2515 Alleghany St · Charlotte, NC 28208

$239,000

3 bd · 1.0 ba · 1,340 sqft · SingleFamily public records · 205 Days on market

Built 1965 0.25 ac lot Est $385k · 38% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.7/30.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• DSCR +3.4/10.0
• Rent growth +2.9/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 2515 Alleghany Street, a 4-bedroom, 1-bath home located in the heart of Charlotte. This property offers a great opportunity for homeowners or investors looking to add their own style. With solid bones and a functional layout, the home is ready for cosmetic updates to bring a modern touch to its classic charm. Enjoy the spacious, fenced-in backyard—perfect for outdoor entertaining, pets, or gardening. Conveniently located near major highways, dining, and entertainment, this home has the potential to shine with just a little vision and creativity.

Key facts

• Entertainment
• Functional layout
• Fenced-in backyard

Tags

• FENCED-IN BACKYARD
• COSMETIC UPDATES
• FUNCTIONAL LAYOUT
• MAJOR HIGHWAYS
• DINING
• ENTERTAINMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $239k.

Deal economics

• At list price, monthly cash flow is $-70 ($-837/yr) — negative.
• To cash-flow at today's rent, offer at most $227k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $181k (24.4% below list).
• Recommended offer: $181k (24.4% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.1% in Charlotte — 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 78/100 on livability (#26 in NC, #2,502 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools D+, crime F.
• Charlotte-Mecklenburg Schools (urban): math 42% / reading 46% proficiency, ranked #85 of 178 in NC (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.5%/yr); 349 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).
• This rent runs 39% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($210k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $12k; list at $239k implies a 1843% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $180,705 (24.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.76% ✗
• Cap rate: 5.94%
• Cash-on-cash: -1.25%
• DSCR: 0.94
• GRM: 11.0

CMA / ARV

• ARV (on-the-fly): $384,580
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3951 Whitehall Dr	0.22mi	3/1.5	1,373 (+2%)	10mo	$315,000	$229	75
3624 Simmons St	0.49mi	3/1.0	1,398 (+4%)	12mo	$275,000	$197	60
2409 Thornton Rd	0.13mi	4/1.0 (+1)	1,169 (-13%)	11mo	$197,000	$169	58
4021 Paisley Pl	0.25mi	3/1.0	1,183 (-12%)	12mo	$339,000	$287	58
3940 Bristol Dr	0.35mi	3/2.0	1,224 (-9%)	23mo	$380,000	$310	46
3216 Kempton Pl	0.69mi	3/2.0	1,375 (+3%)	24mo	$570,000	$415	40
3615 Kempton Pl	0.62mi	3/1.0	1,140 (-15%)	9mo	$345,000	$303	39
2243 Ashley Rd	0.73mi	3/1.0	1,148 (-14%)	6mo	$330,000	$287	37
2517 Pruitt St	0.75mi	3/2.5	1,462 (+9%)	21mo	$342,900	$235	27
2521 Pruitt St	0.75mi	3/2.5	1,462 (+9%)	21mo	$340,000	$233	27

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 · 1.47% rent growth · sell at horizon

5-year hold

• IRR: -20.0%
• Equity multiple: 0.31×
• Total profit: $-45,980
• Equity at exit: $35,636

10-year hold

• IRR: -16.2%
• Equity multiple: 0.15×
• Total profit: $-56,938
• Equity at exit: $20,664

Cash invested: $66,920 (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 28208

• Home prices YoY: -33.4%
• Rents YoY: 1.5%
• Active inventory: 349
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $1,807 high
• Mortgage (P&I): −$1,253
• Tax from tax record: −$144 /mo · $1,733/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$379
• Net cashflow: $-70

