2225 Alma Ct · Charlotte, NC 28206

$1,000,000

2 bd · 1.0 ba · 696 sqft · MultiFamily public records · 147 Days on market

Built 1964 0.70 ac lot ↓ 54% since listing

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Why this score? — see what drove the D 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 +14.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks

This 6-unit multifamily asset offers a fully turnkey investment opportunity in North Charlotte with immediate upside through lease-up. The property is currently 83% occupied (5 of 6 units), with the vacant unit fully renovated and rent-ready, allowing for quick NOI acceleration. All units feature 2BR/1BA layouts averaging ~776 SF, and the asset has benefited from significant capital improvements, including a new roof, updated HVAC systems, and comprehensive unit renovations. Located minutes from Camp North End and less than 10 minutes from Uptown Charlotte, the property sits within an established growth corridor with durable rental demand.

Key facts

• Updated hvac systems
• New roof
• 0.7 acre lot

Tags

• VACANT UNIT FULLY RENOVATED
• NEW ROOF
• UPDATED HVAC SYSTEMS
• COMPREHENSIVE UNIT RENOVATIONS

Property features AI

Finance

• Financial info: Income property with six units (six 2-bedroom units); Twelve total bedrooms and six full baths; Total living area approximately 4,656
• HOA & community: No HOA; Pets allowed with conditions

Exterior

• Parking: Parking lot available
• Utilities: City water; Public sewer; Tenants pay all utilities
• Home design: Sixplex residential income property; Site-built construction; Brick exterior
• Construction: Site-built construction; Brick construction; Crawl space foundation
• Exterior features: Asphalt-paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric range; Microwave; Refrigerator
• Bedrooms: Twelve total bedrooms; Six units with 2-bedroom floor plans
• Bathrooms: Six full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Dishwasher; Electric range; Microwave; Refrigerator
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 6 × 2.0-bed/1.0-bath units multifamily listed at $1.00M.

Deal economics

• At list price, monthly cash flow is $173 ($2k/yr) — positive. Per door: $29/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $796k (20.4% below list).
• Recommended offer: $796k (20.4% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.1% in Charlotte — 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 78/100 on livability (#26 in NC, #2,502 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools D+, crime F.
• Charlotte-Mecklenburg Schools (urban): math 42% / reading 46% proficiency, ranked #85 of 178 in NC (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-1.8%/yr); 137 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).
• At $7,956/mo this rent would consume 154% of the median local household income ($62k/yr) (locally 1143% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($880k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago 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

• 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 $795,600 (20.4% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.80% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.74%
• DSCR: 1.03
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -18.2%
• Equity multiple: 0.38×
• Total profit: $-174,697
• Equity at exit: $149,103

10-year hold

• IRR: -16.8%
• Equity multiple: 0.18×
• Total profit: $-229,531
• Equity at exit: $86,462

Cash invested: $280,000 (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 28206

• Home prices YoY: -20.7%
• Rents YoY: -1.8%
• Active inventory: 137
• Price-to-rent: 62.8×

Monthly cashflow live

• Estimated rent: $7,956 high
• Mortgage (P&I): −$5,244
• Tax from tax record: −$451 /mo · $5,415/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,671
• Net cashflow: $173

Break-even live

Break-even rent $7,737

Max offer price $1,000,000

Occupancy floor 93%

Sensitivity live

Price	-10% $739	-5% $456	+0% $173	+5% $-110	+10% $-393
Rent	-10% $-455	-5% $-141	+0% $173	+5% $487	+10% $802
Rate	-1.0pp $677	-0.5pp $428	base $173	+0.5pp $-86	+1.0pp $-350

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

Units	Beds	Baths	Est. rent
▸ 6× units	2.0	1	$7,956
Total (6 units)			$7,956

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2345 Carmine St #4 Charlotte, NC	2.0	1.0	715	$1,095	$1.53	24d	1	0.13mi
2335 Carmine St #1 Charlotte, NC	2.0	1.0	715	$1,095	$1.53	18d	1	0.13mi
1732 Newland Rd Charlotte, NC	2.0	1.0	696	$1,125	$1.62	22d	1	0.35mi
1103 McArthur Ave Charlotte, NC	2.0	1.0	700	$1,300	$1.86	15d	1	0.35mi
932 Wainwright Ave #1 Charlotte, NC	2.0	1.0	612	$1,200	$1.96	15d	1	0.41mi
1017 Rodey Ave Charlotte, NC	2.0	1.0	712	$1,475	$2.07	15d	1	0.56mi
1935 Irma St Charlotte, NC	2.0	1.0	680	$1,295	$1.90	8d	1	0.60mi
2021 Lasalle St Charlotte, NC	2.0	1.0	653	$1,200	$1.84	24d	1	0.75mi
2413 Woodward Ave Unit ADU Charlotte, NC	1.0	1.0	489	$1,300	$2.66	24d	1	0.75mi
2220 Custer St Unit 2 Charlotte, NC	2.0	1.0	654	$1,095	$1.67	24d	1	0.77mi
2621 Druid Hills Way Unit 2 Charlotte, NC	2.0	1.0	688	$1,200	$1.74	24d	1	0.80mi
2204 Catherine Simmons Ave Unit B Charlotte, NC	2.0	2.0	652	$950	$1.46	20d	1	0.81mi
1028 Stitch Bend WAY Charlotte, NC	1.0	1.0	485	$1,386	$2.86	13d	1	0.94mi
2020 Rush Wind Dr Charlotte, NC	2.0	1.0	700	$1,050	$1.50	24d	1	0.99mi
1813 Brewton Dr Charlotte, NC	2.0	1.0	690	$1,530	$2.22	16d	1	1.14mi
2605 Remington St Charlotte, NC	2.0	1.0	696	$1,100	$1.58	20d	1	1.22mi
110 Razades Way Charlotte, NC	4.0	1.0–4.0	917	$2,309	$2.52	3d	48	1.44mi
404 W 26th St Charlotte, NC	3.0	1.0–2.0	910	$1,737	$1.91	2d	37	1.45mi

