130 First St · Franklin, NC 28734

$260,000

4 bd · 4.0 ba · — sqft · MultiFamily · 90 Days on market

Built 1915 Fair condition 1.00 ac 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Zoned FC2 Small Commercial, this unique offering includes an amazing older 4BR, 4BATH home on 1 acre. . A great home for development, investment, or live-work opportunities. .. perfect for rental income. This large character-filled home is ready for renovation, ideal for repurposing or redevelopment. This property delivers the zoning, frontage, and location to make whatever you want to happen. .. HAPPEN!! It has frontage on Main Street and access on 1st Street. And it has nice views of the Town of Franklin.

Key facts

• Access on 1st street
• 1 acre
• 1 acre lot

Tags

• ZONED FC2 SMALL COMMERCIAL
• 1 ACRE
• FRONTAGE ON MAIN STREET
• ACCESS ON 1ST STREET
• VIEWS OF THE TOWN OF FRANKLIN

Property features AI

Exterior

• Parking: Attached carport; Two covered parking spaces; Two carport spaces; Additional open parking (paved)
• Utilities: Public water; Public sewer; Propane for utilities
• Home design: Single-family residence; Two levels
• Construction: Brick and asbestos exterior construction
• Exterior features: Front porch; Rolling lot with city lot setting; Paved roads and city street frontage; Publicly maintained road; Has a view; Metal roof

Interior

• Kitchen: Electric range; Electric oven
• Bedrooms: Master located downstairs
• Flooring: Hardwood floors
• Bathrooms: Four full bathrooms; Three full bathrooms on the main level
• Heating & cooling: Oil heating; Baseboard heating; No central air cooling
• Interior features: Pantry; Master bedroom on the main floor; Screens on windows; Masonry, wood-burning fireplace; Partial basement with interior entry and crawl space
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $260k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $4k ($54k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $260k).
• Recommended offer: $244k (6.0% below list) — sets the bar for market timing.
• Cap rate 27.0% vs local median 2.4% in Franklin — 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 74/100 on livability (#55 in NC, #4,469 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing B+; Watch: crime C-, employment D+, commute F.
• Macon County Schools (rural): math 47% / reading 50% proficiency, ranked #71 of 178 in NC (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: East Franklin Elementary (math 47% / reading 37%, grade F, #633 of 1,410 statewide, top 48%, 360 students, 99% FRL); Macon Middle School (math 38% / reading 48%, grade D-, #191 of 475 statewide, top 41%, 599 students, 59% FRL); Franklin High (math 77% / reading 60%, grade B, #134 of 535 statewide, top 25%, 1,005 students, 51% FRL) — zoned schools average 70% FRL vs 52% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 608 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 218 units permitted in Macon County in 2024 (0 in 5+ unit buildings).
• At $7,944/mo this rent would consume 176% of the median local household income ($54k/yr) (locally 602% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $17k of equity ($2k loan paydown + $16k appreciation (6.0% local appreciation)).
• Macon County population projected to shrink 3% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (6.0% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• 3 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 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $244,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.06% ✓
• Cap rate: 26.97%
• Cash-on-cash: 73.83%
• DSCR: 4.28
• GRM: 2.7

CMA / ARV

No comps found within radius.

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
445 Town Mountain Dr	0.37mi	3/2.0 (-1)	—	12mo	$282,500	—	48
190/194 Crane Cir	0.34mi	3/2.0 (-1)	—	18mo	$250,000	—	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.96% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 80.9%
• Equity multiple: 5.94×
• Total profit: $359,876
• Equity at exit: $162,831

10-year hold

• IRR: 78.3%
• Equity multiple: 12.48×
• Total profit: $835,577
• Equity at exit: $294,756

Cash invested: $72,800 (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 28734

• Home prices YoY: 1.8%
• Active inventory: 608
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $7,944 medium
• Mortgage (P&I): −$1,363
• Tax est. 1.5%: −$325 /mo · $3,900/yr
• Insurance: −$108
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,668
• Net cashflow: $4,479

Break-even live

Break-even rent $2,274

Max offer price $260,000

Occupancy floor 39%

Sensitivity live

Price	-10% $4,659	-5% $4,569	+0% $4,479	+5% $4,389	+10% $4,299
Rent	-10% $3,851	-5% $4,165	+0% $4,479	+5% $4,793	+10% $5,107
Rate	-1.0pp $4,610	-0.5pp $4,545	base $4,479	+0.5pp $4,412	+1.0pp $4,343

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$7,944
Total (4 units)			$7,944

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3 Woodland Hills Dr Franklin, NC	3.0	2.0	1232	$2,300	$1.87	16d	1	1.10mi
5 Woodland Hills Dr Franklin, NC	3.0	2.0	1232	$2,300	$1.87	16d	1	1.10mi

