412 Eastside Dr · Statesville, NC 28625

$199,900

2 bd · 1.0 ba · 926 sqft · SingleFamily public records · 38 Days on market

Built 1955 0.45 ac lot Est $169k · 18% over

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Why this score? — see what drove the F 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 +7.5/30.0
• Schools +4.5/10.0
• Rent growth +3.2/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• 1% rule +1.4/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained 2-bedroom, 1-bath home located in Statesville with easy access to shopping, dining, and everyday amenities. This property offers comfortable living with great potential for expansion. The full basement provides an excellent opportunity to finish and add additional square footage, ideal for a second living area, office, or additional storage. Whether you are looking to expand your portfolio or purchase a primary residence, this property offers flexibility and long-term potential.

Key facts

• 0.45 acre lot
• Parking
• Built 1955

Property features AI

Finance

• Other: Zoning: R8MFM
• HOA & community: No HOA

Exterior

• Parking: Driveway; Carport (1 space); 3 open parking spaces
• Utilities: City water; Public sewer
• Home design: Single family residence; Site-built construction; One level; Completed development
• Construction: Wood construction
• Exterior features: Covered patio/porch; Concrete and paved road access; Publicly maintained road

Interior

• Kitchen: Dishwasher; Electric oven; Electric range; Refrigerator
• Bedrooms: 2 bedrooms on the main level
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Baseboard heating; Forced air heating; Natural gas heating; Central air conditioning
• Interior features: 3 total rooms; Basement with exterior and interior entry (unfinished)
• Laundry & utility: Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-251 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $155k (22.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (36.5% below list).
• Recommended offer: $127k (36.5% below list) — sets the bar for 1% rule.
• Cap rate 4.8% 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: East Iredell Elementary (math 43% / reading 37%, grade F, #688 of 1,410 statewide, top 49%, 682 students, 75% FRL); The Brawley School (math 91% / reading 88%, grade A+, #2 of 475 statewide, top 0%, 639 students, 9% FRL); Statesville High (math 17% / reading 27%, grade F, #484 of 535 statewide, top 91%, 879 students, 77% FRL) — zoned schools average 54% FRL vs 38% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.7%/yr); 289 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $6k 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 38 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $142k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $126,990 (36.5% 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 38 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Built in 1955 — 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 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: 0.64% ✗
• Cap rate: 4.78%
• Cash-on-cash: -5.39%
• DSCR: 0.76
• GRM: 13.1

CMA / ARV

• ARV (on-the-fly): $169,458
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
237 Eastside Dr	0.20mi	2/1.0	840 (-9%)	14mo	$154,000	$183	63
203 Dillon Dr	0.33mi	3/1.5 (+1)	1,001 (+8%)	8mo	$164,000	$164	58

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: -25.8%
• Equity multiple: 0.13×
• Total profit: $-48,822
• Equity at exit: $29,806

10-year hold

• IRR: -23.4%
• Equity multiple: -0.16×
• Total profit: $-64,828
• Equity at exit: $17,284

Cash invested: $55,972 (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: 289
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $1,270 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$123 /mo · $1,477/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $-251

Break-even live

Break-even rent $1,588

Max offer price $155,483

Occupancy floor —

Sensitivity live

Price	-10% $-138	-5% $-195	+0% $-251	+5% $-308	+10% $-365
Rent	-10% $-352	-5% $-302	+0% $-251	+5% $-201	+10% $-151
Rate	-1.0pp $-151	-0.5pp $-201	base $-251	+0.5pp $-303	+1.0pp $-356

