1830 Butterfly Ln · Charlotte, NC 28269

$182,900

2 bd · 1.5 ba · 1,276 sqft · Condo public records · 199 Days on market

Built 2003 $247/mo HOA · 14% of rent

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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 +12.4/30.0
• ARV discount +7.5/15.0
• 1% rule +4.8/10.0
• Livability +3.9/5.0
• Schools +3.8/10.0
• DSCR +3.7/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

ATTENTION: INVESTORS AND FIRST-TIME HOME BUYERS. This two-story condominium has new paint, top to bottom, new carpet and new vinyl flooring. New window blinds being installed. Easy access to I-77 and I-85 via either Beatties Ford Road or Statesville Road. For investors, the expected rental rate is $1,200 per month. Two assigned parking spaces.

Key facts

• $247 HOA
• Built 2003
• Listed 198 days

Property features AI

Finance

• HOA & community: HOA managed by Cedar Management; HOA dues required — $247.28 monthly

Exterior

• Parking: Assigned parking spaces
• Utilities: City water; Public sewer
• Home design: Townhouse (residential); Two levels
• Construction: Site-built construction; Vinyl exterior; Flat roof; Slab foundation; Land included with property
• Exterior features: Enclosed patio; Patio; Fenced yard; End unit; Asphalt/paved road; publicly maintained

Interior

• Kitchen: Dishwasher; Oven; Refrigerator
• Bedrooms: 2 bedrooms on the upper level
• Bathrooms: 1 full bathroom (upper level); 1 half bathroom (main level)
• Heating & cooling: Central heating; Central air conditioning
• Interior features: 6 total rooms; Entry level is 1
• Laundry & utility: Laundry on the main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $183k.

Deal economics

• At list price, monthly cash flow is $-30 ($-359/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (2.1% below list).
• Recommended offer: $161k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.1% 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: 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.
• Zoned schools: Statesville Road Elementary (math 12% / reading 21%, grade F, #1,307 of 1,410 statewide, top 93%, 456 students, 99% FRL); Ranson Middle (math 12% / reading 18%, grade F, #459 of 475 statewide, top 97%, 817 students, 100% FRL); West Charlotte High School (math 33% / reading 34%, grade F, #436 of 535 statewide, top 82%, 1,538 students, 100% FRL) — zoned schools average 100% FRL vs 49% district-wide (51 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 44% district-wide (-22 pts) — the specific schools serving this property underperform the Charlotte-Mecklenburg Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents flat; 574 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 11,969 units permitted in Mecklenburg County in 2024 (5,377 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 $5k 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 199 days — a 12% lower offer ($161k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $12k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 23% 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 $160,952 (12.0% 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 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 6.10%
• Cash-on-cash: -0.70%
• DSCR: 0.97
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.43% rent growth · sell at horizon

5-year hold

• IRR: -20.7%
• Equity multiple: 0.30×
• Total profit: $-35,922
• Equity at exit: $27,271

10-year hold

• IRR: -22.4%
• Equity multiple: 0.01×
• Total profit: $-50,772
• Equity at exit: $15,814

Cash invested: $51,212 (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 28269

• Home prices YoY: -19.9%
• Rents YoY: 0.4%
• Active inventory: 574
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,791 high
• Mortgage (P&I): −$959
• Tax from tax record: −$162 /mo · $1,946/yr
• Insurance: −$76
• HOA: −$247
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $-30

Break-even live

Break-even rent $1,828

Max offer price $177,608

Occupancy floor 97%

Sensitivity live

Price	-10% $74	-5% $22	+0% $-30	+5% $-82	+10% $-133
Rent	-10% $-171	-5% $-101	+0% $-30	+5% $41	+10% $111
Rate	-1.0pp $62	-0.5pp $17	base $-30	+0.5pp $-77	+1.0pp $-126

