1034 Perry St · Marion, NC 28752

$109,000

3 bd · 2.0 ba · 1,948 sqft · SingleFamily public records · 33 Days on market

Built 1940 9,375 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Build Your Custom Dream Home & Capture Massive Equity! Unlock the door to a rare opportunity on Perry Street! Whether you are a first-time buyer looking to build ''sweat equity'' or an investor seeking your next high-margin project, this 1,948 sq. ft. brick ranch is the blank canvas you've been waiting for. The Value Play: Imagine purchasing this solid brick home for $120,000, investing roughly $100,000 in your own custom finishes, and owning a property with a potential market value of $275,000+. That is nearly $55,000 in potential instant equity--an opportunity rarely found in today's competitive market. A High-End Head Start: This isn't just a shell; it's a luxury project in the

Key facts

• Massive footprint
• Solid brick home
• 9,375 sq ft lot

Tags

• SOLID BRICK HOME
• TWO BRAND NEW FIREPLACES
• MASSIVE FOOTPRINT

Property features AI

Exterior

• Parking: Additional paved parking; No garage
• Utilities: Public water; Sewer connected; Water connected
• Home design: Single-family residence (brick); One story; Entry at level 1
• Construction: Brick construction; Shingle roof; Foundation details: See remarks; Built as a ranch-style home
• Exterior features: Covered front porch; Paved road access; Has a view; No additional exterior features listed

Interior

• Kitchen: No appliances listed
• Bedrooms: 6 total rooms (bedroom count not specified)
• Flooring: Wood flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating; No cooling
• Interior features: High ceilings; Walk-out basement
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $109k.

Deal economics

• At list price, monthly cash flow is $445 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $109k).
• Recommended offer: $106k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 3.3% in Marion — 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 72/100 on livability (#93 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities F, commute F.
• Mcdowell County Schools (rural): math 35% / reading 46% proficiency, ranked #115 of 178 in NC (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Mcdowell Middle School (math 28% / reading 45%, grade F, #270 of 475 statewide, top 57%, 605 students, 67% FRL); Mcdowell High School (math 50% / reading 57%, grade C-, #279 of 535 statewide, top 52%, 1,416 students, 60% FRL) — zoned schools at 63% FRL track the district average.
• Market conditions: 266 active listings in the ZIP; 175 units permitted in McDowell County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• McDowell County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $24k; list at $109k implies a 354% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $105,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.28% ✓
• Cap rate: 11.20%
• Cash-on-cash: 17.51%
• DSCR: 1.78
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $323,368
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
112 Pinegrove St #161	0.18mi	3/2.0	1,782 (-8%)	23mo	$230,000	$129	58
204 Maple Ave	0.63mi	3/2.5	1,855 (-5%)	3mo	$329,000	$177	58
260 Woodland Dr	0.21mi	3/2.5	1,746 (-10%)	22mo	$275,000	$158	53
353 Morehead Rd	0.37mi	4/2.5 (+1)	2,106 (+8%)	14mo	$343,000	$163	51
224 Park Ave	0.71mi	3/2.0	1,782 (-8%)	8mo	$295,750	$166	46
60 Woodland Dr	0.34mi	3/3.0	1,668 (-14%)	12mo	$334,000	$200	46

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: 8.9%
• Equity multiple: 1.35×
• Total profit: $10,658
• Equity at exit: $16,252

10-year hold

• IRR: 18.1%
• Equity multiple: 2.50×
• Total profit: $45,637
• Equity at exit: $9,424

Cash invested: $30,520 (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 28752

• Active inventory: 266
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,391 medium
• Mortgage (P&I): −$572
• Tax from tax record: −$36 /mo · $437/yr
• Insurance: −$45
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $445

Break-even live

Break-even rent $827

Max offer price $109,000

Occupancy floor 63%

Sensitivity live

Price	-10% $507	-5% $476	+0% $445	+5% $414	+10% $384
Rent	-10% $335	-5% $390	+0% $445	+5% $500	+10% $555
Rate	-1.0pp $500	-0.5pp $473	base $445	+0.5pp $417	+1.0pp $388

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: $27,250
• Closing costs: $3,270
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-15
   price $109,000
2. 2026-04-24
   listed $124,900 Active
3. 2012-09-04
   soldstatus $24,000

ⓘ 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: $437 · $36/mo
• Projected year-2 tax: $894 · $74/mo
• Expected delta: +$457/yr (+$38/mo · 104.5%)

ⓘ 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 5/10 Major 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,690
• − Mortgage interest: −$6,106
• − Property taxes: −$437
• − Insurance: −$545
• − Repairs & maintenance: −$1,335
• − Management: −$1,335
• − Depreciation: −$3,171
• Taxable income: $3,761
• Est. tax owed @ 24.0%: −$903
• After-tax cash flow: $4,441/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: Mcdowell County Schools
• NCES district ID: 3702940
• Math proficiency: 35% ▼ -3.00%
• Reading proficiency: 46% ▬ 0.00%
• Median HH income: $36,769
• Composite: 33.6/100
• National rank: #5413
• State rank: #115 of 178 in NC

Livability — Marion

• Score: 72/100
• State rank: #93
• US rank: #6157

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marion, NC
• City population: 30,602
• Population (ZIP): 30,602

Population outlook (McDowell County) Hauer SSP2

• Today (2025): 44,615 people
• By 2030: 44,002 · -1.4%
• By 2040: 42,285 · -5.2%
• By 2050: 39,906 · -10.6%
• By 2075: 34,396 · -22.9%
• By 2100: 27,970 · -37.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Hispanic / Latino 9% Two or more races 5% Black 5% Asian 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Serbian 4% Slovak 2% Iranian 1%
• Foreign-born: 5% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 8% German/W. Germanic 1% Vietnamese 1%

Political lean MEDSL · McDowell

• 2024 margin: Solid R (+49.2) · D 25.1% · R 74.2%
• 2008→2024 swing: -22.2pp toward R · 2008: -27.0pp · 2024: -49.2pp
• All cycles: 2024: R+49.2 2020: R+48.0 2016: R+50.5 2012: R+31.9 2008: R+27.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.41%
• Current HPI: 182.9225
• 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

+354.2% since first listed

3 events — show timeline

• 2026-05-15 Price Changed $109,000 Hive MLS
• 2026-04-24 Listed $124,900 Hive MLS
• 2012-09-04 Sold (Public Records) $24,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $437 · +0.0% YoY. Source: county tax records.