517 N Graham St · Charlotte, NC 28202

$175,000

1 bd · 1.0 ba · 645 sqft · Townhouse · 36 Days on market

Built 1990 Good condition $271/sqft · 20% below area Est $219k · 20% under $458/mo HOA · 31% of rent

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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).

• ARV discount +15.0/15.0
• Appreciation +5.8/10.0
• Schools +4.6/10.0
• Condition / age +4.0/5.0
• Livability +3.9/5.0
• Cash flow +3.7/30.0
• 1% rule +3.4/10.0
• Rent growth +1.7/5.0
• DSCR +0.0/10.0

Listing remarks

Welcome to Fourth Ward Square, where Uptown convenience meets resort-style living. This beautiful 1-bedroom, 1-bath second-floor condominium offers an open and airy layout with hardwood-style flooring throughout the main living areas, abundant natural light, and tranquil pool views from the spacious bay window. The kitchen features granite countertops, stainless steel appliances, sleek cabinetry with glass accents, and a breakfast bar overlooking the living space—perfect for entertaining or everyday living. The primary bedroom includes brand new plush carpeting, while the stylish bath offers granite counters, vessel sink, and tiled shower surround.

Key facts

• Granite countertops
• Breakfast bar
• Custom built ins

Tags

• HARDWOOD STYLE FLOORING
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• CUSTOM BUILT INS
• LANDSCAPED COURTYARD

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath townhouse listed at $175k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-513 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $101k (42.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (16.5% below list).
• Recommended offer: $101k (42.4% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 78/100 on livability (#26 in NC, #2,502 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Charlotte-Mecklenburg Schools (urban): math 42% / reading 46% proficiency, ranked #85 of 178 in NC (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Briarwood Academy (math 28% / reading 22%, grade F, #1,101 of 1,410 statewide, top 79%, 655 students, 99% FRL); Sedgefield Middle (math 33% / reading 38%, grade F, #279 of 475 statewide, top 60%, 501 students, 99% FRL); Myers Park High School (math 81% / reading 75%, grade A-, #85 of 535 statewide, top 16%, 3,593 students, 26% FRL) — zoned schools average 75% FRL vs 49% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents falling (-3.3%/yr); 220 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 11,969 units permitted in Mecklenburg County in 2024 (5,377 in 5+ unit buildings).
• This rent is only 17% of the median local income ($106k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• In year one you build about $4k of equity ($1k loan paydown + $3k appreciation (1.6% local appreciation)).
• Mecklenburg County population projected at +53% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 8, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 31% of rent.
• Climate carrying-cost: moderate wind risk, 25% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $100,768 (42.4% 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 36 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 F 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: 0.83% ✗
• Cap rate: 2.78%
• Cash-on-cash: -12.56%
• DSCR: 0.44
• GRM: 10.0

CMA / ARV

• ARV (median comp): $219,226
• List price: $175,000
• Delta: -20.17%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
525 N Graham St Unit 2F	0.03mi	1/1.0	688 (+7%)	3mo	$193,000	$281	85
715 N Church St #816	0.35mi	1/1.0	648 (+0%)	3mo	$350,000	$540	80
505 N Graham St Unit 3E	0.03mi	1/1.0	580 (-10%)	2mo	$195,000	$336	80
300 W 5th St #217	0.32mi	1/1.0	680 (+5%)	6mo	$302,000	$444	71
210 N Church St #2405	0.41mi	1/1.0	668 (+4%)	5mo	$326,000	$488	71
300 W 5th St #339	0.32mi	1/1.0	688 (+7%)	5mo	$280,000	$407	70
300 W 5th St #333	0.32mi	1/1.0	715 (+11%)	5mo	$275,000	$385	63
210 N Church St #2708	0.41mi	1/1.0	723 (+12%)	0mo	$317,000	$438	61
210 N Church St #3112	0.41mi	1/1.0	727 (+13%)	0mo	$310,000	$426	60
210 N Church St #2808	0.41mi	1/1.0	727 (+13%)	4mo	$345,000	$475	57
210 N Church St #2706	0.41mi	1/1.0	723 (+12%)	6mo	$300,000	$415	56
715 N Church St #808	0.35mi	2/2.0 (+1)	722 (+12%)	6mo	$340,000	$471	50

