307 S Jacob St · Cherryville, NC 28021

$209,900

2 bd · 2.0 ba · 1,351 sqft · MultiFamily public records · 22 Days on market

Built 1915 0.38 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 +11.2/30.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• DSCR +3.3/10.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Investor special! This well maintained duplex, features separate parking areas for each unit and a large front porch. There is a large eat in kitchen with laundry area. Each unit has one bedroom and one bathroom. Both apartments are occupied. Please Do Not Disturb Tenants without a confirmed showing.

Key facts

• Covered front porch
• Laundry area
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• LAUNDRY AREA
• OFF-ROAD PARKING
• COVERED FRONT PORCH

Property features AI

Finance

• Financial info: Owner pays exterior maintenance; Tenants pay all utilities
• HOA & community: No HOA; Pets allowed with conditions

Exterior

• Parking: Driveway parking for 2 vehicles
• Utilities: City water; Public sewer; Electricity connected
• Home design: Residential income property (duplex)
• Construction: Site-built wood construction; Metal roof; Crawl space foundation; Built as multiple units (2 total units)
• Exterior features: Covered front and rear porches; Level, paved lot; Gravel and paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric range; Exhaust hood
• Bedrooms: 2 total bedrooms (configured as two 1-bedroom units)
• Flooring: Laminate; Linoleum
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heat; Window unit(s) for cooling
• Interior features: Dishwasher; Electric range; Electric water heater; Exhaust hood; Two or more access exits
• Laundry & utility: Electric dryer hookup on main level

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $-81 ($-977/yr) — negative. Per door: $-41/mo.
• To cash-flow at today's rent, offer at most $196k (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (22.4% below list).
• Recommended offer: $163k (22.4% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.4% in Cherryville — 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 74/100 on livability (#59 in NC, #4,744 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety 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: 128 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k 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 22 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y 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 $175k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $162,800 (22.4% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 0.78% ✗
• Cap rate: 5.83%
• Cash-on-cash: -1.66%
• DSCR: 0.93
• GRM: 10.7

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: -19.1%
• Equity multiple: 0.33×
• Total profit: $-39,226
• Equity at exit: $31,297

10-year hold

• IRR: -11.7%
• Equity multiple: 0.30×
• Total profit: $-40,944
• Equity at exit: $18,148

Cash invested: $58,772 (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 28021

• Home prices YoY: -20.8%
• Active inventory: 128
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $1,628 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$179 /mo · $2,152/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $-81

Break-even live

Break-even rent $1,731

Max offer price $195,513

Occupancy floor —

Sensitivity live

Price	-10% $37	-5% $-22	+0% $-81	+5% $-141	+10% $-200
Rent	-10% $-210	-5% $-146	+0% $-81	+5% $-17	+10% $47
Rate	-1.0pp $24	-0.5pp $-28	base $-81	+0.5pp $-136	+1.0pp $-191

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,628
Total (2 units)			$1,628

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 E Old Post Rd Cherryville, NC	3.0	1.0	1000	$1,200	$1.20	25d	1	0.21mi
121 S Depot St Cherryville, NC	2.0	1.5	1150	$1,250	$1.09	12d	1	0.28mi
1200 E Academy St Apt 7 Cherryville, NC	2.0	1.0	932	$1,095	$1.17	3d	1	0.66mi
512 N Mulberry St Cherryville, NC	3.0	2.5	1384	$1,800	$1.30	17d	1	0.79mi
516 North Dr Cherryville, NC	3.0	1.0	1088	$1,295	$1.19	2d	1	1.09mi
1006 Delview Rd Cherryville, NC	3.0	1.0	1090	$1,350	$1.24	2d	1	1.19mi
1465 W Academy St Cherryville, NC	1.0–2.0	1.0	788	$1,225	$1.55	2d	22	1.26mi
207 Ramsey St Cherryville, NC	3.0	1.0	1088	$1,550	$1.42	16d	1	1.31mi

Listing history 15 events

1. 2026-06-21
   days on market $209,900 Active 22 DOM
2. 2026-06-18
   days on market $209,900 Active 19 DOM
3. 2026-06-17
   days on market $209,900 Active 18 DOM
4. 2026-06-16
   days on market $209,900 Active 17 DOM
5. 2026-06-15
   days on market $209,900 Active 16 DOM
6. 2026-06-13
   days on market $209,900 Active 14 DOM
7. 2026-06-09
   days on market $209,900 Active 10 DOM
8. 2026-06-08
   days on market $209,900 Active 9 DOM
9. 2026-06-07
   days on market $209,900 Active 8 DOM
10. 2026-06-04
    days on market $209,900 Active 5 DOM
11. 2026-06-03
    days on market $209,900 Active 4 DOM
12. 2026-06-02
    days on market $209,900 Active 3 DOM
13. 2026-06-01
    days on market $209,900 Active 2 DOM
14. 2026-05-31
    remarks 400-char remark
15. 2026-05-31
    listed $209,900 Active 1 DOM

ⓘ 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: $2,152 · $179/mo
• Projected year-2 tax: $2,152 · $179/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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 5% 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: $19,536
• − Mortgage interest: −$11,758
• − Property taxes: −$2,152
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,563
• − Management: −$1,563
• − Depreciation: −$6,106
• Taxable loss: −$4,655
• Est. tax savings @ 24.0%: +$1,117
• After-tax cash flow: $140/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 — Cherryville

• Score: 74/100
• State rank: #59
• US rank: #4744

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cherryville, NC
• Population (ZIP): 13,668

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 (90%)
• Race & ethnicity: White 90% Hispanic / Latino 4% Two or more races 4% Black 3%
• Common ancestry: Serbian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

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: ▼ -77.53%
• Current HPI: 294.7695
• 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

+346.6% since first listed

18 events — show timeline

• 2026-05-30 Listed $209,900 CANOPYMLS as Distributed by MLS Grid
• 2025-06-27 Listed $199,900 CANOPYMLS as Distributed by MLS Grid
• 2023-06-29 Sold (Public Records) $175,000 Public Records
• 2023-06-28 Sold (MLS) $175,000 CANOPYMLS as Distributed by MLS Grid
• 2023-05-25 Pending — CANOPYMLS as Distributed by MLS Grid
• 2023-04-28 Price Changed $185,000 CANOPYMLS as Distributed by MLS Grid
• 2023-04-03 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2022-11-12 Pending — CANOPYMLS as Distributed by MLS Grid
• 2022-10-10 Price Changed $189,900 CANOPYMLS as Distributed by MLS Grid
• 2022-07-09 Price Changed $650 RENT.
• 2022-06-30 Price Changed $192,500 CANOPYMLS as Distributed by MLS Grid
• 2022-05-17 Listed $199,900 CANOPYMLS as Distributed by MLS Grid
• 2020-04-30 Sold (Public Records) $110,000 Public Records
• 2020-04-30 Sold (MLS) $110,000 CANOPYMLS as Distributed by MLS Grid
• 2020-03-02 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2020-02-09 Listed $129,900 CANOPYMLS as Distributed by MLS Grid
• 2014-01-08 Price Changed $39,900 CANOPYMLS as Distributed by MLS Grid
• 2007-04-13 Sold (Public Records) $47,000 Public Records

Property tax history

+11.0%/yr

Latest (2025): $2,152 · +0.0% YoY. Source: county tax records.