659 - 661 Wilson St · Kannapolis, NC 28083

$235,000

4 bd · 4.0 ba · 1,160 sqft · MultiFamily public records · 223 Days on market

Built 1950 6,098 sqft lot ↓ 2% since listing

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Why this score? — see what drove the C 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 +24.1/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Livability +3.2/5.0
• Rent growth +3.0/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Amazing investment opportunity! Thoroughly updated duplex with one side rented out to an excellent tenant ($695/month until May 2022). Great opportunity to house-hack, live on one side and rent out the other side, in the BOOMING Kannapolis area! Situated in very close proximity to downtown and the revitalization project area, New roof, new HVAC (mini-split system), newer windows and new water heater on 659 side in 2020 (661 side has a good water-heater). Kitchen and bathroom fully renovated. Entire interior freshly painted. Beautiful luxury vinyl plank flooring throughout. New vinyl siding. Cute covered front porches in front and rear are both spacious . Large yard. Conveniently located close to schools, shopping and amenities. Fair market value rent on this street is $755. So there is room to raise rents. Check this gem out!

Key facts

• Updated duplex
• Large yard
• 6,098 sq ft lot

Tags

• UPDATED DUPLEX
• COVERED FRONT AND REAR PORCH
• LARGE YARD

Property features AI

Finance

• Other: Two total units (both 1-bedroom)
• Financial info: Tenant pays all utilities; Owner pays none (per listing)
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Duplex (residential income); Zoned R8; Site-built construction
• Construction: Vinyl exterior; Crawl space foundation
• Exterior features: Gravel and paved road access; Publicly maintained road

Interior

• Kitchen: Electric range included
• Bedrooms: Two total bedrooms across units (each unit is 1-bedroom)
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Ductless heating and cooling
• Interior features: Electric range; Ductless heating; Ductless cooling
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $465 ($6k/yr) — positive. Per door: $232/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $207k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.5% in Kannapolis — 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 (#354 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D+, schools F, amenities F.
• Kannapolis City Schools (suburban): math 30% / reading 33% proficiency, ranked #141 of 178 in NC (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.1%/yr); 140 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 2,485 units permitted in Cabarrus County in 2024 (677 in 5+ unit buildings).
• At $2,558/mo this rent would consume 46% of the median local household income ($66k/yr) (locally 633% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Cabarrus County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 223 days — a 12% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask is 26011% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $179k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $206,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 223 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.09% ✓
• Cap rate: 8.67%
• Cash-on-cash: 8.47%
• DSCR: 1.38
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.15% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-10,661
• Equity at exit: $35,039

10-year hold

• IRR: 4.3%
• Equity multiple: 1.30×
• Total profit: $20,058
• 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 28083

• Rents YoY: 2.1%
• Active inventory: 140
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $2,558 high
• Mortgage (P&I): −$1,232
• Tax from tax record: −$226 /mo · $2,711/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$537
• Net cashflow: $465

Break-even live

Break-even rent $1,970

Max offer price $235,000

Occupancy floor 77%

Sensitivity live

Price	-10% $598	-5% $531	+0% $465	+5% $398	+10% $332
Rent	-10% $263	-5% $364	+0% $465	+5% $566	+10% $667
Rate	-1.0pp $583	-0.5pp $524	base $465	+0.5pp $404	+1.0pp $342

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,558
Total (2 units)			$2,558

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 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
706 Hillside St Kannapolis, NC	3.0	2.0	1371	$1,545	$1.13	3d	1	0.21mi
816 Fairview St Unit A Kannapolis, NC	3.0	2.5	1288	$1,750	$1.36	24d	1	0.33mi
710 Irene Ave Unit A Kannapolis, NC	3.0	2.0	1064	$1,700	$1.60	24d	1	0.47mi
404 S Rose Ave Kannapolis, NC	3.0	2.0	1197	$1,795	$1.50	12d	1	0.61mi
1017 McLain Rd Kannapolis, NC	3.0	2.0	1046	$1,600	$1.53	2d	1	0.63mi
1402 Martin Luther King Ave Unit B Kannapolis, NC	3.0	2.5	1500	$1,978	$1.32	24d	1	0.69mi
1361 Ontario Dr Kannapolis, NC	3.0	2.5	1240	$1,850	$1.49	5d	1	0.69mi
103 S Ridge Ave #5 Kannapolis, NC	3.0	2.5	1100	$1,600	$1.45	24d	1	0.70mi
1206 Belair Ave Kannapolis, NC	3.0	2.0	1425	$1,695	$1.19	13d	1	0.72mi
210 S Main St Kannapolis, NC	3.0	1.0–2.0	914	$2,726	$2.98	2d	21	0.77mi
1065 Ridgeway Dr Kannapolis, NC	1.0–3.0	1.0–2.0	1003	$1,341	$1.34	24d	1	0.79mi
421 N East Ave Kannapolis, NC	3.0	1.0	850	$1,550	$1.82	18d	1	0.91mi
1 Dale Earnhardt Blvd Kannapolis, NC	3.0	2.0	1200	$2,400	$2.00	17d	1	1.22mi
2031 Samantha Dr Kannapolis, NC	3.0	2.0	1300	$1,725	$1.33	11d	1	1.25mi
1847 Duke Adam St Kannapolis, NC	3.0	2.0	1428	$1,789	$1.25	5d	1	1.27mi
1024 E 10th St Kannapolis, NC	3.0	1.5	1030	$1,595	$1.55	5d	1	1.31mi
1903 Duke Adam St Kannapolis, NC	3.0	2.0	1125	$1,799	$1.60	3d	1	1.32mi
1904 Duke Adam St Kannapolis, NC	3.0	2.0	1032	$1,670	$1.62	13d	1	1.32mi
907 Victoria Ave Kannapolis, NC	3.0	2.0	1330	$1,715	$1.29	24d	1	1.46mi
1855 Lane St Kannapolis, NC	3.0	2.0	1430	$1,895	$1.33	22d	1	1.47mi
1005 Rainbow Dr Kannapolis, NC	3.0	2.0	1500	$1,575	$1.05	24d	1	1.49mi