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1010 Foxcroft Ln Statesville, NC	1.0–3.0	1.0–2.0	886	$1,178	$1.33	0d	18	0.56mi
138 Signal Hill Dr Statesville, NC	3.0	1.0–2.5	900	$1,433	$1.59	25d	1	0.59mi
502 Russell St Statesville, NC	1.0–4.0	1.0–1.5	800	$1,113	$1.39	0d	7	0.91mi
616 Wood St Unit W616 Statesville, NC	1.0	1.0	650	$850	$1.31	22d	1	1.02mi
616 Wood St Statesville, NC	1.0	1.0	650	$850	$1.31	19d	1	1.02mi
1878 Simonton Rd Unit 1848F Statesville, NC	2.0	1.0	768	$1,200	$1.56	25d	1	1.11mi
1878 Simonton Rd Unit 1852G Statesville, NC	2.0	1.0	782	$995	$1.27	25d	1	1.11mi
1878 Simonton Rd Unit 1808D Statesville, NC	1.0	1.0	552	$1,000	$1.81	23d	1	1.11mi
1878 Simonton Rd Unit 1812A Statesville, NC	1.0	1.0	552	$1,000	$1.81	21d	1	1.11mi
1878 Simonton Rd Unit 1868E Statesville, NC	2.0	1.0	782	$995	$1.27	6d	1	1.11mi
1878 Simonton Rd Unit 1860G Statesville, NC	2.0	1.0	768	$1,045	$1.36	25d	1	1.11mi
1878 Simonton Rd Unit 1868A Statesville, NC	2.0	1.0	768	$1,025	$1.33	25d	1	1.11mi
616 Davie Ave Apt B Statesville, NC	2.0	1.0	800	$1,050	$1.31	25d	1	1.17mi
612 Davie Ave Unit K Statesville, NC	2.0	1.0	800	$1,050	$1.31	6d	1	1.24mi
2101 Windrush Ct Statesville, NC	2.0	2.0	947	$1,284	$1.36	14d	1	1.28mi
533 Stockton St Statesville, NC	1.0	1.0	725	$925	$1.28	25d	1	1.42mi

Listing history 18 events

1. 2026-06-21
   days on market $199,900 Active 38 DOM
2. 2026-06-18
   days on market $199,900 Active 35 DOM
3. 2026-06-17
   days on market $199,900 Active 34 DOM
4. 2026-06-16
   days on market $199,900 Active 33 DOM
5. 2026-06-15
   days on market $199,900 Active 32 DOM
6. 2026-06-13
   days on market $199,900 Active 30 DOM
7. 2026-06-13
   days on market $199,900 Active 29 DOM
8. 2026-06-09
   days on market $199,900 Active 26 DOM
9. 2026-06-08
   days on market $199,900 Active 25 DOM
10. 2026-06-07
    pricedays on market $199,900 Active 24 DOM
11. 2026-06-04
    days on market $209,900 Active 21 DOM
12. 2026-06-03
    days on market $209,900 Active 20 DOM
13. 2026-06-02
    days on market $209,900 Active 19 DOM
14. 2026-06-01
    days on market $209,900 Active 18 DOM
15. 2026-05-31
    days on market $209,900 Active 17 DOM
16. 2026-05-15
    listed $209,900 Active
17. 2026-05-04
    historical $209,900
18. 2021-01-29
    soldstatus $141,500

ⓘ 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: $1,477 · $123/mo
• Projected year-2 tax: $1,639 · $137/mo
• Expected delta: +$162/yr (+$14/mo · 11.0%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 16 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: $15,239
• − Mortgage interest: −$11,198
• − Property taxes: −$1,477
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,219
• − Management: −$1,219
• − Depreciation: −$5,815
• Taxable loss: −$6,688
• Est. tax savings @ 24.0%: +$1,605
• After-tax cash flow: $-1,412/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

• Census place: Statesville, NC
• 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

+48.3% since first listed

3 events — show timeline

• 2026-05-15 Listed $209,900 CANOPYMLS as Distributed by MLS Grid
• 2026-05-04 Coming Soon $209,900 CANOPYMLS as Distributed by MLS Grid
• 2021-01-29 Sold (Public Records) $141,500 Public Records

Property tax history

+7.3%/yr

Latest (2025): $1,477 · +0.0% YoY. Source: county tax records.