120 W Steele St · Salisbury, NC 28144

$75,000

None bd · None ba · 1,128 sqft · MultiFamily public records · 26 Days on market

Built 1950 7,405 sqft lot

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Multiple Offers Received - BEST OFFERS DUE MONDAY, 11/11, AT 10:00 AM! ATTENTION INVESTORS! This property currently features a duplex layout with each unit offering 1 bedroom and 1 bath. The structure is in need of extensive repairs due to significant termite damage and is considered to be in poor condition. Located in the North Main Historic District, this property presents a range of possibilities—renovate it back into a charming duplex or rebuild it as a single-family home. The choice is yours to tailor this opportunity to fit your needs. Don’t miss out—schedule a visit today!

Key facts

• 7,405 sq ft lot
• Built 1950
• Listed 26 days

What this means for you Summary

Snapshot

• This is a multifamily listed at $75k.

Deal economics

• At list price, monthly cash flow is $925 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.1% vs local median 3.2% in Salisbury — 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 64/100 on livability (#365 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities D-, commute F.
• Rowan-Salisbury Schools (rural): math 26% / reading 35% proficiency, ranked #142 of 178 in NC (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Overton Elementary (math 32% / reading 37%, grade F, #835 of 1,410 statewide, top 62%, 311 students, 95% FRL) — zoned schools average 95% FRL vs 54% district-wide (40 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 291 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Rowan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $50k; list at $75k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — 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 $73,875 (1.5% below list)

Questions for the listing agent

1. Built in 1950 — 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 F-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 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: 2.44% ✓
• Cap rate: 21.09%
• Cash-on-cash: 52.83%
• DSCR: 3.35
• GRM: 3.4

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: 50.9%
• Equity multiple: 3.23×
• Total profit: $46,760
• Equity at exit: $11,183

10-year hold

• IRR: 56.3%
• Equity multiple: 6.56×
• Total profit: $116,661
• Equity at exit: $6,485

Cash invested: $21,000 (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 28144

• Active inventory: 291
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,831 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$97 /mo · $1,169/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $925

Break-even live

Break-even rent $661

Max offer price $75,000

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,830
Total (2 units)			$1,831

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
706 N Main St Salisbury, NC	3.0	2.0	1176	$1,700	$1.45	18d	1	0.17mi
1225 Beard St Salisbury, NC	3.0	2.0	1138	$1,495	$1.31	2d	1	0.62mi
1225 Beard St Salisbury, NC	3.0	2.0	1138	$1,495	$1.31	24d	1	0.62mi
829 Green St Salisbury, NC	3.0	2.0	1250	$1,600	$1.28	24d	1	0.66mi
119 W 15th St Unit 119 Salisbury, NC	2.0	1.5	950	$1,200	$1.26	4d	1	0.67mi
201 E Innes St #204 Salisbury, NC	2.0	2.0	912	$1,650	$1.81	24d	1	0.73mi
1200 Grady St Unit Labs Salisbury, NC	3.0	2.0	1242	$1,395	$1.12	4d	1	0.74mi
821 E Lafayette St Salisbury, NC	2.0	1.0	900	$1,050	$1.17	18d	1	0.74mi
821 E Lafayette St Unit 821 Salisbury, NC	2.0	1.0	900	$1,025	$1.14	4d	1	0.74mi
823 E Lafayette St Unit 1 Salisbury, NC	2.0	1.0	900	$1,025	$1.14	2d	1	0.75mi
823 E Lafayette St Salisbury, NC	2.0	1.0	900	$1,050	$1.17	2d	1	0.75mi
718 Park Ave Salisbury, NC	3.0	2.0	1199	$1,700	$1.42	18d	1	0.77mi
1101 Kenly St Salisbury, NC	3.0	2.0	1026	$1,599	$1.56	24d	1	0.80mi
321 Woodson St Salisbury, NC	1.0–3.0	1.0–2.5	1091	$1,370	$1.26	12d	13	0.83mi
406 Mahaley Ave Apt 1 Salisbury, NC	2.0	1.0	900	$1,195	$1.33	24d	1	1.05mi
304 Mahaley Ave Salisbury, NC	1.0	1.0	950	$900	$0.95	12d	1	1.15mi
711 S Jackson St Unit 102 Salisbury, NC	2.0	1.0	760	$1,250	$1.64	20d	1	1.23mi
322 W McCubbins St Salisbury, NC	2.0	1.0	900	$1,050	$1.17	3d	1	1.29mi
1216 W Horah St Salisbury, NC	1.0	1.0	825	$650	$0.79	16d	1	1.30mi
1216 W Horah St Salisbury, NC	1.0	1.0	825	$600	$0.73	24d	1	1.30mi
1321 W Monroe St Salisbury, NC	1.0	1.0	750	$610	$0.81	22d	1	1.43mi
1321 W Monroe St Salisbury, NC	1.0	1.0	750	$590	$0.79	24d	1	1.43mi
1039 Old Plank Rd Salisbury, NC	2.0	1.0	923	$1,290	$1.40	24d	1	1.48mi

