223 Waco Rd · Kings Mountain, NC 28086

$219,900

3 bd · 1.0 ba · 1,478 sqft · SingleFamily public records · 48 Days on market

Built 1920 0.26 ac lot Est $251k · 12% under

---

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 +15.0/30.0
• ARV discount +13.1/15.0
• DSCR +4.6/10.0
• Schools +4.0/10.0
• 1% rule +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 3 bedroom, 1 bath home offering a functional and inviting layout. The main level features the primary bedroom, full bathroom, laundry area, kitchen, and comfortable living room—providing convenient single-level living for everyday needs. Upstairs, you’ll find two additional bedrooms, perfect for family, guests, or a home office setup. Situated in the heart of Kings Mountain, this home offers easy access to a variety of local restaurants, shops, and everyday conveniences, making it an ideal location for both comfort and convenience.

Key facts

• Easy access
• Functional layout
• Single-level living

Tags

• FUNCTIONAL LAYOUT
• SINGLE-LEVEL LIVING
• EASY ACCESS

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Single-family residential, site-built; Vinyl exterior; R6 zoning
• Construction: Site-built construction; Vinyl siding
• Exterior features: Lot is approximately 0.26 acres; Roads are gravel and paved; Publicly maintained road

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: 3 bedrooms total (1 on the main level, 2 on the upper level)
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Electric cooling
• Interior features: 7 total rooms; Crawl space foundation; One and one-half levels
• Laundry & utility: Laundry located inside on the main level

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $70 ($843/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 $180k (18.2% below list).
• Recommended offer: $180k (18.2% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.4% in Kings Mountain — 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 63/100 on livability (#404 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Cleveland County Schools (rural): math 47% / reading 49% proficiency, ranked #76 of 178 in NC (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Elementary (math 42% / reading 42%, grade F, #633 of 1,410 statewide, top 48%, 263 students, 99% FRL); Kings Mountain High (math 68% / reading 65%, grade B, #150 of 535 statewide, top 28%, 1,236 students, 56% FRL) — zoned schools average 78% FRL vs 59% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 194 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 461 units permitted in Cleveland County in 2024 (38 in 5+ unit buildings).
• This rent runs 35% of the median local income ($62k/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.
• Cleveland County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $58k; list at $220k implies a 279% 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 $179,790 (18.2% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 6.68%
• Cash-on-cash: 1.37%
• DSCR: 1.06
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $251,260
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
106 N Tracy St	0.39mi	3/2.0	1,514 (+2%)	3mo	$250,000	$165	72
703 Sterling Dr	0.38mi	4/2.0 (+1)	1,440 (-3%)	4mo	$125,000	$87	65
316 Fulton St	0.30mi	4/2.0 (+1)	1,425 (-4%)	8mo	$269,999	$189	64
524 Waco Rd	0.56mi	3/2.0	1,450 (-2%)	5mo	$299,900	$207	62
522 Waco Rd	0.55mi	3/2.0	1,450 (-2%)	6mo	$299,500	$207	62
528 Waco Rd	0.63mi	3/2.0	1,450 (-2%)	4mo	$285,000	$197	61
205 Cooke Cir	0.34mi	3/1.0	1,349 (-9%)	12mo	$225,000	$167	60
220 Lackey St	0.39mi	4/2.0 (+1)	1,399 (-5%)	8mo	$158,500	$113	58
508 Gantt St Unit 1-2	0.19mi	4/2.0 (+1)	1,663 (+12%)	8mo	$250,000	$150	55
303 N Gaston St	0.36mi	2/2.0 (-1)	1,353 (-8%)	13mo	$119,500	$88	49
202 N Gaston St	0.46mi	3/2.0	1,321 (-11%)	10mo	$259,000	$196	49
102 S Watterson St	0.52mi	3/2.0	1,266 (-14%)	2mo	$215,000	$170	47

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: -14.2%
• Equity multiple: 0.49×
• Total profit: $-31,239
• Equity at exit: $32,788

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-21,757
• Equity at exit: $19,013

Cash invested: $61,572 (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 28086

• Home prices YoY: -28.6%
• Active inventory: 194
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,798 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$105 /mo · $1,264/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$378
• Net cashflow: $70

