3315 23rd St NE · St. Stephens, NC 28601

$149,900

3 bd · 2.0 ba · 1,358 sqft · SingleFamily public records · 1 Days on market

Built 1979 0.52 ac lot Est $274k · 45% under

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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 +27.3/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +6.7/10.0
• Schools +4.5/10.0
• Rent growth +3.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in this ranch-style home in NE Hickory near Clyde Campbell School. Offering one-level living on 0.52-acre lot, this 3-bedroom, 2-bath home has excellent potential for someone ready to bring it back to life. A generous living room with fireplace, and a spacious dining area with a second fireplace where a wood stove once stood—perfect for those who want to reimagine or expand the kitchen. The home needs some updating, but the layout and location make it an excellent opportunity for anyone looking for affordable one-level living. Priced to sell and offered AS-IS. With some TLC, this home could truly shine.

Key facts

• 0.52-acre lot
• Second fireplace
• One-level living

Tags

• RANCH-STYLE HOME
• ONE-LEVEL LIVING
• 0.52-ACRE LOT
• GENEROUS LIVING ROOM
• SPACIOUS DINING AREA
• SECOND FIREPLACE

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Attached front-facing 1-car garage
• Utilities: City water; Septic installed
• Home design: Single-family residence (residential); One level; Crawl space foundation
• Construction: Site-built construction; Partial brick and wood exterior
• Exterior features: Covered front porch; Patio; Lot is level, sloped and wooded; Private maintained road access; Road surfaces include concrete, dirt and gravel

Interior

• Kitchen: Dishwasher; Refrigerator; Electric water heater
• Bedrooms: 3 bedrooms on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Heat pump heating; Central air conditioning
• Interior features: 9 total rooms; Wood-burning fireplace with wood burning stove and additional features noted in remarks
• Laundry & utility: Dedicated laundry room on the main level; Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $435 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 9.8% vs local median 4.3% in St. Stephens — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Catawba County Schools (rural): math 54% / reading 51% proficiency, ranked #54 of 178 in NC (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Clyde Campbell Elementary (math 61% / reading 57%, grade B-, #228 of 1,410 statewide, top 16%, 479 students, 53% FRL); Saint Stephens High (math 68% / reading 60%, grade B-, #173 of 535 statewide, top 32%, 1,265 students, 53% FRL).
• Market conditions: Rents rising (+3.9%/yr); 423 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,016 units permitted in Catawba County in 2024 (255 in 5+ unit buildings).
• This rent runs 31% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Catawba County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.9% rent growth), your $42k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• 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 $149,900

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.17% ✓
• Cap rate: 9.77%
• Cash-on-cash: 12.42%
• DSCR: 1.55
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $274,316
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3157 28th St NE	0.53mi	3/1.5	1,345 (-1%)	2mo	$267,200	$199	70
2255 34th Avenue Dr NE	0.03mi	3/2.0	1,238 (-9%)	18mo	$265,500	$214	69
2416 33rd Ave NE	0.14mi	3/2.0	1,256 (-8%)	22mo	$279,000	$222	63
3230 25th St NE	0.20mi	3/1.5	1,250 (-8%)	19mo	$185,000	$148	60
2940 21st Street Ln NE	0.55mi	3/2.0	1,256 (-8%)	3mo	$299,000	$238	59
2745 33rd Ave NE	0.46mi	3/1.5	1,250 (-8%)	11mo	$265,000	$212	54
2002 34th Avenue Dr NE	0.37mi	3/1.5	1,250 (-8%)	17mo	$252,275	$202	53
3843 22nd St NE	0.46mi	3/2.0	1,555 (+14%)	4mo	$176,000	$113	51
1940 33rd Ave NE	0.35mi	3/1.0	1,203 (-11%)	13mo	$219,500	$182	50
2841 21st St NE	0.72mi	3/1.5	1,500 (+10%)	8mo	$279,900	$187	40
2825 21st Street Ln NE	0.62mi	2/2.0 (-1)	1,247 (-8%)	19mo	$284,400	$228	37
4011 25th St NE	0.71mi	2/1.0 (-1)	1,229 (-10%)	19mo	$205,000	$167	26

