635 Chicago Ave · Charlotte, NC 28203

$230,000

2 bd · 1.0 ba · 702 sqft · SingleFamily public records · 102 Days on market

Built 1962 3,920 sqft lot Est $231k · at est.

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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 +26.9/30.0
• DSCR +9.3/10.0
• ARV discount +7.7/15.0
• 1% rule +6.4/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• 3,920 sq ft lot
• Built 1962
• Listed 102 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway parking
• Utilities: City water; Public sewer
• Home design: Single-family residence; Site-built construction; One story; Residential zoning (N1-D)
• Construction: Brick exterior; Roof: Other (see remarks); Built on crawl space
• Exterior features: Asphalt/paved public road access; Lot approximately 0.09 acres

Interior

• Kitchen: No kitchen appliances specified
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Natural gas heating; No central cooling listed
• Interior features: One-level layout; Crawl space foundation; No built-in appliances listed
• Laundry & utility: No laundry facilities listed

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $638 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $209k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.1% in Charlotte — 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 78/100 on livability (#26 in NC, #2,502 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools D+, crime F.
• Charlotte-Mecklenburg Schools (urban): math 42% / reading 46% proficiency, ranked #85 of 178 in NC (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.8%/yr); 132 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $16k; list at $230k implies a 1338% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $209,300 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — 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 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 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: 1.14% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.89%
• DSCR: 1.53
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $230,958
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
616 Chicago Ave	0.04mi	2/1.0	705 (+0%)	21mo	$231,600	$329	80

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 · 1.8% rent growth · sell at horizon

5-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $205
• Equity at exit: $34,294

10-year hold

• IRR: 8.5%
• Equity multiple: 1.62×
• Total profit: $39,794
• Equity at exit: $19,886

Cash invested: $64,400 (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 28203

• Rents YoY: 1.8%
• Active inventory: 132
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,611 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$122 /mo · $1,465/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$548
• Net cashflow: $638

Break-even live

Break-even rent $1,803

Max offer price $230,000

Occupancy floor 71%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
704 W Tremont Ave Charlotte, NC	3.0	1.0–2.0	936	$2,679	$2.86	1d	9	0.44mi
2120 Dunavant St Charlotte, NC	3.0	1.0–2.0	1044	$3,553	$3.40	2d	33	0.47mi
536 W Tremont Ave Charlotte, NC	2.0	1.0–2.0	953	$3,196	$3.35	2d	18	0.50mi
205 Foster Ave Charlotte, NC	4.0	1.0–2.0	641	$2,982	$4.65	2d	36	0.50mi
2200 Dunavant St Charlotte, NC	1.0–2.0	1.0–2.0	894	$3,403	$3.80	1d	27	0.52mi
421 W Tremont Ave Charlotte, NC	3.0	1.0–2.0	893	$3,173	$3.55	1d	29	0.53mi
2250 Hawkins St Charlotte, NC	3.0	1.0–3.0	1480	$3,048	$2.06	2d	1	0.54mi
2630 South Blvd Charlotte, NC	3.0	1.0–2.0	1072	$3,117	$2.91	1d	25	0.56mi
2720 South Blvd Charlotte, NC	2.0	1.0–2.0	827	$2,628	$3.18	1d	38	0.56mi
3310 S Tryon St Charlotte, NC	1.0–3.0	1.0–2.0	1045	$2,170	$2.08	1d	16	0.57mi
2520 South Blvd Charlotte, NC	2.0	1.0–2.0	822	$2,757	$3.35	3d	24	0.57mi
1504 Mainline Blvd Charlotte, NC	1.0	1.0–2.0	862	$2,120	$2.46	2d	16	0.58mi
2408 South Blvd Charlotte, NC	2.0	1.0–2.0	836	$3,265	$3.90	1d	14	0.59mi
452 New Bern Station Ct #452 Charlotte, NC	1.0	1.0	693	$1,550	$2.24	23d	1	0.62mi
2225 Hawkins St Charlotte, NC	2.0	1.0–2.0	988	$2,883	$2.92	1d	14	0.64mi
3405 S Tryon St Charlotte, NC	1.0–3.0	1.0–2.0	1056	$2,208	$2.09	2d	66	0.66mi
2300 South Blvd Charlotte, NC	2.0	1.0–2.0	943	$2,969	$3.15	1d	15	0.68mi
2705 Haverford Pl Charlotte, NC	2.0	1.0–2.0	967	$3,134	$3.24	1d	14	0.70mi
335 Doggett St Charlotte, NC	3.0	1.0–2.0	864	$2,208	$2.56	2d	1	0.70mi
2161 Hawkins St Charlotte, NC	3.0	1.0–3.0	1284	$6,751	$5.26	1d	21	0.72mi
3305 South Blvd Charlotte, NC	2.0	1.0–2.5	945	$3,665	$3.88	3d	19	0.78mi
2100 South Blvd Charlotte, NC	2.0	1.0–2.0	876	$3,583	$4.09	2d	24	0.82mi
3615 Tryclan Dr Charlotte, NC	2.0	1.0–2.0	993	$3,528	$3.55	1d	31	0.85mi
2125 Southend Dr Charlotte, NC	1.0	1.0	672	$1,762	$2.62	14d	5	0.86mi
1701 West Blvd Unit E7 Charlotte, NC	1.0	1.0	584	$1,010	$1.73	23d	1	0.87mi
3441 South Blvd Charlotte, NC	2.0	1.0–2.0	868	$2,470	$2.84	1d	9	0.88mi
1822 Merriman Ave Unit C Charlotte, NC	2.0	1.0	700	$1,350	$1.93	23d	1	0.89mi
2005 Empire St Charlotte, NC	2.0	1.0–2.0	875	$2,439	$2.79	4d	104	0.89mi
2025 Cleveland Ave Charlotte, NC	1.0–3.0	1.0–3.0	1242	$4,922	$3.96	1d	27	0.90mi
2210 Sumner Green Ave Unit H Charlotte, NC	1.0	1.0	557	$1,650	$2.96	16d	1	0.93mi
1701 Remount Rd Charlotte, NC	1.0	1.0	525	$950	$1.81	23d	1	0.95mi
222 West Blvd Charlotte, NC	2.0	1.0–2.0	628	$2,515	$4.00	1d	11	0.95mi
120 Hollis Rd Charlotte, NC	3.0	1.0–3.0	1155	$2,946	$2.55	2d	28	0.98mi
4015 Craft St Charlotte, NC	1.0	1.0	662	$2,128	$3.21	20d	1	1.00mi
1613 S Mint St Unit C Charlotte, NC	1.0	1.0	550	$2,750	$5.00	23d	1	1.00mi
1750 Camden Rd Charlotte, NC	2.0	1.0–2.0	782	$2,629	$3.36	1d	20	1.04mi
124 E Kingston Ave Charlotte, NC	2.0	1.0–2.0	931	$5,136	$5.51	2d	25	1.10mi
125 W Park Ave Charlotte, NC	1.0	1.0–1.5	817	$2,480	$3.03	3d	4	1.11mi
3235 Ross Ave Charlotte, NC	2.0	1.0	675	$1,050	$1.56	23d	1	1.22mi
2314 Berryhill Rd Charlotte, NC	2.0	1.0–2.5	989	$2,474	$2.50	1d	20	1.23mi

