312 S Race St · Statesville, NC 28677

$130,000

2 bd · 1.0 ba · 1,093 sqft · SingleFamily public records · 15 Days on market

Built 1948 6,534 sqft lot Est $212k · 39% under

---

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 +24.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.8/10.0
• 1% rule +5.2/10.0
• 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

Great investment home for rental property or fix and flip! 2 bedroom 1 bath with hardwood floors throughout. Kitchen, dining room and living room with a fireplace in a walkable downtown location. Large flat backyard is great!

Key facts

• 6,534 sq ft lot
• Built 1948
• Listed 14 days

Property features AI

Finance

• HOA & community: Not subject to HOA dues

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer; Cable available
• Home design: Single family residence; Residential property; One level
• Construction: Site-built construction; Vinyl exterior; Basement present (dirt floor, exterior and interior entry, unfinished)
• Exterior features: Front porch; Level lot; Road surface: dirt and paved; Publicly maintained road

Interior

• Kitchen: Refrigerator included
• Bedrooms: 2 bedrooms on the main level
• Flooring: Wood flooring
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Natural gas heating; No cooling system listed
• Interior features: 5 total rooms; Living room fireplace
• Laundry & utility: No laundry room features listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Recommended offer: $128k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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: crime D, amenities F, commute 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.
• Zoned schools: Statesville High (math 17% / reading 27%, grade F, #484 of 535 statewide, top 91%, 879 students, 77% FRL) — zoned schools average 77% FRL vs 38% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 52% district-wide (-30 pts) — the specific schools serving this property underperform the Iredell-Statesville Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 471 active listings in the ZIP; 20 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 $899 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 15 days — a 2% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $30k; list at $130k implies a 333% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — 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 $128,050 (1.5% below list)

Questions for the listing agent

1. Built in 1948 — 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. 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?
5. 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.
6. 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.
7. 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: 1.02% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.50%
• DSCR: 1.38
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $212,042
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 Buena Vista Ave	0.39mi	3/1.0 (+1)	1,092 (-0%)	2mo	$75,000	$69	75
116 S Patterson St #8	0.32mi	2/1.0	1,206 (+10%)	0mo	$178,500	$148	67
620 W Bell St	0.16mi	3/2.0 (+1)	1,209 (+11%)	6mo	$238,000	$197	60
626 W Bell St	0.17mi	3/2.0 (+1)	1,209 (+11%)	7mo	$238,000	$197	60
926 Winston Ave	0.54mi	3/2.0 (+1)	1,118 (+2%)	6mo	$219,500	$196	57
933 Wallace St	0.52mi	2/1.0	1,216 (+11%)	2mo	$85,000	$70	55
252 N Patterson St	0.51mi	3/2.0 (+1)	1,156 (+6%)	4mo	$212,000	$183	54
816 Alexander St	0.53mi	3/1.5 (+1)	950 (-13%)	8mo	$170,000	$179	40
264 N Lackey St	0.57mi	3/2.5 (+1)	1,234 (+13%)	2mo	$235,000	$190	39
266 N Lackey St	0.58mi	3/2.5 (+1)	1,234 (+13%)	6mo	$240,000	$194	36
270 N Lackey St	0.58mi	3/2.5 (+1)	1,234 (+13%)	6mo	$242,000	$196	36
405 Winston Ave	0.68mi	3/2.5 (+1)	1,234 (+13%)	4mo	$240,000	$194	32

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: -6.3%
• Equity multiple: 0.77×
• Total profit: $-8,337
• Equity at exit: $19,383

10-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-432
• Equity at exit: $11,240

Cash invested: $36,400 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,328 high
• Mortgage (P&I): −$682
• Tax from tax record: −$56 /mo · $668/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $258

