5029 Mundy Ln · Lake Norman of Catawba, NC 28037

$265,000

3 bd · 2.0 ba · 2,052 sqft · Manufactured public records · 33 Days on market

Built 1996 2.60 ac lot

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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 +19.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• Schools +4.5/10.0
• 1% rule +3.9/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

WHOA, Fresh new price AND seller offering $5,000 towards buyers closing cost. This one is priced to sell!!!! 2.6 acres, right at 2,000 sq ft, 3 bedrooms with a bonus/flex room, and a 2-bay metal garage!!! If you are looking for space on a budget THIS IS IT! There is nothing else in Denver with 2 + acres even close to this price point. This home has been partially renovated with both bathrooms completed, new flooring and lots of upgrades/replacements to the home. New metal roof in 2014, new hot water heater in 2024, new well tank in 2024, household water filtration system installed, and the decks have been refreshed and renewed. The owner's suite is huge and is situated on its own side of t

Key facts

• New metal roof
• New hot water heater
• New well tank

Tags

• 2.6 ACRES
• PARTIALLY RENOVATED
• NEW METAL ROOF
• NEW HOT WATER HEATER
• NEW WELL TANK
• REFRESHED DECKS

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway parking; 4 open parking spaces
• Utilities: Well water; Septic system
• Home design: Single-family manufactured doublewide; One level
• Construction: Manufactured construction; Vinyl exterior; Metal roof; Built on crawl space
• Exterior features: Covered front and rear porches; Corner, private, sloped, wooded lot; Outbuilding on the property; Gravel and paved road access (publicly maintained)

Interior

• Kitchen: Electric oven; Electric range
• Bedrooms: 3 bedrooms on the main level
• Flooring: Tile; Vinyl
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Insulated windows; Sliding doors; 8 total rooms
• Laundry & utility: Washer hookup; Electric dryer hookup; Crawl space foundation (utility access)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $265k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/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 $237k (10.6% below list).
• Recommended offer: $237k (10.6% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 2.7% in Lake Norman of Catawba — 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 65/100 on livability (#302 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: amenities F, commute F, cost of living F.
• Catawba County Schools (rural): math 54% / reading 51% proficiency, ranked #54 of 178 in NC (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sherrills Ford Elementary (math 75% / reading 64%, grade A-, #95 of 1,410 statewide, top 7%, 517 students, 30% FRL); Bandys High (math 72% / reading 72%, grade B+, #107 of 535 statewide, top 21%, 864 students, 33% FRL).
• Zoned-school proficiency averages 71% at this address vs 52% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Catawba County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents soft (-0.3%/yr); 373 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 2,016 units permitted in Catawba County in 2024 (255 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Catawba County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $80k; list at $265k implies a 231% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $237,019 (10.6% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. 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?
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: 0.89% ✗
• Cap rate: 7.57%
• Cash-on-cash: 4.55%
• DSCR: 1.20
• GRM: 9.3

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: -12.3%
• Equity multiple: 0.57×
• Total profit: $-32,082
• Equity at exit: $39,512

10-year hold

• IRR: -7.8%
• Equity multiple: 0.57×
• Total profit: $-32,164
• Equity at exit: $22,912

Cash invested: $74,200 (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 28037

• Home prices YoY: -22.3%
• Rents YoY: -0.3%
• Active inventory: 373
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,370 high
• Mortgage (P&I): −$1,390
• Tax from tax record: −$91 /mo · $1,092/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$498
• Net cashflow: $281