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: $45,725
• Closing costs: $5,487
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1917 Butterfly Ln Charlotte, NC	3.0	2.0	1579	$1,750	$1.11	25d	1	0.10mi
2409 Fathom Way Charlotte, NC	3.0	2.5	1565	$1,699	$1.09	25d	1	0.20mi
8036 Lanyard Ter Charlotte, NC	3.0	2.5	1591	$1,900	$1.19	13d	1	0.29mi
8036 Lanyard Ter Unit 1 Charlotte, NC	3.0	2.0	1568	$1,900	$1.21	12d	1	0.29mi
3107 Meadow Knoll Dr Charlotte, NC	3.0	2.5	1577	$2,100	$1.33	25d	1	0.41mi
7024 Capstan Ter Charlotte, NC	3.0	2.5	1567	$2,150	$1.37	18d	1	0.43mi
7132 Capstan Ter Charlotte, NC	3.0	2.0	1700	$1,995	$1.17	25d	1	0.49mi
6126 Carrick Bend Ct Charlotte, NC	3.0	2.5	1576	$1,989	$1.26	9d	1	0.51mi
6126 Carrick Bend Ct Unit 1 Charlotte, NC	3.0	2.5	1576	$1,985	$1.26	9d	1	0.51mi
6126 Carrick Bend Ct Unit 1 Charlotte, NC	3.0	2.5	1576	$1,989	$1.26	25d	1	0.51mi
6145 Carrick Bend Ct Charlotte, NC	3.0	2.5	1520	$2,200	$1.45	25d	1	0.53mi
5313 Abbywood Ln Charlotte, NC	3.0	2.0	1120	$1,650	$1.47	18d	1	0.61mi
6202 Suntrace Way Charlotte, NC	3.0	2.0	1185	$1,915	$1.62	0d	1	0.72mi
3122 Riley Ave Charlotte, NC	3.0	2.5	1436	$1,850	$1.29	0d	1	0.78mi
3513 Merrill Pl Charlotte, NC	3.0	2.0	1000	$2,200	$2.20	18d	1	0.81mi
1604 Black Diamond Ct Charlotte, NC	3.0	2.0	1032	$1,625	$1.57	25d	1	0.85mi
3412 Merrill Pl Charlotte, NC	1.0	1.0	1010	$645	$0.64	25d	1	0.85mi
3400 Cricketeer Dr Charlotte, NC	1.0	1.0	1000	$775	$0.78	18d	1	0.91mi
5823 Hamilton Oaks Dr Charlotte, NC	3.0	2.0	1074	$1,615	$1.50	0d	1	0.93mi
3807 Gold Nugget Ct Charlotte, NC	3.0	2.0	1038	$1,770	$1.71	9d	1	1.00mi
5932 Hamilton Oaks Dr Charlotte, NC	3.0	2.0	960	$1,660	$1.73	0d	1	1.01mi
5414 Graypark Dr Charlotte, NC	3.0	2.5	1745	$1,910	$1.09	0d	1	1.06mi
3600 Braden Dr Charlotte, NC	1.0	1.0	1071	$740	$0.69	18d	1	1.12mi
412 Bent Leaf Ct Charlotte, NC	3.0	2.5	1300	$1,789	$1.38	9d	1	1.13mi
3219 Braden Dr Charlotte, NC	3.0	2.5	1620	$1,855	$1.15	18d	1	1.24mi
4025 Oakwood Rd Charlotte, NC	3.0	2.0	1575	$1,950	$1.24	0d	1	1.26mi
3801 Davis Ln Charlotte, NC	3.0	2.0	1160	$1,815	$1.56	5d	1	1.27mi
1932 Holly St Charlotte, NC	3.0	1.0	900	$1,375	$1.53	5d	1	1.27mi
3610 Bardot Dr Charlotte, NC	3.0	1.5	1142	$1,735	$1.52	6d	1	1.33mi
2701 Abelwood Rd Charlotte, NC	3.0	1.5	988	$2,000	$2.02	6d	1	1.36mi
4920 Tanager Park Dr Charlotte, NC	3.0	1.0–2.0	844	$1,406	$1.66	0d	82	1.38mi
818 Dedmon Dr Charlotte, NC	3.0	1.0	1200	$3,400	$2.83	18d	1	1.40mi
2544 Abelwood Rd Charlotte, NC	3.0	1.0	975	$1,495	$1.53	25d	1	1.43mi
2317 Julia Ave Unit 1 Charlotte, NC	2.0	1.0	918	$1,125	$1.23	22d	1	1.45mi
3510 Cypress Pond Dr Charlotte, NC	3.0	1.0	1098	$1,700	$1.55	25d	1	1.47mi

HOA detail condo

• Monthly dues: $247 · $2,964/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-21
   days on market $182,900 Active 199 DOM
2. 2026-06-18
   days on market $182,900 Active 196 DOM
3. 2026-06-17
   statusdays on market $182,900 Active 195 DOM
4. 2026-06-16
   remarks 651-char remark
5. 2026-06-16
   days on market $182,900 Active Under Contract 194 DOM
6. 2026-06-15
   days on market $182,900 Active Under Contract 193 DOM
7. 2026-06-13
   days on market $182,900 Active Under Contract 191 DOM
8. 2026-06-10
   days on market $182,900 Active Under Contract 187 DOM
9. 2026-06-08
   days on market $182,900 Active Under Contract 186 DOM
10. 2026-06-07
    days on market $182,900 Active Under Contract 185 DOM
11. 2026-06-04
    days on market $182,900 Active Under Contract 182 DOM
12. 2026-06-03
    days on market $182,900 Active Under Contract 181 DOM
13. 2026-06-02
    days on market $182,900 Active Under Contract 180 DOM
14. 2026-06-02
    days on market $182,900 Active Under Contract 179 DOM
15. 2026-05-31
    days on market $182,900 Active Under Contract 178 DOM
16. 2026-02-25
    price $182,900
17. 2026-02-04
    price $187,900
18. 2025-12-16
    price $189,900
19. 2025-12-05
    listed $194,900 Active
20. 2025-12-05
    historical $194,900
21. 2025-11-05
    price $210,000
22. 2025-10-21
    price $215,000
23. 2025-09-30
    listed $220,000 Active
24. 2025-09-15
    soldstatus $161,000
25. 2025-09-05
    historical $1,550
26. 2025-08-15
    listed $1,550
27. 2023-07-30
    historical
28. 2020-05-27
    soldstatus $126,000 Closed 345-char remark

