809 Jamestown Dr #5 · Gastonia, NC 28056

$235,000

2 bd · 2.0 ba · 1,512 sqft · Condo public records · 55 Days on market

Built 1983

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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 +13.7/30.0
• ARV discount +7.5/15.0
• DSCR +4.1/10.0
• Schools +3.6/10.0
• 1% rule +3.1/10.0
• Rent growth +3.0/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy, elevated living in the highly sought-after Jamestown Condominium community! This stunning two-story, 3-bedroom, 2.5-bath end-unit offers the perfect blend of style, comfort, and low-maintenance convenience. From the moment you step inside, you’ll notice this home has been beautifully renovated from top to bottom—featuring a completely updated kitchen, refreshed bathrooms, new flooring, and fresh paint throughout. It truly shows like new construction, offering a move-in ready experience with nothing left to do. The spacious den is anchored by a charming masonry fireplace, creating a warm and inviting atmosphere for relaxing or entertaining. As an end unit, you&rs

Key facts

• Fresh paint
• Masonry fireplace
• New flooring

Tags

• UPDATED KITCHEN
• REFRESHED BATHROOMS
• NEW FLOORING
• FRESH PAINT
• MASONRY FIREPLACE
• TWO SEPARATE ENTRY DOORS

Property features AI

Finance

• Other: No representation restriction noted
• HOA & community: Jamestown HOA (mandatory membership); Community features include dog park and street lights

Exterior

• Parking: Assigned parking; Driveway; 2 open parking spaces; Two assigned parking places
• Security: Smoke detector(s)
• Utilities: City water; Public sewer; Electric power
• Home design: Residential condominium; Two levels; Entry level: 1; Site-built construction
• Construction: Brick full exterior; Slab foundation
• Exterior features: End unit; Level lot; Private maintained road; Asphalt/paved road access; In-ground outdoor pool (private)

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Microwave; Refrigerator; Pantry
• Bedrooms: 3 bedrooms (all located on the upper level)
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; 1 half bathroom
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Built-in features; Pantry; Insulated windows; Smoke detector(s)
• Laundry & utility: Main level laundry room; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $235k.

Deal economics

• At list price, monthly cash flow is $17 ($205/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 $191k (18.8% below list).
• Recommended offer: $191k (18.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.7% in Gastonia — 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 59/100 on livability (#528 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D, crime F, amenities 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.
• Zoned schools: Robinson Elementary (math 37% / reading 42%, grade F, #694 of 1,410 statewide, top 53%, 419 students, 61% FRL); Forestview High (math 72% / reading 59%, grade B, #159 of 535 statewide, top 30%, 1,081 students, 47% FRL) — zoned schools average 54% FRL vs 37% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.9%/yr); 356 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $108k; list at $235k implies a 119% gain — meaningful room to come down on a strong offer.

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 $190,854 (18.8% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 0.81% ✗
• Cap rate: 6.38%
• Cash-on-cash: 0.31%
• DSCR: 1.01
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.94% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.41×
• Total profit: $-39,059
• Equity at exit: $35,039

10-year hold

• IRR: -10.8%
• Equity multiple: 0.38×
• Total profit: $-40,918
• Equity at exit: $20,319

Cash invested: $65,800 (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 28056

• Rents YoY: 1.9%
• Active inventory: 356
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,909 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$160 /mo · $1,925/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$401
• Net cashflow: $17

Break-even live

Break-even rent $1,887

Max offer price $235,000

Occupancy floor 94%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3016 Seth Ct Gastonia, NC	3.0	2.0	1305	$1,915	$1.47	3d	1	0.28mi
3016 Seth Ct Gastonia, NC	2.0	2.0	1170	$1,615	$1.38	2d	1	0.28mi
2910 Freida Ln Gastonia, NC	3.0	1.0	1290	$1,555	$1.21	16d	1	0.49mi
1131 Kendrick Rd Gastonia, NC	2.0	2.0	1721	$2,299	$1.34	23d	1	0.57mi
3557 Heather Ln Gastonia, NC	3.0	2.0	1448	$1,890	$1.31	16d	1	0.68mi
2413 Hoffman St Gastonia, NC	3.0	2.5	1864	$2,300	$1.23	4d	1	0.92mi
2413 Hoffman St Gastonia, NC	3.0	2.5	1864	$2,400	$1.29	16d	1	0.92mi
519 San Marco Dr Gastonia, NC	3.0	2.0	1557	$1,850	$1.19	4d	1	1.00mi
732 Inwood Hill Dr Gastonia, NC	3.0	2.5	1330	$2,195	$1.65	20d	1	1.30mi
2735 Winn Mill Dr Gastonia, NC	3.0	2.5	1580	$1,895	$1.20	23d	1	1.49mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $235,000 Active 55 DOM
2. 2026-06-17
   days on market $235,000 Active 54 DOM
3. 2026-06-16
   days on market $235,000 Active 53 DOM
4. 2026-06-15
   days on market $235,000 Active 52 DOM
5. 2026-06-13
   pricedays on market $235,000 Active 50 DOM
6. 2026-06-09
   days on market $239,900 Active 46 DOM
7. 2026-06-08
   days on market $239,900 Active 45 DOM
8. 2026-06-07
   days on market $239,900 Active 44 DOM
9. 2026-06-04
   days on market $239,900 Active 41 DOM
10. 2026-06-03
    days on market $239,900 Active 40 DOM
11. 2026-06-02
    days on market $239,900 Active 39 DOM
12. 2026-06-01
    days on market $239,900 Active 38 DOM
13. 2026-05-31
    days on market $239,900 Active 37 DOM
14. 2026-04-24
    listed $239,900 Active
15. 2009-02-27
    soldstatus $107,500
16. 1997-02-28
    soldstatus $90,000

ⓘ 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: $1,925 · $160/mo
• Projected year-2 tax: $1,927 · $161/mo
• Expected delta: +$2/yr ($0/mo · 0.1%)

ⓘ 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 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,902
• − Mortgage interest: −$13,164
• − Property taxes: −$1,925
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,832
• − Management: −$1,832
• − Depreciation: −$6,836
• Taxable loss: −$3,861
• Est. tax savings @ 24.0%: +$927
• After-tax cash flow: $1,132/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: 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 — Gastonia

• Score: 59/100
• State rank: #528
• US rank: #19444

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gastonia, NC
• County: Gaston County · 201,497 people
• City population: 114,179
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 36,200
• Household income: $90,427
• Rent vs Own: 21.4% rent · 78.6% own
• Severe rent burden: 623.0

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 (69%)
• Race & ethnicity: White 69% Black 14% Hispanic / Latino 10% Two or more races 5% Asian 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Serbian 4% Slovak 2% Italian 1%
• Foreign-born: 7% · Canada, Jamaica
• Languages at home: 89% English-only · Spanish 9% Other Asian/Pacific 1% Other Indo-European 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: ▼ -244.54%
• Current HPI: 231.6479
• Rent YoY: ▲ 1.94%
• 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

+166.6% since first listed

3 events — show timeline

• 2026-04-24 Listed $239,900 CANOPYMLS as Distributed by MLS Grid
• 2009-02-27 Sold (Public Records) $107,500 Public Records
• 1997-02-28 Sold (Public Records) $90,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $1,925 · +0.0% YoY. Source: county tax records.