118 Broad St · Shelby, NC 28152

$95,000

2 bd · 1.0 ba · 1,209 sqft · SingleFamily public records · 81 Days on market

Built 1925 0.35 ac lot ↓ 24% since listing

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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 +8.7/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment property with considerable potential. Brand new 30 year architectural shingle roof.

Key facts

• 0.35 acre lot
• Built 1925
• Listed 80 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Single family residence; Site-built construction; One story; Zoned R6
• Construction: Vinyl exterior; Crawl space foundation; Built on site
• Exterior features: Lot approximately 0.35 acres; Paved road access; Publicly maintained road

Interior

• Kitchen: No kitchen appliances specified
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Single-level home (one story); Crawl space foundation; No built-in appliances listed
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $95k.

Deal economics

• At list price, monthly cash flow is $432 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $95k).
• Recommended offer: $89k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 2.9% in Shelby — 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 75/100 on livability (#52 in NC, #4,349 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, crime F, employment F.
• Cleveland County Schools (rural): math 47% / reading 49% proficiency, ranked #76 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 199 active listings in the ZIP; 461 units permitted in Cleveland County in 2024 (38 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $657 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Cleveland County population projected at -15% 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 $27k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $89,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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: 1.37% ✓
• Cap rate: 11.75%
• Cash-on-cash: 19.47%
• DSCR: 1.87
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $197,067
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
214 Morrison St	0.22mi	3/2.0 (+1)	1,200 (-1%)	8mo	$215,000	$179	73
515 Broad St	0.33mi	2/2.0	1,221 (+1%)	7mo	$179,999	$147	73
1214 Patterson St	0.35mi	3/2.0 (+1)	1,237 (+2%)	1mo	$225,000	$182	70
1212 Patterson St	0.34mi	3/2.0 (+1)	1,236 (+2%)	4mo	$221,000	$179	68
1104 Silver St	0.20mi	3/2.0 (+1)	1,090 (-10%)	1mo	$210,000	$193	64
804 Broad St	0.53mi	2/1.0	1,126 (-7%)	3mo	$180,000	$160	61
508 Clegg St	0.51mi	3/2.0 (+1)	1,236 (+2%)	5mo	$220,000	$178	59
111 Morton St	0.47mi	3/1.0 (+1)	1,100 (-9%)	6mo	$75,500	$69	54
1325 Eastview Ext	0.67mi	3/1.0 (+1)	1,136 (-6%)	0mo	$185,000	$163	53
600 Legrand St	0.41mi	3/2.5 (+1)	1,335 (+10%)	4mo	$205,000	$154	49
506 Legrand St	0.47mi	3/2.5 (+1)	1,335 (+10%)	3mo	$209,999	$157	47
304 Grice St	0.62mi	3/1.0 (+1)	1,032 (-15%)	7mo	$130,000	$126	36

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: 11.5%
• Equity multiple: 1.45×
• Total profit: $12,080
• Equity at exit: $14,165

10-year hold

• IRR: 20.4%
• Equity multiple: 2.72×
• Total profit: $45,849
• Equity at exit: $8,214

Cash invested: $26,600 (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 28152

• Home prices YoY: -34.4%
• Active inventory: 199
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,301 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$59 /mo · $704/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$273
• Net cashflow: $432

Break-even live

Break-even rent $755

Max offer price $95,000

Occupancy floor 62%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-19
   days on market $95,000 Active 81 DOM
2. 2026-06-18
   days on market $95,000 Active 80 DOM
3. 2026-06-17
   days on market $95,000 Active 79 DOM
4. 2026-06-16
   days on market $95,000 Active 78 DOM
5. 2026-06-15
   days on market $95,000 Active 77 DOM
6. 2026-06-14
   days on market $95,000 Active 75 DOM
7. 2026-06-13
   days on market $95,000 Active 74 DOM
8. 2026-06-10
   days on market $95,000 Active 72 DOM
9. 2026-06-09
   days on market $95,000 Active 71 DOM
10. 2026-06-08
    days on market $95,000 Active 70 DOM
11. 2026-06-07
    days on market $95,000 Active 69 DOM
12. 2026-06-05
    days on market $95,000 Active 66 DOM
13. 2026-06-03
    days on market $95,000 Active 65 DOM
14. 2026-06-02
    days on market $95,000 Active 64 DOM
15. 2026-06-01
    days on market $95,000 Active 63 DOM
16. 2026-05-31
    days on market $95,000 Active 62 DOM
17. 2026-05-30
    days on market $95,000 Active 61 DOM
18. 2026-03-30
    listed $95,000 Active
19. 2025-07-07
    listed $125,000 Active

ⓘ 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: $704 · $59/mo
• Projected year-2 tax: $779 · $65/mo
• Expected delta: +$75/yr (+$6/mo · 10.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% 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: $15,617
• − Mortgage interest: −$5,321
• − Property taxes: −$704
• − Insurance: −$475
• − Repairs & maintenance: −$1,249
• − Management: −$1,249
• − Depreciation: −$2,764
• Taxable income: $3,854
• Est. tax owed @ 24.0%: −$925
• After-tax cash flow: $4,255/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: Cleveland County Schools
• NCES district ID: 3700900
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 49% ▲ 4.00%
• Median HH income: $38,501
• Composite: 40.03/100
• National rank: #3823
• State rank: #76 of 178 in NC

Livability — Shelby

• Score: 75/100
• State rank: #52
• US rank: #4349

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelby, NC
• County: Cleveland County · 83,736 people
• City population: 26,134
• Metro: Shelby, NC
• Population (ZIP): 26,134
• Household income: $57,806
• Rent vs Own: 34.5% rent · 65.5% own
• Severe rent burden: 768.0

Population outlook (Cleveland County) Hauer SSP2

• Today (2025): 93,671 people
• By 2030: 91,157 · -2.7%
• By 2040: 85,519 · -8.7%
• By 2050: 79,708 · -14.9%
• By 2075: 68,317 · -27.1%
• By 2100: 57,145 · -39.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Black 22% Two or more races 9% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Lithuanian 2% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Cleveland

• 2024 margin: Solid R (+35.0) · D 32.2% · R 67.2%
• 2008→2024 swing: -15.1pp toward R · 2008: -19.9pp · 2024: -35.0pp
• All cycles: 2024: R+35.0 2020: R+32.8 2016: R+30.6 2012: R+20.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -116.69%
• Current HPI: 223.0302
• Rent YoY: —
• Metro: Shelby, NC
• 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

-24.0% since first listed

2 events — show timeline

• 2026-03-30 Listed $95,000 CANOPYMLS as Distributed by MLS Grid
• 2025-07-07 Listed $125,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+5.4%/yr

Latest (2025): $704 · +121.1% YoY. Source: county tax records.