1218-B Essex St · Gastonia, NC 28052

$110,000

1 bd · 1.0 ba · 792 sqft · SingleFamily public records · 20 Days on market

Built 1960 1.35 ac lot Est $131k · 16% under

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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 +24.2/30.0
• ARV discount +14.8/15.0
• DSCR +7.8/10.0
• 1% rule +5.4/10.0
• Rent growth +3.9/5.0
• Schools +3.6/10.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor opportunity with tons of potential! Situated on approximately 1.35 acres, this home offers a unique opportunity for investors, or builders looking to create value. The property is conveniently located just minutes from Interstate 85 and close to downtown Gastonia, providing easy access to dining and local amenities. The home is in need of renovation and is being sold as-is. In addition to the existing home, there are two additional empty parcels included. This is a court-ordered sale and is subject to a 10-day upset bid period. Please do not disturb the occupants under any circumstances. All showings must be scheduled.

Key facts

• 1.35 acre lot
• Built 1960
• Listed 20 days

Tags

• APPROXIMATELY 1.35 ACRES
• EASY ACCESS TO DINING
• TWO ADDITIONAL EMPTY PARCELS

Property features AI

Finance

• Other: Property has additional parcels; No community amenities listed; No waterfront or horse amenities
• HOA & community: Not subject to HOA dues

Exterior

• Parking: Two open parking spaces; Additional earth parking nearby (easement noted); Other parking details referenced in remarks
• Utilities: Electricity connected; Water listed as: Other (see remarks); Sewer listed as: Other (see remarks)
• Home design: Single-family residence, site-built; One story; RS-8 zoning
• Construction: Vinyl exterior; Composition roof; Crawl space foundation; Site-built construction
• Exterior features: Deck; Front porch; Shed(s); Cleared lot

Interior

• Kitchen: Gas range; Electric water heater
• Bedrooms: 3 bedrooms on the main level
• Flooring: Laminate; Linoleum; Vinyl; Wood
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Floor furnace (natural gas); Central air; Ceiling fans; Window AC units; Electric cooling components
• Interior features: 4 rooms; No additional interior features listed
• Laundry & utility: Laundry described as: Other (see remarks)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $220 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.7% in Gastonia — 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 59/100 on livability (#528 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, amenities 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.
• Zoned schools: Bessemer City Primary (445 students, 99% FRL); Hunter Huss High (math 37% / reading 38%, grade F, #411 of 535 statewide, top 77%, 1,120 students, 80% FRL) — zoned schools average 90% FRL vs 37% district-wide (53 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.6%/yr); 347 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 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 $761 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 22% 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 $108,350 (1.5% below list)

Questions for the listing agent

1. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F 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?
5. 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.
6. 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.
7. 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: 1.04% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.58%
• DSCR: 1.38
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $131,472
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1047 Ridge Ave	0.22mi	2/1.0 (+1)	788 (-0%)	9mo	$72,000	$91	77
1112 Essex Ave	0.14mi	2/1.0 (+1)	830 (+5%)	5mo	$72,000	$87	76
1341 Essex St	0.20mi	2/1.0 (+1)	728 (-8%)	6mo	$178,000	$245	67
700 N Vance St	0.22mi	2/1.0 (+1)	830 (+5%)	18mo	$133,000	$160	62
1420 W Mauney Ave	0.41mi	2/1.0 (+1)	832 (+5%)	10mo	$88,000	$106	60
701 N Scruggs St	0.26mi	2/1.0 (+1)	854 (+8%)	15mo	$83,500	$98	58
1001 N Ransom St	0.43mi	2/1.0 (+1)	863 (+9%)	4mo	$1,600,000	$1,854	57
1221 N Ransom St	0.54mi	2/1.0 (+1)	750 (-5%)	9mo	$170,000	$227	53
1424 Ware Ave	0.36mi	2/1.0 (+1)	736 (-7%)	17mo	$92,500	$126	53
1047 Sycamore Ave	0.42mi	2/1.0 (+1)	721 (-9%)	21mo	$120,000	$166	43
815 Mauney Ave	0.64mi	2/1.0 (+1)	836 (+6%)	20mo	$161,500	$193	39
819 W Rankin Ave	0.71mi	2/1.0 (+1)	894 (+13%)	11mo	$150,000	$168	31

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 · 5.63% rent growth · sell at horizon

5-year hold

• IRR: -0.6%
• Equity multiple: 0.98×
• Total profit: $-712
• Equity at exit: $16,401

10-year hold

• IRR: 11.5%
• Equity multiple: 2.00×
• Total profit: $30,829
• Equity at exit: $9,511

Cash invested: $30,800 (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 28052

• Rents YoY: 5.6%
• Active inventory: 347
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,148 high
• Mortgage (P&I): −$577
• Tax from tax record: −$64 /mo · $772/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$241
• Net cashflow: $220

