17837 Porter Hill Rd · Norwood, NC 28128

$147,500

2 bd · 1.0 ba · 1,015 sqft · SingleFamily public records · 300 Days on market

Built 1945 0.53 ac lot

---

Why this score? — see what drove the C- 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 +22.7/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +4.7/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your enchanted forest oasis where nature, charm, and opportunity come together on over half an acre. Tucked beneath a canopy of trees and surrounded by fruit and berry plants, this property feels like a hidden retreat with unlimited potential. The updates are already in place for peace of mind: a brand-new HVAC (2024) keeps things comfortable year-round, the metal roof has been revamped and freshly insulated, and the well pump provides your water supply. Inside, the Weatherization Assistance Program has already handled the attic cleanup and added new insulation, so you can move in with confidence. Accessibility is built right in with an 80-foot front ramp & another ramp out

Key facts

• Over half an acre
• Freshly insulated
• Brand-new hvac

Tags

• OVER HALF AN ACRE
• CANOPY OF TREES
• FRUIT AND BERRY PLANTS
• BRAND-NEW HVAC
• REVAMPED METAL ROOF
• FRESHLY INSULATED

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: No garage; No designated parking features
• Utilities: Well water; Septic system
• Home design: Single-family residence; One level; Site-built construction; R2 zoning
• Construction: Aluminum and vinyl exterior materials; Crawl space foundation
• Exterior features: Covered porch

Interior

• Kitchen: Electric range
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Seven total rooms; Electric range
• Laundry & utility: Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $148k.

Deal economics

• At list price, monthly cash flow is $254 ($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 $143k (3.0% below list).
• Recommended offer: $130k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 2.9% in Norwood — 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 63/100 on livability (#410 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment D-.
• 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: Norwood Elementary (math 27% / reading 32%, grade F, #975 of 1,410 statewide, top 71%, 342 students, 99% FRL); South Stanly High (math 47% / reading 52%, grade D, #311 of 535 statewide, top 60%, 442 students, 48% FRL) — zoned schools average 74% FRL vs 46% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 100 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 300 days — a 12% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $57k; list at $148k implies a 160% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — 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 $129,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 300 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.97% ✗
• Cap rate: 8.36%
• Cash-on-cash: 7.38%
• DSCR: 1.33
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.1%
• Equity multiple: 0.81×
• Total profit: $-7,784
• Equity at exit: $21,993

10-year hold

• IRR: 4.6%
• Equity multiple: 1.33×
• Total profit: $13,790
• Equity at exit: $12,753

Cash invested: $41,300 (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 28128

• Home prices YoY: -24.2%
• Active inventory: 100
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,430 medium
• Mortgage (P&I): −$774
• Tax from tax record: −$41 /mo · $490/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $254

Break-even live

Break-even rent $1,109

Max offer price $147,500

Occupancy floor 77%

Sensitivity live

Price	-10% $338	-5% $296	+0% $254	+5% $212	+10% $171
Rent	-10% $141	-5% $198	+0% $254	+5% $311	+10% $367
Rate	-1.0pp $328	-0.5pp $292	base $254	+0.5pp $216	+1.0pp $177

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: $36,875
• Closing costs: $4,425
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $147,500 Active 300 DOM
2. 2026-06-17
   days on market $147,500 Active 299 DOM
3. 2026-06-16
   days on market $147,500 Active 298 DOM
4. 2026-06-15
   days on market $147,500 Active 297 DOM
5. 2026-06-13
   days on market $147,500 Active 295 DOM
6. 2026-06-09
   days on market $147,500 Active 291 DOM
7. 2026-06-08
   days on market $147,500 Active 290 DOM
8. 2026-06-07
   days on market $147,500 Active 289 DOM
9. 2026-06-04
   days on market $147,500 Active 286 DOM
10. 2026-06-03
    days on market $147,500 Active 285 DOM
11. 2026-06-02
    days on market $147,500 Active 284 DOM
12. 2026-06-01
    days on market $147,500 Active 283 DOM
13. 2026-05-31
    days on market $147,500 Active 282 DOM
14. 2025-08-22
    listed $147,500 Active
15. 2024-09-17
    price $149,000
16. 2024-09-11
    listed $150,000 Active
17. 2008-09-24
    soldstatus $56,688

ⓘ 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: $490 · $41/mo
• Projected year-2 tax: $1,210 · $101/mo
• Expected delta: +$720/yr (+$60/mo · 146.9%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥107°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: $17,163
• − Mortgage interest: −$8,262
• − Property taxes: −$490
• − Insurance: −$738
• − Repairs & maintenance: −$1,373
• − Management: −$1,373
• − Depreciation: −$4,291
• Taxable income: $636
• Est. tax owed @ 24.0%: −$153
• After-tax cash flow: $2,897/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 — Norwood

• Score: 63/100
• State rank: #410
• US rank: #15485

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,610

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 (81%)
• Race & ethnicity: White 81% Black 15% Two or more races 3%
• Common ancestry: Serbian 6% Slovak 1% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Other Indo-European 1% Spanish 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: ▼ -64.46%
• Current HPI: 201.373
• 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

+160.2% since first listed

4 events — show timeline

• 2025-08-22 Listed $147,500 CANOPYMLS as Distributed by MLS Grid
• 2024-09-17 Price Changed $149,000 CANOPYMLS as Distributed by MLS Grid
• 2024-09-11 Listed $150,000 CANOPYMLS as Distributed by MLS Grid
• 2008-09-24 Sold (Public Records) $56,688 Public Records

Property tax history

+1.7%/yr

Latest (2025): $490 · +12.6% YoY. Source: county tax records.