501 Turnersburg Hwy · Statesville, NC 28625

$170,000

2 bd · 1.0 ba · 930 sqft · SingleFamily public records · 114 Days on market

Built 1931 1.38 ac lot Est $126k · 34% over

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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 +22.6/30.0
• DSCR +7.2/10.0
• 1% rule +4.5/10.0
• Schools +4.5/10.0
• Rent growth +3.2/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Quaint 2-Bedroom Bungalow with Investment Potential. Step into timeless charm with this nearly 100-year-old bungalow, offering both functionality and affordability. With solid bones and classic character, this home is ready for a touch of TLC to unlock its full potential. Key features include, 2 bedrooms, natural gas furnace in the living room. A true bungalow style with vintage appeal, ideal for someone seeking independence or low-maintenance living. Just north of the 2045 Horizon Plan’s projected commercial development area, offering strong appreciation potential over time. Perfect as a personal residence or income-producing property while the land value continues to grow. Also offe

Key facts

• Natural gas furnace
• 1.38 acre lot
• Garage

Tags

• NATURAL GAS FURNACE
• INCOME PRODUCING PROPERTY
• IMMEDIATE INCOME POTENTIAL
• STRONG APPRECIATION POTENTIAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $288 ($3k/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 $162k (4.6% below list).
• Recommended offer: $155k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.5% in Statesville — 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 59/100 on livability (#557 in NC) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools D, crime D, amenities F.
• Iredell-Statesville Schools (rural): math 53% / reading 52% proficiency, ranked #51 of 178 in NC (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.7%/yr); 287 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,955 units permitted in Iredell County in 2024 (128 in 5+ unit buildings).
• This rent runs 30% of the median local income ($64k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Iredell County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $8k; list at $170k implies a 2025% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,700 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.95% ✗
• Cap rate: 8.33%
• Cash-on-cash: 7.27%
• DSCR: 1.32
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $126,480
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
501 Turnersburg Hwy	0.00mi	2/1.0	954 (+3%)	0mo	$130,000	$136	95
501 Us Highway 21	0.01mi	2/1.0	954 (+3%)	0mo	$130,000	$136	95
138 Victoria Dr	0.67mi	3/1.5 (+1)	1,065 (+14%)	2mo	$235,000	$221	36

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 · 2.72% rent growth · sell at horizon

5-year hold

• IRR: -5.5%
• Equity multiple: 0.80×
• Total profit: $-9,727
• Equity at exit: $25,348

10-year hold

• IRR: 3.8%
• Equity multiple: 1.27×
• Total profit: $12,962
• Equity at exit: $14,698

Cash invested: $47,600 (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 28625

• Home prices YoY: -22.3%
• Rents YoY: 2.7%
• Active inventory: 287
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,622 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$31 /mo · $372/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $288

Break-even live

Break-even rent $1,257

Max offer price $170,000

Occupancy floor 77%

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
507 Turnersburg Hwy Statesville, NC	2.0	1.0	1000	$1,375	$1.38	24d	1	0.06mi
118 Greylin Loop Statesville, NC	2.0–3.0	1.0–2.0	1091	$595	$0.55	5d	3	0.92mi

Listing history 4 events

1. 2026-03-28
   status Pending
2. 2026-03-13
   price $170,000
3. 2025-12-04
   listed $195,000 Active
4. 2022-05-02
   soldstatus $8,000

ⓘ 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: $372 · $31/mo
• Projected year-2 tax: $1,394 · $116/mo
• Expected delta: +$1,022/yr (+$85/mo · 274.3%)

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 3/10 Moderate 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,469
• − Mortgage interest: −$9,523
• − Property taxes: −$372
• − Insurance: −$850
• − Repairs & maintenance: −$1,557
• − Management: −$1,557
• − Depreciation: −$4,945
• Taxable income: $663
• Est. tax owed @ 24.0%: −$159
• After-tax cash flow: $3,301/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: Iredell-Statesville Schools
• NCES district ID: 3702310
• Math proficiency: 53% ▲ 8.00%
• Reading proficiency: 52% ▲ 4.00%
• Median HH income: $51,201
• Composite: 44.98/100
• National rank: #2703
• State rank: #51 of 178 in NC

Livability — Statesville

• Score: 59/100
• State rank: #557
• US rank: #20505

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Iredell County · 182,638 people
• City population: 78,393
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 39,574
• Household income: $64,060
• Rent vs Own: 27.0% rent · 73.0% own
• Severe rent burden: 905.0

Population outlook (Iredell County) Hauer SSP2

• Today (2025): 194,510 people
• By 2030: 206,171 · +6.0%
• By 2040: 227,781 · +17.1%
• By 2050: 245,102 · +26.0%
• By 2075: 280,896 · +44.4%
• By 2100: 294,375 · +51.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 11% Hispanic / Latino 11% Two or more races 6% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Serbian 3% Slovak 2% Italian 2%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 88% English-only · Spanish 8% Other Asian/Pacific 2%

Political lean MEDSL · Iredell

• 2024 margin: Solid R (+32.6) · D 33.2% · R 65.8%
• 2008→2024 swing: -8.2pp toward R · 2008: -24.4pp · 2024: -32.6pp
• All cycles: 2024: R+32.6 2020: R+32.4 2016: R+36.8 2012: R+30.5 2008: R+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -67.88%
• Current HPI: 237.0011
• Rent YoY: ▲ 2.72%
• 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

+2025.0% since first listed

4 events — show timeline

• 2026-03-28 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-03-13 Price Changed $170,000 CANOPYMLS as Distributed by MLS Grid
• 2025-12-04 Listed $195,000 CANOPYMLS as Distributed by MLS Grid
• 2022-05-02 Sold (Public Records) $8,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $372 · +13.6% YoY. Source: county tax records.