107 Conley St · Morganton, NC 28655

$139,900

2 bd · 2.0 ba · 1,036 sqft · SingleFamily public records · 7 Days on market

Built 1970 0.40 ac lot Est $235k · 41% under

---

Why this score? — see what drove the B- 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 +24.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.9/10.0
• 1% rule +5.5/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Brick ranch opportunity in a prime Morganton location. Welcome to 107 Conley St: a solid, well-built home just minutes from I-40 (Exit 103) and close to restaurants, shopping, and Western Piedmont Community College. This is the kind of “location + lot + bones” combination buyers look for when they want upside. Inside, the home offers a practical layout ready for your updates. The property was thoughtfully adapted for wheelchair accessibility with wider doorways, more spacious bathrooms, and lower kitchen cabinetry. That is a real advantage for buyers seeking accessibility features and a strong starting point for anyone planning a renovation. Downstairs, the basement is accessed

Key facts

• Wider doorways
• 0.4 acre lot
• Built 1970

Tags

• PRIME MORGANTON LOCATION
• WHEELCHAIR ACCESSIBILITY
• WIDER DOORWAYS
• MORE SPACIOUS BATHROOMS
• LOWER KITCHEN CABINETRY
• SEPARATE EXTERIOR ENTRY

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Attached carport; Driveway; On-street parking
• Utilities: City water; Public sewer
• Home design: Single-family residential home; Site-built construction; One level
• Construction: Brick exterior; Basement foundation
• Exterior features: Concrete and paved road access; Publicly maintained road; Lot dimensions approx. 176 x 101 x 176 x 99; 0.4-acre lot

Interior

• Kitchen: No appliances included
• Bedrooms: 2 bedrooms on the main level (one approx. 12' x 14')
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Heat pump for heating and cooling
• Interior features: One main living room (1 room); Basement shop and daylight/walk-out access; Exterior entry to basement; Unfinished basement
• 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 $140k.

Deal economics

• At list price, monthly cash flow is $289 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $140k).
• Cap rate 8.8% vs local median 3.7% in Morganton — 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 69/100 on livability (#149 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, crime D-, commute F.
• Burke County Schools (rural): math 43% / reading 47% proficiency, ranked #89 of 178 in NC (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mountain View Elementary (math 32% / reading 28%, grade F, #965 of 1,410 statewide, top 69%, 677 students, 85% FRL); Freedom High (math 61% / reading 51%, grade C, #264 of 535 statewide, top 49%, 1,414 students, 64% FRL) — zoned schools average 74% FRL vs 52% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 431 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 422 units permitted in Burke County in 2024 (94 in 5+ unit buildings).
• This rent runs 31% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Burke County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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 $139,900

Questions for the listing agent

1. Built in 1970 — 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 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?
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: 1.05% ✓
• Cap rate: 8.77%
• Cash-on-cash: 8.86%
• DSCR: 1.39
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $235,172
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
103 J A Ross St	0.17mi	3/1.5 (+1)	1,026 (-1%)	14mo	$169,000	$165	71
120 Walker Rd	0.73mi	2/1.0	956 (-8%)	22mo	$217,000	$227	30

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: -2.9%
• Equity multiple: 0.89×
• Total profit: $-4,291
• Equity at exit: $20,860

10-year hold

• IRR: 6.8%
• Equity multiple: 1.51×
• Total profit: $19,828
• 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 28655

• Home prices YoY: -13.2%
• Active inventory: 431
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,468 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$79 /mo · $948/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $289

Break-even live

Break-even rent $1,102

Max offer price $139,900

Occupancy floor 75%

Sensitivity live

Price	-10% $368	-5% $329	+0% $289	+5% $250	+10% $210
Rent	-10% $173	-5% $231	+0% $289	+5% $347	+10% $405
Rate	-1.0pp $360	-0.5pp $325	base $289	+0.5pp $253	+1.0pp $216

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 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
142 Patrick Murphy Dr Morganton, NC	1.0–2.0	1.0–2.0	966	$1,899	$1.97	14d	13	1.09mi
510 College St Unit 120 Morganton, NC	1.0	1.0	750	$1,295	$1.73	22d	1	1.28mi

Listing history 7 events

1. 2026-06-19
   days on market $139,900 Active 7 DOM
2. 2026-06-18
   days on market $139,900 Active 6 DOM
3. 2026-06-17
   days on market $139,900 Active 5 DOM
4. 2026-06-16
   days on market $139,900 Active 4 DOM
5. 2026-06-15
   days on market $139,900 Active 3 DOM
6. 2026-06-13
   remarks 687-char remark
7. 2026-06-13
   listed $139,900 Active 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: $948 · $79/mo
• Projected year-2 tax: $1,147 · $96/mo
• Expected delta: +$199/yr (+$17/mo · 21.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,622
• − Mortgage interest: −$7,837
• − Property taxes: −$948
• − Insurance: −$700
• − Repairs & maintenance: −$1,410
• − Management: −$1,410
• − Depreciation: −$4,070
• Taxable income: $1,248
• Est. tax owed @ 24.0%: −$300
• After-tax cash flow: $3,170/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: Burke County Schools
• NCES district ID: 3700480
• Math proficiency: 43% ▼ -2.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $38,342
• Composite: 37.51/100
• National rank: #4400
• State rank: #89 of 178 in NC

Livability — Morganton

• Score: 69/100
• State rank: #149
• US rank: #8307

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Morganton, NC
• County: Burke County · 55,100 people
• City population: 55,100
• Metro: Hickory-Lenoir-Morganton, NC
• Population (ZIP): 55,100
• Household income: $57,713
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 1145.0

Population outlook (Burke County) Hauer SSP2

• Today (2025): 86,552 people
• By 2030: 84,123 · -2.8%
• By 2040: 78,165 · -9.7%
• By 2050: 71,099 · -17.9%
• By 2075: 56,264 · -35.0%
• By 2100: 44,742 · -48.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 11% Black 8% Two or more races 5% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 2% Italian 2% Serbian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Other Asian/Pacific 1% Arabic 1%

Political lean MEDSL · Burke

• 2024 margin: Solid R (+41.2) · D 29.0% · R 70.3%
• 2008→2024 swing: -22.0pp toward R · 2008: -19.2pp · 2024: -41.2pp
• All cycles: 2024: R+41.2 2020: R+40.1 2016: R+39.4 2012: R+23.6 2008: R+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.07%
• Current HPI: 362.0732
• Rent YoY: —
• Metro: Hickory-Lenoir-Morganton, NC
• 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

1 event — show timeline

• 2026-06-12 Listed $139,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2025): $948 · -0.4% YoY. Source: county tax records.