Break-even live

Break-even rent $2,014

Max offer price $265,000

Occupancy floor 83%

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4649 Kobus Ct Sherrills Ford, NC	3.0	2.0	2110	$2,600	$1.23	17d	1	1.01mi
4649 Kobus Ct Sherrills Ford, NC	3.0	2.0	2110	$2,500	$1.18	1d	1	1.01mi
4553 Stellata Loop Sherrills Ford, NC	3.0	2.0	2110	$2,400	$1.14	17d	1	1.06mi
4625 Kobus Ct Sherrills Ford, NC	3.0	2.0	2110	$2,400	$1.14	17d	1	1.07mi
4625 Kobus Ct Sherrills Ford, NC	3.0	2.0	2110	$2,300	$1.09	1d	1	1.07mi
4622 Kobus Ct Sherrills Ford, NC	3.0	2.0	2110	$2,500	$1.18	17d	1	1.07mi
4619 Kobus Ct Sherrills Ford, NC	3.0	2.0	2110	$2,100	$1.00	17d	1	1.08mi
4739 Anise Cir Sherrills Ford, NC	4.0	3.0	2567	$2,800	$1.09	23d	1	1.09mi
4535 Stellata Loop Sherrills Ford, NC	4.0	3.0	2567	$2,700	$1.05	23d	1	1.09mi
4592 Kobus Ct Sherrills Ford, NC	3.0	2.0	2110	$2,390	$1.13	23d	1	1.11mi
4712 Anise Cir Sherrills Ford, NC	3.0	2.0	2110	$2,000	$0.95	1d	1	1.14mi
4718 Anise Cir Sherrills Ford, NC	3.0	2.0	2110	$2,000	$0.95	1d	1	1.15mi
6686 Star Dr #13 Sherrills Ford, NC	3.0	2.0	2110	$2,300	$1.09	23d	1	1.18mi
3973 Huntington Ct Denver, NC	3.0	2.0	1800	$2,495	$1.39	17d	1	1.40mi

Listing history 11 events

1. 2026-06-13
   statusdays on market $265,000 Pending 33 DOM
2. 2026-06-09
   days on market $265,000 Active 32 DOM
3. 2026-06-08
   days on market $265,000 Active 31 DOM
4. 2026-06-07
   days on market $265,000 Active 30 DOM
5. 2026-06-04
   days on market $265,000 Active 27 DOM
6. 2026-06-03
   days on market $265,000 Active 26 DOM
7. 2026-06-02
   days on market $265,000 Active 25 DOM
8. 2026-06-01
   days on market $265,000 Active 24 DOM
9. 2026-05-31
   days on market $265,000 Active 23 DOM
10. 2026-05-08
    listed $269,000 Active
11. 2014-07-21
    soldstatus $80,000

ⓘ 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: $1,092 · $91/mo
• Projected year-2 tax: $2,173 · $181/mo
• Expected delta: +$1,081/yr (+$90/mo · 98.9%)

ⓘ 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 ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 7% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,442
• − Mortgage interest: −$14,844
• − Property taxes: −$1,092
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,275
• − Management: −$2,275
• − Depreciation: −$7,709
• Taxable loss: −$1,079
• Est. tax savings @ 24.0%: +$259
• After-tax cash flow: $3,635/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: Catawba County Schools
• NCES district ID: 3700690
• Math proficiency: 54% ▲ 9.00%
• Reading proficiency: 51% ▲ 3.00%
• Median HH income: $48,180
• Composite: 44.71/100
• National rank: #2754
• State rank: #54 of 178 in NC

Livability — Lake Norman of Catawba

• Score: 65/100
• State rank: #302
• US rank: #12561

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Norman of Catawba, NC
• County: Lincoln County · 69,118 people
• City population: 7,768
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 28,768
• Household income: $111,703
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 546.0

Population outlook (Catawba County) Hauer SSP2

• Today (2025): 156,513 people
• By 2030: 155,267 · -0.8%
• By 2040: 151,110 · -3.5%
• By 2050: 145,524 · -7.0%
• By 2075: 134,047 · -14.4%
• By 2100: 119,424 · -23.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 4% Black 2%
• Common ancestry: Slovak 4% Romanian 3% Iranian 3%
• Foreign-born: 3% · Canada, Guatemala
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Catawba

• 2024 margin: Solid R (+38.0) · D 30.6% · R 68.6%
• 2008→2024 swing: -13.0pp toward R · 2008: -25.0pp · 2024: -38.0pp
• All cycles: 2024: R+38.0 2020: R+37.0 2016: R+38.0 2012: R+29.6 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.60%
• Current HPI: 263.1328
• Rent YoY: ▼ -0.26%
• 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

+236.2% since first listed

2 events — show timeline

• 2026-05-08 Listed $269,000 CANOPYMLS as Distributed by MLS Grid
• 2014-07-21 Sold (Public Records) $80,000 Public Records

Property tax history

+5.9%/yr

Latest (2024): $1,092 · +2.1% YoY. Source: county tax records.