453 Parker Cir · Norwood, NC 28128

$155,000

2 bd · 1.0 ba · 864 sqft · SingleFamily public records · 265 Days on market

Built 1955 0.58 ac lot Est $257k · 40% under

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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 +22.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +4.9/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very quaint bungalow located on a quiet street near Lake Tillery in Norwood, NC. 2 bedrooms with spacious closets. one good sized bath room. Large comfortable living room with direct entrance to kitchen..Has window unit A/C in dining area that cools the house quite well. The utility room has washer-dryer hook up and a freezer that will stay with the house. Has plenty of room for man-cave, or children's room. The unique heating source is a very efficient MPI brand electronic kerosene space unit. Most of floor is hardwood in excellent condition. Some of flooring under carpet is also wood, that was covered for warmth. Also has huge rear yard with storage building. Plenty of room for play or entertaining. Just a short hop to the inviting waters of Lake Tillery and Morrow Mtn, Park. Also Norwood has a magnificent town park a short distance away. Sellers parents lived in home, and is being sold as-is. GREAT DEAL/

Key facts

• Hvac
• Newer roof
• Bungalow

Tags

• BUNGALOW
• NEAR THE LAKE
• UPGRADED
• NEWER ROOF
• HVAC
• ELECTRICAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $261 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (1.2% below list).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 2.9% in Norwood — 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 63/100 on livability (#410 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment D-.
• 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.
• Zoned schools: Norwood Elementary (math 27% / reading 32%, grade F, #975 of 1,410 statewide, top 71%, 342 students, 99% FRL); South Stanly High (math 47% / reading 52%, grade D, #311 of 535 statewide, top 60%, 442 students, 48% FRL) — zoned schools average 74% FRL vs 46% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 100 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $5k 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 265 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $25k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $155k implies a 172% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 265 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 1955 — 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 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. 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.
7. 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.
8. 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: 0.99% ✗
• Cap rate: 8.32%
• Cash-on-cash: 7.23%
• DSCR: 1.32
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $257,472
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
453 Parker Cir	0.00mi	2/1.0	992 (+15%)	1mo	$159,900	$161	75
129 Lilly St	0.57mi	3/1.0 (+1)	756 (-12%)	24mo	$225,000	$298	28

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: -5.3%
• Equity multiple: 0.80×
• Total profit: $-8,521
• Equity at exit: $23,111

10-year hold

• IRR: 4.4%
• Equity multiple: 1.32×
• Total profit: $13,804
• Equity at exit: $13,402

Cash invested: $43,400 (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 28128

• Home prices YoY: -24.2%
• Active inventory: 100
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,531 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$71 /mo · $852/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$322
• Net cashflow: $261

Break-even live

Break-even rent $1,200

Max offer price $155,000

Occupancy floor 78%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
426 Atkins Ave Norwood, NC	3.0	1.0	960	$1,500	$1.56	12d	1	0.74mi
409 Eastover Ave Norwood, NC	3.0	1.0	1064	$1,550	$1.46	2d	1	0.79mi
409 Eastover Ave Norwood, NC	3.0	1.0	1064	$1,550	$1.46	12d	1	0.79mi

Listing history 17 events

1. 2026-04-17
   status Pending
2. 2026-04-16
   price $155,000
3. 2026-02-17
   price $159,900
4. 2025-12-12
   price $164,900
5. 2025-09-23
   price $169,900
6. 2025-08-19
   price $175,000
7. 2025-08-19
   price $165,000
8. 2025-07-24
   listed $179,900 Active
9. 2024-04-30
   price $162,000
10. 2024-03-26
    price $172,000
11. 2024-02-09
    price $174,000
12. 2024-01-16
    price $179,000
13. 2023-12-14
    listed $185,000 Active
14. 2020-10-01
    soldstatus $57,000 Closed 933-char remark

    Show marketing remark (933 chars)

    Very quaint bungalow located on a quiet street near Lake Tillery in Norwood, NC. 2 bedrooms with spacious closets. one good sized bath room. Large comfortable living room with direct entrance to kitchen..Has window unit A/C in dining area that cools the house quite well. The utility room has washer-dryer hook up and a freezer that will stay with the house. Has plenty of room for man-cave, or children's room. The unique heating source is a very efficient MPI brand electronic kerosene space unit. Most of floor is hardwood in excellent condition. Some of flooring under carpet is also wood, that was covered for warmth. Also has huge rear yard with storage building. Plenty of room for play or entertaining. Just a short hop to the inviting waters of Lake Tillery and Morrow Mtn, Park. Also Norwood has a magnificent town park a short distance away. Sellers parents lived in home, and is being sold as-is. GREAT DEAL/

15. 2020-10-01
    soldstatus $57,000

    Show marketing remark (933 chars)

