408 S Starr St · Dallas, NC 28034

$238,499

2 bd · 1.0 ba · 696 sqft · SingleFamily public records · 78 Days on market

Built 1967 0.26 ac lot

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +6.0/30.0
• Schools +3.6/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +1.1/5.0
• DSCR +0.4/10.0
• 1% rule +0.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Two homes and additional vacant lot on one parcel. Great investment to leave tenants as is or renovate and lease again. Total current rents are $1270.00 per month. Current leases on each home are until 1/31/2024. A third home can possibly be built on the vacant lot. Homes are sold together as-is. Square footage totals and room totals are listed as collective for all homes. 406 S Starr is the vacant lot. 408 S Starr is currently heated by space heaters but current owner is adding electric baseboard heating to this home prior to closing. 410 S Starr is heated by gas furnace and recently has had new windows. Refrigerator and Stove in each home belong to the tenants. There is a new build across the street and multiple new builds in the same neighborhood. The home beside this property is also available under MLS#4010007 Please Do Not Disturb Tenants.

Key facts

• 0.26 acre lot
• Built 1967
• Listed 77 days

Property features AI

Finance

• Other: 2 total units (each unit listed as 2-bedroom); Lot size approximately 0.26 acres
• Financial info: Tenant pays all utilities; Owner pays none (multi-family financial info)
• HOA & community: No HOA; Pets allowed

Exterior

• Parking: Driveway (no main-level garage)
• Utilities: City water; Public sewer
• Home design: Duplex (residential income property); Zoned RMF (R1)
• Construction: Site-built wood construction; Slab foundation
• Exterior features: Concrete and paved roads; Publicly maintained road

Interior

• Kitchen: No appliances specified
• Bedrooms: 4 bedrooms total
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Natural gas heating; Window unit(s) for cooling
• Interior features: No built-in appliances listed
• Laundry & utility: Washer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $238k.

Deal economics

• At list price, monthly cash flow is $-522 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (38.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $126k (47.1% below list).
• Recommended offer: $126k (47.1% below list) — sets the bar for 1% rule.
• Cap rate 4.0% vs local median 5.3% in Dallas — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 65/100 on livability (#299 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D, amenities F, commute F.
• Gaston County Schools (suburban): math 44% / reading 42% proficiency, ranked #93 of 178 in NC (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents falling (-5.5%/yr); 94 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,069 units permitted in Gaston County in 2024 (142 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Gaston County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $195k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,108 (47.1% 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 78 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
3. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.53% ✗
• Cap rate: 4.00%
• Cash-on-cash: -8.19%
• DSCR: 0.64
• GRM: 15.8

CMA / ARV

• ARV (on-the-fly): $117,624
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 S Spargo St	0.23mi	2/1.0	720 (+3%)	17mo	$177,500	$247	69
202 S Rhyne St	0.37mi	2/1.0	672 (-3%)	23mo	$110,000	$164	58
314 S Holland St	0.62mi	2/1.0	739 (+6%)	5mo	$175,000	$237	57
415 S Maple St S	0.72mi	2/1.0	749 (+8%)	0mo	$80,500	$107	54
501 S Hoyle St	0.38mi	3/1.0 (+1)	768 (+10%)	14mo	$130,000	$169	48

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

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -36.0%
• Equity multiple: -0.13×
• Total profit: $-75,648
• Equity at exit: $35,561

10-year hold

• IRR: -69.7%
• Equity multiple: -0.85×
• Total profit: $-123,210
• Equity at exit: $20,621

Cash invested: $66,780 (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 28034

• Home prices YoY: -24.6%
• Rents YoY: -5.5%
• Active inventory: 94
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $1,261 medium
• Mortgage (P&I): −$1,251
• Tax from tax record: −$102 /mo · $1,220/yr
• Insurance: −$99
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $-522

Break-even live

Break-even rent $1,922

Max offer price $146,292

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: $59,625
• Closing costs: $7,155
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
203 E Webb St Dallas, NC	1.0	1.0	625	$825	$1.32	21d	1	0.44mi

Listing history 23 events

1. 2026-06-18
   days on market $238,499 Active 78 DOM
2. 2026-06-17
   days on market $238,499 Active 77 DOM
3. 2026-06-16
   days on market $238,499 Active 76 DOM
4. 2026-06-15
   days on market $238,499 Active 75 DOM
5. 2026-06-13
   days on market $238,499 Active 73 DOM
6. 2026-06-09
   days on market $238,499 Active 69 DOM
7. 2026-06-08
   days on market $238,499 Active 68 DOM
8. 2026-06-07
   days on market $238,499 Active 67 DOM
9. 2026-06-04
   days on market $238,499 Active 64 DOM
10. 2026-06-03
    days on market $238,499 Active 63 DOM
11. 2026-06-02
    days on market $238,499 Active 62 DOM
12. 2026-06-02
    remarks 689-char remark
13. 2026-06-02
    price $238,499 Active 61 DOM
14. 2026-06-01
    days on market $239,999 Active 61 DOM
15. 2026-05-31
    days on market $239,999 Active 60 DOM
16. 2026-04-02
    listed $239,999 Active
17. 2026-03-22
    historical $239,999
18. 2023-05-11
    soldstatus $195,000 Closed 867-char remark

    Show marketing remark (867 chars)

    Two homes and additional vacant lot on one parcel. Great investment to leave tenants as is or renovate and lease again. Total current rents are $1270.00 per month. Current leases on each home are until 1/31/2024. A third home can possibly be built on the vacant lot. Homes are sold together as-is. Square footage totals and room totals are listed as collective for all homes. 406 S Starr is the vacant lot. 408 S Starr is currently heated by space heaters but current owner is adding electric baseboard heating to this home prior to closing. 410 S Starr is heated by gas furnace and recently has had new windows. Refrigerator and Stove in each home belong to the tenants. There is a new build across the street and multiple new builds in the same neighborhood. The home beside this property is also available under MLS#4010007 Please Do Not Disturb Tenants.

