525 SW 12th St SW #29 · Hickory, NC 28602

$114,000

1 bd · 1.0 ba · 572 sqft · Condo public records · 77 Days on market

Built 1985 $100/mo HOA · 10% of rent

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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 +13.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.1/10.0
• 1% rule +3.9/10.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very cute 1 bedroom, 1 bath condo with new flooring, new stainless steel kitchen appliances, new countertops and backsplash in kitchen and bath, and new ceiling fans. This is a second story unit with the a porch off of the kitchen. Monthly HOA dues cover resident's water/sewer/trash expenses, grounds care, and exterior building maintenance. Close access to major roads I-40 and HWY-321. Great for owner/occupant or investment/rental property.

Key facts

• $100 HOA
• Built 1985
• Listed 76 days

Property features AI

Finance

• Other: Zoning: R-4; No waterfront; No land included; Directions: Located on 2nd level, unit #29
• HOA & community: HOA required; Monthly association fee of $100

Exterior

• Parking: Parking lot
• Utilities: City water; Public sewer
• Home design: Condominium (residential); Site-built construction; Brick exterior; Entry on level 2; Two levels
• Construction: Slab foundation
• Exterior features: Deck; Lawn maintenance provided; Paved, publicly maintained road

Interior

• Kitchen: Dishwasher; Disposal; Electric range; Refrigerator
• Bedrooms: 1 bedroom on the main level
• Flooring: Vinyl flooring
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central heating; Heat pump; Ceiling fan(s)
• Interior features: Walk-in closet(s); 4 total rooms
• Laundry & utility: Laundry in common area

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $114k.

Deal economics

• At list price, monthly cash flow is $7 ($78/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 $102k (10.6% below list).
• Recommended offer: $102k (10.6% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.0% in Hickory — 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 71/100 on livability (#92 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime F, amenities F, commute F.
• Hickory City Schools (urban): math 43% / reading 44% proficiency, ranked #95 of 178 in NC (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Longview Elementary (math 32% / reading 27%, grade F, #975 of 1,410 statewide, top 71%, 318 students, 99% FRL); Grandview Middle (math 40% / reading 37%, grade F, #244 of 475 statewide, top 53%, 400 students, 78% FRL); Hickory High (math 44% / reading 56%, grade D+, #309 of 535 statewide, top 58%, 1,014 students, 62% FRL) — zoned schools average 80% FRL vs 57% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.2%/yr); 211 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 2,016 units permitted in Catawba County in 2024 (255 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $788 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Catawba County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

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 $101,898 (10.6% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.89% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.25%
• DSCR: 1.01
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.16% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.47×
• Total profit: $-16,832
• Equity at exit: $16,998

10-year hold

• IRR: -4.0%
• Equity multiple: 0.72×
• Total profit: $-8,977
• Equity at exit: $9,857

Cash invested: $31,920 (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 28602

• Home prices YoY: -13.6%
• Rents YoY: 4.2%
• Active inventory: 211
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $1,019 high
• Mortgage (P&I): −$598
• Tax from tax record: −$53 /mo · $638/yr
• Insurance: −$48
• HOA: −$100
• Vacancy / Maint / Mgmt: −$214
• Net cashflow: $7

Break-even live

Break-even rent $1,011

Max offer price $114,000

Occupancy floor 94%

Sensitivity live

Price	-10% $71	-5% $39	+0% $7	+5% $-26	+10% $-58
Rent	-10% $-74	-5% $-34	+0% $7	+5% $47	+10% $87
Rate	-1.0pp $64	-0.5pp $36	base $7	+0.5pp $-23	+1.0pp $-53

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: $28,500
• Closing costs: $3,420
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
522 17th St SW Hickory, NC	2.0	1.0	750	$800	$1.07	23d	1	0.50mi
1790 3rd Ave NW Hickory, NC	1.0	1.0	554	$871	$1.57	15d	3	1.04mi
810 10th Street Blvd NW Unit 3 Hickory, NC	—	1.0	676	$900	$1.33	23d	1	1.25mi
1 N Center St Hickory, NC	1.0–2.0	1.0–2.0	991	$1,693	$1.71	15d	6	1.30mi
211 8th Avenue Dr SE Apt 3 Hickory, NC	2.0	1.0	736	$1,100	$1.49	15d	1	1.40mi

