480 Nc-37 · Gatesville, NC 27938

$229,900

4 bd · 2.0 ba · 1,858 sqft · SingleFamily · 6 Days on market

Built 1958 1.11 ac lot

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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 +11.0/30.0
• ARV discount +7.5/15.0
• Appreciation +5.4/10.0
• 1% rule +3.2/10.0
• DSCR +3.2/10.0
• Livability +3.2/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Calling all investors. .. All brick ranch, newer double pane windows and boiler heating unit. Large covered porch, oversized 2 car det-garage with power, spacious tiled baths, hard wood floors throughout. Original owner.

Key facts

• Large rooms
• Over an acre lot
• Two wells

Tags

• REPLACEMENT WINDOWS
• NEWER METAL ROOF
• ENCAPSULATED CRAWLSPACE
• LARGE ROOMS
• OVER AN ACRE LOT
• TWO WELLS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $-99 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $216k (6.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $189k (18.0% below list).
• Recommended offer: $189k (18.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 63/100 on livability (#400 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: crime C-, schools D+, amenities F.
• Gates County Schools (rural): math 28% / reading 42% proficiency, ranked #129 of 178 in NC (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 7 active listings in the ZIP; 14 units permitted in Gates County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($2k loan paydown + $2k appreciation (0.8% local appreciation)).
• Gates County population projected at -33% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 9y 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 $60k; list at $230k implies a 283% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $188,627 (18.0% 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. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.82% ✗
• Cap rate: 5.78%
• Cash-on-cash: -1.84%
• DSCR: 0.92
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

0.75% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.5%
• Equity multiple: 0.93×
• Total profit: $-4,772
• Equity at exit: $75,486

10-year hold

• IRR: 3.6%
• Equity multiple: 1.43×
• Total profit: $27,610
• Equity at exit: $98,036

Cash invested: $64,372 (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 27938

• Home prices YoY: 0.4%
• Active inventory: 7
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,886 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,448/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$396
• Net cashflow: $-99

Break-even live

Break-even rent $2,011

Max offer price $215,628

Occupancy floor —

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $229,900 Active 6 DOM
2. 2026-06-17
   days on market $229,900 Active 5 DOM
3. 2026-06-16
   days on market $229,900 Active 4 DOM
4. 2026-06-15
   days on market $229,900 Active 3 DOM
5. 2026-06-13
   pricedays on marketlisting id $229,900 Active 1 DOM
6. 2026-06-09
   days on market $235,000 Active 21 DOM
7. 2026-06-08
   days on market $235,000 Active 20 DOM
8. 2026-06-07
   days on market $235,000 Active 19 DOM
9. 2026-06-05
   days on market $235,000 Active 16 DOM
10. 2026-06-03
    days on market $235,000 Active 15 DOM
11. 2026-06-02
    days on market $235,000 Active 14 DOM
12. 2026-06-01
    days on market $235,000 Active 13 DOM
13. 2026-05-31
    days on market $235,000 Active 12 DOM
14. 2026-05-20
    listed $235,000 Active
15. 2018-01-30
    soldstatus $60,000 220-char remark

    Show marketing remark (220 chars)

    Calling all investors. .. All brick ranch, newer double pane windows and boiler heating unit. Large covered porch, oversized 2 car det-garage with power, spacious tiled baths, hard wood floors throughout. Original owner.

16. 2017-10-06
    listed $60,000 220-char remark

    Show marketing remark (220 chars)

    Calling all investors. .. All brick ranch, newer double pane windows and boiler heating unit. Large covered porch, oversized 2 car det-garage with power, spacious tiled baths, hard wood floors throughout. Original owner.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 8/10 Severe 7 d/yr ≥108°F today · 17 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,635
• − Mortgage interest: −$12,878
• − Property taxes: −$3,448
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,811
• − Management: −$1,811
• − Depreciation: −$6,688
• Taxable loss: −$5,150
• Est. tax savings @ 24.0%: +$1,236
• After-tax cash flow: $52/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: Gates County Schools
• NCES district ID: 3701680
• Math proficiency: 28% ▼ -11.00%
• Reading proficiency: 42% ▲ 2.00%
• Median HH income: $47,737
• Composite: 30.08/100
• National rank: #6345
• State rank: #129 of 178 in NC

Livability — Gatesville

• Score: 63/100
• State rank: #400
• US rank: #15297

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 1,863

Population outlook (Gates County) Hauer SSP2

• Today (2025): 10,225 people
• By 2030: 9,543 · -6.7%
• By 2040: 8,136 · -20.4%
• By 2050: 6,808 · -33.4%
• By 2075: 5,045 · -50.7%
• By 2100: 4,589 · -55.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 51% White 42% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 92% English-only · Spanish 8%

Political lean MEDSL · Gates

• 2024 margin: Strong R (+21.7) · D 38.7% · R 60.4%
• 2008→2024 swing: -26.9pp toward R · 2008: 5.2pp · 2024: -21.7pp
• All cycles: 2024: R+21.7 2020: R+13.8 2016: R+9.0 2012: D+4.0 2008: D+5.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.75%
• Current HPI: 178.4598
• 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

+291.7% since first listed

3 events — show timeline

• 2026-05-20 Listed $235,000 FSBO.com
• 2018-01-30 Sold (MLS) $60,000 Hive MLS
• 2017-10-06 Listed $60,000 Hive MLS