1204 W Fifth Ave · Lexington, NC 27295

$319,000

4 bd · 0.0 ba · 1,957 sqft · MultiFamily public records · 43 Days on market

Built 1967 0.71 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 +16.0/30.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• Livability +3.6/5.0
• Rent growth +3.3/5.0
• 1% rule +3.0/10.0
• Schools +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

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 MLS

Great opportunity for an all brick duplex in Lexington. Property has 2 units with two bedrooms and one bathroom on each side. Excellent condition through out. One unit has gas logs functional and the other unit the fireplace has been capped at the chimney. Units are carpeted in living and bedroom areas. One unit has new LVT in kitchen and dining areas and the other has an older installation of LVT. Both units are currently rented through March 31, 2024. Both units are rented at $750.00 each.

Key facts

• 0.71 acre lot
• Built 1967
• Listed 43 days

Property features AI

Finance

• Financial info: Two total units (investment/multi-unit property)
• HOA & community: No HOA; Pets allowed

Exterior

• Parking: Attached carport
• Utilities: City water; Septic system
• Home design: Residential income property (duplex); Site-built construction; Brick exterior
• Construction: Site-built construction; Brick full exterior; Slab foundation
• Exterior features: Concrete and paved road access; Road responsibility: Other (see remarks)

Interior

• Kitchen: Convection oven; Dishwasher; Electric cooktop
• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: Convection oven; Dishwasher; Electric cooktop; In-unit laundry
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $319k.

Deal economics

• At list price, monthly cash flow is $157 ($2k/yr) — positive. Per door: $79/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $256k (19.7% below list).
• Recommended offer: $256k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 3.5% in Lexington — 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 72/100 on livability (#89 in NC) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, health & safety A+; Watch: crime F, amenities D-, employment F.
• Lexington City Schools (suburban): math 32% / reading 38% proficiency, ranked #136 of 178 in NC (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Southwest Elementary Global Academy (math 40% / reading 37%, grade F, #750 of 1,410 statewide, top 54%, 375 students, 99% FRL); Lexington Middle School (math 31% / reading 41%, grade F, #273 of 475 statewide, top 58%, 647 students, 100% FRL); Lexington Senior High School (math 27% / reading 52%, grade F, #393 of 535 statewide, top 75%, 928 students, 99% FRL) — zoned schools average 99% FRL vs 78% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 362 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 990 units permitted in Davidson County in 2024 (54 in 5+ unit buildings).
• At $2,563/mo this rent would consume 48% of the median local household income ($64k/yr) (locally 733% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Davidson County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.
• Current owner paid $265k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $256,300 (19.7% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 20% 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 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 0.80% ✗
• Cap rate: 6.88%
• Cash-on-cash: 2.11%
• DSCR: 1.09
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.37% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.54×
• Total profit: $-40,897
• Equity at exit: $47,564

10-year hold

• IRR: -3.2%
• Equity multiple: 0.78×
• Total profit: $-19,454
• Equity at exit: $27,581

Cash invested: $89,320 (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 27295

• Home prices YoY: -15.2%
• Rents YoY: 3.4%
• Active inventory: 362
• Price-to-rent: 20.7×

Monthly cashflow live

• Estimated rent: $2,563 high
• Mortgage (P&I): −$1,673
• Tax from tax record: −$62 /mo · $743/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$538
• Net cashflow: $157

Break-even live

Break-even rent $2,364

Max offer price $319,000

Occupancy floor 89%

Sensitivity live

Price	-10% $338	-5% $247	+0% $157	+5% $67	+10% $-23
Rent	-10% $-45	-5% $56	+0% $157	+5% $258	+10% $360
Rate	-1.0pp $318	-0.5pp $238	base $157	+0.5pp $74	+1.0pp $-10

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,564
Total (2 units)			$2,563

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
152 Iroquois Trl Lexington, NC	3.0	2.5	1828	$2,010	$1.10	16d	1	0.72mi
206 Crane Creek Way Lexington, NC	3.0	2.5	1588	$1,650	$1.04	25d	1	0.86mi
119 Habersham Ct Lexington, NC	3.0	2.5	2252	$1,775	$0.79	25d	1	0.88mi

Listing history 20 events

1. 2026-06-14
   statusdays on market $319,000 Pending 43 DOM
2. 2026-06-10
   days on market $319,000 Active 42 DOM
3. 2026-06-09
   days on market $319,000 Active 41 DOM
4. 2026-06-08
   days on market $319,000 Active 40 DOM
5. 2026-06-07
   days on market $319,000 Active 39 DOM
6. 2026-06-05
   days on market $319,000 Active 36 DOM
7. 2026-06-03
   days on market $319,000 Active 35 DOM
8. 2026-06-02
   days on market $319,000 Active 34 DOM
9. 2026-06-01
   days on market $319,000 Active 33 DOM
10. 2026-05-31
    days on market $319,000 Active 32 DOM
11. 2026-05-31
    days on market $319,000 Active 31 DOM
12. 2026-04-30
    listed $319,000 Active
13. 2026-04-30
    historical $319,000
14. 2023-09-15
    soldstatus $265,000 Closed 497-char remark

    Show marketing remark (497 chars)

    Great opportunity for an all brick duplex in Lexington. Property has 2 units with two bedrooms and one bathroom on each side. Excellent condition through out. One unit has gas logs functional and the other unit the fireplace has been capped at the chimney. Units are carpeted in living and bedroom areas. One unit has new LVT in kitchen and dining areas and the other has an older installation of LVT. Both units are currently rented through March 31, 2024. Both units are rented at $750.00 each.

