1003 Lundix St · Albemarle, NC 28001

$155,000

3 bd · 1.0 ba · 1,778 sqft · SingleFamily public records · 293 Days on market

Built 1906 0.27 ac lot Est $242k · 36% under ↓ 6% since listing

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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 +19.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +4.2/10.0
• Schools +3.4/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This charmingly classic 3-bedroom, 1-bathroom home is full of potential and ready for your personal touch. Whether you're looking to renovate or invest in a home with character, this property offers a fantastic opportunity. The roof was replaced in 2020, and there's access to natural gas. Please note- electricity, water, and gas are currently suspended, as the home is vacant. Perfectly located near shopping, dining, educational opportunities, and more—convenience is just outside your door. What makes this home truly unique? It's featured in Stanly County: The Architectural Legacy of a Rural North Carolina County by Donna Dodenhoff, recognizing its history and architectural significanc

Key facts

• Near dining
• Near shopping
• Roof replaced

Tags

• ROOF REPLACED
• ACCESS TO NATURAL GAS
• NEAR SHOPPING
• NEAR DINING
• NEAR EDUCATIONAL OPPORTUNITIES

Property features AI

Finance

• Other: Property zoned R-8; Total living area 1,506 square feet; Additional 383 square feet of other space; Unheated area details: main 635, upper 290, basement 345
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Single-family residence; Site-built construction; One-and-one-half levels; Shingle/Shake exterior material; Asbestos listed among construction materials; Facing/entry level details not specified
• Construction: Basement foundation; Site-built construction; Asbestos and shingle/shake exterior materials
• Exterior features: Concrete and paved road access; Publicly maintained road; 0.27-acre lot

Interior

• Kitchen: Gas range; Refrigerator
• Bedrooms: 3 bedrooms total — 2 on the main level, 1 on the upper level
• Bathrooms: 1 full bathroom (main)
• Heating & cooling: Natural gas heating; Electric cooling
• Interior features: 8 total rooms; Basement with exterior entry and partial finish; Second living quarters (see remarks)
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry area located in the kitchen

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $155k.

Deal economics

• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (8.2% below list).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 3.3% in Albemarle — 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 68/100 on livability (#167 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D-, crime D-, amenities F.
• Stanly County Schools (rural): math 38% / reading 42% proficiency, ranked #113 of 178 in NC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 277 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 367 units permitted in Stanly County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Stanly County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 293 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 293 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — 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 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?
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: 0.92% ✗
• Cap rate: 7.59%
• Cash-on-cash: 4.62%
• DSCR: 1.21
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $241,808
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
634 Colston St	0.20mi	4/2.0 (+1)	1,679 (-6%)	10mo	$275,000	$164	64
455 Spring St	0.61mi	3/2.0	1,817 (+2%)	1mo	$164,900	$91	63
588 Washington Ln	0.27mi	3/2.5	1,642 (-8%)	7mo	$262,000	$160	63
501 Pee Dee Ave	0.54mi	3/2.0	1,781 (+0%)	10mo	$345,000	$194	62
819 E Main St	0.44mi	3/2.0	1,850 (+4%)	9mo	$280,000	$151	61
420 Spring St	0.60mi	3/2.0	1,706 (-4%)	3mo	$145,000	$85	59
1011 E Main St	0.46mi	3/1.5	1,976 (+11%)	2mo	$145,000	$73	57
330 E Main St	0.52mi	3/2.0	1,870 (+5%)	15mo	$255,000	$136	51
1029 E Main St	0.47mi	3/1.5	1,964 (+10%)	14mo	$140,000	$71	47
208 N 5th St	0.59mi	4/2.0 (+1)	1,840 (+4%)	13mo	$202,500	$110	47
319 Green St	0.50mi	3/2.0	1,624 (-9%)	19mo	$254,000	$156	42
616 E Oakwood Ave	0.73mi	3/2.0	1,944 (+9%)	6mo	$175,000	$90	41

