805 W Church St W · Cherryville, NC 28021

$139,900

3 bd · 1.0 ba · 1,024 sqft · Other public records · 226 Days on market

Built 1903 0.54 ac lot

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Why this score? — see what drove the C- 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 +19.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +4.5/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Price Improvement on this Charming Home with a Large Corner Lot – Endless Potential! This inviting three-bedroom home offers timeless character and classic appeal, featuring high ceilings that enhance the spacious feel throughout. The property sits on a large corner lot that could possibly be divided, providing plenty of room for outdoor living, gardening, or even potential commercial use (buyer to verify). Inside, you’ll find updated windows that bring in abundant natural light, preserving the home’s old-world charm while offering some modern comfort. A newer gas water heater adds efficiency and peace of mind. Whether you’re looking for a cozy place to call home,

Key facts

• Large corner lot
• Updated windows
• 0.54 acre lot

Tags

• LARGE CORNER LOT
• UPDATED WINDOWS
• NEWER GAS WATER HEATER

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Driveway parking; 2 open parking spaces
• Utilities: City water; Public sewer; Electricity connected
• Home design: Single-family residence (site built); One story; Crawl space foundation; Hardboard siding; B3 zoning
• Construction: Site built construction; Hardboard siding; Crawl space foundation
• Exterior features: Covered front porch; Corner lot; Roads are asphalt/paved and publicly maintained; Workshop on property

Interior

• Kitchen: No appliances listed
• Bedrooms: 3 bedrooms, all on the main level
• Flooring: Wood flooring
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Central heating (natural gas); Central air; Ceiling fan(s)
• Interior features: Insulated windows; Screen door(s); 7 total rooms
• Laundry & utility: Laundry located in hall

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $140k.

Deal economics

• At list price, monthly cash flow is $162 ($2k/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 $133k (4.9% below list).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 4.4% in Cherryville — 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 74/100 on livability (#59 in NC, #4,744 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Gaston County Schools (suburban): math 44% / reading 42% proficiency, ranked #93 of 178 in NC (top 52%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Cherryville Elementary (math 52% / reading 37%, grade F, #574 of 1,410 statewide, top 43%, 383 students, 67% FRL); Cherryville High (math 62% / reading 57%, grade C+, #216 of 535 statewide, top 43%, 492 students, 59% FRL) — zoned schools average 63% FRL vs 37% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 125 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 2,069 units permitted in Gaston County in 2024 (142 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Gaston County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 226 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $140k implies a 124% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.
• 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 $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 226 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1903 — 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. 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.
7. 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.
8. 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: 7.68%
• Cash-on-cash: 4.96%
• DSCR: 1.22
• GRM: 8.8

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: -8.6%
• Equity multiple: 0.68×
• Total profit: $-12,395
• Equity at exit: $20,860

10-year hold

• IRR: 0.9%
• Equity multiple: 1.06×
• Total profit: $2,359
• Equity at exit: $12,096

Cash invested: $39,172 (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 28021

• Home prices YoY: -20.8%
• Active inventory: 125
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,330 high
• Mortgage (P&I): −$734
• Tax from tax record: −$97 /mo · $1,163/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$279
• Net cashflow: $162

Break-even live

Break-even rent $1,125

Max offer price $139,900

Occupancy floor 83%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1006 Delview Rd Cherryville, NC	3.0	1.0	1090	$1,350	$1.24	1d	1	0.46mi
516 North Dr Cherryville, NC	3.0	1.0	1088	$1,295	$1.19	1d	1	0.47mi
512 N Mulberry St Cherryville, NC	3.0	2.5	1384	$1,800	$1.30	16d	1	0.52mi
524 North Dr Cherryville, NC	2.0	1.0	845	$1,350	$1.60	21d	1	0.52mi
1465 W Academy St Cherryville, NC	1.0–2.0	1.0	788	$1,225	$1.55	1d	22	0.75mi
104 E Old Post Rd Cherryville, NC	3.0	1.0	1000	$1,200	$1.20	23d	1	0.86mi
121 S Depot St Cherryville, NC	2.0	1.5	1150	$1,250	$1.09	10d	1	0.90mi
808 E Main St Cherryville, NC	2.0	1.0	790	$1,050	$1.33	1d	1	1.12mi
1200 E Academy St Apt 7 Cherryville, NC	2.0	1.0	932	$1,095	$1.17	2d	1	1.42mi