    Show marketing remark (345 chars)

    ATTENTION: INVESTORS AND FIRST-TIME HOME BUYERS. This two-story condominium has new paint, top to bottom, new carpet and new vinyl flooring. New window blinds being installed. Easy access to I-77 and I-85 via either Beatties Ford Road or Statesville Road. For investors, the expected rental rate is $1,200 per month. Two assigned parking spaces.

29. 2020-05-27
    soldstatus $126,000

    Show marketing remark (345 chars)

    ATTENTION: INVESTORS AND FIRST-TIME HOME BUYERS. This two-story condominium has new paint, top to bottom, new carpet and new vinyl flooring. New window blinds being installed. Easy access to I-77 and I-85 via either Beatties Ford Road or Statesville Road. For investors, the expected rental rate is $1,200 per month. Two assigned parking spaces.

30. 2020-04-03
    historical Active Under Contract 345-char remark

    Show marketing remark (345 chars)

    ATTENTION: INVESTORS AND FIRST-TIME HOME BUYERS. This two-story condominium has new paint, top to bottom, new carpet and new vinyl flooring. New window blinds being installed. Easy access to I-77 and I-85 via either Beatties Ford Road or Statesville Road. For investors, the expected rental rate is $1,200 per month. Two assigned parking spaces.

31. 2020-03-20
    listed $127,000 Active 345-char remark

    Show marketing remark (345 chars)

    ATTENTION: INVESTORS AND FIRST-TIME HOME BUYERS. This two-story condominium has new paint, top to bottom, new carpet and new vinyl flooring. New window blinds being installed. Easy access to I-77 and I-85 via either Beatties Ford Road or Statesville Road. For investors, the expected rental rate is $1,200 per month. Two assigned parking spaces.

ⓘ 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: $1,946 · $162/mo
• Projected year-2 tax: $1,946 · $162/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 ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 23% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,486
• − Mortgage interest: −$10,245
• − Property taxes: −$1,946
• − Insurance: −$914
• − Repairs & maintenance: −$1,719
• − Management: −$1,719
• − HOA: −$2,964
• − Depreciation: −$5,321
• Taxable loss: −$3,341
• Est. tax savings @ 24.0%: +$802
• After-tax cash flow: $442/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): 79,586
• Household income: $81,517
• Rent vs Own: 39.4% rent · 60.6% own
• Severe rent burden: 2818.0

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 0.66)
• Race & ethnicity: Black 50% White 27% Hispanic / Latino 15% Two or more races 5% Asian 5%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Slovak 1% Serbian 1% Romanian 1%
• Foreign-born: 15% · Canada, Jamaica, Vietnam
• Languages at home: 79% English-only · Spanish 13% French/Haitian/Cajun 2% Other Asian/Pacific 2%

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: ▼ -62.04%
• Current HPI: 249.6732
• Rent YoY: ▲ 0.43%
• 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

+44.0% since first listed

16 events — show timeline

• 2026-02-25 Price Changed $182,900 CANOPYMLS as Distributed by MLS Grid
• 2026-02-04 Price Changed $187,900 CANOPYMLS as Distributed by MLS Grid
• 2025-12-16 Price Changed $189,900 CANOPYMLS as Distributed by MLS Grid
• 2025-12-05 Listed $194,900 CANOPYMLS as Distributed by MLS Grid
• 2025-12-05 Coming Soon $194,900 CANOPYMLS as Distributed by MLS Grid
• 2025-11-05 Price Changed $210,000 CANOPYMLS as Distributed by MLS Grid
• 2025-10-21 Price Changed $215,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-30 Listed $220,000 CANOPYMLS as Distributed by MLS Grid
• 2025-09-15 Sold (Public Records) $161,000 Public Records
• 2025-09-05 Rental Removed $1,550 APPFOLIO
• 2025-08-15 Listed for Rent $1,550 APPFOLIO
• 2023-07-30 Rental Removed — APPFOLIO
• 2020-05-27 Sold (Public Records) $126,000 Public Records
• 2020-05-27 Sold (MLS) $126,000 CANOPYMLS as Distributed by MLS Grid
• 2020-04-03 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2020-03-20 Listed $127,000 CANOPYMLS as Distributed by MLS Grid

Property tax history

+4.7%/yr

Latest (2024): $1,946 · +3.4% YoY. Source: county tax records.