145 Cornwall Rd · Harmony, NC 28634

$200,000

4 bd · 2.0 ba · 2,079 sqft · SingleFamily public records · 84 Days on market

Built 2001 1.67 ac lot

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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 +10.7/30.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Livability +3.2/5.0
• DSCR +3.1/10.0
• Appreciation +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0

Listing remarks MLS

Priced to sell, lots of room for the price. Large open floor plan, den with fireplace and living room. Master bedroom has a sitting area.

Key facts

• 1.67 acre lot
• Built 2001
• Listed 83 days

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway
• Utilities: Community well water; Septic system; Electricity connected
• Home design: Manufactured doublewide single-family residence; One story; Slab foundation; Facing direction not specified
• Construction: Vinyl exterior; Manufactured construction
• Exterior features: Level, private lot; Roads are dirt and paved; publicly maintained

Interior

• Kitchen: Electric water heater
• Bedrooms: 4 bedrooms on the main level
• Bathrooms: 2 full bathrooms on the main level
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: 9 total rooms; Ceiling fans throughout
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $183k (8.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $142k (29.2% below list).
• Recommended offer: $142k (29.2% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 2.5% in Harmony — 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 63/100 on livability (#408 in NC) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety 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: Union Grove Elementary (math 42% / reading 42%, grade F, #633 of 1,410 statewide, top 48%, 233 students, 55% FRL); North Iredell High (math 37% / reading 51%, grade F, #367 of 535 statewide, top 69%, 962 students, 48% FRL).
• Market conditions: 20 active listings in the ZIP; 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 84 days — a 6% lower offer ($188k) 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 $26k; list at $200k implies a 655% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $141,638 (29.2% 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 84 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
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 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. 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: 0.71% ✗
• Cap rate: 5.73%
• Cash-on-cash: -2.01%
• DSCR: 0.91
• GRM: 11.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -19.7%
• Equity multiple: 0.31×
• Total profit: $-38,462
• Equity at exit: $29,821

10-year hold

• IRR: -12.6%
• Equity multiple: 0.26×
• Total profit: $-41,516
• Equity at exit: $17,292

Cash invested: $56,000 (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 28634

• Home prices YoY: -1.6%
• Active inventory: 20
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $1,416 medium
• Mortgage (P&I): −$1,049
• Tax from tax record: −$81 /mo · $966/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$297
• Net cashflow: $-94

Break-even live

Break-even rent $1,535

Max offer price $183,440

Occupancy floor —

Sensitivity live

Price	-10% $19	-5% $-37	+0% $-94	+5% $-150	+10% $-207
Rent	-10% $-206	-5% $-150	+0% $-94	+5% $-38	+10% $18
Rate	-1.0pp $7	-0.5pp $-43	base $-94	+0.5pp $-146	+1.0pp $-198

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-09
   days on market $200,000 Active 84 DOM
2. 2026-06-08
   days on market $200,000 Active 83 DOM
3. 2026-06-07
   days on market $200,000 Active 82 DOM
4. 2026-06-04
   days on market $200,000 Active 79 DOM
5. 2026-06-03
   days on market $200,000 Active 78 DOM
6. 2026-06-02
   days on market $200,000 Active 77 DOM
7. 2026-06-01
   days on market $200,000 Active 76 DOM
8. 2026-05-31
   days on market $200,000 Active 75 DOM
9. 2026-03-18
   listed $200,000 Active
10. 2026-03-11
    historical $200,000
11. 2020-07-14
    soldstatus $26,500
12. 2014-02-27
    soldstatus $44,500 Closed 137-char remark

    Show marketing remark (137 chars)

    Priced to sell, lots of room for the price. Large open floor plan, den with fireplace and living room. Master bedroom has a sitting area.

13. 2014-01-02
    historical Under Contract - No Show 137-char remark

    Show marketing remark (137 chars)

    Priced to sell, lots of room for the price. Large open floor plan, den with fireplace and living room. Master bedroom has a sitting area.

14. 2013-12-28
    price $46,400 137-char remark

    Show marketing remark (137 chars)

    Priced to sell, lots of room for the price. Large open floor plan, den with fireplace and living room. Master bedroom has a sitting area.

15. 2013-11-29
    price $52,200 137-char remark

    Show marketing remark (137 chars)

    Priced to sell, lots of room for the price. Large open floor plan, den with fireplace and living room. Master bedroom has a sitting area.

16. 2013-10-15
    status Active 137-char remark

    Show marketing remark (137 chars)

    Priced to sell, lots of room for the price. Large open floor plan, den with fireplace and living room. Master bedroom has a sitting area.

17. 2013-10-15
    historical 137-char remark

    Show marketing remark (137 chars)

    Priced to sell, lots of room for the price. Large open floor plan, den with fireplace and living room. Master bedroom has a sitting area.

18. 2013-10-13
    listed $55,100 Active 137-char remark

    Show marketing remark (137 chars)

    Priced to sell, lots of room for the price. Large open floor plan, den with fireplace and living room. Master bedroom has a sitting area.

19. 2008-09-26
    soldstatus $102,000

ⓘ 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: $966 · $81/mo
• Projected year-2 tax: $1,640 · $137/mo
• Expected delta: +$674/yr (+$56/mo · 69.7%)

ⓘ 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 ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,997
• − Mortgage interest: −$11,203
• − Property taxes: −$966
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,360
• − Management: −$1,360
• − Depreciation: −$5,818
• Taxable loss: −$4,710
• Est. tax savings @ 24.0%: +$1,131
• After-tax cash flow: $6/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 — Harmony

• Score: 63/100
• State rank: #408
• US rank: #15477

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,056

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 (85%)
• Race & ethnicity: White 85% Black 8% Hispanic / Latino 5% Two or more races 2%
• Common ancestry: Serbian 3% Lithuanian 3% Romanian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 3% German/W. Germanic 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: ▼ -4.08%
• Current HPI: 245.3848
• Rent YoY: —
• Metro: —
• 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

+96.1% since first listed

11 events — show timeline

• 2026-03-18 Listed $200,000 CANOPYMLS as Distributed by MLS Grid
• 2026-03-11 Coming Soon $200,000 CANOPYMLS as Distributed by MLS Grid
• 2020-07-14 Sold (Public Records) $26,500 Public Records
• 2014-02-27 Sold (MLS) $44,500 CANOPYMLS as Distributed by MLS Grid
• 2014-01-02 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2013-12-28 Price Changed $46,400 CANOPYMLS as Distributed by MLS Grid
• 2013-11-29 Price Changed $52,200 CANOPYMLS as Distributed by MLS Grid
• 2013-10-15 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2013-10-15 Delisted — CANOPYMLS as Distributed by MLS Grid
• 2013-10-13 Listed $55,100 CANOPYMLS as Distributed by MLS Grid
• 2008-09-26 Sold (Public Records) $102,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $966 · +0.0% YoY. Source: county tax records.