Listing history 11 events

1. 2026-04-25
   status Pending
2. 2026-04-04
   status Active
3. 2026-03-30
   status Pending
4. 2026-03-26
   listed $75,000 Active
5. 2024-11-26
   soldstatus $50,000 Closed 604-char remark

   Show marketing remark (604 chars)

   Multiple Offers Received - BEST OFFERS DUE MONDAY, 11/11, AT 10:00 AM! ATTENTION INVESTORS! This property currently features a duplex layout with each unit offering 1 bedroom and 1 bath. The structure is in need of extensive repairs due to significant termite damage and is considered to be in poor condition. Located in the North Main Historic District, this property presents a range of possibilities—renovate it back into a charming duplex or rebuild it as a single-family home. The choice is yours to tailor this opportunity to fit your needs. Don’t miss out—schedule a visit today!

6. 2024-11-26
   soldstatus $50,000 Closed 604-char remark

   Show marketing remark (604 chars)

   Multiple Offers Received - BEST OFFERS DUE MONDAY, 11/11, AT 10:00 AM! ATTENTION INVESTORS! This property currently features a duplex layout with each unit offering 1 bedroom and 1 bath. The structure is in need of extensive repairs due to significant termite damage and is considered to be in poor condition. Located in the North Main Historic District, this property presents a range of possibilities—renovate it back into a charming duplex or rebuild it as a single-family home. The choice is yours to tailor this opportunity to fit your needs. Don’t miss out—schedule a visit today!

7. 2024-11-15
   status Pending 604-char remark

   Show marketing remark (604 chars)

   Multiple Offers Received - BEST OFFERS DUE MONDAY, 11/11, AT 10:00 AM! ATTENTION INVESTORS! This property currently features a duplex layout with each unit offering 1 bedroom and 1 bath. The structure is in need of extensive repairs due to significant termite damage and is considered to be in poor condition. Located in the North Main Historic District, this property presents a range of possibilities—renovate it back into a charming duplex or rebuild it as a single-family home. The choice is yours to tailor this opportunity to fit your needs. Don’t miss out—schedule a visit today!

8. 2024-11-12
   historical Due Diligence Period 604-char remark

   Show marketing remark (604 chars)

   Multiple Offers Received - BEST OFFERS DUE MONDAY, 11/11, AT 10:00 AM! ATTENTION INVESTORS! This property currently features a duplex layout with each unit offering 1 bedroom and 1 bath. The structure is in need of extensive repairs due to significant termite damage and is considered to be in poor condition. Located in the North Main Historic District, this property presents a range of possibilities—renovate it back into a charming duplex or rebuild it as a single-family home. The choice is yours to tailor this opportunity to fit your needs. Don’t miss out—schedule a visit today!

9. 2024-11-12
   historical Active Under Contract 604-char remark

   Show marketing remark (604 chars)

   Multiple Offers Received - BEST OFFERS DUE MONDAY, 11/11, AT 10:00 AM! ATTENTION INVESTORS! This property currently features a duplex layout with each unit offering 1 bedroom and 1 bath. The structure is in need of extensive repairs due to significant termite damage and is considered to be in poor condition. Located in the North Main Historic District, this property presents a range of possibilities—renovate it back into a charming duplex or rebuild it as a single-family home. The choice is yours to tailor this opportunity to fit your needs. Don’t miss out—schedule a visit today!

