1301 5th St · Statesville, NC 28677

$120,000

2 bd · 2.0 ba · 862 sqft · SingleFamily public records · 74 Days on market

Built 1925 6,969 sqft lot Est $174k · 31% 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 +21.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +4.6/10.0
• Schools +4.5/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming ranch corner lot includes vacant adjoining lot L2 S'ville dev co bl 56pb3-91 (.16 ac) New roof in '09, new gas furnace '11, new cabinets, counters and stainless appliances, new insulation in attic and crawl space '11, new gas hot water heater '11, double lot .32 ac total

Key facts

• Triplexes
• Immediate cash flow
• 6,969 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL HISTORY
• TRIPLEXES
• INCOME-PRODUCING PROPERTIES
• REDEVELOPMENT POSSIBILITIES
• IMMEDIATE CASH FLOW

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 siding; Shingle/shake exterior; Crawl space foundation
• Exterior features: Publicly maintained road access; Road surfaces: dirt, gravel, concrete, paved

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Open living area (1 total room); Refrigerator included
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $188 ($2k/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 $116k (3.7% below list).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.5% in Statesville — 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 59/100 on livability (#557 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D, crime D, amenities F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 471 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 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 $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% 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. 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 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?
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. 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: 0.96% ✗
• Cap rate: 8.17%
• Cash-on-cash: 6.71%
• DSCR: 1.30
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $174,124
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1324 7th St Unit 17, 18	0.18mi	2/1.0	894 (+4%)	22mo	$95,000	$106	64
1605 5th St	0.33mi	2/1.0	822 (-5%)	12mo	$169,000	$206	63
1521 10th St	0.41mi	2/1.0	872 (+1%)	20mo	$99,000	$114	58
1822 Wilson W Lee Blvd	0.49mi	2/1.0	798 (-7%)	4mo	$180,000	$226	58
812 Charlotte Ave	0.48mi	2/1.0	867 (+1%)	20mo	$175,000	$202	56
1826 Wilson Lee Blvd	0.56mi	2/1.0	795 (-8%)	4mo	$185,000	$233	54
1428 W Wilson Lee Blvd #9	0.21mi	2/1.0	744 (-14%)	14mo	$128,000	$172	52
1223 4th St	0.08mi	3/2.0 (+1)	990 (+15%)	20mo	$203,000	$205	50
1902 5th St	0.51mi	2/1.0	800 (-7%)	14mo	$34,000	$43	49
1904 5th St	0.51mi	3/1.5 (+1)	918 (+6%)	15mo	$152,000	$166	46

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 · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -8.9%
• Equity multiple: 0.68×
• Total profit: $-10,685
• Equity at exit: $17,892

10-year hold

• IRR: -3.2%
• Equity multiple: 0.81×
• Total profit: $-6,365
• Equity at exit: $10,375

Cash invested: $33,600 (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 28677

• Rents YoY: 0.2%
• Active inventory: 471
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,156 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$46 /mo · $549/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $188

Break-even live

Break-even rent $918

Max offer price $120,000

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
708 W Front St Statesville, NC	2.0	1.0	950	$985	$1.04	2d	1	0.98mi
626 Walnut St Unit D Statesville, NC	2.0	1.5	1090	$1,100	$1.01	23d	1	1.04mi
627 Cherry St Unit F Statesville, NC	2.0	1.5	1098	$1,200	$1.09	23d	1	1.09mi
119 Stockton St Statesville, NC	1.0	1.0	675	$775	$1.15	20d	1	1.50mi

