901 Mill St · Albemarle, NC 28001

$165,000

2 bd · 1.0 ba · 1,238 sqft · SingleFamily public records · 14 Days on market

Built 1915 0.29 ac lot Est $191k · 13% under

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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 +14.3/30.0
• ARV discount +13.6/15.0
• DSCR +4.3/10.0
• Schools +3.4/10.0
• Livability +3.4/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming opportunity in the heart of Albemarle! Welcome to 901 Mill St, a property full of character and ready for its next chapter. This home offers a spacious layout with great natural light, providing a wonderful canvas for buyers looking to personalize and create something truly special. Inside, you’ll find generous living areas, well-proportioned bedrooms, and a functional floor plan that lends itself to a variety of design possibilities. Whether you’re envisioning modern updates or preserving its original charm, the potential here is easy to see. Enjoy a classic front porch, a 2-car carport, and a convenient backyard storage building, along with a lot that offers space for

Key facts

• 2-car carport
• Front porch
• Dining

Tags

• FRONT PORCH
• 2-CAR CARPORT
• BACKYARD STORAGE BUILDING
• OUTDOOR LIVING
• LOCAL SHOPS
• DINING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $165k.

Deal economics

• At list price, monthly cash flow is $29 ($345/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 $135k (17.9% below list).
• Recommended offer: $135k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.3% in Albemarle — 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 68/100 on livability (#167 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.
• Stanly County Schools (rural): math 38% / reading 42% proficiency, ranked #113 of 178 in NC (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Central Elementary (math 25% / reading 26%, grade F, #1,093 of 1,410 statewide, top 78%, 546 students, 100% FRL); Albemarle Middle (math 22% / reading 35%, grade F, #355 of 475 statewide, top 76%, 409 students, 99% FRL); Albemarle High (math 42% / reading 27%, grade F, #427 of 535 statewide, top 81%, 390 students, 97% FRL) — zoned schools average 98% FRL vs 46% district-wide (52 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 278 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 367 units permitted in Stanly County in 2024 (0 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.
• Stanly County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $89k; list at $165k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,401 (17.9% below list)

Questions for the listing agent

1. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 0.82% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.75%
• DSCR: 1.03
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $190,652
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
901 Mill St	0.00mi	2/2.0	1,238 (0%)	1mo	$140,000	$113	96
406 Church St	0.11mi	2/1.0	1,221 (-1%)	7mo	$200,000	$164	87
211 Austin St	0.17mi	3/1.5 (+1)	1,296 (+5%)	3mo	$185,000	$143	75
1119 Poplar St	0.33mi	3/2.0 (+1)	1,268 (+2%)	3mo	$85,000	$67	69
1104 Wood St	0.26mi	3/2.0 (+1)	1,329 (+7%)	2mo	$255,000	$192	65
1416 W Park Ave	0.41mi	3/1.0 (+1)	1,305 (+5%)	3mo	$171,450	$131	65
1723 Lowder St	0.42mi	3/2.0 (+1)	1,232 (-0%)	8mo	$245,000	$199	64
128 Harwood St	0.34mi	2/1.0	1,112 (-10%)	6mo	$155,000	$139	62
346 N Depot St	0.55mi	2/1.0	1,356 (+10%)	1mo	$198,000	$146	57
823 Hill St	0.43mi	3/2.0 (+1)	1,362 (+10%)	1mo	$210,000	$154	53
1229 Poplar St	0.41mi	2/2.0	1,412 (+14%)	3mo	$260,000	$184	51
909 Pennington Rd	0.53mi	3/2.0 (+1)	1,422 (+15%)	2mo	$282,700	$199	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.1%
• Equity multiple: 0.46×
• Total profit: $-24,944
• Equity at exit: $24,602

10-year hold

• IRR: -6.6%
• Equity multiple: 0.58×
• Total profit: $-19,525
• Equity at exit: $14,266

Cash invested: $46,200 (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 28001

• Home prices YoY: -33.1%
• Active inventory: 278
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,354 high
• Mortgage (P&I): −$865
• Tax from tax record: −$107 /mo · $1,282/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $29