Break-even live

Break-even rent $1,895

Max offer price $226,675

Occupancy floor 99%

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2620 Thornton Rd Charlotte, NC	3.0	1.0	989	$1,595	$1.61	5d	1	0.13mi
2515 Thornton Rd Charlotte, NC	2.0	2.0	935	$1,795	$1.92	18d	1	0.13mi
2607 Thornton Rd Charlotte, NC	3.0	1.0	950	$1,300	$1.37	3d	1	0.14mi
2715 Sonora Ln Charlotte, NC	3.0	1.0	950	$1,900	$2.00	24d	1	0.18mi
4201 Carlyle Dr Charlotte, NC	3.0	1.0	1080	$1,310	$1.21	24d	1	0.26mi
5025 Taggart Springs Way Charlotte, NC	1.0–3.0	1.0–2.0	1087	$1,593	$1.46	24d	1	0.29mi
5025 Taggart Springs Way Charlotte, NC	1.0–3.0	1.0–2.0	1087	$1,593	$1.46	2d	22	0.29mi
3731 Bullard St Charlotte, NC	3.0	2.5	1506	$1,850	$1.23	8d	1	0.40mi
4413 Wymore Way Charlotte, NC	3.0	2.5	1700	$2,100	$1.24	16d	1	0.40mi
1910 Bromwich Rd Unit A Charlotte, NC	3.0	2.0	1268	$1,950	$1.54	16d	1	0.46mi
3609 Corbett St Charlotte, NC	3.0	2.5	1700	$2,225	$1.31	16d	1	0.54mi
2012 Ashley Rd Charlotte, NC	3.0	2.0	1642	$2,400	$1.46	4d	1	0.61mi
2026 Ashley Rd Charlotte, NC	3.0	1.0	1600	$1,575	$0.98	24d	1	0.62mi
3251 Dannelly Towns Aly Charlotte, NC	3.0	3.5	1500	$2,150	$1.43	8d	1	0.65mi
2315 Deherradora Ave Charlotte, NC	4.0	2.0	1015	$2,100	$2.07	24d	1	0.66mi
2930 Tacoma St Charlotte, NC	1.0–3.0	1.0–2.0	997	$1,625	$1.63	24d	1	0.70mi
4915 Magnasco Ln Charlotte, NC	3.0	2.0	1440	$1,789	$1.24	16d	1	0.71mi
3500 Blessing St Charlotte, NC	2.0	2.0	1042	$1,050	$1.01	8d	1	0.75mi
2516 Reid Oaks Dr Charlotte, NC	3.0	2.5	1722	$1,910	$1.11	16d	1	0.80mi
2423 Shad Ct Charlotte, NC	4.0	2.0	1488	$1,919	$1.29	3d	1	0.86mi
2648 Reid Park Ln Charlotte, NC	3.0	2.5	1328	$1,880	$1.42	8d	1	0.87mi
1840 J Julian Ln Unit A Charlotte, NC	2.0	2.0	968	$1,425	$1.47	16d	1	0.90mi
2322 Belfast Dr Charlotte, NC	3.0	1.0	1260	$1,375	$1.09	8d	1	0.90mi
1831 J Julian Ln Charlotte, NC	2.0	2.0	968	$1,575	$1.63	5d	1	0.90mi
4929 Arborwood Dr Charlotte, NC	1.0–2.0	1.0–1.5	916	$1,388	$1.52	2d	21	0.92mi
1832 J Julian Ln Unit D Charlotte, NC	2.0	2.0	972	$1,299	$1.34	15d	1	0.92mi
3201 Dublin Rd Charlotte, NC	2.0	1.0	1050	$1,600	$1.52	24d	1	0.94mi
5109 Tuckaseegee Rd Charlotte, NC	3.0	2.0	1689	$2,080	$1.23	8d	1	0.97mi
2962 Sloan Dr Charlotte, NC	3.0	2.5	1456	$1,800	$1.24	4d	1	0.98mi
3021 Seymour Dr Charlotte, NC	4.0	2.0	1280	$1,685	$1.32	16d	1	1.02mi
2906 Sloan Dr Charlotte, NC	3.0	2.5	1462	$2,950	$2.02	24d	1	1.03mi
3035 Kingsfield Rd Charlotte, NC	3.0	2.5	1700	$2,250	$1.32	5d	1	1.03mi
3021 Kingsfield Rd Charlotte, NC	3.0	2.5	1697	$2,195	$1.29	18d	1	1.04mi
5533 Whistlewood Ln Charlotte, NC	3.0	2.5	1684	$2,165	$1.29	5d	1	1.06mi
5945 Tuckaseegee Rd Charlotte, NC	1.0–2.0	1.0–2.0	806	$1,331	$1.65	16d	1	1.12mi
2719 Capitol Dr Charlotte, NC	3.0	2.5	1567	$2,100	$1.34	24d	1	1.15mi
2811 Marlowe Ave Charlotte, NC	1.0–3.0	1.0	820	$1,525	$1.86	2d	23	1.22mi
2019 Highland St Charlotte, NC	3.0	2.0	1100	$2,100	$1.91	8d	1	1.31mi
2231 Gooseberry Rd Charlotte, NC	3.0	2.5	1700	$1,870	$1.10	3d	1	1.35mi
1320 Thomasboro Dr Unit 4 Charlotte, NC	2.0	1.5	958	$1,150	$1.20	24d	1	1.37mi

