1622 W Park Ave · Albemarle, NC 28001

$105,000

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 8 Days on market

Built 1938 7,405 sqft lot Est $174k · 40% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• Schools +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

INVESTOR ALERT! This charming, original-condition property at 1622 W Park Ave in Albemarle, NC, is a true investor's dream, offering boundless potential for a profitable flip or a long-term rental hold. Built in 1938, this 2-bedroom, 1-bathroom house sits on a generous 0.17-acre lot and is ready for a complete transformation. The interior offers a compact, efficient layout of 864 square feet, serving as a perfect blank canvas for modern updates. A highly desirable feature is the detached 2-car garage, which presents an excellent opportunity for renovation to significantly boost the property's appeal and value. Bring your vision and capitalize on this outstanding rehab opportunity in Albemar

Key facts

• 7,405 sq ft lot
• 2 garage spots
• Built 1938

Property features AI

Finance

• Other: Zoned R-10
• HOA & community: No HOA

Exterior

• Parking: Detached 2-car garage; Main-level garage
• Utilities: City water; Public sewer
• Home design: Single-family residence; One story; Site-built construction
• Construction: Vinyl exterior
• Exterior features: Dirt and paved road access; Publicly maintained road

Interior

• Kitchen: Electric oven
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Interior features: 3 total rooms; Forced air heating; Window unit cooling
• Laundry & utility: Laundry room on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $392 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• Cap rate 10.8% vs local median 3.3% in Albemarle — 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 68/100 on livability (#167 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D-, amenities F, commute F.
• Stanly County Schools (rural): math 38% / reading 42% proficiency, ranked #113 of 178 in NC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Elementary (math 25% / reading 26%, grade F, #1,093 of 1,410 statewide, top 78%, 546 students, 100% FRL); Albemarle High (math 42% / reading 27%, grade F, #427 of 535 statewide, top 81%, 390 students, 97% FRL) — zoned schools average 98% FRL vs 46% district-wide (52 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 278 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 367 units permitted in Stanly County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Stanly County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $105,000

Questions for the listing agent

1. Built in 1938 — 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: 1.27% ✓
• Cap rate: 10.77%
• Cash-on-cash: 16.00%
• DSCR: 1.71
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $173,664
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
526 Arlington Ave	0.17mi	2/1.0	784 (-9%)	10mo	$212,000	$270	68
414 Forest Ave	0.24mi	2/1.0	749 (-13%)	7mo	$153,000	$204	60
1504 Old Charlotte Rd	0.09mi	2/1.0	956 (+11%)	23mo	$192,500	$201	58
1220 Wood St	0.70mi	2/1.0	828 (-4%)	3mo	$90,000	$109	58
1321 Lowder St	0.32mi	2/1.0	966 (+12%)	22mo	$135,000	$140	47
903 Efird St	0.63mi	1/1.0 (-1)	990 (+15%)	17mo	$75,000	$76	27

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: 6.9%
• Equity multiple: 1.27×
• Total profit: $7,929
• Equity at exit: $15,656

10-year hold

• IRR: 16.2%
• Equity multiple: 2.33×
• Total profit: $38,971
• Equity at exit: $9,078

Cash invested: $29,400 (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 28001

• Home prices YoY: -33.1%
• Active inventory: 278
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $1,335 high
• Mortgage (P&I): −$551
• Tax from tax record: −$68 /mo · $821/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$280
• Net cashflow: $392

Break-even live

Break-even rent $839

Max offer price $105,000

Occupancy floor 66%

Sensitivity live

Price	-10% $451	-5% $422	+0% $392	+5% $362	+10% $332
Rent	-10% $286	-5% $339	+0% $392	+5% $445	+10% $497
Rate	-1.0pp $445	-0.5pp $419	base $392	+0.5pp $365	+1.0pp $337

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1022 Wood St Albemarle, NC	2.0	1.0	685	$1,035	$1.51	25d	1	0.70mi
330 N Depot St Albemarle, NC	2.0	1.0	950	$1,350	$1.42	5d	1	0.97mi
197 N 2nd St Unit 301 Albemarle, NC	1.0	1.0	872	$1,800	$2.06	25d	1	0.98mi
197 N 2nd St Albemarle, NC	2.0	1.0	1100	$2,365	$2.15	25d	1	0.98mi
197 N 2nd St Unit 005 Albemarle, NC	1.0	1.0	733	$1,225	$1.67	25d	1	0.98mi
255 N 3rd St Albemarle, NC	2.0	2.0	1100	$1,000	$0.91	25d	1	1.11mi
121 Heath St Apt 16 Albemarle, NC	2.0	1.0	750	$995	$1.33	13d	1	1.28mi
412 N 4th St Albemarle, NC	2.0	1.5	820	$1,400	$1.71	25d	1	1.31mi
435 Davis St Albemarle, NC	2.0	1.0	576	$895	$1.55	25d	1	1.36mi
117 N 6th St Albemarle, NC	1.0	1.0	739	$950	$1.29	25d	1	1.40mi

Listing history 7 events

1. 2026-06-21
   days on market $105,000 Active 8 DOM
2. 2026-06-18
   days on market $105,000 Active 5 DOM
3. 2026-06-17
   days on market $105,000 Active 4 DOM
4. 2026-06-16
   days on market $105,000 Active 3 DOM
5. 2026-06-15
   days on market $105,000 Active 2 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $105,000 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: $821 · $68/mo
• Projected year-2 tax: $861 · $72/mo
• Expected delta: +$40/yr (+$3/mo · 4.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $16,021
• − Mortgage interest: −$5,882
• − Property taxes: −$821
• − Insurance: −$525
• − Repairs & maintenance: −$1,282
• − Management: −$1,282
• − Depreciation: −$3,055
• Taxable income: $3,176
• Est. tax owed @ 24.0%: −$762
• After-tax cash flow: $3,941/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: Stanly County Schools
• NCES district ID: 3704320
• Math proficiency: 38% ▼ -1.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $43,802
• Composite: 33.9/100
• National rank: #5343
• State rank: #113 of 178 in NC

Livability — Albemarle

• Score: 68/100
• State rank: #167
• US rank: #8957

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albemarle, NC
• City population: 26,187
• Population (ZIP): 26,187

Population outlook (Stanly County) Hauer SSP2

• Today (2025): 60,082 people
• By 2030: 59,485 · -1.0%
• By 2040: 57,407 · -4.5%
• By 2050: 54,051 · -10.0%
• By 2075: 45,384 · -24.5%
• By 2100: 34,694 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 15% Hispanic / Latino 5% Two or more races 3% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 3% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 2% Vietnamese 1%

Political lean MEDSL · Stanly

• 2024 margin: Solid R (+50.9) · D 24.2% · R 75.1%
• 2008→2024 swing: -14.2pp toward R · 2008: -36.7pp · 2024: -50.9pp
• All cycles: 2024: R+50.9 2020: R+51.1 2016: R+50.2 2012: R+40.4 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.68%
• Current HPI: 221.8601
• Rent YoY: —
• Metro: —
• 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

• 2026-06-13 Listed $105,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+4.2%/yr

Latest (2025): $821 · +54.6% YoY. Source: county tax records.