HOA detail condo

• Monthly dues: $100 · $1,200/yr
• Likely covers: watersewertrashlandscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-21
   days on market $114,000 Active 77 DOM
2. 2026-06-19
   days on market $114,000 Active 75 DOM
3. 2026-06-18
   days on market $114,000 Active 74 DOM
4. 2026-06-17
   days on market $114,000 Active 73 DOM
5. 2026-06-16
   days on market $114,000 Active 72 DOM
6. 2026-06-15
   days on market $114,000 Active 71 DOM
7. 2026-06-14
   days on market $114,000 Active 69 DOM
8. 2026-06-13
   statusdays on market $114,000 Active 68 DOM
9. 2026-06-10
   days on market $114,000 Active Under Contract 66 DOM
10. 2026-06-09
    days on market $114,000 Active Under Contract 65 DOM
11. 2026-06-08
    days on market $114,000 Active Under Contract 64 DOM
12. 2026-06-07
    days on market $114,000 Active Under Contract 63 DOM
13. 2026-06-05
    days on market $114,000 Active Under Contract 60 DOM
14. 2026-06-02
    days on market $114,000 Active Under Contract 58 DOM
15. 2026-05-31
    days on market $114,000 Active Under Contract 56 DOM
16. 2026-05-30
    days on market $114,000 Active Under Contract 55 DOM
17. 2026-05-25
    historical Active Under Contract
18. 2026-04-06
    listed $114,000 Active
19. 2026-04-05
    historical $114,000
20. 2022-10-26
    soldstatus $100,000 Closed 444-char remark

    Show marketing remark (444 chars)

    Very cute 1 bedroom, 1 bath condo with new flooring, new stainless steel kitchen appliances, new countertops and backsplash in kitchen and bath, and new ceiling fans. This is a second story unit with the a porch off of the kitchen. Monthly HOA dues cover resident's water/sewer/trash expenses, grounds care, and exterior building maintenance. Close access to major roads I-40 and HWY-321. Great for owner/occupant or investment/rental property.

21. 2022-10-24
    status Pending 444-char remark

    Show marketing remark (444 chars)

    Very cute 1 bedroom, 1 bath condo with new flooring, new stainless steel kitchen appliances, new countertops and backsplash in kitchen and bath, and new ceiling fans. This is a second story unit with the a porch off of the kitchen. Monthly HOA dues cover resident's water/sewer/trash expenses, grounds care, and exterior building maintenance. Close access to major roads I-40 and HWY-321. Great for owner/occupant or investment/rental property.

22. 2022-09-30
    historical Active Under Contract 444-char remark

    Show marketing remark (444 chars)

    Very cute 1 bedroom, 1 bath condo with new flooring, new stainless steel kitchen appliances, new countertops and backsplash in kitchen and bath, and new ceiling fans. This is a second story unit with the a porch off of the kitchen. Monthly HOA dues cover resident's water/sewer/trash expenses, grounds care, and exterior building maintenance. Close access to major roads I-40 and HWY-321. Great for owner/occupant or investment/rental property.

23. 2022-08-23
    status Active 444-char remark

    Show marketing remark (444 chars)

    Very cute 1 bedroom, 1 bath condo with new flooring, new stainless steel kitchen appliances, new countertops and backsplash in kitchen and bath, and new ceiling fans. This is a second story unit with the a porch off of the kitchen. Monthly HOA dues cover resident's water/sewer/trash expenses, grounds care, and exterior building maintenance. Close access to major roads I-40 and HWY-321. Great for owner/occupant or investment/rental property.

24. 2022-08-23
    price $109,900 444-char remark

    Show marketing remark (444 chars)

    Very cute 1 bedroom, 1 bath condo with new flooring, new stainless steel kitchen appliances, new countertops and backsplash in kitchen and bath, and new ceiling fans. This is a second story unit with the a porch off of the kitchen. Monthly HOA dues cover resident's water/sewer/trash expenses, grounds care, and exterior building maintenance. Close access to major roads I-40 and HWY-321. Great for owner/occupant or investment/rental property.