Listing history 7 events

1. 2026-02-18
   status Pending
2. 2025-10-15
   price $239,000
3. 2025-09-30
   price $249,000
4. 2025-09-03
   price $255,000
5. 2025-08-12
   price $259,000
6. 2025-07-28
   listed $269,000 Active
7. 1971-09-01
   soldstatus $12,300

ⓘ 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: $1,733 · $144/mo
• Projected year-2 tax: $1,960 · $163/mo
• Expected delta: +$227/yr (+$19/mo · 13.1%)

ⓘ 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 6/10 Major 7 d/yr ≥103°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,685
• − Mortgage interest: −$13,388
• − Property taxes: −$1,733
• − Insurance: −$1,195
• − Repairs & maintenance: −$1,735
• − Management: −$1,735
• − Depreciation: −$6,953
• Taxable loss: −$5,053
• Est. tax savings @ 24.0%: +$1,213
• After-tax cash flow: $376/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: Charlotte-Mecklenburg Schools
• NCES district ID: 3702970
• Math proficiency: 42% ▼ -6.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $57,175
• Composite: 38.49/100
• National rank: #4183
• State rank: #85 of 178 in NC

Livability — Charlotte

• Score: 78/100
• State rank: #26
• US rank: #2502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlotte, NC
• County: Mecklenburg County · 1,167,319 people
• City population: 920,422
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 40,197
• Household income: $55,431
• Rent vs Own: 60.6% rent · 39.4% own
• Severe rent burden: 2368.0

Population outlook (Mecklenburg County) Hauer SSP2

• Today (2025): 1,305,740 people
• By 2030: 1,442,752 · +10.5%
• By 2040: 1,722,441 · +31.9%
• By 2050: 1,999,450 · +53.1%
• By 2075: 2,642,495 · +102.4%
• By 2100: 3,106,755 · +137.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 61% White 16% Hispanic / Latino 14% Two or more races 6% Asian 4%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 1%
• Foreign-born: 11% · Canada, Vietnam, China
• Languages at home: 83% English-only · Spanish 12% Other Asian/Pacific 1% French/Haitian/Cajun 1%

Political lean MEDSL · Mecklenburg

• 2024 margin: Solid D (+32.9) · D 65.6% · R 32.7% · Other 1.6%
• 2008→2024 swing: +8.5pp toward D · 2008: 24.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+35.1 2016: D+29.9 2012: D+22.5 2008: D+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -162.76%
• Current HPI: 324.3642
• Rent YoY: ▲ 1.47%
• 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

+1843.1% since first listed

7 events — show timeline

• 2026-02-18 Pending — CANOPYMLS as Distributed by MLS Grid
• 2025-10-15 Price Changed $239,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-30 Price Changed $249,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-03 Price Changed $255,000 CANOPYMLS as Distributed by MLS Grid
• 2025-08-12 Price Changed $259,000 CANOPYMLS as Distributed by MLS Grid
• 2025-07-28 Listed $269,000 CANOPYMLS as Distributed by MLS Grid
• 1971-09-01 Sold (Public Records) $12,300 Public Records

Property tax history

+3.9%/yr

Latest (2025): $1,733 · +2.4% YoY. Source: county tax records.