308 School St · Rockwell, NC 28138

$140,000

3 bd · 1.0 ba · 1,221 sqft · SingleFamily public records · 6 Days on market

Built 1920 0.26 ac lot Est $258k · 46% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Livability +3.8/5.0
• Schools +2.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Calling all investors, renovators, and visionaries! This 3-bedroom home in the charming town of Rockwell offers a rare opportunity to bring your ideas to life. In need of significant repairs and updates, this property is a true fixer-upper with endless potential for those looking to renovate, restore, or rebuild value. Whether you're searching for your next investment project, flip opportunity, or a property to customize from the ground up, this one is worth a look. Conveniently located in Rockwell, a small Rowan County community known for its small-town charm and easy access to nearby amenities. Property is being sold as-is. Bring your tools, imagination, and make this diamond in the rough

Key facts

• 0.26 acre lot
• Built 1920
• Listed 6 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway; Other parking features (see remarks); No main-level garage
• Utilities: City water; Public sewer
• Home design: Single-family residential; One story (single level); Site-built
• Construction: Wood construction; Crawl space foundation
• Exterior features: Lot is approximately 0.26 acres; Road surfaces include dirt and paved; Publicly maintained road access

Interior

• Bedrooms: Three bedrooms, all on the main level
• Bathrooms: One full bathroom (main level)
• Interior features: Seven total rooms; Appliances: Other (see remarks); Heating: Other (see remarks); Cooling: Other (see remarks)
• Laundry & utility: Utility room for laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $561 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 11.1% vs local median 4.1% in Rockwell — 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 76/100 on livability (#37 in NC, #3,505 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools F, amenities F, commute F.
• Rowan-Salisbury Schools (rural): math 26% / reading 35% proficiency, ranked #142 of 178 in NC (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 39 active listings in the ZIP; 592 units permitted in Rowan County in 2024 (5 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Rowan County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $65k; list at $140k implies a 115% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $140,000

Questions for the listing agent

1. Built in 1920 — 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. 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.
5. 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.
6. 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: 1.33% ✓
• Cap rate: 11.10%
• Cash-on-cash: 17.16%
• DSCR: 1.76
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $257,631
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 Carolina Ave	0.19mi	3/2.0	1,214 (-1%)	6mo	$250,000	$206	81
208 Pine St	0.38mi	3/2.0	1,200 (-2%)	3mo	$272,500	$227	73
219 Pine St	0.43mi	3/2.0	1,200 (-2%)	10mo	$279,900	$233	64
508 Carolina Ave	0.30mi	3/2.0	1,311 (+7%)	9mo	$276,000	$211	62
406 Cannon St	0.30mi	2/1.0 (-1)	1,093 (-10%)	3mo	$180,000	$165	61
209 N Cherry St	0.33mi	3/2.0	1,310 (+7%)	10mo	$275,000	$210	60
522 Dogwood Cir	0.27mi	3/2.0	1,100 (-10%)	9mo	$238,000	$216	59
202 Market St	0.28mi	2/1.0 (-1)	1,085 (-11%)	13mo	$200,000	$184	52
212 Pine St	0.39mi	3/2.0	1,106 (-9%)	12mo	$280,000	$253	52
625 Charles St	0.30mi	3/2.0	1,360 (+11%)	14mo	$300,000	$221	51
408 Sides St	0.58mi	3/1.5	1,368 (+12%)	1mo	$289,000	$211	50
706 Sides St	0.59mi	2/1.5 (-1)	1,350 (+11%)	9mo	$270,000	$200	41

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: 8.5%
• Equity multiple: 1.33×
• Total profit: $13,009
• Equity at exit: $20,874

10-year hold

• IRR: 17.7%
• Equity multiple: 2.46×
• Total profit: $57,279
• Equity at exit: $12,105

Cash invested: $39,200 (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 28138

• Home prices YoY: -14.7%
• Active inventory: 39
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,867 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$122 /mo · $1,464/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $561

Break-even live

Break-even rent $1,158

Max offer price $140,000

Occupancy floor 65%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $140,000 Active 6 DOM
2. 2026-06-17
   days on market $140,000 Active 5 DOM
3. 2026-06-16
   days on market $140,000 Active 4 DOM
4. 2026-06-15
   days on market $140,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $140,000 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: $1,464 · $122/mo
• Projected year-2 tax: $1,464 · $122/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 ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 18% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,405
• − Mortgage interest: −$7,842
• − Property taxes: −$1,464
• − Insurance: −$700
• − Repairs & maintenance: −$1,792
• − Management: −$1,792
• − Depreciation: −$4,073
• Taxable income: $4,742
• Est. tax owed @ 24.0%: −$1,138
• After-tax cash flow: $5,588/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: Rowan-Salisbury Schools
• NCES district ID: 3704050
• Math proficiency: 26% ▲ 2.00%
• Reading proficiency: 35% ▲ 1.00%
• Median HH income: $43,953
• Composite: 26.01/100
• National rank: #7317
• State rank: #142 of 178 in NC

Livability — Rockwell

• Score: 76/100
• State rank: #37
• US rank: #3505

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockwell, NC
• Population (ZIP): 9,795

Population outlook (Rowan County) Hauer SSP2

• Today (2025): 140,430 people
• By 2030: 140,193 · -0.2%
• By 2040: 137,617 · -2.0%
• By 2050: 131,826 · -6.1%
• By 2075: 115,123 · -18.0%
• By 2100: 92,774 · -33.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 4%
• Common ancestry: Serbian 3% Italian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Rowan

• 2024 margin: Solid R (+35.9) · D 31.6% · R 67.5%
• 2008→2024 swing: -13.1pp toward R · 2008: -22.8pp · 2024: -35.9pp
• All cycles: 2024: R+35.9 2020: R+35.7 2016: R+36.8 2012: R+26.0 2008: R+22.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.83%
• Current HPI: 293.9512
• 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

+86.7% since first listed

3 events — show timeline

• 2026-06-12 Listed $140,000 CANOPYMLS as Distributed by MLS Grid
• 2020-02-19 Sold (Public Records) $65,000 Public Records
• 2005-03-16 Sold (Public Records) $75,000 Public Records

Property tax history

+6.7%/yr

Latest (2025): $1,464 · +0.0% YoY. Source: county tax records.