    Very quaint bungalow located on a quiet street near Lake Tillery in Norwood, NC. 2 bedrooms with spacious closets. one good sized bath room. Large comfortable living room with direct entrance to kitchen..Has window unit A/C in dining area that cools the house quite well. The utility room has washer-dryer hook up and a freezer that will stay with the house. Has plenty of room for man-cave, or children's room. The unique heating source is a very efficient MPI brand electronic kerosene space unit. Most of floor is hardwood in excellent condition. Some of flooring under carpet is also wood, that was covered for warmth. Also has huge rear yard with storage building. Plenty of room for play or entertaining. Just a short hop to the inviting waters of Lake Tillery and Morrow Mtn, Park. Also Norwood has a magnificent town park a short distance away. Sellers parents lived in home, and is being sold as-is. GREAT DEAL/

16. 2020-09-09
    status Pending 933-char remark

    Show marketing remark (933 chars)

    Very quaint bungalow located on a quiet street near Lake Tillery in Norwood, NC. 2 bedrooms with spacious closets. one good sized bath room. Large comfortable living room with direct entrance to kitchen..Has window unit A/C in dining area that cools the house quite well. The utility room has washer-dryer hook up and a freezer that will stay with the house. Has plenty of room for man-cave, or children's room. The unique heating source is a very efficient MPI brand electronic kerosene space unit. Most of floor is hardwood in excellent condition. Some of flooring under carpet is also wood, that was covered for warmth. Also has huge rear yard with storage building. Plenty of room for play or entertaining. Just a short hop to the inviting waters of Lake Tillery and Morrow Mtn, Park. Also Norwood has a magnificent town park a short distance away. Sellers parents lived in home, and is being sold as-is. GREAT DEAL/

17. 2020-09-08
    listed $57,000 Active 933-char remark

    Show marketing remark (933 chars)

    Very quaint bungalow located on a quiet street near Lake Tillery in Norwood, NC. 2 bedrooms with spacious closets. one good sized bath room. Large comfortable living room with direct entrance to kitchen..Has window unit A/C in dining area that cools the house quite well. The utility room has washer-dryer hook up and a freezer that will stay with the house. Has plenty of room for man-cave, or children's room. The unique heating source is a very efficient MPI brand electronic kerosene space unit. Most of floor is hardwood in excellent condition. Some of flooring under carpet is also wood, that was covered for warmth. Also has huge rear yard with storage building. Plenty of room for play or entertaining. Just a short hop to the inviting waters of Lake Tillery and Morrow Mtn, Park. Also Norwood has a magnificent town park a short distance away. Sellers parents lived in home, and is being sold as-is. GREAT DEAL/

ⓘ 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: $852 · $71/mo
• Projected year-2 tax: $1,271 · $106/mo
• Expected delta: +$419/yr (+$35/mo · 49.3%)

ⓘ 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 ≥108°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,376
• − Mortgage interest: −$8,682
• − Property taxes: −$852
• − Insurance: −$775
• − Repairs & maintenance: −$1,470
• − Management: −$1,470
• − Depreciation: −$4,509
• Taxable income: $618
• Est. tax owed @ 24.0%: −$148
• After-tax cash flow: $2,988/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 — Norwood

• Score: 63/100
• State rank: #410
• US rank: #15485

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwood, NC
• Population (ZIP): 7,610

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 (81%)
• Race & ethnicity: White 81% Black 15% Two or more races 3%
• Common ancestry: Serbian 6% Slovak 1% Italian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Other Indo-European 1% Spanish 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: ▼ -64.46%
• Current HPI: 201.373
• 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

+171.9% since first listed

17 events — show timeline

• 2026-04-17 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $155,000 CANOPYMLS as Distributed by MLS Grid
• 2026-02-17 Price Changed $159,900 CANOPYMLS as Distributed by MLS Grid
• 2025-12-12 Price Changed $164,900 CANOPYMLS as Distributed by MLS Grid
• 2025-09-23 Price Changed $169,900 CANOPYMLS as Distributed by MLS Grid
• 2025-08-19 Price Changed $175,000 CANOPYMLS as Distributed by MLS Grid
• 2025-08-19 Price Changed $165,000 CANOPYMLS as Distributed by MLS Grid
• 2025-07-24 Listed $179,900 CANOPYMLS as Distributed by MLS Grid
• 2024-04-30 Price Changed $162,000 CANOPYMLS as Distributed by MLS Grid
• 2024-03-26 Price Changed $172,000 CANOPYMLS as Distributed by MLS Grid
• 2024-02-09 Price Changed $174,000 CANOPYMLS as Distributed by MLS Grid
• 2024-01-16 Price Changed $179,000 CANOPYMLS as Distributed by MLS Grid
• 2023-12-14 Listed $185,000 CANOPYMLS as Distributed by MLS Grid
• 2020-10-01 Sold (Public Records) $57,000 Public Records
• 2020-10-01 Sold (MLS) $57,000 CANOPYMLS as Distributed by MLS Grid
• 2020-09-09 Pending — CANOPYMLS as Distributed by MLS Grid
• 2020-09-08 Listed $57,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+13.5%/yr

Latest (2025): $852 · +36.0% YoY. Source: county tax records.