recommended offer: $1.10M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 3.1% in Charlotte — 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 78/100 on livability (#26 in NC, #2,502 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools D+, crime F.
• Charlotte-Mecklenburg Schools (urban): math 42% / reading 46% proficiency, ranked #85 of 178 in NC (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.8%/yr); 137 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).
• At $14,260/mo this rent would consume 277% of the median local household income ($62k/yr) (locally 1143% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $38k of value loss. Plan a longer hold.
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($1.10M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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

• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,100,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.14% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.37%
• DSCR: 1.51
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-33,322
• Equity at exit: $186,379

10-year hold

• IRR: 3.6%
• Equity multiple: 1.23×
• Total profit: $80,626
• Equity at exit: $108,077

Cash invested: $350,000 (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 28206

• Home prices YoY: -20.7%
• Rents YoY: -1.8%
• Active inventory: 137
• Price-to-rent: 80.4×

Monthly cashflow live

• Estimated rent: $14,260 medium
• Mortgage (P&I): −$6,555
• Tax from tax record: −$873 /mo · $10,475/yr
• Insurance: −$521
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,995
• Net cashflow: $3,317

Break-even live

Break-even rent $10,062

Max offer price $1,250,000

Occupancy floor 72%

Sensitivity live

Price	-10% $4,024	-5% $3,670	+0% $3,317	+5% $2,963	+10% $2,609
Rent	-10% $2,190	-5% $2,753	+0% $3,317	+5% $3,880	+10% $4,443
Rate	-1.0pp $3,946	-0.5pp $3,634	base $3,317	+0.5pp $2,993	+1.0pp $2,663

11-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 11× units	2.0	1	$14,256
Total (11 units)			$14,260

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: $312,500
• Closing costs: $37,500
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2841 Statesville Ave Charlotte, NC	3.0	3.5	1957	$2,250	$1.15	24d	1	0.52mi
2435 Double Oaks Rd Charlotte, NC	1.0	1.0	2490	$700	$0.28	17d	1	0.82mi
1315 Condon St Charlotte, NC	3.0	2.5	2390	$3,200	$1.34	13d	1	1.02mi
2227 Statesville Ave Charlotte, NC	1.0	1.0	2080	$1,105	$0.53	20d	1	1.03mi
2227 Statesville Ave Charlotte, NC	1.0	1.0	2080	$650	$0.31	24d	1	1.03mi
1020 Skipjack Ln Charlotte, NC	1.0	1.0	2128	$650	$0.31	24d	1	1.42mi
1028 Skipjack Ln Charlotte, NC	1.0	1.0	2134	$654	$0.31	20d	1	1.43mi
1028 Skipjack Ln Charlotte, NC	1.0	1.0	2134	$654	$0.31	24d	1	1.43mi
5004 Stevedore Way Charlotte, NC	3.0	2.0	2265	$2,300	$1.02	15d	1	1.48mi

Listing history 24 events

1. 2026-06-18
   days on market $1,250,000 Active 147 DOM
2. 2026-06-17
   days on market $1,250,000 Active 146 DOM
3. 2026-06-16
   days on market $1,250,000 Active 145 DOM
4. 2026-06-15
   days on market $1,250,000 Active 144 DOM
5. 2026-06-13
   days on market $1,250,000 Active 142 DOM
6. 2026-06-10
   days on market $1,250,000 Active 138 DOM
7. 2026-06-08
   days on market $1,250,000 Active 137 DOM
8. 2026-06-07
   days on market $1,250,000 Active 136 DOM
9. 2026-06-04
   days on market $1,250,000 Active 133 DOM
10. 2026-06-03
    days on market $1,250,000 Active 132 DOM
11. 2026-06-02
    days on market $1,250,000 Active 131 DOM
12. 2026-06-02
    days on market $1,250,000 Active 130 DOM
13. 2026-05-31
    days on market $1,250,000 Active 129 DOM
14. 2026-01-22
    listed $1,250,000 Active
15. 2025-02-14
    historical $1,300
16. 2025-02-04
    historical $1,300
17. 2025-02-01
    listed $1,300
18. 2025-01-03
    historical $1,300
19. 2025-01-01
    listed $1,300
20. 2024-12-10
    historical $1,300
21. 2024-12-07
    listed $1,300
22. 2024-08-22
    listed $1,300
23. 2022-06-10
    soldstatus $8,500,000
24. 2000-10-13
    soldstatus $2,175,000

ⓘ 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: $10,475 · $873/mo
• Projected year-2 tax: $10,475 · $873/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 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $171,120
• − Mortgage interest: −$70,019
• − Property taxes: −$10,475
• − Insurance: −$6,250
• − Repairs & maintenance: −$13,690
• − Management: −$13,690
• − Depreciation: −$36,364
• Taxable income: $20,633
• Est. tax owed @ 24.0%: −$4,952
• After-tax cash flow: $34,846/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: Charlotte-Mecklenburg Schools
• NCES district ID: 3702970
• Math proficiency: 42% ▼ -6.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $57,175
• Composite: 38.49/100
• National rank: #4183
• State rank: #85 of 178 in NC

Livability — Charlotte

• Score: 78/100
• State rank: #26
• US rank: #2502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlotte, NC
• County: Mecklenburg County · 1,167,319 people
• City population: 920,422
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 15,375
• Household income: $61,818
• Rent vs Own: 67.1% rent · 32.9% own
• Severe rent burden: 1143.0

Population outlook (Mecklenburg County) Hauer SSP2

• Today (2025): 1,305,740 people
• By 2030: 1,442,752 · +10.5%
• By 2040: 1,722,441 · +31.9%
• By 2050: 1,999,450 · +53.1%
• By 2075: 2,642,495 · +102.4%
• By 2100: 3,106,755 · +137.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 62% White 18% Hispanic / Latino 16% Two or more races 6% Asian 3%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Romanian 1%
• Foreign-born: 14% · Canada, Vietnam, United Kingdom
• Languages at home: 79% English-only · Spanish 14% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Mecklenburg

• 2024 margin: Solid D (+32.9) · D 65.6% · R 32.7% · Other 1.6%
• 2008→2024 swing: +8.5pp toward D · 2008: 24.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+35.1 2016: D+29.9 2012: D+22.5 2008: D+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -82.97%
• Current HPI: 317.6081
• Rent YoY: ▼ -1.79%
• 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

-42.5% since first listed

11 events — show timeline

• 2026-01-22 Listed $1,250,000 CANOPYMLS as Distributed by MLS Grid
• 2025-02-14 Rental Removed $1,300 APPFOLIO
• 2025-02-04 Rental Removed $1,300 RENT.
• 2025-02-01 Listed for Rent $1,300 RENT.
• 2025-01-03 Rental Removed $1,300 RENT.
• 2025-01-01 Listed for Rent $1,300 RENT.
• 2024-12-10 Rental Removed $1,300 RENT.
• 2024-12-07 Listed for Rent $1,300 RENT.
• 2024-08-22 Listed for Rent $1,300 APPFOLIO
• 2022-06-10 Sold (Public Records) $8,500,000 Public Records
• 2000-10-13 Sold (Public Records) $2,175,000 Public Records

Property tax history

+10.6%/yr

Latest (2025): $10,475 · +63.2% YoY. Source: county tax records.