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.59% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.42×
• Total profit: $-28,278
• Equity at exit: $65,169

10-year hold

• IRR: -6.9%
• Equity multiple: 0.13×
• Total profit: $-42,710
• Equity at exit: $90,968

Cash invested: $49,000 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 60 active · 21 under contract
• Months of supply: 10.6 mo (9%/mo absorbed)
• Median asking: $279,450 ($417/sqft)
• Median days on market: 67 d
• This list price: 3% of active listings are priced below it
• ARV vs active asking: -18.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 28202

• Home prices YoY: 0.8%
• Rents YoY: -3.3%
• Active inventory: 220
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,461 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$458
• Vacancy / Maint / Mgmt: −$307
• Net cashflow: $-513

Break-even live

Break-even rent $2,111

Max offer price $100,768

Occupancy floor —

Sensitivity live

Price	-10% $-392	-5% $-453	+0% $-513	+5% $-573	+10% $-634
Rent	-10% $-628	-5% $-571	+0% $-513	+5% $-455	+10% $-398
Rate	-1.0pp $-425	-0.5pp $-468	base $-513	+0.5pp $-558	+1.0pp $-604

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: $43,750
• Closing costs: $5,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
505 N Graham St Unit 1A Charlotte, NC	1.0	1.0	523	$1,295	$2.48	5d	1	0.04mi
406 W 9th St Charlotte, NC	1.0	1.0	501	$1,049	$2.09	2d	1	0.14mi
406 W 9th St #303 Charlotte, NC	1.0	1.0	501	$1,035	$2.07	6d	1	0.14mi
406 W 9th St #203 Charlotte, NC	1.0	1.0	501	$1,149	$2.29	103d	1	0.14mi
406 W 9th St #101 Charlotte, NC	1.0	1.0	501	$1,049	$2.09	6d	1	0.14mi
406 W 9th St Charlotte, NC	1.0	1.0	501	$1,095	$2.19	23d	1	0.14mi
406 W 9th St #302 Charlotte, NC	1.0	1.0	501	$1,620	$3.23	6d	1	0.14mi
415 W 10th St Unit 415-4B Charlotte, NC	1.0	1.0	670	$1,195	$1.78	99d	1	0.15mi
415 W 10th St Unit 1B Charlotte, NC	1.0	1.0	670	$1,195	$1.78	119d	1	0.15mi
415 W 10th St Unit 415-2B Charlotte, NC	1.0	1.0	670	$1,195	$1.78	27d	1	0.16mi
415 W 10th St Unit 41512-B Charlotte, NC	1.0	1.0	670	$1,199	$1.79	119d	1	0.16mi
415 W 8th St Apt E Charlotte, NC	2.0	1.0	720	$1,395	$1.94	103d	1	0.17mi
312 N Graham St Charlotte, NC	3.0	1.0–2.0	1125	$2,275	$2.02	5d	60	0.19mi
305 N Graham St Charlotte, NC	2.0	1.0–2.0	804	$1,622	$2.02	0d	7	0.19mi
606 Nc Music Factory Blvd Charlotte, NC	2.0	1.0–2.0	885	$1,886	$2.13	0d	24	0.28mi
215 N Pine St Charlotte, NC	3.0	1.0–3.5	1894	$4,437	$2.34	0d	37	0.29mi
515 N Church St Charlotte, NC	—	1.0	523	$1,345	$2.57	103d	1	0.29mi
515 N Church St #204 Charlotte, NC	1.0	2.0	651	$1,399	$2.15	29d	1	0.29mi
229 N Poplar St Charlotte, NC	1.0	1.0	619	$1,450	$2.34	119d	1	0.30mi
300 W 5th St Charlotte, NC	1.0	1.0	728	$2,012	$2.76	27d	4	0.31mi
300 W 5th St Charlotte, NC	1.0–2.0	1.0–2.0	882	$1,695	$1.92	9d	2	0.31mi
300 W 5th St Charlotte, NC	1.0–2.0	1.0–2.0	876	$1,600	$1.83	100d	5	0.31mi
225 N Cedar St Charlotte, NC	1.0–2.0	1.0–2.0	887	$1,330	$1.50	30d	6	0.32mi
500 W Trade St Charlotte, NC	3.0	1.0–2.0	1073	$2,399	$2.24	0d	35	0.33mi
735 W 5th St Charlotte, NC	2.0	1.0–2.0	858	$1,498	$1.74	0d	19	0.33mi
715 N Church St #212 Charlotte, NC	1.0	1.0	647	$1,350	$2.09	6d	1	0.35mi
715 N Church St Unit 1367387P Charlotte, NC	1.0	1.0	645	$2,983	$4.62	0d	1	0.36mi
715 N Church St Charlotte, NC	1.0	1.0	530	$1,100	$2.08	94d	1	0.36mi
715 N Church St #607 Charlotte, NC	1.0	1.0	540	$1,100	$2.04	119d	1	0.36mi
640 N Church St Charlotte, NC	3.0	1.0–3.0	1028	$1,591	$1.55	0d	62	0.36mi
425 W Trade St Charlotte, NC	2.0	1.0–2.0	934	$2,016	$2.16	0d	18	0.41mi
210 N Church St Charlotte, NC	1.0–2.0	1.0–2.0	973	$1,825	$1.88	0d	3	0.42mi
426 N Tryon St Charlotte, NC	3.0	1.0–3.0	855	$2,087	$2.44	0d	54	0.43mi
333 W Trade St Charlotte, NC	1.0–2.0	1.0–2.0	809	$1,749	$2.16	72d	4	0.45mi
333 W Trade St Charlotte, NC	1.0–2.0	1.0–2.0	809	$1,495	$1.85	9d	3	0.45mi
512 N College St Charlotte, NC	3.0	1.0–3.5	1655	$2,619	$1.58	0d	50	0.51mi
1010 W Trade St Charlotte, NC	2.0	1.0–2.0	895	$1,600	$1.79	0d	22	0.52mi
900 N Tryon St Charlotte, NC	1.0–2.0	1.0–2.0	864	$2,105	$2.43	100d	10	0.54mi
225 S Poplar St Charlotte, NC	2.0	1.0–2.0	928	$2,442	$2.63	0d	35	0.57mi
900 N Tryon St Charlotte, NC	1.0–2.0	1.0–2.0	1050	$1,275	$1.21	0d	282	0.58mi

