489 Eagle Mills Rd · Harmony, NC 27020

$254,900

3 bd · 2.0 ba · 1,685 sqft · SingleFamily · 126 Days on market

Built 2025 0.65 ac lot Est $248k · at est. ↓ 13% since listing

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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).

• Appreciation +10.0/10.0
• Cash flow +6.3/30.0
• ARV discount +6.2/15.0
• Schools +4.5/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +0.6/10.0

Listing remarks MLS

Gorgeous new home with all the beautiful furnishings included! This North Iredell gem is move-in ready, featuring an excellent floor plan with a stylish eat-in island kitchen that opens to the spacious furnished dining area and living room. A separate furnished den provides extra space for movies, hobbies, or relaxing. The bedrooms are roomy, and the well-appointed mud/laundry room offers thoughtful cabinetry, a sink, and storage bins. Priced to sell and sure to impress, it’s perfectly located between Charlotte, Winston-Salem, and Boone. Enjoy a peaceful country setting just a short drive to restaurants, shopping, pharmacies, and more, with easy access to I-77!

Key facts

• Thoughtful cabinetry
• Easy access to i-77
• 0.65 acre lot

Tags

• EAT-IN ISLAND KITCHEN
• FURNISHED DINING AREA
• SEPARATE FURNISHED DEN
• THOUGHTFUL CABINETRY
• PEACEFUL COUNTRY SETTING
• EASY ACCESS TO I-77

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $255k.

Deal economics

• At list price, monthly cash flow is $-458 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (26.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (35.3% below list).
• Recommended offer: $165k (35.3% below list) — sets the bar for 1% rule.
• Cap rate 4.1% vs local median 2.5% in Harmony — 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 (#408 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.
• 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.
• Zoned schools: Union Grove Elementary (math 42% / reading 42%, grade F, #633 of 1,410 statewide, top 48%, 233 students, 55% FRL); North Iredell Middle (math 36% / reading 43%, grade F, #232 of 475 statewide, top 50%, 551 students, 56% FRL); North Iredell High (math 37% / reading 51%, grade F, #367 of 535 statewide, top 69%, 962 students, 48% FRL) — zoned schools average 53% FRL vs 38% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 30 active listings in the ZIP; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Recommended offer $165,020 (35.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
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. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.65% ✗
• Cap rate: 4.14%
• Cash-on-cash: -7.70%
• DSCR: 0.66
• GRM: 12.9

CMA / ARV

• ARV (on-the-fly): $247,695
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
489 Eagle Mills Rd	0.00mi	3/2.0	1,685 (0%)	1mo	$250,000	$148	99
493 Eagle Mills Rd	0.02mi	3/2.0	1,680 (-0%)	8mo	$234,000	$139	92
174 Trivette Rd	0.24mi	4/2.0 (+1)	1,680 (-0%)	5mo	$250,000	$149	79
509 Eagle Mills Rd	0.10mi	3/2.0	1,517 (-10%)	3mo	$250,000	$165	77
146 Cartwright Rd	0.33mi	3/2.0	1,620 (-4%)	7mo	$154,000	$95	72
188 Trivette Rd	0.27mi	4/2.0 (+1)	1,680 (-0%)	12mo	$235,000	$140	72
514 Eagle Mills Rd #3	0.11mi	3/2.0	1,493 (-11%)	11mo	$219,900	$147	67
538 Eagle Mills Rd	0.21mi	4/2.0 (+1)	1,508 (-10%)	4mo	$245,000	$162	64
135 Whispering Dr	0.19mi	3/2.0	1,485 (-12%)	10mo	$175,000	$118	62
337 Eagle Mills Rd	0.58mi	4/2.0 (+1)	1,705 (+1%)	14mo	$180,000	$106	54
153 Cheshire Ridge Rd	0.49mi	4/2.0 (+1)	1,539 (-9%)	10mo	$284,000	$185	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.9%
• Equity multiple: 2.54×
• Total profit: $109,686
• Equity at exit: $229,634

10-year hold

• IRR: 17.5%
• Equity multiple: 5.85×
• Total profit: $345,992
• Equity at exit: $495,215

Cash invested: $71,372 (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 27020

• Home prices YoY: 4.0%
• Active inventory: 30
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $1,650 medium
• Mortgage (P&I): −$1,337
• Tax est. 1.5%: −$319 /mo · $3,824/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $-458

Break-even live

Break-even rent $2,230

Max offer price $188,641

Occupancy floor —

Sensitivity live

Price	-10% $-282	-5% $-370	+0% $-458	+5% $-546	+10% $-634
Rent	-10% $-588	-5% $-523	+0% $-458	+5% $-393	+10% $-328
Rate	-1.0pp $-330	-0.5pp $-393	base $-458	+0.5pp $-524	+1.0pp $-591