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: -9.1%
• Equity multiple: 0.67×
• Total profit: $-14,534
• Equity at exit: $23,111

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $835
• Equity at exit: $13,402

Cash invested: $43,400 (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 28001

• Home prices YoY: -33.1%
• Active inventory: 277
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,423 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$80 /mo · $957/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$299
• Net cashflow: $167

Break-even live

Break-even rent $1,212

Max offer price $155,000

Occupancy floor 83%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1419 Amhurst St Albemarle, NC	3.0	2.5	1449	$1,645	$1.14	4d	1	0.63mi
451 Montgomery Ave Unit 5 Albemarle, NC	3.0	2.0	1450	$1,275	$0.88	11d	1	0.72mi
324 Belmont Cir Albemarle, NC	2.0	2.0	1346	$1,250	$0.93	18d	1	1.10mi

Listing history 15 events

1. 2026-06-18
   days on market $155,000 Active 293 DOM
2. 2026-06-17
   days on market $155,000 Active 292 DOM
3. 2026-06-16
   days on market $155,000 Active 291 DOM
4. 2026-06-15
   days on market $155,000 Active 290 DOM
5. 2026-06-13
   days on market $155,000 Active 288 DOM
6. 2026-06-09
   days on market $155,000 Active 284 DOM
7. 2026-06-08
   days on market $155,000 Active 283 DOM
8. 2026-06-07
   days on market $155,000 Active 282 DOM
9. 2026-06-04
   days on market $155,000 Active 279 DOM
10. 2026-06-03
    days on market $155,000 Active 278 DOM
11. 2026-06-02
    days on market $155,000 Active 277 DOM
12. 2026-06-01
    days on market $155,000 Active 276 DOM
13. 2026-05-31
    days on market $155,000 Active 275 DOM
14. 2025-10-15
    price $155,000
15. 2025-08-29
    listed $165,000 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: $957 · $80/mo
• Projected year-2 tax: $1,271 · $106/mo
• Expected delta: +$314/yr (+$26/mo · 32.8%)

ⓘ 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 ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,075
• − Mortgage interest: −$8,682
• − Property taxes: −$957
• − Insurance: −$775
• − Repairs & maintenance: −$1,366
• − Management: −$1,366
• − Depreciation: −$4,509
• Taxable loss: −$581
• Est. tax savings @ 24.0%: +$139
• After-tax cash flow: $2,142/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: Stanly County Schools
• NCES district ID: 3704320
• Math proficiency: 38% ▼ -1.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $43,802
• Composite: 33.9/100
• National rank: #5343
• State rank: #113 of 178 in NC

Livability — Albemarle

• Score: 68/100
• State rank: #167
• US rank: #8957

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albemarle, NC
• City population: 26,187
• Population (ZIP): 26,187

Population outlook (Stanly County) Hauer SSP2

• Today (2025): 60,082 people
• By 2030: 59,485 · -1.0%
• By 2040: 57,407 · -4.5%
• By 2050: 54,051 · -10.0%
• By 2075: 45,384 · -24.5%
• By 2100: 34,694 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 15% Hispanic / Latino 5% Two or more races 3% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 3% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 2% Vietnamese 1%

Political lean MEDSL · Stanly

• 2024 margin: Solid R (+50.9) · D 24.2% · R 75.1%
• 2008→2024 swing: -14.2pp toward R · 2008: -36.7pp · 2024: -50.9pp
• All cycles: 2024: R+50.9 2020: R+51.1 2016: R+50.2 2012: R+40.4 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.68%
• Current HPI: 221.8601
• Rent YoY: —
• Metro: —
• 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

-6.1% since first listed

2 events — show timeline

• 2025-10-15 Price Changed $155,000 CANOPYMLS as Distributed by MLS Grid
• 2025-08-29 Listed $165,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2025): $957 · +140.6% YoY. Source: county tax records.