19. 2023-05-11
    soldstatus $195,000

    Show marketing remark (867 chars)

    Two homes and additional vacant lot on one parcel. Great investment to leave tenants as is or renovate and lease again. Total current rents are $1270.00 per month. Current leases on each home are until 1/31/2024. A third home can possibly be built on the vacant lot. Homes are sold together as-is. Square footage totals and room totals are listed as collective for all homes. 406 S Starr is the vacant lot. 408 S Starr is currently heated by space heaters but current owner is adding electric baseboard heating to this home prior to closing. 410 S Starr is heated by gas furnace and recently has had new windows. Refrigerator and Stove in each home belong to the tenants. There is a new build across the street and multiple new builds in the same neighborhood. The home beside this property is also available under MLS#4010007 Please Do Not Disturb Tenants.

20. 2023-04-05
    status Pending 867-char remark

    Show marketing remark (867 chars)

    Two homes and additional vacant lot on one parcel. Great investment to leave tenants as is or renovate and lease again. Total current rents are $1270.00 per month. Current leases on each home are until 1/31/2024. A third home can possibly be built on the vacant lot. Homes are sold together as-is. Square footage totals and room totals are listed as collective for all homes. 406 S Starr is the vacant lot. 408 S Starr is currently heated by space heaters but current owner is adding electric baseboard heating to this home prior to closing. 410 S Starr is heated by gas furnace and recently has had new windows. Refrigerator and Stove in each home belong to the tenants. There is a new build across the street and multiple new builds in the same neighborhood. The home beside this property is also available under MLS#4010007 Please Do Not Disturb Tenants.

21. 2023-03-14
    listed $210,000 Active 867-char remark

    Show marketing remark (867 chars)

    Two homes and additional vacant lot on one parcel. Great investment to leave tenants as is or renovate and lease again. Total current rents are $1270.00 per month. Current leases on each home are until 1/31/2024. A third home can possibly be built on the vacant lot. Homes are sold together as-is. Square footage totals and room totals are listed as collective for all homes. 406 S Starr is the vacant lot. 408 S Starr is currently heated by space heaters but current owner is adding electric baseboard heating to this home prior to closing. 410 S Starr is heated by gas furnace and recently has had new windows. Refrigerator and Stove in each home belong to the tenants. There is a new build across the street and multiple new builds in the same neighborhood. The home beside this property is also available under MLS#4010007 Please Do Not Disturb Tenants.

22. 2019-12-06
    soldstatus $170,000
23. 1989-05-01
    soldstatus $129,000

ⓘ 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: $1,220 · $102/mo
• Projected year-2 tax: $1,956 · $163/mo
• Expected delta: +$736/yr (+$61/mo · 60.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥104°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% 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: $15,133
• − Mortgage interest: −$13,360
• − Property taxes: −$1,220
• − Insurance: −$1,990
• − Repairs & maintenance: −$1,211
• − Management: −$1,211
• − Depreciation: −$6,938
• Taxable loss: −$10,796
• Est. tax savings @ 24.0%: +$2,591
• After-tax cash flow: $-3,672/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: Gaston County Schools
• NCES district ID: 3701620
• Math proficiency: 44% ▲ 4.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $43,644
• Composite: 36.39/100
• National rank: #4680
• State rank: #93 of 178 in NC

Livability — Dallas

• Score: 65/100
• State rank: #299
• US rank: #12509

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dallas, NC
• County: Gaston County · 201,497 people
• City population: 18,979
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 18,979
• Household income: $62,083
• Rent vs Own: 25.4% rent · 74.6% own
• Severe rent burden: 383.0

Population outlook (Gaston County) Hauer SSP2

• Today (2025): 230,027 people
• By 2030: 237,300 · +3.2%
• By 2040: 249,659 · +8.5%
• By 2050: 257,806 · +12.1%
• By 2075: 272,163 · +18.3%
• By 2100: 268,652 · +16.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Black 16% Hispanic / Latino 9% Two or more races 6% Native American 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Slovak 2% Serbian 2% Italian 1%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 94% English-only · Spanish 5%

Political lean MEDSL · Gaston

• 2024 margin: Strong R (+25.0) · D 37.0% · R 62.1%
• 2008→2024 swing: 0.0pp no change · 2008: -25.0pp · 2024: -25.0pp
• All cycles: 2024: R+25.0 2020: R+27.8 2016: R+32.1 2012: R+25.6 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.58%
• Current HPI: 241.4021
• Rent YoY: ▼ -5.47%
• 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

+86.0% since first listed

8 events — show timeline

• 2026-04-02 Listed $239,999 CANOPYMLS as Distributed by MLS Grid
• 2026-03-22 Coming Soon $239,999 CANOPYMLS as Distributed by MLS Grid
• 2023-05-11 Sold (Public Records) $195,000 Public Records
• 2023-05-11 Sold (MLS) $195,000 CANOPYMLS as Distributed by MLS Grid
• 2023-04-05 Pending — CANOPYMLS as Distributed by MLS Grid
• 2023-03-14 Listed $210,000 CANOPYMLS as Distributed by MLS Grid
• 2019-12-06 Sold (Public Records) $170,000 Public Records
• 1989-05-01 Sold (Public Records) $129,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,220 · +1.7% YoY. Source: county tax records.