Listing history 23 events

1. 2026-06-18
   days on market $235,000 Active 223 DOM
2. 2026-06-17
   days on market $235,000 Active 222 DOM
3. 2026-06-16
   days on market $235,000 Active 221 DOM
4. 2026-06-15
   days on market $235,000 Active 220 DOM
5. 2026-06-13
   days on market $235,000 Active 218 DOM
6. 2026-06-09
   days on market $235,000 Active 214 DOM
7. 2026-06-08
   days on market $235,000 Active 213 DOM
8. 2026-06-07
   days on market $235,000 Active 212 DOM
9. 2026-06-04
   days on market $235,000 Active 209 DOM
10. 2026-06-03
    days on market $235,000 Active 208 DOM
11. 2026-06-02
    days on market $235,000 Active 207 DOM
12. 2026-06-01
    days on market $235,000 Active 206 DOM
13. 2026-05-31
    days on market $235,000 Active 205 DOM
14. 2026-04-23
    listed $900
15. 2026-03-23
    price $235,000
16. 2025-12-03
    price $250,000
17. 2025-11-07
    listed $260,000 Active
18. 2022-03-04
    soldstatus $179,200 Closed 837-char remark

    Show marketing remark (837 chars)

    Amazing investment opportunity! Thoroughly updated duplex with one side rented out to an excellent tenant ($695/month until May 2022). Great opportunity to house-hack, live on one side and rent out the other side, in the BOOMING Kannapolis area! Situated in very close proximity to downtown and the revitalization project area, New roof, new HVAC (mini-split system), newer windows and new water heater on 659 side in 2020 (661 side has a good water-heater). Kitchen and bathroom fully renovated. Entire interior freshly painted. Beautiful luxury vinyl plank flooring throughout. New vinyl siding. Cute covered front porches in front and rear are both spacious . Large yard. Conveniently located close to schools, shopping and amenities. Fair market value rent on this street is $755. So there is room to raise rents. Check this gem out!

19. 2022-03-04
    soldstatus $179,200

    Show marketing remark (837 chars)

    Amazing investment opportunity! Thoroughly updated duplex with one side rented out to an excellent tenant ($695/month until May 2022). Great opportunity to house-hack, live on one side and rent out the other side, in the BOOMING Kannapolis area! Situated in very close proximity to downtown and the revitalization project area, New roof, new HVAC (mini-split system), newer windows and new water heater on 659 side in 2020 (661 side has a good water-heater). Kitchen and bathroom fully renovated. Entire interior freshly painted. Beautiful luxury vinyl plank flooring throughout. New vinyl siding. Cute covered front porches in front and rear are both spacious . Large yard. Conveniently located close to schools, shopping and amenities. Fair market value rent on this street is $755. So there is room to raise rents. Check this gem out!

20. 2022-02-11
    historical Active Under Contract 837-char remark

    Show marketing remark (837 chars)

    Amazing investment opportunity! Thoroughly updated duplex with one side rented out to an excellent tenant ($695/month until May 2022). Great opportunity to house-hack, live on one side and rent out the other side, in the BOOMING Kannapolis area! Situated in very close proximity to downtown and the revitalization project area, New roof, new HVAC (mini-split system), newer windows and new water heater on 659 side in 2020 (661 side has a good water-heater). Kitchen and bathroom fully renovated. Entire interior freshly painted. Beautiful luxury vinyl plank flooring throughout. New vinyl siding. Cute covered front porches in front and rear are both spacious . Large yard. Conveniently located close to schools, shopping and amenities. Fair market value rent on this street is $755. So there is room to raise rents. Check this gem out!

