233 Long Leaf Dr · Belmont, NC 28012

$93,000

3 bd · 2.0 ba · 1,160 sqft · Manufactured · 23 Days on market

Built 2024 Fair condition

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +3.2/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Open layout connecting the kitchen, dining room & amp; living room Contemporary finishes throughout Life Proof Pergo flooring throughout, installed after purchase of home along with stainless steel appliances A/C unit included Washer and Dryer Negotiable Shed included for extra storage Located in the clean & amp; convenient Cato neighborhood - minutes from downtown Belmont, I-85, & amp; 485 Land rented through Cato ($410/month) Seller is motivated

Key facts

• Open layout
• Shed included
• A/c unit included

Tags

• OPEN LAYOUT
• CONTEMPORARY FINISHES
• LIFE PROOF PERGO FLOORING
• STAINLESS STEEL APPLIANCES
• A/C UNIT INCLUDED
• SHED INCLUDED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $93k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $896 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $93k).
• Recommended offer: $92k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.8% vs local median 2.3% in Belmont — 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 71/100 on livability (#105 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, cost of living A-; Watch: crime D-, amenities F, commute F.
• Gaston County Schools (suburban): math 44% / reading 42% proficiency, ranked #93 of 178 in NC (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.7%/yr); 420 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,069 units permitted in Gaston County in 2024 (142 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $643 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Gaston County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($92k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 25% 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 $91,605 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.09% ✓
• Cap rate: 17.85%
• Cash-on-cash: 41.27%
• DSCR: 2.84
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.67% rent growth · sell at horizon

5-year hold

• IRR: 37.5%
• Equity multiple: 2.59×
• Total profit: $41,358
• Equity at exit: $13,867

10-year hold

• IRR: 43.9%
• Equity multiple: 5.11×
• Total profit: $106,958
• Equity at exit: $8,041

Cash invested: $26,040 (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 28012

• Home prices YoY: -34.5%
• Rents YoY: 2.7%
• Active inventory: 420
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,947 high
• Mortgage (P&I): −$488
• Tax est. 1.5%: −$116 /mo · $1,395/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $896

Break-even live

Break-even rent $814

Max offer price $93,000

Occupancy floor 49%

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: $23,250
• Closing costs: $2,790
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
520 McLean Ave Belmont, NC	1.0–3.0	1.0–2.5	982	$2,335	$2.38	1d	17	0.48mi
132 Pratt St Belmont, NC	3.0	2.0	1275	$1,990	$1.56	20d	1	0.57mi
511 Church St Belmont, NC	3.0	2.0	1170	$1,850	$1.58	23d	1	0.65mi
712 E Catawba St Belmont, NC	3.0	2.0	1250	$1,750	$1.40	2d	1	0.67mi
708 E Catawba St Belmont, NC	3.0	2.0	1400	$1,875	$1.34	11d	1	0.67mi
1200 River Dr Belmont, NC	1.0–2.0	1.0–2.0	862	$1,825	$2.12	20d	14	0.69mi
3 Linestowe Dr Belmont, NC	2.0	2.0	1000	$1,565	$1.56	23d	1	0.70mi
63 Caldwell Dr Belmont, NC	1.0–3.0	1.0–2.0	1056	$2,335	$2.21	2d	41	0.77mi
844 Hawley Ave Belmont, NC	1.0–2.0	1.0	990	$1,669	$1.69	4d	1	0.86mi
910 Edgemont Ave Belmont, NC	3.0	1.5	1071	$1,700	$1.59	10d	1	0.88mi
409 Hawley Ave Unit 3 Belmont, NC	2.0	1.5	816	$1,195	$1.46	4d	1	0.89mi
417 River Park Rd Belmont, NC	2.0	2.5	1156	$1,750	$1.51	23d	1	1.08mi
102 Lincoln St Belmont, NC	2.0	1.0	860	$1,650	$1.92	23d	1	1.41mi
214 Ferstl Ave Belmont, NC	2.0	1.0	1014	$1,250	$1.23	23d	1	1.50mi

Listing history 14 events

1. 2026-06-18
   days on market $93,000 Active 23 DOM
2. 2026-06-17
   days on market $93,000 Active 22 DOM
3. 2026-06-16
   days on market $93,000 Active 21 DOM
4. 2026-06-15
   days on market $93,000 Active 20 DOM
5. 2026-06-13
   days on market $93,000 Active 18 DOM
6. 2026-06-09
   days on market $93,000 Active 14 DOM
7. 2026-06-08
   days on market $93,000 Active 13 DOM
8. 2026-06-07
   days on market $93,000 Active 12 DOM
9. 2026-06-04
   days on market $93,000 Active 9 DOM
10. 2026-06-03
    days on market $93,000 Active 8 DOM
11. 2026-06-02
    days on market $93,000 Active 7 DOM
12. 2026-06-01
    days on market $93,000 Active 6 DOM
13. 2026-05-31
    days on market $93,000 Active 5 DOM
14. 2026-05-26
    listed $93,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 5/10 Major 25% 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: $23,367
• − Mortgage interest: −$5,209
• − Property taxes: −$1,395
• − Insurance: −$465
• − Repairs & maintenance: −$1,869
• − Management: −$1,869
• − Depreciation: −$2,705
• Taxable income: $9,853
• Est. tax owed @ 24.0%: −$2,365
• After-tax cash flow: $8,383/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.

Condition & rehab AI · 2 photos

Fair 45/100 Cosmetic rehab

The home is in fair condition with good exterior and interior walls. Landscaping and painting improvements can significantly enhance its curb appeal and value.

Value-add opportunities

• Both Landscaping improvements — Enhanced curb appeal and increased property value
• Both Painting exterior — Fresh paint can improve the home's appearance and value
• Both Landscaping improvements — Enhanced curb appeal and increased property value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhanced curb appeal and increased property value ↑
• Both Painting exterior — Fresh paint can improve the home's appearance and value ↑
• Both Landscaping improvements — Enhanced curb appeal and increased property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Gaston County Schools
• NCES district ID: 3701620
• Math proficiency: 44% ▲ 4.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $43,644
• Composite: 36.39/100
• National rank: #4680
• State rank: #93 of 178 in NC

Livability — Belmont

• Score: 71/100
• State rank: #105
• US rank: #6753

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Belmont, NC
• County: Gaston County · 201,497 people
• City population: 26,556
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 26,556
• Household income: $83,391
• Rent vs Own: 30.4% rent · 69.6% own
• Severe rent burden: 778.0

Population outlook (Gaston County) Hauer SSP2

• Today (2025): 230,027 people
• By 2030: 237,300 · +3.2%
• By 2040: 249,659 · +8.5%
• By 2050: 257,806 · +12.1%
• By 2075: 272,163 · +18.3%
• By 2100: 268,652 · +16.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 6% Hispanic / Latino 4% Two or more races 4% Asian 4%
• Common ancestry: Serbian 3% Romanian 2% Slovak 2%
• Foreign-born: 4% · Canada, Vietnam, China
• Languages at home: 93% English-only · Spanish 2% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Gaston

• 2024 margin: Strong R (+25.0) · D 37.0% · R 62.1%
• 2008→2024 swing: 0.0pp no change · 2008: -25.0pp · 2024: -25.0pp
• All cycles: 2024: R+25.0 2020: R+27.8 2016: R+32.1 2012: R+25.6 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -134.92%
• Current HPI: 255.562
• Rent YoY: ▲ 2.67%
• 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

1 event — show timeline

• 2026-05-26 Listed $93,000 FSBO.com