2100 Airport Rd · Salisbury, NC 28147

$199,000

4 bd · 2.0 ba · 1,536 sqft · MultiFamily public records · 6 Days on market

Built 1978 0.50 ac lot

---

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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +5.3/10.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• Schools +2.6/10.0
• 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

2 BEDROOM/1 BATH DUPLEX LOCATED IN THE WEST ROWAN AREA OF ROWAN COUNTY. LOCATED ON THE CORNER OF AIRPORT RD. AND OVERBROOK RD. NEW WELL INSTALLED RECENTLY. BOTH UNITS ARE OCCUPIED AND RENTED FOR $1000.00 PER UNIT. ALL VIEWINGS WILL HAVE TO BE SCHEDULED THROUGH OUR OFFICE AND SET UP WITH THE TENANTS. PATIENCE WILL BE NECESSARY IN THIS PROCESS. IT MAY NOT BE POSSIBLE TO VIEW BOTH UNITS AT THE SAME DAY & TIME. PICTURES SHOW ONE UNIT VACANT BUT THIS IS WAS PRIOR TO THE UNIT BEING RENTED.

Key facts

• West rowan area
• Corner of airport rd
• New well installed

Tags

• WEST ROWAN AREA
• CORNER OF AIRPORT RD
• NEW WELL INSTALLED

Property features AI

Finance

• Financial info: Owner pays exterior maintenance, trash collection, and water; Tenants pay electricity
• HOA & community: No HOA

Exterior

• Parking: Parking lot
• Utilities: Well water; Septic system
• Home design: Residential income duplex; Site-built construction; Vinyl exterior; Crawl space foundation
• Construction: Site-built; Vinyl siding; Crawl space foundation
• Exterior features: Concrete and paved roads; Publicly maintained road

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: 4 bedrooms (total); Two 1-bedroom units
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric heating; Wall units; Window units
• Interior features: Electric heating; Wall and window cooling units; Electric oven; Refrigerator; Mud room
• Laundry & utility: Mud room (laundry area)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $448 ($5k/yr) — positive. Per door: $224/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Cap rate 9.0% 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: Hurley Elementary (math 12% / reading 22%, grade F, #1,287 of 1,410 statewide, top 93%, 518 students, 94% FRL); West Rowan High (math 27% / reading 40%, grade F, #436 of 535 statewide, top 82%, 1,113 students, 56% FRL) — zoned schools average 75% FRL vs 54% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.9%/yr); 186 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).
• This rent runs 38% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Rowan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 15y 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 $115k; list at $199k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $199,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 1.03% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.64%
• DSCR: 1.43
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.85% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.89×
• Total profit: $-6,174
• Equity at exit: $29,672

10-year hold

• IRR: 5.5%
• Equity multiple: 1.39×
• Total profit: $21,542
• Equity at exit: $17,206

Cash invested: $55,720 (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 28147

• Home prices YoY: -18.4%
• Rents YoY: 1.9%
• Active inventory: 186
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $2,056 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$50 /mo · $600/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $448

Break-even live

Break-even rent $1,489

Max offer price $199,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,056
Total (2 units)			$2,056

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
233 Village Creek Way Salisbury, NC	3.0	2.5	1400	$1,495	$1.07	17d	1	0.17mi
243 Village Creek Way Salisbury, NC	3.0	2.5	1400	$1,495	$1.07	12d	1	0.18mi
124 Village Creek Way Salisbury, NC	3.0	2.5	1400	$1,495	$1.07	23d	1	0.18mi
1010 Gibson Rd Salisbury, NC	3.0	2.5	1857	$2,400	$1.29	23d	1	1.03mi

Listing history 6 events

1. 2026-06-18
   days on market $199,000 Active 6 DOM
2. 2026-06-17
   days on market $199,000 Active 5 DOM
3. 2026-06-16
   days on market $199,000 Active 4 DOM
4. 2026-06-15
   days on market $199,000 Active 3 DOM
5. 2026-06-13
   remarks 490-char remark
6. 2026-06-13
   listed $199,000 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: $600 · $50/mo
• Projected year-2 tax: $1,632 · $136/mo
• Expected delta: +$1,032/yr (+$86/mo · 171.9%)

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 9% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,672
• − Mortgage interest: −$11,147
• − Property taxes: −$600
• − Insurance: −$995
• − Repairs & maintenance: −$1,974
• − Management: −$1,974
• − Depreciation: −$5,789
• Taxable income: $2,193
• Est. tax owed @ 24.0%: −$526
• After-tax cash flow: $4,846/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

• County: Rowan County · 103,630 people
• City population: 85,081
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 25,812
• Household income: $65,060
• Rent vs Own: 37.4% rent · 62.6% own
• Severe rent burden: 1025.0

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 0.61)
• Race & ethnicity: White 56% Black 21% Hispanic / Latino 17% Two or more races 8% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 10% Cuban 1%
• Common ancestry: Serbian 3% Slovak 1% Italian 1%
• Foreign-born: 10% · Canada
• Languages at home: 85% English-only · Spanish 14% German/W. Germanic 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: ▼ -60.00%
• Current HPI: 265.9739
• Rent YoY: ▲ 1.85%
• 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

+460.6% since first listed

10 events — show timeline

• 2026-06-12 Listed $199,000 CANOPYMLS as Distributed by MLS Grid
• 2025-06-25 Listed $225,000 CANOPYMLS as Distributed by MLS Grid
• 2023-03-29 Price Changed $215,000 CANOPYMLS as Distributed by MLS Grid
• 2022-12-08 Listed $225,000 CANOPYMLS as Distributed by MLS Grid
• 2021-03-24 Sold (Public Records) $115,000 Public Records
• 2019-11-19 Price Changed $115,000 CANOPYMLS as Distributed by MLS Grid
• 2016-10-12 Sold (Public Records) $58,500 Public Records
• 2012-01-20 Sold (MLS) $30,000 CANOPYMLS as Distributed by MLS Grid
• 2012-01-05 Delisted — CANOPYMLS as Distributed by MLS Grid
• 2011-12-08 Listed $35,500 CANOPYMLS as Distributed by MLS Grid

Property tax history

-0.0%/yr

Latest (2025): $600 · +3.0% YoY. Source: county tax records.