Listing history 16 events

1. 2026-06-18
   days on market $230,000 Active 102 DOM
2. 2026-06-17
   days on market $230,000 Active 101 DOM
3. 2026-06-16
   days on market $230,000 Active 100 DOM
4. 2026-06-15
   days on market $230,000 Active 99 DOM
5. 2026-06-13
   days on market $230,000 Active 97 DOM
6. 2026-06-10
   days on market $230,000 Active 93 DOM
7. 2026-06-08
   days on market $230,000 Active 92 DOM
8. 2026-06-07
   days on market $230,000 Active 91 DOM
9. 2026-06-04
   days on market $230,000 Active 88 DOM
10. 2026-06-03
    days on market $230,000 Active 87 DOM
11. 2026-06-02
    days on market $230,000 Active 86 DOM
12. 2026-06-02
    days on market $230,000 Active 85 DOM
13. 2026-05-31
    days on market $230,000 Active 84 DOM
14. 2026-05-08
    price $230,000
15. 2026-03-08
    listed $260,000 Active
16. 1979-02-01
    soldstatus $16,000

ⓘ 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: $1,465 · $122/mo
• Projected year-2 tax: $1,886 · $157/mo
• Expected delta: +$421/yr (+$35/mo · 28.7%)

ⓘ 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 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,327
• − Mortgage interest: −$12,884
• − Property taxes: −$1,465
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,506
• − Management: −$2,506
• − Depreciation: −$6,691
• Taxable income: $4,125
• Est. tax owed @ 24.0%: −$990
• After-tax cash flow: $6,669/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: Charlotte-Mecklenburg Schools
• NCES district ID: 3702970
• Math proficiency: 42% ▼ -6.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $57,175
• Composite: 38.49/100
• National rank: #4183
• State rank: #85 of 178 in NC

Livability — Charlotte

• Score: 78/100
• State rank: #26
• US rank: #2502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlotte, NC
• County: Mecklenburg County · 1,167,319 people
• City population: 920,422
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 18,823
• Household income: $104,696
• Rent vs Own: 70.6% rent · 29.4% own
• Severe rent burden: 1101.0

Population outlook (Mecklenburg County) Hauer SSP2

• Today (2025): 1,305,740 people
• By 2030: 1,442,752 · +10.5%
• By 2040: 1,722,441 · +31.9%
• By 2050: 1,999,450 · +53.1%
• By 2075: 2,642,495 · +102.4%
• By 2100: 3,106,755 · +137.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Black 10% Two or more races 5% Hispanic / Latino 5% Asian 4%
• Common ancestry: Romanian 3% Slovak 3% Serbian 2%
• Foreign-born: 7% · Canada, Vietnam, China
• Languages at home: 93% English-only · Spanish 3% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Mecklenburg

• 2024 margin: Solid D (+32.9) · D 65.6% · R 32.7% · Other 1.6%
• 2008→2024 swing: +8.5pp toward D · 2008: 24.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+35.1 2016: D+29.9 2012: D+22.5 2008: D+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1410.28%
• Current HPI: 327.5818
• Rent YoY: ▲ 1.80%
• 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

+1337.5% since first listed

3 events — show timeline

• 2026-05-08 Price Changed $230,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-08 Listed $260,000 CANOPYMLS as Distributed by MLS Grid
• 1979-02-01 Sold (Public Records) $16,000 Public Records

Property tax history

+6.2%/yr

Latest (2025): $1,465 · +2.6% YoY. Source: county tax records.