Break-even live

Break-even rent $870

Max offer price $110,000

Occupancy floor 76%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
710 Glenn St Gastonia, NC	2.0	1.0	800	$1,125	$1.41	23d	1	0.21mi
1027 New Beginnings Ave Gastonia, NC	2.0	1.0	560	$995	$1.78	23d	1	0.36mi
1120 N Ransom St Gastonia, NC	1.0	1.0	624	$1,175	$1.88	2d	1	0.54mi
1665 N Webb St Apt : H Gastonia, NC	2.0	1.0	674	$1,025	$1.52	23d	1	0.61mi
401 N Highland St Gastonia, NC	2.0	2.0	944	$1,471	$1.56	4d	1	0.67mi
1100 Sims Cir Unit C Gastonia, NC	2.0	1.0	842	$1,250	$1.48	23d	1	0.77mi
1301 Sims Cir Unit D Gastonia, NC	1.0	1.0	702	$950	$1.35	12d	1	0.79mi
1321 Sims Cir Unit B Gastonia, NC	2.0	1.0	842	$1,250	$1.48	10d	1	0.80mi
922 Dowd Dr Unit D Gastonia, NC	1.0	1.0	702	$950	$1.35	23d	1	0.82mi
300 S Firestone St Gastonia, NC	1.0	1.0	902	$1,425	$1.58	23d	1	0.89mi
508 Allison Ave Gastonia, NC	2.0	1.0	770	$1,075	$1.40	3d	1	0.94mi
612 W Main Ave Gastonia, NC	1.0	1.0	810	$1,500	$1.85	2d	1	0.96mi
612 W Main Ave Gastonia, NC	1.0	1.0	777	$1,551	$2.00	23d	1	0.96mi
210 S Highland St Unit A Gastonia, NC	1.0	1.0	800	$995	$1.24	16d	1	0.99mi
310 Norment Ave Gastonia, NC	2.0	1.0	691	$995	$1.44	23d	1	1.11mi
408 S Weldon St Gastonia, NC	2.0	1.0	600	$900	$1.50	14d	1	1.12mi
416 S Weldon St Gastonia, NC	2.0	1.0	650	$900	$1.38	14d	1	1.13mi
1201 N York St Gastonia, NC	2.0	1.0	860	$1,300	$1.51	23d	1	1.15mi
403 Digh St Unit A Gastonia, NC	2.0	1.0	675	$900	$1.33	23d	1	1.18mi
1917 Parkdale Ave Gastonia, NC	2.0	1.5	800	$930	$1.16	23d	1	1.24mi
1923 Parkdale Ave Gastonia, NC	2.0	1.5	800	$930	$1.16	23d	1	1.24mi
903 W 6th Avenue B Gastonia, NC	2.0	1.0	1111	$1,450	$1.31	20d	1	1.27mi
610 W 5th Ave Unit 12 Gastonia, NC	2.0	1.0	676	$950	$1.41	23d	1	1.30mi
407 S Chester St Gastonia, NC	2.0	1.5	1060	$1,262	$1.19	3d	2	1.36mi
1632 W 5th Ave Unit C Gastonia, NC	1.0	1.0	580	$1,050	$1.81	23d	1	1.39mi
900 Junius St Unit c Gastonia, NC	2.0	1.5	900	$1,025	$1.14	23d	1	1.40mi
105 Summit St Gastonia, NC	2.0	1.0	894	$995	$1.11	17d	1	1.41mi
2611 Crescent Ln Gastonia, NC	2.0	1.5	930	$1,150	$1.24	23d	1	1.42mi
147 W Main Ave Gastonia, NC	3.0	1.0–2.0	1080	$1,650	$1.53	23d	8	1.44mi
112 Dean St Gastonia, NC	2.0	2.0	882	$1,400	$1.59	23d	1	1.44mi

Listing history 15 events

1. 2026-06-18
   days on market $110,000 Active 20 DOM
2. 2026-06-17
   days on market $110,000 Active 19 DOM
3. 2026-06-16
   days on market $110,000 Active 18 DOM
4. 2026-06-15
   price $110,000 Active 17 DOM
5. 2026-06-15
   days on market $115,000 Active 17 DOM
6. 2026-06-13
   days on market $115,000 Active 15 DOM
7. 2026-06-09
   days on market $115,000 Active 11 DOM
8. 2026-06-08
   days on market $115,000 Active 10 DOM
9. 2026-06-07
   days on market $115,000 Active 9 DOM
10. 2026-06-04
    days on market $115,000 Active 6 DOM
11. 2026-06-03
    days on market $115,000 Active 5 DOM
12. 2026-06-02
    days on market $115,000 Active 4 DOM
13. 2026-06-01
    days on market $115,000 Active 3 DOM
14. 2026-05-31
    days on market $115,000 Active 2 DOM
15. 2026-05-29
    listed $115,000 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: $772 · $64/mo
• Projected year-2 tax: $902 · $75/mo
• Expected delta: +$130/yr (+$11/mo · 16.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,780
• − Mortgage interest: −$6,162
• − Property taxes: −$772
• − Insurance: −$550
• − Repairs & maintenance: −$1,102
• − Management: −$1,102
• − Depreciation: −$3,200
• Taxable income: $891
• Est. tax owed @ 24.0%: −$214
• After-tax cash flow: $2,428/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 — Gastonia

• Score: 59/100
• State rank: #528
• US rank: #19444

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gastonia, NC
• County: Gaston County · 201,497 people
• City population: 114,179
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 36,272
• Household income: $49,643
• Rent vs Own: 45.3% rent · 54.7% own
• Severe rent burden: 1521.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 46% Black 33% Hispanic / Latino 16% Two or more races 9%
• Hispanic origin (detail): Mexican 6% Puerto Rican 2%
• Common ancestry: Serbian 2% Slovak 1% Italian 1%
• Foreign-born: 7% · Canada, Dominican Republic, Jamaica
• Languages at home: 86% English-only · Spanish 13%

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: ▼ -348.71%
• Current HPI: 252.912
• Rent YoY: ▲ 5.63%
• 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

1 event — show timeline

• 2026-05-29 Listed $115,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+18.1%/yr

Latest (2025): $772 · +0.0% YoY. Source: county tax records.