15. 2023-09-15
    soldstatus $265,000

    Show marketing remark (497 chars)

    Great opportunity for an all brick duplex in Lexington. Property has 2 units with two bedrooms and one bathroom on each side. Excellent condition through out. One unit has gas logs functional and the other unit the fireplace has been capped at the chimney. Units are carpeted in living and bedroom areas. One unit has new LVT in kitchen and dining areas and the other has an older installation of LVT. Both units are currently rented through March 31, 2024. Both units are rented at $750.00 each.

16. 2023-09-02
    status Pending 497-char remark

    Show marketing remark (497 chars)

    Great opportunity for an all brick duplex in Lexington. Property has 2 units with two bedrooms and one bathroom on each side. Excellent condition through out. One unit has gas logs functional and the other unit the fireplace has been capped at the chimney. Units are carpeted in living and bedroom areas. One unit has new LVT in kitchen and dining areas and the other has an older installation of LVT. Both units are currently rented through March 31, 2024. Both units are rented at $750.00 each.

17. 2023-08-19
    historical Due Diligence Period 497-char remark

    Show marketing remark (497 chars)

    Great opportunity for an all brick duplex in Lexington. Property has 2 units with two bedrooms and one bathroom on each side. Excellent condition through out. One unit has gas logs functional and the other unit the fireplace has been capped at the chimney. Units are carpeted in living and bedroom areas. One unit has new LVT in kitchen and dining areas and the other has an older installation of LVT. Both units are currently rented through March 31, 2024. Both units are rented at $750.00 each.

18. 2023-08-14
    listed $225,000 Active 497-char remark

    Show marketing remark (497 chars)

    Great opportunity for an all brick duplex in Lexington. Property has 2 units with two bedrooms and one bathroom on each side. Excellent condition through out. One unit has gas logs functional and the other unit the fireplace has been capped at the chimney. Units are carpeted in living and bedroom areas. One unit has new LVT in kitchen and dining areas and the other has an older installation of LVT. Both units are currently rented through March 31, 2024. Both units are rented at $750.00 each.

19. 2022-03-08
    soldstatus $125,000
20. 2008-06-03
    soldstatus $46,000

ⓘ 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: $743 · $62/mo
• Projected year-2 tax: $2,616 · $218/mo
• Expected delta: +$1,873/yr (+$156/mo · 252.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,756
• − Mortgage interest: −$17,869
• − Property taxes: −$743
• − Insurance: −$1,595
• − Repairs & maintenance: −$2,460
• − Management: −$2,460
• − Depreciation: −$9,280
• Taxable loss: −$3,652
• Est. tax savings @ 24.0%: +$876
• After-tax cash flow: $2,761/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: Lexington City Schools
• NCES district ID: 3702640
• Math proficiency: 32% ▲ 3.00%
• Reading proficiency: 38% ▲ 6.00%
• Median HH income: $27,758
• Composite: 28.2/100
• National rank: #6807
• State rank: #136 of 178 in NC

Livability — Lexington

• Score: 72/100
• State rank: #89
• US rank: #6051

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Davidson County · 129,088 people
• City population: 79,578
• Metro: Winston-Salem, NC
• Population (ZIP): 39,267
• Household income: $63,961
• Rent vs Own: 24.5% rent · 75.5% own
• Severe rent burden: 733.0

Population outlook (Davidson County) Hauer SSP2

• Today (2025): 167,156 people
• By 2030: 167,216 · +0.0%
• By 2040: 164,524 · -1.6%
• By 2050: 157,229 · -5.9%
• By 2075: 138,084 · -17.4%
• By 2100: 112,729 · -32.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 6% Black 6% Two or more races 4% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 2% Slovak 2% Italian 2%
• Foreign-born: 5% · Canada, Jamaica
• Languages at home: 93% English-only · Spanish 5% Other Asian/Pacific 1%

Political lean MEDSL · Davidson

• 2024 margin: Solid R (+47.1) · D 25.9% · R 73.0% · Other 1.1%
• 2008→2024 swing: -13.5pp toward R · 2008: -33.5pp · 2024: -47.1pp
• All cycles: 2024: R+47.1 2020: R+47.5 2016: R+49.4 2012: R+40.9 2008: R+33.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.39%
• Current HPI: 258.6557
• Rent YoY: ▲ 3.37%
• Metro: Winston-Salem, 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

+593.5% since first listed

9 events — show timeline

• 2026-04-30 Listed $319,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-30 Coming Soon $319,000 CANOPYMLS as Distributed by MLS Grid
• 2023-09-15 Sold (Public Records) $265,000 Public Records
• 2023-09-15 Sold (MLS) $265,000 Triad MLS
• 2023-09-02 Pending — Triad MLS
• 2023-08-19 Contingent — Triad MLS
• 2023-08-14 Listed $225,000 Triad MLS
• 2022-03-08 Sold (Public Records) $125,000 Public Records
• 2008-06-03 Sold (Public Records) $46,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $743 · +0.0% YoY. Source: county tax records.