Property features AI

Finance

• Other: Private maintained paved roadInfill lot
• HOA & community: HOA mandatory with monthly duesAssociation fee $458 per monthCommunity clubhouse and fitness centerPets allowed

Exterior

• Parking: Assigned parking (Space 106) — 1 assigned space
• Security: Fire sprinkler system
• Utilities: City waterPublic sewer
• Home design: Residential condominiumSite-built constructionOne levelEntry at level 2
• Construction: Brick partial and wood constructionNo foundation specified
• Exterior features: Lawn maintenance providedIn-ground outdoor private pool

Interior

• Kitchen: DishwasherDisposalElectric rangeMicrowave
• Bedrooms: 1 bedroom on main level
• Bathrooms: 1 full bathroom on main level
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: One-room count living areaGas fireplace in living roomFire sprinkler system
• Laundry & utility: In-unit laundry

HOA detail $458/mo · $5,496/yr

• Likely covers: pool

Listing history 18 events

1. 2026-06-26
   days on market $175,000 Active 36 DOM
2. 2026-06-24
   days on market $175,000 Active 34 DOM
3. 2026-06-22
   days on market $175,000 Active 32 DOM
4. 2026-06-21
   days on market $175,000 Active 31 DOM
5. 2026-06-18
   days on market $175,000 Active 28 DOM
6. 2026-06-17
   days on market $175,000 Active 27 DOM
7. 2026-06-16
   days on market $175,000 Active 26 DOM
8. 2026-06-15
   days on market $175,000 Active 25 DOM
9. 2026-06-13
   days on market $175,000 Active 23 DOM
10. 2026-06-09
    days on market $175,000 Active 19 DOM
11. 2026-06-08
    days on market $175,000 Active 18 DOM
12. 2026-06-07
    days on market $175,000 Active 17 DOM
13. 2026-06-04
    days on market $175,000 Active 14 DOM
14. 2026-06-03
    days on market $175,000 Active 13 DOM
15. 2026-06-02
    days on market $175,000 Active 12 DOM
16. 2026-06-02
    days on market $175,000 Active 11 DOM
17. 2026-05-31
    days on market $175,000 Active 10 DOM
18. 2026-05-21
    listed $175,000 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥104°F today · 17 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 25% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,535
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$1,403
• − Management: −$1,403
• − HOA: −$5,496
• − Depreciation: −$5,091
• Taxable loss: −$9,160
• Est. tax savings @ 24.0%: +$2,198
• After-tax cash flow: $-3,958/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 · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $3,225–$9,675 screening