21. 2022-02-10
    listed $174,900 Active 837-char remark

    Show marketing remark (837 chars)

    Amazing investment opportunity! Thoroughly updated duplex with one side rented out to an excellent tenant ($695/month until May 2022). Great opportunity to house-hack, live on one side and rent out the other side, in the BOOMING Kannapolis area! Situated in very close proximity to downtown and the revitalization project area, New roof, new HVAC (mini-split system), newer windows and new water heater on 659 side in 2020 (661 side has a good water-heater). Kitchen and bathroom fully renovated. Entire interior freshly painted. Beautiful luxury vinyl plank flooring throughout. New vinyl siding. Cute covered front porches in front and rear are both spacious . Large yard. Conveniently located close to schools, shopping and amenities. Fair market value rent on this street is $755. So there is room to raise rents. Check this gem out!

22. 2022-02-10
    historical $174,900 837-char remark

    Show marketing remark (837 chars)

    Amazing investment opportunity! Thoroughly updated duplex with one side rented out to an excellent tenant ($695/month until May 2022). Great opportunity to house-hack, live on one side and rent out the other side, in the BOOMING Kannapolis area! Situated in very close proximity to downtown and the revitalization project area, New roof, new HVAC (mini-split system), newer windows and new water heater on 659 side in 2020 (661 side has a good water-heater). Kitchen and bathroom fully renovated. Entire interior freshly painted. Beautiful luxury vinyl plank flooring throughout. New vinyl siding. Cute covered front porches in front and rear are both spacious . Large yard. Conveniently located close to schools, shopping and amenities. Fair market value rent on this street is $755. So there is room to raise rents. Check this gem out!

23. 2019-07-23
    soldstatus $240,000

ⓘ 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: $2,711 · $226/mo
• Projected year-2 tax: $2,711 · $226/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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 19% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,696
• − Mortgage interest: −$13,164
• − Property taxes: −$2,711
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,456
• − Management: −$2,456
• − Depreciation: −$6,836
• Taxable income: $1,899
• Est. tax owed @ 24.0%: −$456
• After-tax cash flow: $5,120/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: Kannapolis City Schools
• NCES district ID: 3702430
• Math proficiency: 30% ▲ 7.00%
• Reading proficiency: 33% ▼ -2.00%
• Median HH income: $38,534
• Composite: 26.34/100
• National rank: #7237
• State rank: #141 of 178 in NC

Livability — Kannapolis

• Score: 64/100
• State rank: #354
• US rank: #14030

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kannapolis, NC
• County: Cabarrus County · 218,793 people
• City population: 57,170
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 28,095
• Household income: $66,257
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 633.0

Population outlook (Cabarrus County) Hauer SSP2

• Today (2025): 239,273 people
• By 2030: 260,754 · +9.0%
• By 2040: 303,953 · +27.0%
• By 2050: 344,827 · +44.1%
• By 2075: 435,623 · +82.1%
• By 2100: 490,119 · +104.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Black 25% Hispanic / Latino 16% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 3%
• Common ancestry: Slovak 2% Serbian 1% Lithuanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 85% English-only · Spanish 13% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Cabarrus

• 2024 margin: Lean R (+7.7) · D 45.5% · R 53.2% · Other 1.3%
• 2008→2024 swing: +10.7pp toward D · 2008: -18.4pp · 2024: -7.7pp
• All cycles: 2024: R+7.7 2020: R+9.4 2016: R+20.0 2012: R+20.2 2008: R+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -318.30%
• Current HPI: 307.0675
• Rent YoY: ▲ 2.15%
• 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

-2.1% since first listed

10 events — show timeline

• 2026-04-23 Listed for Rent $900 TENANTTURNER2
• 2026-03-23 Price Changed $235,000 CANOPYMLS as Distributed by MLS Grid
• 2025-12-03 Price Changed $250,000 CANOPYMLS as Distributed by MLS Grid
• 2025-11-07 Listed $260,000 CANOPYMLS as Distributed by MLS Grid
• 2022-03-04 Sold (Public Records) $179,200 Public Records
• 2022-03-04 Sold (MLS) $179,200 CANOPYMLS as Distributed by MLS Grid
• 2022-02-11 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2022-02-10 Listed $174,900 CANOPYMLS as Distributed by MLS Grid
• 2022-02-10 Coming Soon $174,900 CANOPYMLS as Distributed by MLS Grid
• 2019-07-23 Sold (Public Records) $240,000 Public Records

Property tax history

+11.3%/yr

Latest (2025): $2,711 · +0.0% YoY. Source: county tax records.