351 Old Centergrove Rd · Kannapolis, NC 28083

$195,900

2 bd · 1.0 ba · 1,030 sqft · SingleFamily public records · 51 Days on market

Built 1946 10,018 sqft lot Est $200k · at est.

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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 +12.6/30.0
• ARV discount +8.4/15.0
• DSCR +3.8/10.0
• Livability +3.2/5.0
• 1% rule +3.1/10.0
• Rent growth +3.0/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great RENTAL -- already rented with solid tenant. Great Cash Flow opportunity. Management company already in place. Hurry! Won't last long with this price. Seller has 5 other properties located within a mile of this property for sale too. Please contact agent for details on a package deal.

Key facts

• Carpeted attic space
• Private backyard
• Spacious rear deck

Tags

• SPACIOUS REAR DECK
• PRIVATE BACKYARD
• DEDICATED ATTIC SPACE
• CARPETED ATTIC SPACE
• STEPS AWAY FROM GEM THEATRE
• STEPS AWAY FROM BOUTIQUE SHOPS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $196k.

Deal economics

• At list price, monthly cash flow is $-26 ($-307/yr) — negative.
• To cash-flow at today's rent, offer at most $191k (2.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (18.6% below list).
• Recommended offer: $160k (18.6% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.5% in Kannapolis — 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 64/100 on livability (#354 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D+, amenities F, commute F.
• Kannapolis City Schools (suburban): math 30% / reading 33% proficiency, ranked #141 of 178 in NC (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Forest Park Elementary (math 32% / reading 36%, grade F, #882 of 1,410 statewide, top 63%, 444 students, 99% FRL); Kannapolis Middle (math 30% / reading 35%, grade F, #312 of 475 statewide, top 66%, 1,238 students, 100% FRL); A L Brown High (math 25% / reading 30%, grade F, #467 of 535 statewide, top 87%, 1,741 students, 100% FRL) — zoned schools average 100% FRL vs 63% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.1%/yr); 144 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 2,485 units permitted in Cabarrus County in 2024 (677 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Cabarrus County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($190k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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.
• Current owner paid $45k; list at $196k implies a 335% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1946 — 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 $159,534 (18.6% 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 51 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.81% ✗
• Cap rate: 6.14%
• Cash-on-cash: -0.56%
• DSCR: 0.98
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $199,820
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
351 Old Centergrove Rd	0.00mi	3/1.0 (+1)	1,030 (0%)	1mo	$179,300	$174	94
600 Foster St	0.39mi	2/2.0	1,040 (+1%)	1mo	$225,000	$216	76
495 Carver St	0.39mi	2/1.0	1,007 (-2%)	10mo	$80,000	$79	70
207 S East Ave	0.24mi	2/1.0	1,154 (+12%)	3mo	$249,000	$216	66
304 Bell St	0.47mi	3/2.0 (+1)	1,038 (+1%)	3mo	$201,000	$194	65
803 Desoto Ave	0.36mi	2/1.0	937 (-9%)	5mo	$218,000	$233	64
417 York Ave	0.13mi	3/1.0 (+1)	1,180 (+15%)	6mo	$170,000	$144	60
500 Plymouth St	0.49mi	3/2.0 (+1)	1,050 (+2%)	7mo	$238,000	$227	60
307 Caldwell St	0.69mi	2/1.0	1,068 (+4%)	4mo	$130,000	$122	58
402 Ford St	0.48mi	2/1.5	920 (-11%)	6mo	$209,500	$228	52
900 Buick Ave	0.43mi	3/1.5 (+1)	1,163 (+13%)	1mo	$205,000	$176	51
334 Chestnut Ave	0.70mi	2/1.0	1,147 (+11%)	2mo	$185,000	$161	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 · 2.15% rent growth · sell at horizon

5-year hold

• IRR: -18.1%
• Equity multiple: 0.37×
• Total profit: $-34,742
• Equity at exit: $29,209

10-year hold

• IRR: -12.1%
• Equity multiple: 0.31×
• Total profit: $-37,878
• Equity at exit: $16,938

Cash invested: $54,852 (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 28083

• Rents YoY: 2.1%
• Active inventory: 144
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,595 high
• Mortgage (P&I): −$1,027
• Tax from tax record: −$177 /mo · $2,123/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$335
• Net cashflow: $-26

Break-even live

Break-even rent $1,628

Max offer price $191,387

Occupancy floor 97%

Sensitivity live

Price	-10% $85	-5% $30	+0% $-26	+5% $-81	+10% $-136
Rent	-10% $-152	-5% $-89	+0% $-26	+5% $37	+10% $100
Rate	-1.0pp $73	-0.5pp $24	base $-26	+0.5pp $-76	+1.0pp $-128

