138 N Meridian St · Rutherfordton, NC 28139

$124,900

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 91 Days on market

Built 1923 0.25 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Excellent income producing rental or primary residence within walking distance to downtown Rutherfordton. Currently long-term tenant occupied on month-to-month agreement. Tenant will move immediately if home is purchased as primary residence. DO NOT DISTURB tenant. Clean, simple 2-bedroom 1 bath with kitchen, living area and dining area. Nice back yard. All information to be verified by buyer’s agent, seller makes no representations has been rental for last 15 years and seller has never occupied property.

Key facts

• Clean simple kitchen
• Dining area
• Living area

Tags

• INCOME PRODUCING RENTAL
• WALKING DISTANCE TO DOWNTOWN
• LONG TERM TENANT OCCUPIED
• CLEAN SIMPLE KITCHEN
• LIVING AREA
• DINING AREA

Property features AI

Finance

• Other: Zoning: R2; Lot size approximately 0.25 acres
• Financial info: Property is tenant-occupied; rental restrictions apply (see restrictions description)
• HOA & community: No HOA

Exterior

• Parking: Driveway with 2 open parking spaces (2 assigned spaces)
• Security: Smoke detectors; Carbon monoxide detector
• Utilities: City water; Public sewer
• Home design: Single-family residence; Site-built construction; One story
• Construction: Wood construction; Fiberglass roof; Crawl space foundation
• Exterior features: Front porch; Back yard fencing; Cleared, level lot; Road surface: gravel and paved; Publicly maintained road

Interior

• Kitchen: No appliances listed
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: Forced air heating; Hot water heating; Natural gas available; Central air conditioning; Ceiling fans; Additional heating/cooling details: other — see remarks
• Interior features: 6 total rooms; Basement: Other; Fireplace present (details: other — see remarks); No additional interior built-in features listed
• Laundry & utility: Washer hookup inside; Electric dryer hookup; Laundry located in hall

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $634 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 3.0% in Rutherfordton — 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 73/100 on livability (#67 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.
• Rutherford County Schools (rural): math 43% / reading 44% proficiency, ranked #98 of 178 in NC (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Rutherfordton Elementary School (math 37% / reading 47%, grade F, #633 of 1,410 statewide, top 48%, 390 students, 99% FRL); R-S Central High School (math 62% / reading 42%, grade D+, #292 of 535 statewide, top 56%, 758 students, 100% FRL) — zoned schools average 99% FRL vs 60% district-wide (39 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 312 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 193 units permitted in Rutherford County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Rutherford County population projected at -17% 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 $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• 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 $113,659 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1923 — 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 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?
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. 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 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: 1.46% ✓
• Cap rate: 12.38%
• Cash-on-cash: 21.74%
• DSCR: 1.97
• GRM: 5.7

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: 14.4%
• Equity multiple: 1.57×
• Total profit: $20,105
• Equity at exit: $18,623

10-year hold

• IRR: 23.1%
• Equity multiple: 2.99×
• Total profit: $69,432
• Equity at exit: $10,799

Cash invested: $34,972 (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 28139

• Home prices YoY: -21.6%
• Active inventory: 312
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,820 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$97 /mo · $1,166/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $634

Break-even live

Break-even rent $1,018

Max offer price $124,900

Occupancy floor 60%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
125 Central St Rutherfordton, NC	1.0	1.0	740	$1,820	$2.46	13d	1	0.25mi

Listing history 17 events

1. 2026-06-19
   days on market $124,900 Active 91 DOM
2. 2026-06-18
   days on market $124,900 Active 90 DOM
3. 2026-06-17
   days on market $124,900 Active 89 DOM
4. 2026-06-16
   days on market $124,900 Active 88 DOM
5. 2026-06-15
   days on market $124,900 Active 87 DOM
6. 2026-06-14
   days on market $124,900 Active 85 DOM
7. 2026-06-13
   remarks 510-char remark
8. 2026-06-13
   pricedays on market $124,900 Active 84 DOM
9. 2026-06-10
   days on market $125,000 Active 82 DOM
10. 2026-06-09
    days on market $125,000 Active 81 DOM
11. 2026-06-08
    days on market $125,000 Active 80 DOM
12. 2026-06-07
    days on market $125,000 Active 79 DOM
13. 2026-06-02
    days on market $125,000 Active 74 DOM
14. 2026-06-01
    days on market $125,000 Active 73 DOM
15. 2026-05-31
    days on market $125,000 Active 72 DOM
16. 2026-05-30
    days on market $125,000 Active 71 DOM
17. 2026-03-20
    listed $125,000 Active

ⓘ 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: $1,166 · $97/mo
• Projected year-2 tax: $1,166 · $97/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,840
• − Mortgage interest: −$6,996
• − Property taxes: −$1,166
• − Insurance: −$624
• − Repairs & maintenance: −$1,747
• − Management: −$1,747
• − Depreciation: −$3,633
• Taxable income: $5,925
• Est. tax owed @ 24.0%: −$1,422
• After-tax cash flow: $6,181/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: Rutherford County Schools
• NCES district ID: 3704080
• Math proficiency: 43% ▼ -1.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $36,490
• Composite: 36.11/100
• National rank: #4753
• State rank: #98 of 178 in NC

Livability — Rutherfordton

• Score: 73/100
• State rank: #67
• US rank: #5114

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rutherfordton, NC
• Population (ZIP): 18,887

Population outlook (Rutherford County) Hauer SSP2

• Today (2025): 63,695 people
• By 2030: 61,670 · -3.2%
• By 2040: 57,212 · -10.2%
• By 2050: 52,763 · -17.2%
• By 2075: 44,493 · -30.1%
• By 2100: 38,127 · -40.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 6% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Serbian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Rutherford

• 2024 margin: Solid R (+47.8) · D 25.8% · R 73.6%
• 2008→2024 swing: -16.0pp toward R · 2008: -31.8pp · 2024: -47.8pp
• All cycles: 2024: R+47.8 2020: R+45.8 2016: R+47.9 2012: R+33.5 2008: R+31.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -68.65%
• Current HPI: 249.7007
• 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

• 2026-03-20 Listed $125,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+9.5%/yr

Latest (2025): $1,166 · +11.6% YoY. Source: county tax records.