This well-maintained townhouse in Fourth Ward Square offers an open and airy layout with hardwood-style flooring, granite countertops, and a stylish bath. It is in good condition with minimal repairs needed, making it a great investment opportunity.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance curb appeal and interior aesthetics. ↑
• Both Updating the kitchen backsplash — A new backsplash can add value and functionality to the kitchen. ↑
• Both Upgrading the flooring in the bathrooms — Replacing old flooring with something more modern can increase both resale and rental value. ↑
• Both Adding smart home features — Smart home features can increase convenience and appeal to potential buyers/renters. ↑
• Both Landscaping improvements — Enhancing the landscaping can improve curb appeal and attract more potential buyers/renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 46/100

Zoned Schools

Elementary Briarwood Academy F NC #1,101/1,410 Nat'l #29,899/41,679 Middle Sedgefield Middle F NC #279/475 Nat'l #7,347/14,009 High Myers Park High School A- NC #85/535 Nat'l #1,312/17,239

Schools (NCES district)

• District: Charlotte-Mecklenburg Schools
• NCES district ID: 3702970
• Math proficiency: 42% ▼ -6.00%
• Reading proficiency: 46% ▲ 1.00%
• Median HH income: $57,175
• Composite: 38.49/100
• National rank: #4183
• State rank: #85 of 178 in NC

B Composite livability gradescore 78/100

Livability — Charlotte

• Score: 78/100
• State rank: #26
• US rank: #2502

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Charlotte, NC
• County: Mecklenburg County · 1,305,740 people
• City population: 920,422
• Metro: Charlotte-Concord-Gastonia, NC-SC
• Population (ZIP): 17,653
• Household income: $105,889
• Rent vs Own: 71.4% rent · 28.6% own
• Severe rent burden: 7% of renters

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Population outlook (Mecklenburg County) Hauer SSP2

• Today (2025): 1,305,740 people
• By 2030: 1,442,752 · +10.5%
• By 2040: 1,722,441 · +31.9%
• By 2050: 1,999,450 · +53.1%
• By 2075: 2,642,495 · +102.4%
• By 2100: 3,106,755 · +137.9%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 52% Black 23% Hispanic / Latino 12% Two or more races 10% Asian 7%
• Hispanic origin (detail): Mexican 3% Cuban 4%
• Common ancestry: Romanian 3% Slovak 2% Serbian 2%
• Foreign-born: 14% · Canada, China, Jamaica
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 2% Chinese 2%

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Political lean MEDSL · Mecklenburg

• 2024 margin: Solid D (+32.9) · D 65.6% · R 32.7% · Other 1.6%
• 2008→2024 swing: +8.5pp toward D · 2008: 24.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+35.1 2016: D+29.9 2012: D+22.5 2008: D+24.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.59%
• Current HPI: 211.2231
• Rent YoY: ▼ -3.28%
• Metro: Charlotte-Concord-Gastonia, NC-SC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

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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

Property features AI

Finance

• Other: Private maintained paved roadInfill lot
• HOA & community: HOA mandatory with monthly duesAssociation fee $458 per monthCommunity clubhouse and fitness centerPets allowed

Exterior

• Parking: Assigned parking (Space 106) — 1 assigned space
• Security: Fire sprinkler system
• Utilities: City waterPublic sewer
• Home design: Residential condominiumSite-built constructionOne levelEntry at level 2
• Construction: Brick partial and wood constructionNo foundation specified
• Exterior features: Lawn maintenance providedIn-ground outdoor private pool

Interior

• Kitchen: DishwasherDisposalElectric rangeMicrowave
• Bedrooms: 1 bedroom on main level
• Bathrooms: 1 full bathroom on main level
• Heating & cooling: Central heatingCentral air conditioning
• Interior features: One-room count living areaGas fireplace in living roomFire sprinkler system
• Laundry & utility: In-unit laundry