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: $48,975
• Closing costs: $5,877
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 York Ave Kannapolis, NC	1.0	1.0	829	$1,295	$1.56	4d	1	0.04mi
404 S Rose Ave Kannapolis, NC	3.0	2.0	1197	$1,795	$1.50	13d	1	0.11mi
510 S Ridge Ave Kannapolis, NC	1.0	1.0	1300	$715	$0.55	19d	1	0.22mi
528 Walter St Kannapolis, NC	2.0	1.5	1050	$1,350	$1.29	25d	1	0.29mi
530 Walter St Kannapolis, NC	2.0	1.5	1050	$1,350	$1.29	25d	1	0.29mi
531 Park St Kannapolis, NC	2.0	1.5	1050	$1,235	$1.18	25d	1	0.29mi
210 S Main St Kannapolis, NC	3.0	1.0–2.0	914	$2,203	$2.41	0d	21	0.36mi
801 Desoto Ave Kannapolis, NC	2.0	1.0	1353	$1,400	$1.03	6d	1	0.38mi
200 S Main St Kannapolis, NC	2.0	1.0–2.0	880	$2,495	$2.84	0d	84	0.38mi
310 Pineview St Kannapolis, NC	2.0	1.0	813	$1,599	$1.97	12d	1	0.39mi
310 Pineview St Unit NA Kannapolis, NC	2.0	1.0	813	$1,650	$2.03	19d	1	0.39mi
103 S Ridge Ave #5 Kannapolis, NC	3.0	2.5	1100	$1,600	$1.45	25d	1	0.42mi
706 Hillside St Kannapolis, NC	3.0	2.0	1371	$1,545	$1.13	4d	1	0.56mi
701 Rain Place Ct Kannapolis, NC	2.0	1.0	800	$1,290	$1.61	6d	2	0.61mi
515 Broad St Kannapolis, NC	2.0	1.0	800	$1,250	$1.56	25d	1	0.61mi
760 Hillside St Kannapolis, NC	2.0	2.5	1008	$1,495	$1.48	14d	1	0.63mi
816 Fairview St Unit A Kannapolis, NC	3.0	2.5	1288	$1,750	$1.36	25d	1	0.81mi
1 Dale Earnhardt Blvd Kannapolis, NC	3.0	2.0	1200	$2,400	$2.00	18d	1	0.82mi
1206 Belair Ave Kannapolis, NC	3.0	2.0	1425	$1,695	$1.19	14d	1	0.82mi
1300 Meadow Ave Kannapolis, NC	2.0	2.0	1200	$900	$0.75	25d	1	0.83mi
1300 Meadow Ave Unit D Kannapolis, NC	2.0	1.5	1200	$900	$0.75	25d	1	0.83mi
421 N East Ave Kannapolis, NC	3.0	1.0	850	$1,550	$1.82	19d	1	0.85mi
710 Irene Ave Unit A Kannapolis, NC	3.0	2.0	1064	$1,700	$1.60	25d	1	0.86mi
705 Rainbow Dr Kannapolis, NC	3.0	1.5	1166	$1,400	$1.20	0d	1	0.88mi
804 Klondale Ave Kannapolis, NC	2.0	1.0	996	$1,295	$1.30	19d	1	0.93mi
1005 Rainbow Dr Kannapolis, NC	3.0	2.0	1500	$1,575	$1.05	25d	1	0.98mi
602 N Juniper Ave Kannapolis, NC	2.0	1.0	1200	$1,300	$1.08	16d	1	1.01mi
907 Victoria Ave Kannapolis, NC	3.0	2.0	1330	$1,715	$1.29	25d	1	1.01mi
500 Jackson Park Rd Unit 12 Kannapolis, NC	2.0	1.5	925	$1,305	$1.41	16d	1	1.03mi
1017 McLain Rd Kannapolis, NC	3.0	2.0	1046	$1,600	$1.53	4d	1	1.07mi
1004 Valley St Kannapolis, NC	2.0	2.0	1322	$2,200	$1.66	0d	1	1.18mi
1402 Martin Luther King Ave Unit B Kannapolis, NC	3.0	2.5	1500	$1,978	$1.32	25d	1	1.20mi
300 Sandy Ct Kannapolis, NC	1.0–2.0	1.0	854	$1,254	$1.47	25d	1	1.20mi
1361 Ontario Dr Kannapolis, NC	3.0	2.5	1240	$1,850	$1.49	6d	1	1.21mi
200 Franklin Ave Unit 200 Kannapolis, NC	2.0	1.5	1024	$1,500	$1.46	22d	1	1.23mi
1065 Ridgeway Dr Kannapolis, NC	1.0–3.0	1.0–2.0	1003	$1,190	$1.19	25d	1	1.24mi
1022 W C St Kannapolis, NC	3.0	2.5	1407	$2,100	$1.49	25d	1	1.25mi
919 N Walnut St Kannapolis, NC	2.0	1.0	794	$1,375	$1.73	16d	1	1.29mi
310 Glenn Ave Kannapolis, NC	3.0	2.5	1475	$2,050	$1.39	6d	1	1.37mi
5945 Granbury Dr Kannapolis, NC	3.0	2.5	1498	$1,900	$1.27	0d	1	1.38mi

Listing history 13 events

1. 2026-04-17
   status Pending
2. 2026-04-08
   price $195,900
3. 2026-03-17
   price $197,900
4. 2026-02-25
   listed $204,900 Active
5. 2023-12-29
   historical $1,195
6. 2023-11-02
   listed $1,195
7. 2013-07-18
   soldstatus $45,000 Closed 294-char remark

   Show marketing remark (294 chars)

   Great RENTAL -- already rented with solid tenant. Great Cash Flow opportunity. Management company already in place. Hurry! Won't last long with this price. Seller has 5 other properties located within a mile of this property for sale too. Please contact agent for details on a package deal.