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: $63,725
• Closing costs: $7,647
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-20
   soldstatus $250,000 Closed 675-char remark

   Show marketing remark (675 chars)

   Gorgeous new home with all the beautiful furnishings included! This North Iredell gem is move-in ready, featuring an excellent floor plan with a stylish eat-in island kitchen that opens to the spacious furnished dining area and living room. A separate furnished den provides extra space for movies, hobbies, or relaxing. The bedrooms are roomy, and the well-appointed mud/laundry room offers thoughtful cabinetry, a sink, and storage bins. Priced to sell and sure to impress, it’s perfectly located between Charlotte, Winston-Salem, and Boone. Enjoy a peaceful country setting just a short drive to restaurants, shopping, pharmacies, and more, with easy access to I-77!

2. 2026-03-17
   historical Active Under Contract 675-char remark

   Show marketing remark (675 chars)

   Gorgeous new home with all the beautiful furnishings included! This North Iredell gem is move-in ready, featuring an excellent floor plan with a stylish eat-in island kitchen that opens to the spacious furnished dining area and living room. A separate furnished den provides extra space for movies, hobbies, or relaxing. The bedrooms are roomy, and the well-appointed mud/laundry room offers thoughtful cabinetry, a sink, and storage bins. Priced to sell and sure to impress, it’s perfectly located between Charlotte, Winston-Salem, and Boone. Enjoy a peaceful country setting just a short drive to restaurants, shopping, pharmacies, and more, with easy access to I-77!

3. 2026-03-15
   status Active 675-char remark

   Show marketing remark (675 chars)

   Gorgeous new home with all the beautiful furnishings included! This North Iredell gem is move-in ready, featuring an excellent floor plan with a stylish eat-in island kitchen that opens to the spacious furnished dining area and living room. A separate furnished den provides extra space for movies, hobbies, or relaxing. The bedrooms are roomy, and the well-appointed mud/laundry room offers thoughtful cabinetry, a sink, and storage bins. Priced to sell and sure to impress, it’s perfectly located between Charlotte, Winston-Salem, and Boone. Enjoy a peaceful country setting just a short drive to restaurants, shopping, pharmacies, and more, with easy access to I-77!

4. 2026-03-04
   historical Active Under Contract 675-char remark

   Show marketing remark (675 chars)

   Gorgeous new home with all the beautiful furnishings included! This North Iredell gem is move-in ready, featuring an excellent floor plan with a stylish eat-in island kitchen that opens to the spacious furnished dining area and living room. A separate furnished den provides extra space for movies, hobbies, or relaxing. The bedrooms are roomy, and the well-appointed mud/laundry room offers thoughtful cabinetry, a sink, and storage bins. Priced to sell and sure to impress, it’s perfectly located between Charlotte, Winston-Salem, and Boone. Enjoy a peaceful country setting just a short drive to restaurants, shopping, pharmacies, and more, with easy access to I-77!

5. 2026-01-20
   listed $254,900 Active
6. 2026-01-19
   listed $254,900 Active 675-char remark

   Show marketing remark (675 chars)

   Gorgeous new home with all the beautiful furnishings included! This North Iredell gem is move-in ready, featuring an excellent floor plan with a stylish eat-in island kitchen that opens to the spacious furnished dining area and living room. A separate furnished den provides extra space for movies, hobbies, or relaxing. The bedrooms are roomy, and the well-appointed mud/laundry room offers thoughtful cabinetry, a sink, and storage bins. Priced to sell and sure to impress, it’s perfectly located between Charlotte, Winston-Salem, and Boone. Enjoy a peaceful country setting just a short drive to restaurants, shopping, pharmacies, and more, with easy access to I-77!

7. 2025-01-31
   soldstatus $288,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $19,802
• − Mortgage interest: −$14,278
• − Property taxes: −$3,824
• − Insurance: −$1,274
• − Repairs & maintenance: −$1,584
• − Management: −$1,584
• − Depreciation: −$7,415
• Taxable loss: −$10,158
• Est. tax savings @ 24.0%: +$2,438
• After-tax cash flow: $-3,057/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 — Harmony

• Score: 63/100
• State rank: #408
• US rank: #15477

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,854

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: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 11%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Serbian 5% Iranian 1% Romanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 83% English-only · Spanish 8% German/W. Germanic 8%

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: ▲ 10.86%
• Current HPI: 284.3487
• 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

-13.2% since first listed

7 events — show timeline

• 2026-05-20 Sold (MLS) $250,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-17 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-03-15 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-03-04 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-01-20 Listed $254,900 Triad MLS
• 2026-01-19 Listed $254,900 CANOPYMLS as Distributed by MLS Grid
• 2025-01-31 Sold (Public Records) $288,000 Public Records