4002 Town Center Rd · Harrisburg, NC 28075

$210,000

2 bd · 2.0 ba · 891 sqft · Condo public records · 21 Days on market

Built 2003 $283/mo HOA · 15% of rent

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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 +11.8/30.0
• ARV discount +7.5/15.0
• Rent growth +4.7/5.0
• Schools +4.7/10.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• DSCR +3.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cute as button first floor condo. Fresh Paint.

Key facts

• $283 HOA
• Built 2003
• Listed 20 days

Property features AI

Finance

• HOA & community: HOA present with mandatory monthly dues

Exterior

• Parking: Parking lot spaces available
• Utilities: City water; Public sewer
• Home design: Residential condominium; Planned Unit Development (PUD); One story; Slab foundation
• Construction: Site-built construction; Vinyl exterior
• Exterior features: Concrete and paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Disposal; Electric oven; Electric range; Microwave
• Bedrooms: 2 bedrooms on the main level
• Flooring: Carpet
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Electric heating; Central air; Ceiling fans
• Interior features: 6 total rooms; Entry at grade level
• Laundry & utility: Electric dryer hookup; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $210k.

Deal economics

• At list price, monthly cash flow is $-58 ($-690/yr) — negative.
• To cash-flow at today's rent, offer at most $200k (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (9.6% below list).
• Recommended offer: $190k (9.6% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.1% in Harrisburg — 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 79/100 on livability (#23 in NC, #2,104 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A; Watch: cost of living C-, commute F.
• Cabarrus County Schools (rural): math 54% / reading 55% proficiency, ranked #44 of 178 in NC (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pitts School Road Elementary (math 56% / reading 52%, grade C, #328 of 1,410 statewide, top 24%, 844 students, 48% FRL); Hickory Ridge Middle (math 73% / reading 68%, grade A, #17 of 475 statewide, top 4%, 935 students, 17% FRL); Hickory Ridge High (math 70% / reading 74%, grade B+, #107 of 535 statewide, top 21%, 1,720 students, 19% FRL).
• Market conditions: Rents rising fast (+9.0%/yr); 193 active listings in the ZIP; high-income renter base; 2,485 units permitted in Cabarrus County in 2024 (677 in 5+ unit buildings).
• This rent is only 16% of the median local income ($144k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Cabarrus County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $125k; list at $210k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 22% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,807 (9.6% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. 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: 0.90% ✗
• Cap rate: 5.96%
• Cash-on-cash: -1.17%
• DSCR: 0.95
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.4%
• Equity multiple: 0.53×
• Total profit: $-27,569
• Equity at exit: $31,312

10-year hold

• IRR: 3.3%
• Equity multiple: 1.29×
• Total profit: $17,310
• Equity at exit: $18,157

Cash invested: $58,800 (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 28075

• Home prices YoY: -30.6%
• Rents YoY: 9.0%
• Active inventory: 193
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,898 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$85 /mo · $1,023/yr
• Insurance: −$88
• HOA: −$283
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $-58

Break-even live

Break-even rent $1,971

Max offer price $199,837

Occupancy floor 98%

Sensitivity live

Price	-10% $61	-5% $2	+0% $-58	+5% $-117	+10% $-176
Rent	-10% $-207	-5% $-133	+0% $-58	+5% $17	+10% $92
Rate	-1.0pp $48	-0.5pp $-4	base $-58	+0.5pp $-112	+1.0pp $-167

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $283 · $3,396/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-22
   days on market $210,000 Active 21 DOM
2. 2026-06-21
   days on market $210,000 Active 20 DOM
3. 2026-06-18
   days on market $210,000 Active 17 DOM
4. 2026-06-17
   days on market $210,000 Active 16 DOM
5. 2026-06-16
   days on market $210,000 Active 15 DOM
6. 2026-06-15
   days on market $210,000 Active 14 DOM
7. 2026-06-13
   days on market $210,000 Active 12 DOM
8. 2026-06-09
   days on market $210,000 Active 8 DOM
9. 2026-06-08
   days on market $210,000 Active 7 DOM
10. 2026-06-07
    days on market $210,000 Active 6 DOM
11. 2026-06-04
    days on market $210,000 Active 3 DOM
12. 2026-06-03
    days on market $210,000 Active 2 DOM
13. 2026-06-02
    statusdays on market $210,000 Active 1 DOM
14. 2026-06-02
    remarks 699-char remark
15. 2026-06-01
    days on market $210,000 Coming Soon 20 DOM
16. 2026-05-31
    days on market $210,000 Coming Soon 19 DOM
17. 2026-05-13
    historical $210,000
18. 2019-02-13
    soldstatus $125,000 Closed 47-char remark

