1508 W Colonial Dr · Salisbury, NC 28144

$220,000

4 bd · 2.0 ba · 1,499 sqft · SingleFamily public records · 13 Days on market

Built 1961 0.36 ac lot Est $279k · 21% under

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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 +15.4/30.0
• ARV discount +15.0/15.0
• DSCR +4.7/10.0
• 1% rule +3.5/10.0
• Livability +3.2/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 4-bedroom home in Salisbury full of character and potential! This older home is ready for your personal touch and updates, offering a great opportunity for investors or buyers looking to create their dream space. Inside, you’ll find a spacious layout with generously sized rooms and plenty of original charm waiting to be restored or reimagined. Step outside to enjoy the great-sized yard—perfect for gardening, entertaining, or expanding your outdoor living space. Conveniently located near local shops, dining, and downtown Salisbury, this property combines location, space, and opportunity. Bring your vision and make this home truly shine!

Key facts

• Great sized yard
• Downtown salisbury
• Dining

Tags

• GREAT SIZED YARD
• DINING
• DOWNTOWN SALISBURY

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway; Attached garage with 1 garage space (main level)
• Utilities: City water; Public sewer
• Home design: Single-family residence; Residential property; Two levels; Entry/main living split across main and upper levels
• Construction: Site-built construction; Wood construction materials; Crawl space foundation
• Exterior features: Concrete and paved roads; Publicly maintained road

Interior

• Kitchen: Electric cooktop
• Bedrooms: 4 bedrooms (all on the upper level)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Baseboard heating; Additional heating features noted in remarks; Central air conditioning
• Interior features: 10 rooms; Electric cooktop
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $85 ($1k/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 $186k (15.4% below list).
• Recommended offer: $186k (15.4% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.3% in Salisbury — 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 64/100 on livability (#365 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities D-, commute F.
• Rowan-Salisbury Schools (rural): math 26% / reading 35% proficiency, ranked #142 of 178 in NC (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Isenberg Elementary (math 17% / reading 27%, grade F, #1,190 of 1,410 statewide, top 86%, 464 students, 93% FRL); Knox Middle (math 12% / reading 21%, grade F, #449 of 475 statewide, top 96%, 514 students, 95% FRL); Salisbury High (math 27% / reading 47%, grade F, #414 of 535 statewide, top 79%, 959 students, 66% FRL) — zoned schools average 84% FRL vs 54% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 291 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).
• This rent runs 42% of the median local income ($53k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Rowan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $186,163 (15.4% below list)

Questions for the listing agent

1. Built in 1961 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.85% ✗
• Cap rate: 6.76%
• Cash-on-cash: 1.66%
• DSCR: 1.07
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $278,814
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1508 W Colonial Dr	0.00mi	4/1.5	1,410 (-6%)	0mo	$215,000	$152	88
1521 W Colonial Dr	0.05mi	3/1.5 (-1)	1,656 (+10%)	6mo	$250,000	$151	68
1317 Arden Rd	0.62mi	3/2.0 (-1)	1,538 (+3%)	2mo	$299,000	$194	61
103 Spring Dr	0.44mi	3/2.5 (-1)	1,439 (-4%)	6mo	$249,000	$173	61
1509 Wiltshire Rd	0.27mi	3/2.0 (-1)	1,329 (-11%)	11mo	$195,000	$147	54
1640 W Colonial Dr	0.25mi	3/2.0 (-1)	1,374 (-8%)	22mo	$215,000	$156	51
1307 Arbor Dr	0.70mi	3/1.5 (-1)	1,481 (-1%)	20mo	$300,000	$203	42
1218 Forestdale Dr	0.64mi	3/1.0 (-1)	1,369 (-9%)	7mo	$255,000	$186	41
215 Spring Dr	0.45mi	3/2.5 (-1)	1,290 (-14%)	18mo	$241,900	$188	34
1445 Statesville Blvd	0.47mi	3/1.0 (-1)	1,316 (-12%)	20mo	$175,000	$133	32
1116 Forestdale Dr #38	0.72mi	3/1.5 (-1)	1,407 (-6%)	23mo	$285,350	$203	30
1229 Arden Dr	0.65mi	3/2.5 (-1)	1,347 (-10%)	22mo	$289,995	$215	28

