922 US 70 None W · Morganton, NC 28655

$127,000

3 bd · 1.0 ba · 780 sqft · SingleFamily public records · 7 Days on market

Built 1944 1.07 ac lot

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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 +27.6/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +3.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Unlock the potential of this unique investment property featuring three separate structures situated on a 1.07-acre lot. The main home is a 3-bedroom, 1-bath "bare bones" residence offering a blank canvas for renovation, value-add improvements, or redevelopment. In addition to the primary home, the property includes a mobile home and a trailer, both of which are currently rented, providing immediate income potential. Whether you're an investor looking to expand your rental portfolio, a developer seeking land with multiple-use possibilities, or a buyer looking for a property with built-in income streams, this opportunity deserves a closer look. With over an acre of land, there is r

Key facts

• 1.07 acre lot
• 1.07 acre lot
• Built 1944

Tags

• THREE SEPARATE STRUCTURES
• 1.07 ACRE LOT
• IMMEDIATE INCOME POTENTIAL
• EXISTING RENTAL OCCUPANCY

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: No garage (main level garage: no); No designated parking features listed
• Utilities: Well water; Septic system installed
• Home design: Single-family residence (residential); Site-built construction; Wood construction; One story; Zoned R-3
• Construction: Site-built, wood construction; Crawl space foundation
• Exterior features: 1.07-acre lot; Roads surfaced with asphalt, dirt, and gravel; Road maintenance: Other (see remarks)

Interior

• Kitchen: No appliances listed
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 3 full bathrooms (main level)
• Heating & cooling: No heating listed; No cooling listed
• Interior features: One-level layout; Crawl space foundation; Room count: 1
• Laundry & utility: Laundry inside

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $127k.

Deal economics

• At list price, monthly cash flow is $379 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $127k).
• Cap rate 9.9% vs local median 3.7% in Morganton — 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 69/100 on livability (#149 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: amenities D, schools F, crime D-.
• Burke County Schools (rural): math 43% / reading 47% proficiency, ranked #89 of 178 in NC (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 431 active listings in the ZIP; 422 units permitted in Burke County in 2024 (94 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $878 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Burke County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $8k; list at $127k implies a 1488% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1944 — 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 $127,000

Questions for the listing agent

1. Built in 1944 — 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 D 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. 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.
6. 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.
7. 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: 1.13% ✓
• Cap rate: 9.87%
• Cash-on-cash: 12.79%
• DSCR: 1.57
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $3,503
• Equity at exit: $18,936

10-year hold

• IRR: 12.1%
• Equity multiple: 1.95×
• Total profit: $33,904
• Equity at exit: $10,981

Cash invested: $35,560 (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 28655

• Home prices YoY: -13.2%
• Active inventory: 431
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $1,430 medium
• Mortgage (P&I): −$666
• Tax from tax record: −$32 /mo · $386/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $379

Break-even live

Break-even rent $951

Max offer price $127,000

Occupancy floor 69%

Sensitivity live

Price	-10% $451	-5% $415	+0% $379	+5% $343	+10% $307
Rent	-10% $266	-5% $322	+0% $379	+5% $435	+10% $492
Rate	-1.0pp $443	-0.5pp $411	base $379	+0.5pp $346	+1.0pp $313

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: $31,750
• Closing costs: $3,810
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-19
   days on market $127,000 Active 7 DOM
2. 2026-06-18
   days on market $127,000 Active 6 DOM
3. 2026-06-17
   days on market $127,000 Active 5 DOM
4. 2026-06-16
   days on market $127,000 Active 4 DOM
5. 2026-06-15
   days on market $127,000 Active 3 DOM
6. 2026-06-13
   remarks 689-char remark
7. 2026-06-13
   listed $127,000 Active 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: $386 · $32/mo
• Projected year-2 tax: $1,041 · $87/mo
• Expected delta: +$656/yr (+$55/mo · 170.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,165
• − Mortgage interest: −$7,114
• − Property taxes: −$386
• − Insurance: −$635
• − Repairs & maintenance: −$1,373
• − Management: −$1,373
• − Depreciation: −$3,695
• Taxable income: $2,590
• Est. tax owed @ 24.0%: −$622
• After-tax cash flow: $3,926/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: Burke County Schools
• NCES district ID: 3700480
• Math proficiency: 43% ▼ -2.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $38,342
• Composite: 37.51/100
• National rank: #4400
• State rank: #89 of 178 in NC

Livability — Morganton

• Score: 69/100
• State rank: #149
• US rank: #8307

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Burke County · 55,100 people
• City population: 55,100
• Metro: Hickory-Lenoir-Morganton, NC
• Population (ZIP): 55,100
• Household income: $57,713
• Rent vs Own: 27.3% rent · 72.7% own
• Severe rent burden: 1145.0

Population outlook (Burke County) Hauer SSP2

• Today (2025): 86,552 people
• By 2030: 84,123 · -2.8%
• By 2040: 78,165 · -9.7%
• By 2050: 71,099 · -17.9%
• By 2075: 56,264 · -35.0%
• By 2100: 44,742 · -48.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 11% Black 8% Two or more races 5% Asian 3% Native American 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 2% Italian 2% Serbian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 87% English-only · Spanish 8% Other Asian/Pacific 1% Arabic 1%

Political lean MEDSL · Burke

• 2024 margin: Solid R (+41.2) · D 29.0% · R 70.3%
• 2008→2024 swing: -22.0pp toward R · 2008: -19.2pp · 2024: -41.2pp
• All cycles: 2024: R+41.2 2020: R+40.1 2016: R+39.4 2012: R+23.6 2008: R+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -55.07%
• Current HPI: 362.0732
• Rent YoY: —
• Metro: Hickory-Lenoir-Morganton, 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

+1487.5% since first listed

2 events — show timeline

• 2026-06-12 Listed $127,000 CANOPYMLS as Distributed by MLS Grid
• 1985-06-20 Sold (Public Records) $8,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $386 · -5.6% YoY. Source: county tax records.