Break-even live

Break-even rent $1,709

Max offer price $219,900

Occupancy floor 91%

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
711 Lackey St Kings Mountain, NC	3.0	2.5	1450	$1,700	$1.17	23d	1	0.44mi
824 2nd St Kings Mountain, NC	3.0	1.0	1445	$1,700	$1.18	23d	1	0.90mi
203 Benfield Rd Kings Mountain, NC	3.0	2.5	1530	$1,950	$1.27	11d	1	1.09mi
107 Cambridge Oaks Cir Kings Mountain, NC	1.0–3.0	1.0–2.0	986	$1,219	$1.24	1d	1	1.13mi
914 Linwood Rd Kings Mountain, NC	2.0	1.0	948	$1,400	$1.48	4d	1	1.38mi

Listing history 20 events

1. 2026-06-19
   days on market $219,900 Active 48 DOM
2. 2026-06-18
   days on market $219,900 Active 47 DOM
3. 2026-06-17
   days on market $219,900 Active 46 DOM
4. 2026-06-16
   days on market $219,900 Active 45 DOM
5. 2026-06-15
   days on market $219,900 Active 44 DOM
6. 2026-06-14
   days on market $219,900 Active 42 DOM
7. 2026-06-13
   days on market $219,900 Active 41 DOM
8. 2026-06-10
   days on market $219,900 Active 39 DOM
9. 2026-06-09
   days on market $219,900 Active 38 DOM
10. 2026-06-08
    days on market $219,900 Active 37 DOM
11. 2026-06-07
    days on market $219,900 Active 36 DOM
12. 2026-06-05
    days on market $219,900 Active 33 DOM
13. 2026-06-03
    days on market $219,900 Active 32 DOM
14. 2026-06-02
    days on market $219,900 Active 31 DOM
15. 2026-06-01
    days on market $219,900 Active 30 DOM
16. 2026-05-31
    days on market $219,900 Active 29 DOM
17. 2026-05-30
    days on market $219,900 Active 28 DOM
18. 2026-05-18
    price $219,900
19. 2026-05-02
    listed $229,900 Active
20. 2016-03-31
    soldstatus $58,000

ⓘ 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: $1,264 · $105/mo
• Projected year-2 tax: $1,803 · $150/mo
• Expected delta: +$539/yr (+$45/mo · 42.7%)

ⓘ 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 4/10 Moderate 13% 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: $21,575
• − Mortgage interest: −$12,318
• − Property taxes: −$1,264
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,726
• − Management: −$1,726
• − Depreciation: −$6,397
• Taxable loss: −$2,955
• Est. tax savings @ 24.0%: +$709
• After-tax cash flow: $1,552/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: Cleveland County Schools
• NCES district ID: 3700900
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 49% ▲ 4.00%
• Median HH income: $38,501
• Composite: 40.03/100
• National rank: #3823
• State rank: #76 of 178 in NC

Livability — Kings Mountain

• Score: 63/100
• State rank: #404
• US rank: #15377

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kings Mountain, NC
• County: Cleveland County · 83,736 people
• City population: 29,460
• Metro: Shelby, NC
• Population (ZIP): 29,460
• Household income: $62,414
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 726.0

Population outlook (Cleveland County) Hauer SSP2

• Today (2025): 93,671 people
• By 2030: 91,157 · -2.7%
• By 2040: 85,519 · -8.7%
• By 2050: 79,708 · -14.9%
• By 2075: 68,317 · -27.1%
• By 2100: 57,145 · -39.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Black 16% Two or more races 4% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 3% Italian 2% Serbian 2%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 2%

Political lean MEDSL · Cleveland

• 2024 margin: Solid R (+35.0) · D 32.2% · R 67.2%
• 2008→2024 swing: -15.1pp toward R · 2008: -19.9pp · 2024: -35.0pp
• All cycles: 2024: R+35.0 2020: R+32.8 2016: R+30.6 2012: R+20.5 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -99.17%
• Current HPI: 248.0613
• Rent YoY: —
• Metro: Shelby, 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

+279.1% since first listed

3 events — show timeline

• 2026-05-18 Price Changed $219,900 CANOPYMLS as Distributed by MLS Grid
• 2026-05-02 Listed $229,900 CANOPYMLS as Distributed by MLS Grid
• 2016-03-31 Sold (Public Records) $58,000 Public Records

Property tax history

+9.1%/yr

Latest (2025): $1,264 · +24.2% YoY. Source: county tax records.