Break-even live

Break-even rent $1,318

Max offer price $165,000

Occupancy floor 93%

Sensitivity live

Price	-10% $122	-5% $75	+0% $29	+5% $-18	+10% $-65
Rent	-10% $-78	-5% $-25	+0% $29	+5% $82	+10% $136
Rate	-1.0pp $112	-0.5pp $71	base $29	+0.5pp $-14	+1.0pp $-57

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
116 Church St Albemarle, NC	3.0	1.0	1172	$1,130	$0.96	4d	1	0.24mi
324 Belmont Cir Albemarle, NC	2.0	2.0	1346	$1,250	$0.93	19d	1	0.48mi
330 N Depot St Albemarle, NC	2.0	1.0	950	$1,350	$1.42	6d	1	0.53mi
1631 Maple Ave Albemarle, NC	2.0	1.0	1180	$1,550	$1.31	0d	1	0.57mi
197 N 2nd St Unit 301 Albemarle, NC	1.0	1.0	872	$1,800	$2.06	25d	1	0.67mi
197 N 2nd St Albemarle, NC	2.0	1.0	1100	$2,365	$2.15	25d	1	0.67mi
197 N 2nd St Unit 005 Albemarle, NC	1.0	1.0	733	$1,225	$1.67	25d	1	0.67mi
255 N 3rd St Albemarle, NC	2.0	2.0	1100	$1,000	$0.91	25d	1	0.74mi
412 N 4th St Albemarle, NC	2.0	1.5	820	$1,400	$1.71	25d	1	0.91mi
121 Heath St Apt 16 Albemarle, NC	2.0	1.0	750	$995	$1.33	14d	1	1.06mi
451 Montgomery Ave Unit 5 Albemarle, NC	3.0	2.0	1450	$1,275	$0.88	12d	1	1.09mi
451 Montgomery Ave Unit 5 Albemarle, NC	3.0	2.0	1450	$1,275	$0.88	0d	1	1.09mi
117 N 6th St Albemarle, NC	1.0	1.0	739	$950	$1.29	25d	1	1.11mi

Listing history 4 events

1. 2026-04-22
   status Pending
2. 2026-04-08
   listed $165,000 Active
3. 2020-01-10
   soldstatus $89,000
4. 2007-04-26
   soldstatus $76,500

ⓘ 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: $1,282 · $107/mo
• Projected year-2 tax: $1,353 · $113/mo
• Expected delta: +$71/yr (+$6/mo · 5.5%)

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,248
• − Mortgage interest: −$9,243
• − Property taxes: −$1,282
• − Insurance: −$825
• − Repairs & maintenance: −$1,300
• − Management: −$1,300
• − Depreciation: −$4,800
• Taxable loss: −$2,501
• Est. tax savings @ 24.0%: +$600
• After-tax cash flow: $946/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: Stanly County Schools
• NCES district ID: 3704320
• Math proficiency: 38% ▼ -1.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $43,802
• Composite: 33.9/100
• National rank: #5343
• State rank: #113 of 178 in NC

Livability — Albemarle

• Score: 68/100
• State rank: #167
• US rank: #8957

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Albemarle, NC
• City population: 26,187
• Population (ZIP): 26,187

Population outlook (Stanly County) Hauer SSP2

• Today (2025): 60,082 people
• By 2030: 59,485 · -1.0%
• By 2040: 57,407 · -4.5%
• By 2050: 54,051 · -10.0%
• By 2075: 45,384 · -24.5%
• By 2100: 34,694 · -42.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 15% Hispanic / Latino 5% Two or more races 3% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 3% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 93% English-only · Spanish 4% Other Asian/Pacific 2% Vietnamese 1%

Political lean MEDSL · Stanly

• 2024 margin: Solid R (+50.9) · D 24.2% · R 75.1%
• 2008→2024 swing: -14.2pp toward R · 2008: -36.7pp · 2024: -50.9pp
• All cycles: 2024: R+50.9 2020: R+51.1 2016: R+50.2 2012: R+40.4 2008: R+36.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -109.68%
• Current HPI: 221.8601
• 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

+115.7% since first listed

4 events — show timeline

• 2026-04-22 Pending — CANOPYMLS as Distributed by MLS Grid
• 2026-04-08 Listed $165,000 CANOPYMLS as Distributed by MLS Grid
• 2020-01-10 Sold (Public Records) $89,000 Public Records
• 2007-04-26 Sold (Public Records) $76,500 Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,282 · +24.3% YoY. Source: county tax records.