110 Tulip Tree Ct · Statesville, NC 28677

$175,000

3 bd · 2.0 ba · 1,064 sqft · SingleFamily public records · 27 Days on market

Built 2001 0.44 ac lot Est $147k · 19% over

---

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 +20.7/30.0
• DSCR +6.6/10.0
• Schools +4.5/10.0
• 1% rule +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy $5,000.00 in Seller Concessions to be applied towards your closing costs! Game changing! Welcome to this meticulously refreshed home on an oversized lot in Statesville that blends modern updates with peace of mind. This property is truly turn key, offering a clean, contemporary aesthetic and the confidence of major systems that have been professionally inspected and serviced. Step inside to find a space that feels brand new. The home has been thoughtfully updated from top to bottom: • Modern Flooring: Enjoy durable and stylish Luxury Vinyl Plank (LVP) flooring installed throughout the entire home, offering both beauty and easy maintenance. • Fresh Aesthetic: The entir

Key facts

• 0.44 acre lot
• Built 2001
• Listed 27 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway parking; On-street parking
• Utilities: County water; Septic system
• Home design: Single-family manufactured home; One story; Residential zoning (RA)
• Construction: Vinyl exterior; Pillar/post/pier foundation
• Exterior features: Concrete and paved road access; Road maintenance: Other (see remarks)

Interior

• Kitchen: Electric range
• Bedrooms: 3 bedrooms (all on the main level)
• Bathrooms: 2 full bathrooms (on the main level)
• Heating & cooling: Central heating; Central air; Ceiling fans
• Interior features: Electric range
• Laundry & utility: Laundry inside on the main level with washer hookup; Laundry located in a hall

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $237 ($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 $159k (8.9% below list).
• Recommended offer: $159k (8.9% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 3.6% 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: schools D, crime D, amenities 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.
• Market conditions: Rents flat; 475 active listings in the ZIP; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).
• This rent runs 31% of the median local income ($62k/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 $1k of loan paydown is wiped out by about $5k 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 27 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $65k; list at $175k implies a 169% 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 $159,478 (8.9% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 0.91% ✗
• Cap rate: 7.92%
• Cash-on-cash: 5.80%
• DSCR: 1.26
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $146,832
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
207 Big Forest Dr	0.16mi	3/2.0	1,196 (+12%)	9mo	$165,000	$138	64

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: -10.2%
• Equity multiple: 0.64×
• Total profit: $-17,726
• Equity at exit: $26,093

10-year hold

• IRR: -4.7%
• Equity multiple: 0.73×
• Total profit: $-13,328
• Equity at exit: $15,131

Cash invested: $49,000 (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: 475
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,595 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$32 /mo · $387/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $237

Break-even live

Break-even rent $1,295

Max offer price $175,000

Occupancy floor 80%

Sensitivity live

Price	-10% $336	-5% $286	+0% $237	+5% $187	+10% $138
Rent	-10% $111	-5% $174	+0% $237	+5% $300	+10% $363
Rate	-1.0pp $325	-0.5pp $281	base $237	+0.5pp $192	+1.0pp $145

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-20
   status Pending
2. 2026-05-11
   price $175,000
3. 2026-04-24
   listed $180,000 Active
4. 2026-04-22
   historical $180,000
5. 2025-10-15
   soldstatus $65,000
6. 2008-06-16
   soldstatus $20,000

ⓘ 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: $387 · $32/mo
• Projected year-2 tax: $1,435 · $120/mo
• Expected delta: +$1,048/yr (+$87/mo · 270.5%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥104°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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,137
• − Mortgage interest: −$9,803
• − Property taxes: −$387
• − Insurance: −$875
• − Repairs & maintenance: −$1,531
• − Management: −$1,531
• − Depreciation: −$5,091
• Taxable loss: −$81
• Est. tax savings @ 24.0%: +$19
• After-tax cash flow: $2,863/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

• 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

+775.0% since first listed

6 events — show timeline

• 2026-05-20 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-05-11 Price Changed $175,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-24 Listed $180,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-22 Coming Soon $180,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-15 Sold (Public Records) $65,000 Public Records
• 2008-06-16 Sold (Public Records) $20,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $387 · +0.0% YoY. Source: county tax records.