2028 Kennedy Dr #57 · Statesville, NC 28677

$160,000

3 bd · 1.0 ba · 925 sqft · SingleFamily · 74 Days on market

Built 1969 Fair condition 0.27 ac lot Est $180k · 11% 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 +12.6/15.0
• DSCR +4.6/10.0
• Schools +4.5/10.0
• 1% rule +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Exceptional investment opportunity just minutes from downtown Statesville! This unique portfolio offers 16 total units across 12 separate parcels (Parcel ID(s): 4733876245; 4733885394; 4733886666; 4733992545; 4733994319; 4734800899; 4734807354; 4734807436; 4743093456; 4744140404; 4744049339), all situated on approximately 2.4 acres. Currently, eight (8) units are rented with a strong rental history and reliable tenants. The portfolio consists of two (2) triplexes and ten (10) single-family homes, providing a balanced mix of stable income and future potential. This combination of income-producing properties and redevelopment possibilities makes the portfolio well-suited for investors seeking

Key facts

• Triplexes
• Immediate cash flow
• 0.27 acre lot

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL HISTORY
• TRIPLEXES
• INCOME-PRODUCING PROPERTIES
• REDEVELOPMENT POSSIBILITIES
• IMMEDIATE CASH FLOW

Property features AI

Finance

• Other: Zoning: R5M
• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: City water; Public sewer
• Home design: Single family residence; Site-built property; One story; Slab foundation
• Construction: Brick and wood construction
• Exterior features: Back yard fencing; Roads: dirt, concrete, and paved; publicly maintained

Interior

• Kitchen: Electric oven
• Bedrooms: 3 bedrooms on the main level
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Single-level living; Room count: 1
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $160k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $49 ($592/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 $146k (8.6% below list).
• Recommended offer: $146k (8.6% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.7% 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: crime D, amenities F, commute 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.
• Zoned schools: N B Mills Elementary (math 17% / reading 22%, grade F, #1,242 of 1,410 statewide, top 90%, 411 students, 98% FRL); The Brawley School (math 91% / reading 88%, grade A+, #2 of 475 statewide, top 0%, 639 students, 9% FRL); West Iredell High (math 32% / reading 42%, grade F, #414 of 535 statewide, top 79%, 844 students, 61% FRL) — zoned schools average 56% FRL vs 38% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 479 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 1,955 units permitted in Iredell County in 2024 (128 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.
• 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 74 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• 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 $146,210 (8.6% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1969 — 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 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?
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: 0.91% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.32%
• DSCR: 1.06
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $180,375
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1729 Lakeview Dr	0.46mi	3/1.0	936 (+1%)	4mo	$60,000	$64	73
2251 Bristol Rd	0.40mi	3/1.0	1,008 (+9%)	0mo	$280,000	$278	66
1309 Williams Rd	0.22mi	2/1.0 (-1)	830 (-10%)	4mo	$45,000	$54	64
823 Candy Dr	0.49mi	3/1.0	1,000 (+8%)	14mo	$195,000	$195	52
662 Grier St	0.55mi	3/1.0	887 (-4%)	23mo	$185,000	$209	48
1713 Younger Ave	0.50mi	2/1.0 (-1)	792 (-14%)	2mo	$139,500	$176	46

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 · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -17.4%
• Equity multiple: 0.40×
• Total profit: $-26,770
• Equity at exit: $23,857

10-year hold

• IRR: -15.8%
• Equity multiple: 0.22×
• Total profit: $-34,722
• Equity at exit: $13,834

Cash invested: $44,800 (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 28677

• Rents YoY: 0.2%
• Active inventory: 479
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,462 medium
• Mortgage (P&I): −$839
• Tax est. 1.5%: −$200 /mo · $2,400/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $49

Break-even live

Break-even rent $1,400

Max offer price $160,000

Occupancy floor 92%

Sensitivity live

Price	-10% $160	-5% $105	+0% $49	+5% $-6	+10% $-61
Rent	-10% $-66	-5% $-8	+0% $49	+5% $107	+10% $165
Rate	-1.0pp $130	-0.5pp $90	base $49	+0.5pp $8	+1.0pp $-34

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1813 Younger Ave Unit B Statesville, NC	2.0	1.0	700	$1,275	$1.82	26d	1	0.47mi
1711 Younger Ave Statesville, NC	3.0	1.0	1020	$1,350	$1.32	26d	1	0.52mi
1151 Alexander St Unit 1151 Statesville, NC	2.0	1.0	900	$1,200	$1.33	26d	1	1.37mi

Listing history 9 events

1. 2026-06-09
   days on market $160,000 Active 74 DOM
2. 2026-06-08
   days on market $160,000 Active 73 DOM
3. 2026-06-07
   days on market $160,000 Active 72 DOM
4. 2026-06-04
   days on market $160,000 Active 69 DOM
5. 2026-06-03
   days on market $160,000 Active 68 DOM
6. 2026-06-02
   days on market $160,000 Active 67 DOM
7. 2026-06-01
   days on market $160,000 Active 66 DOM
8. 2026-05-31
   days on market $160,000 Active 65 DOM
9. 2026-03-27
   listed $160,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 3/10 Moderate 5% 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: $17,545
• − Mortgage interest: −$8,962
• − Property taxes: −$2,400
• − Insurance: −$800
• − Repairs & maintenance: −$1,404
• − Management: −$1,404
• − Depreciation: −$4,655
• Taxable loss: −$2,079
• Est. tax savings @ 24.0%: +$499
• After-tax cash flow: $1,091/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This single-family home requires extensive repairs and maintenance, including a new roof, exterior painting, HVAC system upgrade, and landscaping. Significant improvements would be needed to increase its resale and rental value.

Repairs flagged

• Major roof — The roof footprint suggests potential wear
• Major exterior — The roof footprint suggests potential wear
• Major flooring — The roof footprint suggests potential wear
• Major interior walls/paint — The roof footprint suggests potential wear
• Major HVAC/mechanicals — The roof footprint suggests potential wear
• Major landscaping/curb appeal — The roof footprint suggests potential wear

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and value
• Both exterior painting — Fresh paint would enhance curb appeal and home value
• Both HVAC system upgrade — A new HVAC system would improve comfort and energy efficiency
• Both landscaping — Well-maintained landscaping would improve curb appeal and home value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · The roof footprint suggests potential wear	Major	$15,000–50,000
exterior · The roof footprint suggests potential wear	Major	$15,000–50,000
flooring · The roof footprint suggests potential wear	Major	$15,000–50,000
interior walls/paint · The roof footprint suggests potential wear	Major	$15,000–50,000
HVAC/mechanicals · The roof footprint suggests potential wear	Major	$15,000–50,000
landscaping/curb appeal · The roof footprint suggests potential wear	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both roof replacement — A new roof would significantly improve the home's appearance and value ↑
• Both exterior painting — Fresh paint would enhance curb appeal and home value ↑
• Both HVAC system upgrade — A new HVAC system would improve comfort and energy efficiency ↑
• Both landscaping — Well-maintained landscaping would improve curb appeal and home value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 38,819
• Household income: $62,406
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 1174.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 60% Black 21% Hispanic / Latino 14% Two or more races 7%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Serbian 3% Slovak 2% Scandinavian 1%
• Foreign-born: 9% · Canada, Jamaica
• Languages at home: 86% English-only · Spanish 12% Arabic 1% Other Indo-European 1%

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: ▼ -298.76%
• Current HPI: 243.0445
• Rent YoY: ▲ 0.20%
• 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

1 event — show timeline

• 2026-03-27 Listed $160,000 CANOPYMLS as Distributed by MLS Grid