601 Sherman St · Badin, NC 28009

$90,000

2 bd · 1.0 ba · 1,164 sqft · SingleFamily public records · 267 Days on market

Built 1920 7,405 sqft lot ↓ 29% since listing

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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 +27.4/30.0
• DSCR +9.6/10.0
• Appreciation +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Sellers are highly motivated, open to negotiation, and willing to consider reasonable offers. Look no further!! This could be the property you have been searching for!! Nestled in Badin, this 2-bedroom, 1-bathroom, single-story home offers great potential!! Property location is in close proximity to Badin Lake, Morrow Mountain State Park, local restaurants and stores. With just a quick drive, access additional shopping, educational campuses, and other recreational opportunities. Property is being sold AS IS. Back on the market! No fault of seller.

Key facts

• 7,405 sq ft lot
• Garage
• Built 1920

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $264 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 2.5% in Badin — 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 65/100 on livability (#329 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime A-; Watch: schools D, amenities F, commute 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: 10 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 367 units permitted in Stanly County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($622 loan paydown + $6k appreciation (6.7% local appreciation)).
• Stanly County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 267 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 267 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 1920 — 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. 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: 1.14% ✓
• Cap rate: 9.81%
• Cash-on-cash: 12.57%
• DSCR: 1.56
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $200,208
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 Mayo St	0.16mi	3/1.5 (+1)	1,176 (+1%)	6mo	$75,000	$64	79
415 Jackson St	0.09mi	3/2.0 (+1)	1,232 (+6%)	0mo	$254,900	$207	77
910 Roosevelt St	0.43mi	2/1.0	1,004 (-14%)	5mo	$172,500	$172	53
925 Roosevelt St	0.41mi	3/1.5 (+1)	1,290 (+11%)	14mo	$198,000	$153	44

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.69% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.2%
• Equity multiple: 2.84×
• Total profit: $46,492
• Equity at exit: $60,540

10-year hold

• IRR: 25.0%
• Equity multiple: 5.87×
• Total profit: $122,700
• Equity at exit: $113,380

Cash invested: $25,200 (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 28009

• Home prices YoY: 2.3%
• Active inventory: 10
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,025 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$36 /mo · $435/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$215
• Net cashflow: $264

Break-even live

Break-even rent $691

Max offer price $90,000

Occupancy floor 69%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
44177 Mountain View Church Rd Albemarle, NC	2.0	1.0	805	$1,025	$1.27	4d	1	1.02mi

Listing history 18 events

1. 2026-06-18
   days on market $90,000 Active 267 DOM
2. 2026-06-17
   days on market $90,000 Active 266 DOM
3. 2026-06-16
   days on market $90,000 Active 265 DOM
4. 2026-06-15
   days on market $90,000 Active 264 DOM
5. 2026-06-13
   days on market $90,000 Active 262 DOM
6. 2026-06-09
   days on market $90,000 Active 258 DOM
7. 2026-06-08
   days on market $90,000 Active 257 DOM
8. 2026-06-07
   days on market $90,000 Active 256 DOM
9. 2026-06-04
   days on market $90,000 Active 253 DOM
10. 2026-06-03
    days on market $90,000 Active 252 DOM
11. 2026-06-02
    days on market $90,000 Active 251 DOM
12. 2026-06-01
    days on market $90,000 Active 250 DOM
13. 2026-05-31
    days on market $90,000 Active 249 DOM
14. 2025-08-14
    status Pending
15. 2025-07-16
    price $100,000
16. 2025-04-25
    price $115,000
17. 2025-02-28
    price $130,000
18. 2024-12-13
    listed $140,000 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: $435 · $36/mo
• Projected year-2 tax: $738 · $62/mo
• Expected delta: +$303/yr (+$25/mo · 69.5%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥107°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,300
• − Mortgage interest: −$5,041
• − Property taxes: −$435
• − Insurance: −$450
• − Repairs & maintenance: −$984
• − Management: −$984
• − Depreciation: −$2,618
• Taxable income: $1,787
• Est. tax owed @ 24.0%: −$429
• After-tax cash flow: $2,739/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 — Badin

• Score: 65/100
• State rank: #329
• US rank: #13419

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Badin, NC
• City population: 1,343
• Population (ZIP): 1,343

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: Majority White (56%)
• Race & ethnicity: White 56% Black 38% Hispanic / Latino 3% Two or more races 3%
• Common ancestry: Scotch-Irish 2% Slovak 2% Iranian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 3%

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: ▲ 6.69%
• Current HPI: 300.7506
• 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

-28.6% since first listed

5 events — show timeline

• 2025-08-14 Pending — CANOPYMLS as Distributed by MLS Grid
• 2025-07-16 Price Changed $100,000 CANOPYMLS as Distributed by MLS Grid
• 2025-04-25 Price Changed $115,000 CANOPYMLS as Distributed by MLS Grid
• 2025-02-28 Price Changed $130,000 CANOPYMLS as Distributed by MLS Grid
• 2024-12-13 Listed $140,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+1.6%/yr

Latest (2025): $435 · +21.9% YoY. Source: county tax records.