8. 2013-07-16
   soldstatus $45,000
9. 2013-06-28
   historical Under Contract - Show 294-char remark

   Show marketing remark (294 chars)

   Great RENTAL -- already rented with solid tenant. Great Cash Flow opportunity. Management company already in place. Hurry! Won't last long with this price. Seller has 5 other properties located within a mile of this property for sale too. Please contact agent for details on a package deal.

10. 2013-06-06
    price $47,900 294-char remark

    Show marketing remark (294 chars)

    Great RENTAL -- already rented with solid tenant. Great Cash Flow opportunity. Management company already in place. Hurry! Won't last long with this price. Seller has 5 other properties located within a mile of this property for sale too. Please contact agent for details on a package deal.

11. 2013-04-29
    listed $52,900 Active 294-char remark

    Show marketing remark (294 chars)

    Great RENTAL -- already rented with solid tenant. Great Cash Flow opportunity. Management company already in place. Hurry! Won't last long with this price. Seller has 5 other properties located within a mile of this property for sale too. Please contact agent for details on a package deal.

12. 2007-03-30
    soldstatus $92,500
13. 1985-10-01
    soldstatus $22,000

ⓘ 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: $2,123 · $177/mo
• Projected year-2 tax: $2,123 · $177/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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥105°F today · 17 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 15% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,144
• − Mortgage interest: −$10,973
• − Property taxes: −$2,123
• − Insurance: −$980
• − Repairs & maintenance: −$1,532
• − Management: −$1,532
• − Depreciation: −$5,699
• Taxable loss: −$3,694
• Est. tax savings @ 24.0%: +$887
• After-tax cash flow: $580/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: Kannapolis City Schools
• NCES district ID: 3702430
• Math proficiency: 30% ▲ 7.00%
• Reading proficiency: 33% ▼ -2.00%
• Median HH income: $38,534
• Composite: 26.34/100
• National rank: #7237
• State rank: #141 of 178 in NC

Livability — Kannapolis

• Score: 64/100
• State rank: #354
• US rank: #14030

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kannapolis, NC
• County: Cabarrus County · 218,793 people
• City population: 57,170
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 28,095
• Household income: $66,257
• Rent vs Own: 35.6% rent · 64.4% own
• Severe rent burden: 633.0

Population outlook (Cabarrus County) Hauer SSP2

• Today (2025): 239,273 people
• By 2030: 260,754 · +9.0%
• By 2040: 303,953 · +27.0%
• By 2050: 344,827 · +44.1%
• By 2075: 435,623 · +82.1%
• By 2100: 490,119 · +104.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Black 25% Hispanic / Latino 16% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 3%
• Common ancestry: Slovak 2% Serbian 1% Lithuanian 1%
• Foreign-born: 8% · Canada
• Languages at home: 85% English-only · Spanish 13% Tagalog/Filipino 1% Other Indo-European 1%

Political lean MEDSL · Cabarrus

• 2024 margin: Lean R (+7.7) · D 45.5% · R 53.2% · Other 1.3%
• 2008→2024 swing: +10.7pp toward D · 2008: -18.4pp · 2024: -7.7pp
• All cycles: 2024: R+7.7 2020: R+9.4 2016: R+20.0 2012: R+20.2 2008: R+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -318.30%
• Current HPI: 307.0675
• Rent YoY: ▲ 2.15%
• 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

+790.5% since first listed

13 events — show timeline

• 2026-04-17 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $195,900 CANOPYMLS as Distributed by MLS Grid
• 2026-03-17 Price Changed $197,900 CANOPYMLS as Distributed by MLS Grid
• 2026-02-25 Listed $204,900 CANOPYMLS as Distributed by MLS Grid
• 2023-12-29 Rental Removed $1,195 APPFOLIO
• 2023-11-02 Listed for Rent $1,195 APPFOLIO
• 2013-07-18 Sold (MLS) $45,000 CANOPYMLS as Distributed by MLS Grid
• 2013-07-16 Sold (Public Records) $45,000 Public Records
• 2013-06-28 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2013-06-06 Price Changed $47,900 CANOPYMLS as Distributed by MLS Grid
• 2013-04-29 Listed $52,900 CANOPYMLS as Distributed by MLS Grid
• 2007-03-30 Sold (Public Records) $92,500 Public Records
• 1985-10-01 Sold (Public Records) $22,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $2,123 · +0.0% YoY. Source: county tax records.