10. 2024-11-06
    listed $37,500 Active 604-char remark

    Show marketing remark (604 chars)

    Multiple Offers Received - BEST OFFERS DUE MONDAY, 11/11, AT 10:00 AM! ATTENTION INVESTORS! This property currently features a duplex layout with each unit offering 1 bedroom and 1 bath. The structure is in need of extensive repairs due to significant termite damage and is considered to be in poor condition. Located in the North Main Historic District, this property presents a range of possibilities—renovate it back into a charming duplex or rebuild it as a single-family home. The choice is yours to tailor this opportunity to fit your needs. Don’t miss out—schedule a visit today!

11. 2024-11-06
    listed $37,500 Active 604-char remark

    Show marketing remark (604 chars)

    Multiple Offers Received - BEST OFFERS DUE MONDAY, 11/11, AT 10:00 AM! ATTENTION INVESTORS! This property currently features a duplex layout with each unit offering 1 bedroom and 1 bath. The structure is in need of extensive repairs due to significant termite damage and is considered to be in poor condition. Located in the North Main Historic District, this property presents a range of possibilities—renovate it back into a charming duplex or rebuild it as a single-family home. The choice is yours to tailor this opportunity to fit your needs. Don’t miss out—schedule a visit today!

ⓘ 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: $1,169 · $97/mo
• Projected year-2 tax: $1,169 · $97/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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 14% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,972
• − Mortgage interest: −$4,201
• − Property taxes: −$1,169
• − Insurance: −$375
• − Repairs & maintenance: −$1,758
• − Management: −$1,758
• − Depreciation: −$2,182
• Taxable income: $10,530
• Est. tax owed @ 24.0%: −$2,527
• After-tax cash flow: $8,567/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: Rowan-Salisbury Schools
• NCES district ID: 3704050
• Math proficiency: 26% ▲ 2.00%
• Reading proficiency: 35% ▲ 1.00%
• Median HH income: $43,953
• Composite: 26.01/100
• National rank: #7317
• State rank: #142 of 178 in NC

Livability — Salisbury

• Score: 64/100
• State rank: #365
• US rank: #14533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salisbury, NC
• County: Rowan County · 103,630 people
• City population: 85,081
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 27,977
• Household income: $52,568
• Rent vs Own: 45.3% rent · 54.7% own
• Severe rent burden: 1438.0

Population outlook (Rowan County) Hauer SSP2

• Today (2025): 140,430 people
• By 2030: 140,193 · -0.2%
• By 2040: 137,617 · -2.0%
• By 2050: 131,826 · -6.1%
• By 2075: 115,123 · -18.0%
• By 2100: 92,774 · -33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 49% Black 35% Hispanic / Latino 12% Two or more races 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Serbian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Indo-European 1%

Political lean MEDSL · Rowan

• 2024 margin: Solid R (+35.9) · D 31.6% · R 67.5%
• 2008→2024 swing: -13.1pp toward R · 2008: -22.8pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+35.7 2016: R+36.8 2012: R+26.0 2008: R+22.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -217.00%
• Current HPI: 276.1097
• Rent YoY: —
• 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

+100.0% since first listed

11 events — show timeline

• 2026-04-25 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-04 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-03-30 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-03-26 Listed $75,000 CANOPYMLS as Distributed by MLS Grid
• 2024-11-26 Sold (MLS) $50,000 CANOPYMLS as Distributed by MLS Grid
• 2024-11-26 Sold (MLS) $50,000 Triad MLS
• 2024-11-15 Pending — Triad MLS
• 2024-11-12 Contingent — Triad MLS
• 2024-11-12 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2024-11-06 Listed $37,500 CANOPYMLS as Distributed by MLS Grid
• 2024-11-06 Listed $37,500 Triad MLS

Property tax history

+5.5%/yr

Latest (2025): $1,169 · +0.0% YoY. Source: county tax records.