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 · 3.91% rent growth · sell at horizon

5-year hold

• IRR: 3.0%
• Equity multiple: 1.12×
• Total profit: $4,972
• Equity at exit: $22,351

10-year hold

• IRR: 13.4%
• Equity multiple: 2.11×
• Total profit: $46,605
• Equity at exit: $12,961

Cash invested: $41,972 (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 28601

• Home prices YoY: -27.2%
• Rents YoY: 3.9%
• Active inventory: 423
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,749 high
• Mortgage (P&I): −$786
• Tax from tax record: −$99 /mo · $1,185/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $435

Break-even live

Break-even rent $1,199

Max offer price $149,900

Occupancy floor 70%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1532 39th Avenue Loop NE #5 Hickory, NC	3.0	2.5	1442	$1,825	$1.27	5d	1	0.66mi
1525 39th Avenue Loop NE #4 Hickory, NC	3.0	2.5	1442	$1,750	$1.21	24d	1	0.79mi
1517 39th Avenue Loop NE Unit 7 Hickory, NC	3.0	2.5	1500	$1,775	$1.18	14d	1	0.83mi
2830 16th St NE Hickory, NC	1.0–3.0	1.0–2.0	959	$1,620	$1.69	12d	1	1.07mi
2753 34th Street Pl NE Unit A Hickory, NC	3.0	2.5	1605	$1,575	$0.98	24d	1	1.28mi
2102 24th St NE Unit 29 Hickory, NC	3.0	2.0	1248	$1,600	$1.28	24d	1	1.39mi

Listing history 2 events

1. 2026-06-19
   remarks 629-char remark
2. 2026-06-19
   listed $149,900 Active 1 DOM

ⓘ 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: $1,185 · $99/mo
• Projected year-2 tax: $1,229 · $102/mo
• Expected delta: +$44/yr (+$4/mo · 3.7%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,990
• − Mortgage interest: −$8,397
• − Property taxes: −$1,185
• − Insurance: −$750
• − Repairs & maintenance: −$1,679
• − Management: −$1,679
• − Depreciation: −$4,361
• Taxable income: $2,939
• Est. tax owed @ 24.0%: −$705
• After-tax cash flow: $4,509/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: Catawba County Schools
• NCES district ID: 3700690
• Math proficiency: 54% ▲ 9.00%
• Reading proficiency: 51% ▲ 3.00%
• Median HH income: $48,180
• Composite: 44.71/100
• National rank: #2754
• State rank: #54 of 178 in NC

Livability — St. Stephens

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: St. Stephens, NC
• County: Catawba County · 105,763 people
• Metro: Hickory-Lenoir-Morganton, NC
• Population (ZIP): 53,329
• Household income: $67,817
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 1276.0

Population outlook (Catawba County) Hauer SSP2

• Today (2025): 156,513 people
• By 2030: 155,267 · -0.8%
• By 2040: 151,110 · -3.5%
• By 2050: 145,524 · -7.0%
• By 2075: 134,047 · -14.4%
• By 2100: 119,424 · -23.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 9% Black 8% Two or more races 7% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Italian 4% Slovak 2% Serbian 2%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 7% Other Asian/Pacific 3% Other Indo-European 1%

Political lean MEDSL · Catawba

• 2024 margin: Solid R (+38.0) · D 30.6% · R 68.6%
• 2008→2024 swing: -13.0pp toward R · 2008: -25.0pp · 2024: -38.0pp
• All cycles: 2024: R+38.0 2020: R+37.0 2016: R+38.0 2012: R+29.6 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.98%
• Current HPI: 241.0743
• Rent YoY: ▲ 3.91%
• Metro: Hickory-Lenoir-Morganton, 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

1 event — show timeline

• 2026-06-18 Listed $149,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2024): $1,185 · +4.0% YoY. Source: county tax records.