Listing history 24 events

1. 2026-06-21
   days on market $260,000 Active 90 DOM
2. 2026-06-18
   days on market $260,000 Active 87 DOM
3. 2026-06-17
   days on market $260,000 Active 86 DOM
4. 2026-06-16
   days on market $260,000 Active 85 DOM
5. 2026-06-15
   days on market $260,000 Active 84 DOM
6. 2026-06-14
   days on market $260,000 Active 82 DOM
7. 2026-06-10
   days on market $260,000 Active 79 DOM
8. 2026-06-09
   days on market $260,000 Active 78 DOM
9. 2026-06-08
   days on market $260,000 Active 77 DOM
10. 2026-06-07
    days on market $260,000 Active 76 DOM
11. 2026-06-05
    days on market $260,000 Active 73 DOM
12. 2026-06-03
    days on market $260,000 Active 72 DOM
13. 2026-06-02
    days on market $260,000 Active 71 DOM
14. 2026-06-01
    days on market $260,000 Active 70 DOM
15. 2026-05-31
    days on market $260,000 Active 69 DOM
16. 2026-05-31
    days on market $260,000 Active 68 DOM
17. 2026-05-22
    status Active
18. 2026-04-22
    historical Active Under Contract
19. 2026-04-02
    price $260,000
20. 2026-03-23
    listed $270,000 Active
21. 2025-11-15
    price $895,000
22. 2025-07-31
    price $975,000
23. 2025-06-14
    listed $1,000,000 Active
24. 2025-06-13
    historical

ⓘ 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 4/10 Moderate
• 🌡 Heat 4/10 Moderate 8 d/yr ≥95°F today · 22 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $95,328
• − Mortgage interest: −$14,564
• − Property taxes: −$3,900
• − Insurance: −$1,300
• − Repairs & maintenance: −$7,626
• − Management: −$7,626
• − Depreciation: −$7,564
• Taxable income: $52,748
• Est. tax owed @ 24.0%: −$12,659
• After-tax cash flow: $41,088/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 · 13 photos

Fair 45/100 Extensive rehab

This multi-family property requires extensive renovations, including a new roof, siding, and flooring, to improve its condition and increase its value for resale or rental.

Repairs flagged

• Major roof — Severe weathering
• Major exterior siding — Significant wear
• Major flooring — Severe wear
• Major interior walls — Peeling paint
• Major bathrooms — Old fixtures
• Major HVAC/mechanicals — No visible systems

Value-add opportunities

• Both New roof — Improves both resale and rental value
• Both New siding — Enhances curb appeal and value
• Both New flooring — Boosts both resale and rental appeal
• Both Paint interior walls — Fresh paint improves aesthetics
• Both Replace bathroom fixtures — Modernizes and increases value
• Both Install HVAC system — Enhances comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Severe weathering	Major	$15,000–50,000
exterior siding · Significant wear	Major	$15,000–50,000
flooring · Severe wear	Major	$15,000–50,000
interior walls · Peeling paint	Major	$15,000–50,000
bathrooms · Old fixtures	Major	$15,000–50,000
HVAC/mechanicals · No visible systems	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both New roof — Improves both resale and rental value ↑
• Both New siding — Enhances curb appeal and value ↑
• Both New flooring — Boosts both resale and rental appeal ↑
• Both Paint interior walls — Fresh paint improves aesthetics ↑
• Both Replace bathroom fixtures — Modernizes and increases value ↑
• Both Install HVAC system — Enhances comfort and energy efficiency ↑

ⓘ 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: Macon County Schools
• NCES district ID: 3702760
• Math proficiency: 47% ▲ 7.00%
• Reading proficiency: 50% ▲ 3.00%
• Median HH income: $39,072
• Composite: 40.49/100
• National rank: #3713
• State rank: #71 of 178 in NC

Livability — Franklin

• Score: 74/100
• State rank: #55
• US rank: #4469

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin, NC
• County: Macon County · 29,659 people
• City population: 29,659
• Metro: nan
• Population (ZIP): 29,659
• Household income: $54,021
• Rent vs Own: 23.2% rent · 76.8% own
• Severe rent burden: 602.0

Population outlook (Macon County) Hauer SSP2

• Today (2025): 34,346 people
• By 2030: 34,353 · +0.0%
• By 2040: 33,956 · -1.1%
• By 2050: 33,249 · -3.2%
• By 2075: 31,526 · -8.2%
• By 2100: 28,113 · -18.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 10% Two or more races 5% Black 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 5% Serbian 5% Lithuanian 3%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 91% English-only · Spanish 8%

Political lean MEDSL · Macon

• 2024 margin: Solid R (+38.0) · D 30.6% · R 68.6%
• 2008→2024 swing: -16.6pp toward R · 2008: -21.4pp · 2024: -38.0pp
• All cycles: 2024: R+38.0 2020: R+38.5 2016: R+41.5 2012: R+30.6 2008: R+21.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.96%
• Current HPI: 341.1756
• Rent YoY: —
• Metro: nan
• 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

-74.0% since first listed

8 events — show timeline

• 2026-05-22 Relisted — CSAOR
• 2026-04-22 Contingent — CSAOR
• 2026-04-02 Price Changed $260,000 CSAOR
• 2026-03-23 Listed $270,000 CSAOR
• 2025-11-15 Price Changed $895,000 CANOPYMLS as Distributed by MLS Grid
• 2025-07-31 Price Changed $975,000 CANOPYMLS as Distributed by MLS Grid
• 2025-06-14 Listed $1,000,000 CANOPYMLS as Distributed by MLS Grid
• 2025-06-13 Coming Soon — CANOPYMLS as Distributed by MLS Grid