509 E Grover St · Shelby, NC 28150

$449,000

24 bd · 16.0 ba · 2,829 sqft · MultiFamily public records · 7 Days on market

Built 1924 0.37 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
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Rent growth +4.2/5.0
• Schools +4.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.5/10.0

Multi-family units

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

Listing remarks MLS

FIRE SALE! Literally. This property is the victim of a kitchen fire in one of the three apartments. This large house was built in 1924 and has been converted into a triplex. Each of the three apartments has it's own metering for power, water and gas. Apartment A (where the kitchen fire occurred) is a 2 bed, 2 bath unit with large kitchen, large living and dining rooms, washer/dryer connections in kitchen. Apartment B is a 2 bed, 1 bath unit, washer/dryer connections in kitchen. Apartment C (upstairs) is a 1 bed, 1 bath with an option room tenant used for a 2nd bedroom. Each unit has own utilities and HVAC. Property is being sold AS-IS and buyer is responsible for all due diligence. Buyer will need to mediate smoke and fire damages and restore property. Bring your contractor and take a look. Our loss could result in your gain! Fire occurred in February 2025 due to tenant cooking negligence. Utilities are turned off. Bring flashlights and appropriate PPE. Roof replaced 2015. HVAC 2014.

Key facts

• Separate apartments
• Own kitchen
• Washer dryer hookups

Tags

• SEPARATE APARTMENTS
• OWN KITCHEN
• WASHER DRYER HOOKUPS
• MULTI GENERATIONAL LIVING
• RENTAL INCOME
• INVESTMENT PURPOSES

Property features AI

Finance

• Other: Zoning: NB; Lot size: 0.37 acres; Pets not allowed
• Financial info: Owner pays: none; Tenant pays: all utilities
• HOA & community: No HOA

Exterior

• Parking: Circular driveway (no main-level garage)
• Utilities: Public water; Public sewer
• Home design: Residential income property; Triplex; Apartments (3 units)
• Construction: Site-built construction; Vinyl exterior; Composition roof; Crawl space foundation; Built as of existing building area 3,306
• Exterior features: Circular driveway; Roads are gravel and paved; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric range; Refrigerator
• Bedrooms: 6 bedrooms (across units)
• Bathrooms: 4 full bathrooms (total)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Dishwasher; Electric range; Refrigerator
• Laundry & utility: In-unit laundry; Main level laundry; Upper level laundry

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/?-bath units multifamily listed at $449k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $419/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $449k).
• Cap rate 10.8% vs local median 2.9% in Shelby — 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 75/100 on livability (#52 in NC, #4,349 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, crime F, employment F.
• Cleveland County Schools (rural): math 47% / reading 49% proficiency, ranked #76 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.7%/yr); 241 active listings in the ZIP; 461 units permitted in Cleveland County in 2024 (38 in 5+ unit buildings).
• At $5,466/mo this rent would consume 117% of the median local household income ($56k/yr) (locally 790% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Cleveland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 6.7% rent growth), your $126k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• Current owner paid $130k; list at $449k implies a 245% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• 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 $449,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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?
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: 1.22% ✓
• Cap rate: 10.77%
• Cash-on-cash: 15.99%
• DSCR: 1.71
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.66% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.43×
• Total profit: $54,587
• Equity at exit: $66,947

10-year hold

• IRR: 22.2%
• Equity multiple: 3.20×
• Total profit: $276,422
• Equity at exit: $38,821

Cash invested: $125,720 (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 28150

• Home prices YoY: -2.0%
• Rents YoY: 6.7%
• Active inventory: 241
• Price-to-rent: 27.4×

Monthly cashflow live

• Estimated rent: $5,466 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$102 /mo · $1,218/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,148
• Net cashflow: $1,675

Break-even live

Break-even rent $3,346

Max offer price $449,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	—	$5,464
Total (4 units)			$5,466

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-19
   days on market $449,000 Active 7 DOM
2. 2026-06-18
   days on market $449,000 Active 6 DOM
3. 2026-06-17
   days on market $449,000 Active 5 DOM
4. 2026-06-16
   days on market $449,000 Active 4 DOM
5. 2026-06-15
   days on market $449,000 Active 3 DOM
6. 2026-06-14
   status $449,000 Active 1 DOM
7. 2026-06-13
   remarks 693-char remark
8. 2026-06-13
   listed $449,000 Coming Soon 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: $1,218 · $102/mo
• Projected year-2 tax: $3,682 · $307/mo
• Expected delta: +$2,463/yr (+$205/mo · 202.2%)

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,592
• − Mortgage interest: −$25,151
• − Property taxes: −$1,218
• − Insurance: −$2,245
• − Repairs & maintenance: −$5,247
• − Management: −$5,247
• − Depreciation: −$13,062
• Taxable income: $13,421
• Est. tax owed @ 24.0%: −$3,221
• After-tax cash flow: $16,878/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: Cleveland County Schools
• NCES district ID: 3700900
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 49% ▲ 4.00%
• Median HH income: $38,501
• Composite: 40.03/100
• National rank: #3823
• State rank: #76 of 178 in NC

Livability — Shelby

• Score: 75/100
• State rank: #52
• US rank: #4349

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelby, NC
• County: Cleveland County · 83,736 people
• City population: 26,134
• Metro: Shelby, NC
• Population (ZIP): 28,142
• Household income: $55,832
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 790.0

Population outlook (Cleveland County) Hauer SSP2

• Today (2025): 93,671 people
• By 2030: 91,157 · -2.7%
• By 2040: 85,519 · -8.7%
• By 2050: 79,708 · -14.9%
• By 2075: 68,317 · -27.1%
• By 2100: 57,145 · -39.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (62%)
• Race & ethnicity: White 62% Black 27% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Serbian 2% Italian 2% Lithuanian 1%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Cleveland

• 2024 margin: Solid R (+35.0) · D 32.2% · R 67.2%
• 2008→2024 swing: -15.1pp toward R · 2008: -19.9pp · 2024: -35.0pp
• All cycles: 2024: R+35.0 2020: R+32.8 2016: R+30.6 2012: R+20.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -8.92%
• Current HPI: 447.16
• Rent YoY: ▲ 6.66%
• Metro: Shelby, 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

+207.5% since first listed

8 events — show timeline

• 2026-06-13 Listed $449,000 CANOPYMLS as Distributed by MLS Grid
• 2026-06-12 Coming Soon $449,000 CANOPYMLS as Distributed by MLS Grid
• 2025-08-12 Sold (Public Records) $130,000 Public Records
• 2025-08-12 Sold (MLS) $130,000 CANOPYMLS as Distributed by MLS Grid
• 2025-07-29 Pending — CANOPYMLS as Distributed by MLS Grid
• 2025-07-18 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2025-07-14 Pending — CANOPYMLS as Distributed by MLS Grid
• 2025-07-07 Listed $146,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+2.0%/yr

Latest (2025): $1,218 · +4.8% YoY. Source: county tax records.