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: -13.7%
• Equity multiple: 0.51×
• Total profit: $-30,285
• Equity at exit: $32,803

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-19,615
• Equity at exit: $19,022

Cash invested: $61,600 (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 28144

• Active inventory: 291
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,862 high
• Mortgage (P&I): −$1,154
• Tax from tax record: −$140 /mo · $1,683/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $85

Break-even live

Break-even rent $1,754

Max offer price $220,000

Occupancy floor 90%

Sensitivity live

Price	-10% $210	-5% $147	+0% $85	+5% $23	+10% $-39
Rent	-10% $-62	-5% $12	+0% $85	+5% $159	+10% $232
Rate	-1.0pp $196	-0.5pp $141	base $85	+0.5pp $28	+1.0pp $-30

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
324 N Milford Dr Salisbury, NC	3.0	2.0	1400	$2,000	$1.43	19d	1	1.03mi
324 N Milford Dr Salisbury, NC	3.0	2.0	1401	$1,975	$1.41	0d	1	1.03mi
314 Wendover Dr Salisbury, NC	3.0	2.5	1606	$1,795	$1.12	6d	1	1.08mi
50 Lakewood Dr Salisbury, NC	3.0	1.0–2.0	742	$1,420	$1.91	0d	31	1.19mi
202 N Merritt Ave Salisbury, NC	3.0	1.5	1591	$1,495	$0.94	22d	1	1.27mi
150 Freedom Dr Salisbury, NC	4.0	2.0	1678	$1,500	$0.89	25d	1	1.33mi
100 Laurel Pointe Cir Salisbury, NC	2.0–3.0	2.0	1143	$1,430	$1.25	25d	8	1.40mi

Listing history 3 events

1. 2026-05-19
   status Pending
2. 2026-05-06
   listed $220,000 Active
3. 2026-04-21
   soldstatus $220,000

ⓘ 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: $1,683 · $140/mo
• Projected year-2 tax: $1,804 · $150/mo
• Expected delta: +$121/yr (+$10/mo · 7.2%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% 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: $22,340
• − Mortgage interest: −$12,323
• − Property taxes: −$1,683
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,787
• − Management: −$1,787
• − Depreciation: −$6,400
• Taxable loss: −$2,741
• Est. tax savings @ 24.0%: +$658
• After-tax cash flow: $1,679/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: Rowan-Salisbury Schools
• NCES district ID: 3704050
• Math proficiency: 26% ▲ 2.00%
• Reading proficiency: 35% ▲ 1.00%
• Median HH income: $43,953
• Composite: 26.01/100
• National rank: #7317
• State rank: #142 of 178 in NC

Livability — Salisbury

• Score: 64/100
• State rank: #365
• US rank: #14533

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salisbury, NC
• County: Rowan County · 103,630 people
• City population: 85,081
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 27,977
• Household income: $52,568
• Rent vs Own: 45.3% rent · 54.7% own
• Severe rent burden: 1438.0

Population outlook (Rowan County) Hauer SSP2

• Today (2025): 140,430 people
• By 2030: 140,193 · -0.2%
• By 2040: 137,617 · -2.0%
• By 2050: 131,826 · -6.1%
• By 2075: 115,123 · -18.0%
• By 2100: 92,774 · -33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 49% Black 35% Hispanic / Latino 12% Two or more races 7%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Serbian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 7% Other Indo-European 1%

Political lean MEDSL · Rowan

• 2024 margin: Solid R (+35.9) · D 31.6% · R 67.5%
• 2008→2024 swing: -13.1pp toward R · 2008: -22.8pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+35.7 2016: R+36.8 2012: R+26.0 2008: R+22.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -217.00%
• Current HPI: 276.1097
• Rent YoY: —
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-19 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-05-06 Listed $220,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-21 Sold (Public Records) $220,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $1,683 · +0.0% YoY. Source: county tax records.