519 S Mulberry St · Cherryville, NC 28021

$48,900

3 bd · 1.0 ba · 1,040 sqft · SingleFamily public records · 125 Days on market

Built 1940 0.27 ac lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Built in 1940, this one level home offers approximately 1040 finished square feet, three bedrooms and one full bath, with attached two car garage. This home sits on an approximate 11326 sqft. This home is in need of many repairs, including foundation supports. Seller WILL NOT ACTIVATE UTILITIES. Buyer to view home, inspect and confirm all listing information prior to making offer. Seller will NOT allow water service to be turned on for any reason. Property sold “AS-IS” without contingencies. Buyer to check with City/County/Zoning/Tax and other records to determine details to their satisfaction.

Key facts

• 0.27 acre lot
• 2 garage spots
• Built 1940

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $636 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $43k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.9% vs local median 4.4% in Cherryville — 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 74/100 on livability (#59 in NC, #4,744 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute 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: Cherryville Elementary (math 52% / reading 37%, grade F, #574 of 1,410 statewide, top 43%, 383 students, 67% FRL); Cherryville High (math 62% / reading 57%, grade C+, #216 of 535 statewide, top 43%, 492 students, 59% FRL) — zoned schools average 63% FRL vs 37% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 125 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $338 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($43k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $36k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• 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 $43,032 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 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 1940 — 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: 2.54% ✓
• Cap rate: 21.91%
• Cash-on-cash: 55.76%
• DSCR: 3.48
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $190,320
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
692 S Pink St	0.24mi	3/1.0	1,032 (-1%)	4mo	$239,000	$232	84
506 Bond St	0.05mi	3/1.0	925 (-11%)	11mo	$187,000	$202	70
302 W Carroll St	0.37mi	2/1.0 (-1)	1,000 (-4%)	5mo	$178,000	$178	67
708 S Mountain St	0.22mi	3/1.0	1,133 (+9%)	18mo	$188,500	$166	59
507 JC Dellinger Rd	0.42mi	2/1.0 (-1)	900 (-14%)	1mo	$165,000	$183	52
606 S Styers St	0.51mi	3/1.0	1,160 (+12%)	16mo	$165,860	$143	43
305 Academy St	0.50mi	2/1.0 (-1)	1,103 (+6%)	24mo	$144,500	$131	42
702 Maple St	0.58mi	2/2.0 (-1)	1,121 (+8%)	19mo	$210,000	$187	35

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: 54.1%
• Equity multiple: 3.38×
• Total profit: $32,618
• Equity at exit: $7,291

10-year hold

• IRR: 59.2%
• Equity multiple: 6.89×
• Total profit: $80,668
• Equity at exit: $4,228

Cash invested: $13,692 (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 28021

• Home prices YoY: -20.8%
• Active inventory: 125
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $1,240 high
• Mortgage (P&I): −$256
• Tax from tax record: −$66 /mo · $796/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $636

Break-even live

Break-even rent $434

Max offer price $48,900

Occupancy floor 44%

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: $12,225
• Closing costs: $1,467
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
104 E Old Post Rd Cherryville, NC	3.0	1.0	1000	$1,200	$1.20	23d	1	0.15mi
121 S Depot St Cherryville, NC	2.0	1.5	1150	$1,250	$1.09	10d	1	0.61mi
1200 E Academy St Apt 7 Cherryville, NC	2.0	1.0	932	$1,095	$1.17	2d	1	0.76mi
808 E Main St Cherryville, NC	2.0	1.0	790	$1,050	$1.33	1d	1	0.86mi
512 N Mulberry St Cherryville, NC	3.0	2.5	1384	$1,800	$1.30	16d	1	1.07mi
1465 W Academy St Cherryville, NC	1.0–2.0	1.0	788	$1,225	$1.55	1d	22	1.15mi
516 North Dr Cherryville, NC	3.0	1.0	1088	$1,295	$1.19	1d	1	1.29mi
524 North Dr Cherryville, NC	2.0	1.0	845	$1,350	$1.60	21d	1	1.33mi
1006 Delview Rd Cherryville, NC	3.0	1.0	1090	$1,350	$1.24	1d	1	1.33mi

Listing history 13 events

1. 2025-02-07
   status Pending
2. 2025-01-23
   price $48,900
3. 2025-01-16
   status Active
4. 2024-12-24
   price $53,400
5. 2024-12-09
   price $60,600
6. 2024-11-21
   price $69,100
7. 2024-11-06
   price $76,200
8. 2024-10-17
   price $82,300
9. 2024-10-02
   listed $84,800 Active
10. 2023-03-03
    price $87,800
11. 2023-02-14
    price $97,000
12. 2023-01-27
    price $115,500
13. 2023-01-12
    listed $132,000 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: $796 · $66/mo
• Projected year-2 tax: $796 · $66/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 6% 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: $14,876
• − Mortgage interest: −$2,739
• − Property taxes: −$796
• − Insurance: −$244
• − Repairs & maintenance: −$1,190
• − Management: −$1,190
• − Depreciation: −$1,423
• Taxable income: $7,294
• Est. tax owed @ 24.0%: −$1,750
• After-tax cash flow: $5,884/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 — Cherryville

• Score: 74/100
• State rank: #59
• US rank: #4744

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cherryville, NC
• Population (ZIP): 13,668

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 (90%)
• Race & ethnicity: White 90% Hispanic / Latino 4% Two or more races 4% Black 3%
• Common ancestry: Serbian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

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: ▼ -77.53%
• Current HPI: 294.7695
• 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

-63.0% since first listed

13 events — show timeline

• 2025-02-07 Pending — CANOPYMLS as Distributed by MLS Grid
• 2025-01-23 Price Changed $48,900 CANOPYMLS as Distributed by MLS Grid
• 2025-01-16 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2024-12-24 Price Changed $53,400 CANOPYMLS as Distributed by MLS Grid
• 2024-12-09 Price Changed $60,600 CANOPYMLS as Distributed by MLS Grid
• 2024-11-21 Price Changed $69,100 CANOPYMLS as Distributed by MLS Grid
• 2024-11-06 Price Changed $76,200 CANOPYMLS as Distributed by MLS Grid
• 2024-10-17 Price Changed $82,300 CANOPYMLS as Distributed by MLS Grid
• 2024-10-02 Listed $84,800 CANOPYMLS as Distributed by MLS Grid
• 2023-03-03 Price Changed $87,800 CANOPYMLS as Distributed by MLS Grid
• 2023-02-14 Price Changed $97,000 CANOPYMLS as Distributed by MLS Grid
• 2023-01-27 Price Changed $115,500 CANOPYMLS as Distributed by MLS Grid
• 2023-01-12 Listed $132,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

-0.8%/yr

Latest (2022): $796 · -1.5% YoY. Source: county tax records.