1214 Pee Dee Ave · Albemarle, NC 28001

$144,900

6 bd · 4.5 ba · 2,406 sqft · SingleFamily · 439 Days on market

Built 1940 0.32 ac lot ↓ 3% since listing

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Why this score? — see what drove the C+ 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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Here is a blank slate waiting for you in Albemarle! The property was formerly zoned GHB and had been converted into commercial and apartment use. It has recently been rezoned RO which allows residential or office use in the space. The building has been gutted and is ready to be repurposed. The City is in the process of approving proposed plans for a quadplex.

Key facts

• Rezoned ro
• Gutted building
• 0.32 acre lot

Tags

• REZONED RO
• GUTTED BUILDING
• PROPOSED PLANS FOR QUADPLEX

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Detached/attached garage present (2 garage spaces); Driveway; Garage faces rear; Basement with garage door and interior entry
• Utilities: City water; Public sewer
• Home design: Single-family residence (residential); Site-built construction; One and one-half levels; Brick exterior
• Construction: Site-built construction with full brick exterior; Basement foundation (unfinished); Basement includes garage door and interior entry
• Exterior features: Lot approximately 0.32 acre; Asphalt-paved, publicly maintained road access

Interior

• Kitchen: No appliances listed
• Bedrooms: Six bedrooms total — four on the main level and two on the upper level
• Bathrooms: Four full bathrooms and one half bathroom
• Heating & cooling: No heating listed; No cooling listed
• Interior features: One room count (informal living/bonus space indicated)
• Laundry & utility: No laundry features listed

What this means for you Summary

Snapshot

• This is a 6-bed/4.5-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $352 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.3% in Albemarle — 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 68/100 on livability (#167 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D-, crime D-, amenities F.
• Stanly County Schools (rural): math 38% / reading 42% proficiency, ranked #113 of 178 in NC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 277 active listings in the ZIP; 367 units permitted in Stanly County in 2024 (0 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 $4k of value loss. Plan a longer hold.
• Stanly County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 439 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $127,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 439 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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: 1.18% ✓
• Cap rate: 9.21%
• Cash-on-cash: 10.41%
• DSCR: 1.46
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $315,186
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1101 Pee Dee Ave	0.14mi	5/3.0 (-1)	2,694 (+12%)	8mo	$310,000	$115	56
609 Montgomery Ave	0.58mi	5/2.0 (-1)	2,143 (-11%)	6mo	$280,000	$131	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.7%
• Equity multiple: 0.97×
• Total profit: $-1,027
• Equity at exit: $21,605

10-year hold

• IRR: 9.0%
• Equity multiple: 1.69×
• Total profit: $28,089
• Equity at exit: $12,528

Cash invested: $40,572 (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 28001

• Home prices YoY: -33.1%
• Active inventory: 277
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,713 medium
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,174/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$360
• Net cashflow: $352

Break-even live

Break-even rent $1,268

Max offer price $144,900

Occupancy floor 74%

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: $36,225
• Closing costs: $4,347
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $144,900 Active 439 DOM
2. 2026-06-17
   days on market $144,900 Active 438 DOM
3. 2026-06-16
   days on market $144,900 Active 437 DOM
4. 2026-06-15
   days on market $144,900 Active 436 DOM
5. 2026-06-13
   days on market $144,900 Active 434 DOM
6. 2026-06-09
   days on market $144,900 Active 430 DOM
7. 2026-06-08
   days on market $144,900 Active 429 DOM
8. 2026-06-07
   days on market $144,900 Active 428 DOM
9. 2026-06-04
   days on market $144,900 Active 425 DOM
10. 2026-06-03
    days on market $144,900 Active 424 DOM
11. 2026-06-02
    days on market $144,900 Active 423 DOM
12. 2026-06-01
    days on market $144,900 Active 422 DOM
13. 2026-05-31
    days on market $144,900 Active 421 DOM
14. 2026-03-23
    price $144,900
15. 2025-04-05
    listed $149,900 Active

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

Taxation est. · year 1

• Rental income: $20,559
• − Mortgage interest: −$8,117
• − Property taxes: −$2,174
• − Insurance: −$724
• − Repairs & maintenance: −$1,645
• − Management: −$1,645
• − Depreciation: −$4,215
• Taxable income: $2,040
• Est. tax owed @ 24.0%: −$490
• After-tax cash flow: $3,736/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: Stanly County Schools
• NCES district ID: 3704320
• Math proficiency: 38% ▼ -1.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $43,802
• Composite: 33.9/100
• National rank: #5343
• State rank: #113 of 178 in NC

Livability — Albemarle

• Score: 68/100
• State rank: #167
• US rank: #8957

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albemarle, NC
• City population: 26,187
• Population (ZIP): 26,187

Population outlook (Stanly County) Hauer SSP2

• Today (2025): 60,082 people
• By 2030: 59,485 · -1.0%
• By 2040: 57,407 · -4.5%
• By 2050: 54,051 · -10.0%
• By 2075: 45,384 · -24.5%
• By 2100: 34,694 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 15% Hispanic / Latino 5% Two or more races 3% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 3% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 2% Vietnamese 1%

Political lean MEDSL · Stanly

• 2024 margin: Solid R (+50.9) · D 24.2% · R 75.1%
• 2008→2024 swing: -14.2pp toward R · 2008: -36.7pp · 2024: -50.9pp
• All cycles: 2024: R+50.9 2020: R+51.1 2016: R+50.2 2012: R+40.4 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.68%
• Current HPI: 221.8601
• 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

-3.3% since first listed

2 events — show timeline

• 2026-03-23 Price Changed $144,900 CANOPYMLS as Distributed by MLS Grid
• 2025-04-05 Listed $149,900 CANOPYMLS as Distributed by MLS Grid