5645 King Wilkinson Rd · Denver, NC 28037

$120,000

2 bd · 1.0 ba · 670 sqft · SingleFamily public records · 8 Days on market

Built 1927 0.75 ac lot

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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 +28.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Schools +4.8/10.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention Investors, Rehabbers, Developers, and Builders! This property is being offered in an AS-IS sale and presents a variety of potential opportunities. The lot will consist of approximately 0.75 acres and is zoned R-T, allowing for either a single-family residence or a duplex. The existing structure is being conveyed with no value assigned and may be renovated, removed, or replaced to suit your vision. Whether you're looking for your next rehab project, a new construction opportunity, or a potential income-producing property, this parcel offers flexibility and potential. Please note that Lincoln County has no records on file for a septic system or well. Buyers are encouraged to conduct their own due diligence regarding utilities, zoning, and intended use. Cash only sale.

Key facts

• 0.75 acres
• Existing structure
• Zoned r-t

Tags

• 0.75 ACRES
• ZONED R-T
• EXISTING STRUCTURE

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: No garage; No designated parking features listed
• Utilities: Well needed for water; Septic system installed
• Home design: Single-family residence (site built); One story; R-T zoning
• Construction: Wood construction; Crawl space foundation
• Exterior features: 0.75-acre lot; Roads are dirt and paved; Publicly maintained road

Interior

• Kitchen: No appliances listed
• Bedrooms: 2 bedrooms (both on the main level)
• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: Wood stove heating; No central air
• Interior features: 6 total rooms; Wood stove; Fireplace
• Laundry & utility: Laundry located in the kitchen

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 10.2% vs local median 2.1% in Denver — 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 66/100 on livability (#255 in NC) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: employment D, amenities F, commute F.
• Lincoln County Schools (rural): math 57% / reading 55% proficiency, ranked #42 of 178 in NC (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.3%/yr); 373 active listings in the ZIP; high-income renter base; 697 units permitted in Lincoln County in 2024 (0 in 5+ unit buildings).
• This rent is only 15% of the median local income ($112k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lincoln County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.
• Current owner paid $20k; list at $120k implies a 500% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — 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 $120,000

Questions for the listing agent

1. Built in 1927 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.18% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.94%
• DSCR: 1.62
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $1,222
• Equity at exit: $17,892

10-year hold

• IRR: 7.6%
• Equity multiple: 1.50×
• Total profit: $16,857
• Equity at exit: $10,375

Cash invested: $33,600 (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 28037

• Home prices YoY: -22.3%
• Rents YoY: -0.3%
• Active inventory: 373
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $1,418 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$51 /mo · $607/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$298
• Net cashflow: $390

Break-even live

Break-even rent $924

Max offer price $120,000

Occupancy floor 67%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $120,000 Active 8 DOM
2. 2026-06-17
   days on market $120,000 Active 7 DOM
3. 2026-06-16
   days on market $120,000 Active 6 DOM
4. 2026-06-15
   days on market $120,000 Active 5 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $120,000 Active 3 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: $607 · $51/mo
• Projected year-2 tax: $984 · $82/mo
• Expected delta: +$377/yr (+$31/mo · 62.0%)

ⓘ 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 5/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 8% 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: $17,017
• − Mortgage interest: −$6,722
• − Property taxes: −$607
• − Insurance: −$600
• − Repairs & maintenance: −$1,361
• − Management: −$1,361
• − Depreciation: −$3,491
• Taxable income: $2,874
• Est. tax owed @ 24.0%: −$690
• After-tax cash flow: $3,995/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: Lincoln County Schools
• NCES district ID: 3702680
• Math proficiency: 57% ▲ 7.00%
• Reading proficiency: 55% ▲ 1.00%
• Median HH income: $49,203
• Composite: 47.7/100
• National rank: #2242
• State rank: #42 of 178 in NC

Livability — Denver

• Score: 66/100
• State rank: #255
• US rank: #11212

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lincoln County · 69,118 people
• City population: 28,768
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 28,768
• Household income: $111,703
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 546.0

Population outlook (Lincoln County) Hauer SSP2

• Today (2025): 86,972 people
• By 2030: 89,467 · +2.9%
• By 2040: 93,107 · +7.1%
• By 2050: 94,304 · +8.4%
• By 2075: 95,190 · +9.4%
• By 2100: 90,096 · +3.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 4% Black 2%
• Common ancestry: Slovak 4% Romanian 3% Iranian 3%
• Foreign-born: 3% · Canada, Guatemala
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Lincoln

• 2024 margin: Solid R (+45.7) · D 26.8% · R 72.5%
• 2008→2024 swing: -12.4pp toward R · 2008: -33.3pp · 2024: -45.7pp
• All cycles: 2024: R+45.7 2020: R+45.9 2016: R+47.7 2012: R+38.9 2008: R+33.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -75.60%
• Current HPI: 263.1328
• Rent YoY: ▼ -0.26%
• 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

+500.0% since first listed

3 events — show timeline

• 2026-06-10 Listed $120,000 CANOPYMLS as Distributed by MLS Grid
• 2026-06-10 Listed $120,000 CANOPYMLS as Distributed by MLS Grid
• 1996-01-16 Sold (Public Records) $20,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $607 · +1.3% YoY. Source: county tax records.