    Show marketing remark (47 chars)

    Cute as button first floor condo. Fresh Paint.

19. 2019-02-13
    soldstatus $125,000

    Show marketing remark (47 chars)

    Cute as button first floor condo. Fresh Paint.

20. 2019-01-19
    status Under Contract - No Show 47-char remark

    Show marketing remark (47 chars)

    Cute as button first floor condo. Fresh Paint.

21. 2019-01-16
    listed $125,000 Active 47-char remark

    Show marketing remark (47 chars)

    Cute as button first floor condo. Fresh Paint.

22. 2006-01-30
    soldstatus $90,000

ⓘ 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: $1,023 · $85/mo
• Projected year-2 tax: $1,722 · $144/mo
• Expected delta: +$699/yr (+$58/mo · 68.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 7/10 Severe 7 d/yr ≥106°F today · 18 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 22% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,777
• − Mortgage interest: −$11,763
• − Property taxes: −$1,023
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,822
• − Management: −$1,822
• − HOA: −$3,396
• − Depreciation: −$6,109
• Taxable loss: −$4,209
• Est. tax savings @ 24.0%: +$1,010
• After-tax cash flow: $320/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: Cabarrus County Schools
• NCES district ID: 3700530
• Math proficiency: 54% ▲ 4.00%
• Reading proficiency: 55% ▲ 3.00%
• Median HH income: $59,442
• Composite: 47.42/100
• National rank: #2282
• State rank: #44 of 178 in NC

Livability — Harrisburg

• Score: 79/100
• State rank: #23
• US rank: #2104

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrisburg, NC
• County: Cabarrus County · 218,793 people
• City population: 21,517
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 21,517
• Household income: $144,288
• Rent vs Own: 7.2% rent · 92.8% own
• Severe rent burden: 107.0

Population outlook (Cabarrus County) Hauer SSP2

• Today (2025): 239,273 people
• By 2030: 260,754 · +9.0%
• By 2040: 303,953 · +27.0%
• By 2050: 344,827 · +44.1%
• By 2075: 435,623 · +82.1%
• By 2100: 490,119 · +104.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 59% Black 12% Asian 12% Two or more races 11% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 2% Dominican 2%
• Common ancestry: Serbian 3% Slovak 2% Romanian 2%
• Foreign-born: 13% · Canada, China, India
• Languages at home: 81% English-only · Spanish 5% Other Indo-European 5% Other Asian/Pacific 3%

Political lean MEDSL · Cabarrus

• 2024 margin: Lean R (+7.7) · D 45.5% · R 53.2% · Other 1.3%
• 2008→2024 swing: +10.7pp toward D · 2008: -18.4pp · 2024: -7.7pp
• All cycles: 2024: R+7.7 2020: R+9.4 2016: R+20.0 2012: R+20.2 2008: R+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.04%
• Current HPI: 238.1994
• Rent YoY: ▲ 8.99%
• 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

+133.3% since first listed

6 events — show timeline

• 2026-05-13 Coming Soon $210,000 CANOPYMLS as Distributed by MLS Grid
• 2019-02-13 Sold (Public Records) $125,000 Public Records
• 2019-02-13 Sold (MLS) $125,000 CANOPYMLS as Distributed by MLS Grid
• 2019-01-19 Pending — CANOPYMLS as Distributed by MLS Grid
• 2019-01-16 Listed $125,000 CANOPYMLS as Distributed by MLS Grid
• 2006-01-30 Sold (Public Records) $90,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $1,023 · -50.0% YoY. Source: county tax records.