Listing history 19 events

1. 2026-06-18
   days on market $139,900 Active 226 DOM
2. 2026-06-17
   days on market $139,900 Active 225 DOM
3. 2026-06-16
   days on market $139,900 Active 224 DOM
4. 2026-06-15
   days on market $139,900 Active 223 DOM
5. 2026-06-13
   days on market $139,900 Active 221 DOM
6. 2026-06-09
   days on market $139,900 Active 217 DOM
7. 2026-06-08
   days on market $139,900 Active 216 DOM
8. 2026-06-07
   days on market $139,900 Active 215 DOM
9. 2026-06-04
   days on market $139,900 Active 212 DOM
10. 2026-06-03
    days on market $139,900 Active 211 DOM
11. 2026-06-02
    days on market $139,900 Active 210 DOM
12. 2026-06-01
    days on market $139,900 Active 209 DOM
13. 2026-05-31
    days on market $139,900 Active 208 DOM
14. 2026-03-24
    price $139,900
15. 2026-02-19
    status Active
16. 2026-02-09
    historical Active Under Contract
17. 2025-12-02
    price $149,900
18. 2025-11-04
    listed $159,900 Active
19. 2000-05-23
    soldstatus $62,500

ⓘ 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: $1,163 · $97/mo
• Projected year-2 tax: $1,163 · $97/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 2/10 Low
• 🌡 Heat 6/10 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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,958
• − Mortgage interest: −$7,837
• − Property taxes: −$1,163
• − Insurance: −$700
• − Repairs & maintenance: −$1,277
• − Management: −$1,277
• − Depreciation: −$4,070
• Taxable loss: −$364
• Est. tax savings @ 24.0%: +$87
• After-tax cash flow: $2,028/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: Gaston County Schools
• NCES district ID: 3701620
• Math proficiency: 44% ▲ 4.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $43,644
• Composite: 36.39/100
• National rank: #4680
• State rank: #93 of 178 in NC

Livability — Cherryville

• Score: 74/100
• State rank: #59
• US rank: #4744

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cherryville, NC
• Population (ZIP): 13,668

Population outlook (Gaston County) Hauer SSP2

• Today (2025): 230,027 people
• By 2030: 237,300 · +3.2%
• By 2040: 249,659 · +8.5%
• By 2050: 257,806 · +12.1%
• By 2075: 272,163 · +18.3%
• By 2100: 268,652 · +16.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Hispanic / Latino 4% Two or more races 4% Black 3%
• Common ancestry: Serbian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Gaston

• 2024 margin: Strong R (+25.0) · D 37.0% · R 62.1%
• 2008→2024 swing: 0.0pp no change · 2008: -25.0pp · 2024: -25.0pp
• All cycles: 2024: R+25.0 2020: R+27.8 2016: R+32.1 2012: R+25.6 2008: R+25.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -77.53%
• Current HPI: 294.7695
• 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

+123.8% since first listed

6 events — show timeline

• 2026-03-24 Price Changed $139,900 CANOPYMLS as Distributed by MLS Grid
• 2026-02-19 Relisted — CANOPYMLS as Distributed by MLS Grid
• 2026-02-09 Contingent — CANOPYMLS as Distributed by MLS Grid
• 2025-12-02 Price Changed $149,900 CANOPYMLS as Distributed by MLS Grid
• 2025-11-04 Listed $159,900 CANOPYMLS as Distributed by MLS Grid
• 2000-05-23 Sold (Public Records) $62,500 Public Records

Property tax history

+0.5%/yr

Latest (2025): $1,163 · +0.0% YoY. Source: county tax records.