Listing history 21 events

1. 2026-06-09
   days on market $120,000 Active 74 DOM
2. 2026-06-08
   days on market $120,000 Active 73 DOM
3. 2026-06-07
   days on market $120,000 Active 72 DOM
4. 2026-06-04
   days on market $120,000 Active 69 DOM
5. 2026-06-03
   days on market $120,000 Active 68 DOM
6. 2026-06-02
   days on market $120,000 Active 67 DOM
7. 2026-06-01
   days on market $120,000 Active 66 DOM
8. 2026-05-31
   days on market $120,000 Active 65 DOM
9. 2026-03-27
   listed $120,000 Active
10. 2021-09-29
    soldstatus $375,000
11. 2021-08-18
    historical Active Under Contract
12. 2021-07-13
    listed $55,000 Active
13. 2021-07-10
    historical
14. 2013-04-25
    soldstatus $19,500 Closed 280-char remark

    Show marketing remark (280 chars)

    Charming ranch corner lot includes vacant adjoining lot L2 S'ville dev co bl 56pb3-91 (.16 ac) New roof in '09, new gas furnace '11, new cabinets, counters and stainless appliances, new insulation in attic and crawl space '11, new gas hot water heater '11, double lot .32 ac total

15. 2013-04-25
    soldstatus $19,500

    Show marketing remark (280 chars)

    Charming ranch corner lot includes vacant adjoining lot L2 S'ville dev co bl 56pb3-91 (.16 ac) New roof in '09, new gas furnace '11, new cabinets, counters and stainless appliances, new insulation in attic and crawl space '11, new gas hot water heater '11, double lot .32 ac total

16. 2013-04-17
    historical Under Contract - No Show 280-char remark

    Show marketing remark (280 chars)

    Charming ranch corner lot includes vacant adjoining lot L2 S'ville dev co bl 56pb3-91 (.16 ac) New roof in '09, new gas furnace '11, new cabinets, counters and stainless appliances, new insulation in attic and crawl space '11, new gas hot water heater '11, double lot .32 ac total

17. 2012-08-08
    soldstatus $21,000
18. 2012-08-07
    soldstatus $21,000
19. 2009-08-27
    soldstatus $25,000
20. 2009-01-15
    soldstatus $22,000
21. 1997-08-01
    soldstatus $13,000

ⓘ 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: $549 · $46/mo
• Projected year-2 tax: $984 · $82/mo
• Expected delta: +$435/yr (+$36/mo · 79.2%)

ⓘ 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 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% 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: $13,869
• − Mortgage interest: −$6,722
• − Property taxes: −$549
• − Insurance: −$600
• − Repairs & maintenance: −$1,110
• − Management: −$1,110
• − Depreciation: −$3,491
• Taxable income: $288
• Est. tax owed @ 24.0%: −$69
• After-tax cash flow: $2,187/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: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Statesville

• Score: 59/100
• State rank: #557
• US rank: #20505

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Statesville, NC
• County: Iredell County · 182,638 people
• City population: 78,393
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 38,819
• Household income: $62,406
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 1174.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 14% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 3% Slovak 2% Scandinavian 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 12% Arabic 1% Other Indo-European 1%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.76%
• Current HPI: 243.0445
• Rent YoY: ▲ 0.20%
• 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

+823.1% since first listed

13 events — show timeline

• 2026-03-27 Listed $120,000 CANOPYMLS as Distributed by MLS Grid
• 2021-09-29 Sold (Public Records) $375,000 Public Records
• 2021-08-18 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2021-07-13 Listed $55,000 CANOPYMLS as Distributed by MLS Grid
• 2021-07-10 Coming Soon — CANOPYMLS as Distributed by MLS Grid
• 2013-04-25 Sold (Public Records) $19,500 Public Records
• 2013-04-25 Sold (MLS) $19,500 CANOPYMLS as Distributed by MLS Grid
• 2013-04-17 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2012-08-08 Sold (Public Records) $21,000 Public Records
• 2012-08-07 Sold (MLS) $21,000 CANOPYMLS as Distributed by MLS Grid
• 2009-08-27 Sold (Public Records) $25,000 Public Records
• 2009-01-15 Sold (Public Records) $22,000 Public Records
• 1997-08-01 Sold (Public Records) $13,000 Public Records

Property tax history

+20.3%/yr

Latest (2025): $549 · +0.0% YoY. Source: county tax records.