Break-even live

Break-even rent $1,002

Max offer price $130,000

Occupancy floor 76%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
626 Walnut St Unit D Statesville, NC	2.0	1.5	1090	$1,100	$1.01	23d	1	0.13mi
627 Cherry St Unit F Statesville, NC	2.0	1.5	1098	$1,200	$1.09	23d	1	0.17mi
708 W Front St Statesville, NC	2.0	1.0	950	$985	$1.04	2d	1	0.17mi
620 W Bell St Statesville, NC	3.0	2.0	1209	$1,850	$1.53	21d	1	0.18mi
1151 Alexander St Unit 1151 Statesville, NC	2.0	1.0	900	$1,200	$1.33	23d	1	0.70mi
544 N Center St Unit A Statesville, NC	2.0	2.0	1040	$1,195	$1.15	23d	1	0.94mi
334 Brevard St Unit F Statesville, NC	2.0	1.0	800	$800	$1.00	23d	1	0.95mi
533 Stockton St Statesville, NC	1.0	1.0	725	$925	$1.28	23d	1	1.06mi
612 Davie Ave Unit K Statesville, NC	2.0	1.0	800	$1,050	$1.31	5d	1	1.12mi
548 Greenway Dr Statesville, NC	3.0	2.0	1474	$1,850	$1.26	10d	1	1.14mi
548 Greenway Dr Statesville, NC	3.0	2.0	1474	$1,850	$1.26	12d	1	1.14mi
616 Davie Ave Apt B Statesville, NC	2.0	1.0	800	$1,050	$1.31	23d	1	1.14mi
321 Vernon Ln Statesville, NC	3.0	2.0	1300	$1,675	$1.29	2d	1	1.17mi
333 Vernon Ln Statesville, NC	3.0	3.0	1300	$1,675	$1.29	2d	1	1.19mi
704 N Miller Ave Statesville, NC	2.0	1.0	728	$1,250	$1.72	10d	1	1.26mi
1711 Younger Ave Statesville, NC	3.0	1.0	1020	$1,350	$1.32	23d	1	1.28mi
1823 Bristol Rd Statesville, NC	3.0	2.5	1234	$1,803	$1.46	21d	1	1.33mi
804 Jost St Unit 70 Statesville, NC	3.0	2.5	1446	$1,923	$1.33	23d	1	1.33mi
1813 Younger Ave Unit B Statesville, NC	2.0	1.0	700	$1,275	$1.82	23d	1	1.35mi
637 Hartness Rd Statesville, NC	3.0	1.5	1240	$1,500	$1.21	11d	1	1.47mi

Listing history 13 events

1. 2026-06-18
   days on market $130,000 Active 15 DOM
2. 2026-06-17
   days on market $130,000 Active 14 DOM
3. 2026-06-16
   days on market $130,000 Active 13 DOM
4. 2026-06-15
   days on market $130,000 Active 12 DOM
5. 2026-06-13
   days on market $130,000 Active 10 DOM
6. 2026-06-13
   days on market $130,000 Active 9 DOM
7. 2026-06-09
   days on market $130,000 Active 6 DOM
8. 2026-06-08
   days on market $130,000 Active 5 DOM
9. 2026-06-07
   days on market $130,000 Active 4 DOM
10. 2026-06-04
    statusdays on market $130,000 Active 1 DOM
11. 2026-06-03
    days on market $130,000 Coming Soon 2 DOM
12. 2026-06-02
    remarks 225-char remark
13. 2026-06-02
    listed $130,000 Coming Soon 1 DOM

ⓘ 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: $668 · $56/mo
• Projected year-2 tax: $1,066 · $89/mo
• Expected delta: +$398/yr (+$33/mo · 59.7%)

ⓘ 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 5/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $15,938
• − Mortgage interest: −$7,282
• − Property taxes: −$668
• − Insurance: −$650
• − Repairs & maintenance: −$1,275
• − Management: −$1,275
• − Depreciation: −$3,782
• Taxable income: $1,007
• Est. tax owed @ 24.0%: −$242
• After-tax cash flow: $2,851/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

+333.3% since first listed

2 events — show timeline

• 2026-06-01 Coming Soon $130,000 CANOPYMLS as Distributed by MLS Grid
• 1985-07-01 Sold (Public Records) $30,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $668 · +0.0% YoY. Source: county tax records.