Listing history 20 events

1. 2026-06-18
   days on market $1,000,000 Active 147 DOM
2. 2026-06-17
   days on market $1,000,000 Active 146 DOM
3. 2026-06-16
   days on market $1,000,000 Active 145 DOM
4. 2026-06-15
   days on market $1,000,000 Active 144 DOM
5. 2026-06-13
   days on market $1,000,000 Active 142 DOM
6. 2026-06-10
   days on market $1,000,000 Active 138 DOM
7. 2026-06-08
   days on market $1,000,000 Active 137 DOM
8. 2026-06-07
   days on market $1,000,000 Active 136 DOM
9. 2026-06-04
   days on market $1,000,000 Active 133 DOM
10. 2026-06-03
    days on market $1,000,000 Active 132 DOM
11. 2026-06-02
    days on market $1,000,000 Active 131 DOM
12. 2026-06-02
    days on market $1,000,000 Active 130 DOM
13. 2026-05-31
    days on market $1,000,000 Active 129 DOM
14. 2026-01-22
    listed $1,000,000 Active
15. 2024-05-04
    historical $1,335
16. 2024-05-02
    historical $1,335
17. 2024-05-01
    listed $1,335
18. 2024-04-27
    listed $1,335
19. 2022-06-10
    soldstatus $8,500,000
20. 2000-10-13
    soldstatus $2,175,000

ⓘ 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: $5,415 · $451/mo
• Projected year-2 tax: $8,200 · $683/mo
• Expected delta: +$2,785/yr (+$232/mo · 51.4%)

ⓘ 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 ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $95,472
• − Mortgage interest: −$56,016
• − Property taxes: −$5,415
• − Insurance: −$5,000
• − Repairs & maintenance: −$7,638
• − Management: −$7,638
• − Depreciation: −$29,091
• Taxable loss: −$15,325
• Est. tax savings @ 24.0%: +$3,678
• After-tax cash flow: $5,757/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: Charlotte-Mecklenburg Schools
• NCES district ID: 3702970
• Math proficiency: 42% ▼ -6.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $57,175
• Composite: 38.49/100
• National rank: #4183
• State rank: #85 of 178 in NC

Livability — Charlotte

• Score: 78/100
• State rank: #26
• US rank: #2502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlotte, NC
• County: Mecklenburg County · 1,167,319 people
• City population: 920,422
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 15,375
• Household income: $61,818
• Rent vs Own: 67.1% rent · 32.9% own
• Severe rent burden: 1143.0

Population outlook (Mecklenburg County) Hauer SSP2

• Today (2025): 1,305,740 people
• By 2030: 1,442,752 · +10.5%
• By 2040: 1,722,441 · +31.9%
• By 2050: 1,999,450 · +53.1%
• By 2075: 2,642,495 · +102.4%
• By 2100: 3,106,755 · +137.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Black 62% White 18% Hispanic / Latino 16% Two or more races 6% Asian 3%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Romanian 1%
• Foreign-born: 14% · Canada, Vietnam, United Kingdom
• Languages at home: 79% English-only · Spanish 14% French/Haitian/Cajun 2% Other Indo-European 1%

Political lean MEDSL · Mecklenburg

• 2024 margin: Solid D (+32.9) · D 65.6% · R 32.7% · Other 1.6%
• 2008→2024 swing: +8.5pp toward D · 2008: 24.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+35.1 2016: D+29.9 2012: D+22.5 2008: D+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -82.97%
• Current HPI: 317.6081
• Rent YoY: ▼ -1.79%
• 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

-54.0% since first listed

7 events — show timeline

• 2026-01-22 Listed $1,000,000 CANOPYMLS as Distributed by MLS Grid
• 2024-05-04 Rental Removed $1,335 APPFOLIO
• 2024-05-02 Rental Removed $1,335 RENT.
• 2024-05-01 Listed for Rent $1,335 RENT.
• 2024-04-27 Listed for Rent $1,335 APPFOLIO
• 2022-06-10 Sold (Public Records) $8,500,000 Public Records
• 2000-10-13 Sold (Public Records) $2,175,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $5,415 · +3.5% YoY. Source: county tax records.