25. 2022-07-27
    status Pending 444-char remark

    Show marketing remark (444 chars)

    Very cute 1 bedroom, 1 bath condo with new flooring, new stainless steel kitchen appliances, new countertops and backsplash in kitchen and bath, and new ceiling fans. This is a second story unit with the a porch off of the kitchen. Monthly HOA dues cover resident's water/sewer/trash expenses, grounds care, and exterior building maintenance. Close access to major roads I-40 and HWY-321. Great for owner/occupant or investment/rental property.

26. 2022-07-06
    listed $111,900 Active 444-char remark

    Show marketing remark (444 chars)

    Very cute 1 bedroom, 1 bath condo with new flooring, new stainless steel kitchen appliances, new countertops and backsplash in kitchen and bath, and new ceiling fans. This is a second story unit with the a porch off of the kitchen. Monthly HOA dues cover resident's water/sewer/trash expenses, grounds care, and exterior building maintenance. Close access to major roads I-40 and HWY-321. Great for owner/occupant or investment/rental property.

ⓘ 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: $638 · $53/mo
• Projected year-2 tax: $935 · $78/mo
• Expected delta: +$297/yr (+$25/mo · 46.6%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,228
• − Mortgage interest: −$6,386
• − Property taxes: −$638
• − Insurance: −$570
• − Repairs & maintenance: −$978
• − Management: −$978
• − HOA: −$1,200
• − Depreciation: −$3,316
• Taxable loss: −$1,838
• Est. tax savings @ 24.0%: +$441
• After-tax cash flow: $520/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: Hickory City Schools
• NCES district ID: 3702190
• Math proficiency: 43% ▲ 2.00%
• Reading proficiency: 44% ▼ -1.00%
• Median HH income: $38,399
• Composite: 36.29/100
• National rank: #4700
• State rank: #95 of 178 in NC

Livability — Hickory

• Score: 71/100
• State rank: #92
• US rank: #6361

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hickory, NC
• County: Catawba County · 105,763 people
• City population: 84,442
• Metro: Hickory-Lenoir-Morganton, NC
• Population (ZIP): 31,113
• Household income: $62,048
• Rent vs Own: 37.1% rent · 62.9% own
• Severe rent burden: 642.0

Population outlook (Catawba County) Hauer SSP2

• Today (2025): 156,513 people
• By 2030: 155,267 · -0.8%
• By 2040: 151,110 · -3.5%
• By 2050: 145,524 · -7.0%
• By 2075: 134,047 · -14.4%
• By 2100: 119,424 · -23.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Black 12% Hispanic / Latino 10% Two or more races 7% Asian 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Slovak 3% Italian 3% Iranian 2%
• Foreign-born: 6% · Canada, Dominican Republic
• Languages at home: 88% English-only · Spanish 7% Other Asian/Pacific 4%

Political lean MEDSL · Catawba

• 2024 margin: Solid R (+38.0) · D 30.6% · R 68.6%
• 2008→2024 swing: -13.0pp toward R · 2008: -25.0pp · 2024: -38.0pp
• All cycles: 2024: R+38.0 2020: R+37.0 2016: R+38.0 2012: R+29.6 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -41.01%
• Current HPI: 259.947
• Rent YoY: ▲ 4.16%
• 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

+1.9% since first listed

10 events — show timeline

• 2026-05-25 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2026-04-06 Listed $114,000 CANOPYMLS as Distributed by MLS Grid
• 2026-04-05 Coming Soon $114,000 CANOPYMLS as Distributed by MLS Grid
• 2022-10-26 Sold (MLS) $100,000 CANOPYMLS as Distributed by MLS Grid
• 2022-10-24 Pending — CANOPYMLS as Distributed by MLS Grid
• 2022-09-30 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2022-08-23 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2022-08-23 Price Changed $109,900 CANOPYMLS as Distributed by MLS Grid
• 2022-07-27 Pending — CANOPYMLS as Distributed by MLS Grid
• 2022-07-06 Listed $111,900 CANOPYMLS as Distributed by MLS Grid

Property tax history

+5.9%/yr

Latest (2024): $638 · +0.0% YoY. Source: county tax records.